#aae? ,,congress #b;d ,session ,s4 #baee ,,an ,,act ,to promote economic gr[?1 provide tailor$ regulatory relief1 & enhance consum] protections1 & = o!r purposes4 #a4 ,%ort title2 table ( cont5ts 7a7 ,%ort title ,?is ,act may be cit$ z ! ,economic ,gr[?1 ,regulatory ,relief1 & ,consum] ,protection ,act4 7b7 ,table ( cont5ts ,! table ( cont5ts = ?is ,act is z foll[s3 ,sec4 #a4 ,%ort title2 table ( cont5ts4,sec4 #b4 ,def9itions4,,title ,i--,improv+ consum] access to mortgage credit,sec4 #aja4 ,m9imum /&>ds = resid5tial mortgage loans4,sec4 #ajb4 ,safegu>d+ access to habitat = humanity homes4,sec4 #ajc4 ,exemption f appraisals ( real prop]ty locat$ 9 rural areas4,sec4 #ajd4 ,home ,mortgage ,disclosure ,act adju/m5t & /udy4,sec4 #aje4 ,cr$it union resid5tial loans4,sec4 #ajf4 ,elim9at+ b>ri]s to jobs = loan orig9ators4,sec4 #ajg4 ,protect+ access to manufactur$ homes4,sec4 #ajh4 ,escr[ requirem5ts relat+ to c]ta9 consum] cr$it transactions4,sec4 #aji4 ,no wait = l[] mortgage rates4,,title ,,ii--,regulatory relief & protect+ consum] access to credit,sec4 #bja4 ,capital simplification = qualify+ community banks4,sec4 #bjb4 ,limit$ exception = reciprocal deposits4,sec4 #bjc4 ,community bank relief4,sec4 #bjd4 ,remov+ nam+ re/rictions4,sec4 #bje4 ,%ort =m call reports4,sec4 #bjf4 ,option = ,f$]al sav+s associations to op]ate z cov]$ sav+s associations4,sec4 #bjg4 ,small bank hold+ company policy /atem5t4,sec4 #bjh4 ,application ( ! ,exp$it$ ,funds ,availability ,act4,sec4 #bji4 ,small public h\s+ ag5cies4,sec4 #baj4 ,exam9ation cycle4,sec4 #baa4 ,int]national insurance capital /&>ds acc\ntability4,sec4 #bab4 ,budget transp>5cy = ! ,,ncua4,sec4 #bac4 ,mak+ onl9e bank+ initiation legal & easy4,sec4 #bad4 ,promot+ con/ruction & developm5t on ,ma9 ,/reet4,sec4 #bae4 ,r$uc+ id5tity fraud4,sec4 #baf4 ,treasury report on risks ( cyb] ?reats4,sec4 #bag4 ,discretion>y surplus funds4,,title ,,iii--,protections = vet]ans1 consum]s1 & home[n]s ,sec4 #cja4 ,protect+ consum]s' cr$it4,sec4 #cjb4 ,protect+ vet]ans' cr$it4,sec4 #cjc4 ,immunity f suit = disclosure ( f9ancial exploitation ( s5ior citiz5s4,sec4 #cjd4 ,re/oration ( ! ,protect+ ,t5ants at ,=eclosure ,act ( #bjji4,sec4 #cje4 ,rem$iat+ lead & asbe/os haz>ds4,sec4 #cjf4 ,family self-suffici5cy program4,sec4 #cjg4 ,prop]ty ,assess$ ,clean ,en]gy f9anc+4,sec4 #cjh4 ,,gao report on consum] report+ ag5cies4,sec4 #cji4 ,protect+ vet]ans f pr$atory l5d+4,sec4 #caj4 ,cr$it score competition4,sec4 #caa4 ,,gao report on ,pu]to ,rico =eclosures4,sec4 #cab4 ,report on *ildr5's lead-bas$ pa9t haz>d prev5tion & abatem5t4,sec4 #cac4 ,=eclosure relief & ext5sion = s]vicememb]s4,,title ,,iv--,tailor+ regulations = c]ta9 bank hold+ companies,sec4 #dja4 ,enhanc$ sup]vision & prud5tial /&>ds = c]ta9 bank hold+ companies4,sec4 #djb4 ,supplem5t>y lev]age ratio = cu/odial banks4,sec4 #djc4 ,treatm5t ( c]ta9 municipal obligations4,,title ,v--,enc\rag+ capital formation,sec4 #eja4 ,national securities ex*ange regulatory p>ity4,sec4 #ejb4 ,,sec /udy on algori?mic trad+4,sec4 #ejc4 ,annual review ( gov]nm5t-bus9ess =um on capital =mation4,sec4 #ejd4 ,support+ ,am]ica's innovators4,sec4 #eje4 ,securities & ,ex*ange ,commission ov]paym5t cr$it4,sec4 #ejf4 ,u4,s4 t]ritories inve/or protection4,sec4 #ejg4 ,enc\rag+ employee own]%ip4,sec4 #ejh4 ,improv+ access to capital4,sec4 #eji4 ,p>ity = clos$-end companies reg>d+ (f]+ & proxy rules4,,title ,,vi--,protections = /ud5t borrowers,sec4 #fja4 ,protections 9 ! ev5t ( dea? or bankruptcy4,sec4 #fjb4 ,rehabilitation ( private education loans4,sec4 #fjc4 ,be/ practices = high] education f9ancial lit]acy4 #b4 ,def9itions ,9 ?is ,act3 7#a7 ,appropriate ,f$]al bank+ ag5cy2 company2 depository in/itution2 depository in/itution hold+ company ,! t]ms appropriate ,f$]al bank+ ag5cy1 company1 depository in/itution1 & depository in/itution hold+ company h ! mean+s giv5 ^? t]ms 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#b7 ,bank hold+ company ,! t]m bank hold+ company has ! mean+ giv5 ! t]m 9 section #b ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda74 ,i ,improv+ consum] access to mortgage cr$it #aja4 ,m9imum /&>ds = resid5tial mortgage loans ,section #abi;,c7b77#b7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;c7b77#b77 is am5d$ by add+ at ! end ! foll[+3 7,f7 ,safe h>bor 7i7 ,def9itions ,9 ?is subp>agraph-- 7,i7 ! t]m cov]$ in/itution means an insur$ depository in/itution or an insur$ cr$it union t1 toge!r ) its affiliates1 has less ?an #aj1jjj1jjj1jjj 9 total consolidat$ assets2 7,,ii7 ! t]m insur$ cr$it union has ! mean+ giv5 ! t]m 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb72 7,,iii7 ! t]m insur$ depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 7,,iv7 ! t]m int]e/-only means t1 "u ! t]ms ( ! legal obligation1 "o or m ( ! p]iodic paym5ts may be appli$ solely to accru$ int]e/ & n to loan pr9cipal2 & 7,v7 ! t]m negative amortization means paym5t ( p]iodic paym5ts t w result 9 an increase 9 ! pr9cipal balance "u ! t]ms ( ! legal obligation4 7ii7 ,safe h>bor ,9 ?is section-- 7,i7 ! t]m qualifi$ mortgage includes any resid5tial mortgage loan-- 7aa7 t is orig9at$ & reta9$ 9 portfolio by a cov]$ in/itution2 7bb7 t is 9 compliance ) ! limitations ) respect to prepaym5t p5alties describ$ 9 subsections 7c77#a7 & 7c77#c72 7cc7 t is 9 compliance ) ! requirem5ts ( clause 7vii7 ( subp>agraph 7,a72 7dd7 t does n h negative amortization or int]e/-only features2 & 7ee7 = :i* ! cov]$ in/itution consid]s & docum5ts ! debt1 income1 & f9ancial res\rces ( ! consum] 9 accordance ) clause 7iv72 & 7,,ii7 a resid5tial mortgage loan describ$ 9 subclause 7,i7 %all be deem$ to meet ! requirem5ts ( subsection 7a74 7iii7 ,exception = c]ta9 transf]s ,a resid5tial mortgage loan describ$ 9 clause 7ii77,i7 %all n qualify = ! safe h>bor "u clause 7ii7 if ! legal title to ! resid5tial mortgage loan is sold1 assign$1 or o!rwise transf]r$ to ano!r p]son unless ! resid5tial mortgage loan is sold1 assign$1 or o!rwise transf]r$-- 7,i7 to ano!r p]son by reason ( ! bankruptcy or failure ( a cov]$ in/itution2 7,,ii7 to a cov]$ in/itution s long z ! loan is reta9$ 9 portfolio by ! cov]$ in/itution to :i* ! loan is sold1 assign$1 or o!rwise transf]r$2 7,,iii7 pursuant to a m]g] ( a cov]$ in/itution ) ano!r p]son or ! acquisition ( a cov]$ in/itution by ano!r p]son or ( ano!r p]son by a cov]$ in/itution1 s long z ! loan is reta9$ 9 portfolio by ! p]son to :om ! loan is sold1 assign$1 or o!rwise transf]r$2 or 7,,iv7 to a :olly own$ subsidi>y ( a cov]$ in/itution1 provid$ t1 aft] ! sale1 assignm5t1 or transf]1 ! resid5tial mortgage loan is consid]$ to be an asset ( ! cov]$ in/itution = regulatory acc\nt+ purposes4 7iv7 ,consid]ation & docum5tation requirem5ts ,! consid]ation & docum5tation requirem5ts describ$ 9 clause 7ii77,i77ee7 %all-- 7,i7 n be con/ru$ to require compliance )1 or docum5tation 9 accordance )1 app5dix ,q to "p #ajbf ( title #ab1 ,code ( ,f$]al ,regulations1 or any successor regulation2 & 7,,ii7 be con/ru$ to p]mit multiple me?ods ( docum5tation4 4 #ajb4 ,safegu>d+ access to habitat = humanity homes ,section #abi;,e7i77#b7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;e7i77#b77 is am5d$-- 7#a7 by r$esignat+ subp>agraphs 7,a7 & 7,b7 z clauses 7i7 & 7ii71 respectively1 & adju/+ ! m>g9s accord+ly2 7#b7 9 ! matt] prec$+ clause 7i71 z s r$esignat$1 by /rik+ ,= purposes ( & ins]t+ ! foll[+3 7,a7 ,9 g5]al ,= purposes ( 2 & 7#c7 by add+ at ! end ! foll[+3 7,b7 ,rule ( con/ruction relat$ to appraisal donations ,if a fee apprais] volunt>ily donates appraisal s]vices to an organization eligible to receive tax-d$uctible *>itable contributions1 su* volunt>y donation %all be consid]$ cu/om>y & reasonable = ! purposes ( p>agraph 7#a74 4 #ajc4 ,exemption f appraisals ( real prop]ty locat$ 9 rural areas ,title ,,xi ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccca et seq47 is am5d$ by add+ at ! end ! foll[+3 #aabg4 ,exemption f appraisals ( real e/ate locat$ 9 rural areas 7a7 ,def9itions ,9 ?is section-- 7#a7 ! t]m mortgage orig9ator has ! mean+ giv5 ! t]m 9 section #ajc ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjb72 & 7#b7 ! t]m transaction value means ! am\nt ( a loan or ext5sion ( cr$it1 includ+ a loan or ext5sion ( cr$it t is "p ( a pool ( loans or ext5sions ( cr$it4 7b7 ,appraisal n requir$ ,except z provid$ 9 subsection 7d71 not)/&+ any o!r provision ( law1 an appraisal 9 connection ) a f$]ally relat$ transaction involv+ real prop]ty or an int]e/ 9 real prop]ty is n requir$ if-- 7#a7 ! real prop]ty or int]e/ 9 real prop]ty is locat$ 9 a rural area1 z describ$ 9 section #ajbf4ce7;b77#b77;iv77,a7 ( title #ab1 ,code ( ,f$]al ,regulations2 7#b7 n lat] ?an #c days aft] ! date on :i* ! ,clos+ ,disclosure ,=m1 made 9 accordance ) ! f9al rule ( ! ,bureau ( ,consum] ,f9ancial ,protection entitl$ ,integrat$ ,mortgage ,disclosures ,"u ! ,real ,e/ate ,settlem5t ,proc$ures ,act 7,regulation ,x7 & ! ,tru? 9 ,l5d+ ,act 7,regulation ,z7 7#gh ,f$4 ,reg4 #gigcj 7,decemb] #ca1 #bjac771 relat+ to ! f$]ally relat$ transaction is giv5 to ! consum]1 ! mortgage orig9ator or its ag5t1 directly or indirectly-- 7,a7 has contact$ n few] ?an #c ,/ate c]tifi$ apprais]s or ,/ate lic5s$ apprais]s1 z applicable1 on ! mortgage orig9ator's approv$ apprais] li/ 9 ! m>ket area 9 accordance ) "p #bbf ( title #ab1 ,code ( ,f$]al ,regulations2 & 7,b7 has docum5t$ t no ,/ate c]tifi$ apprais] or ,/ate lic5s$ apprais]1 z applicable1 0 available )9 #e bus9ess days beyond cu/om>y & reasonable fee & timel9ess /&>ds = comp>able appraisal assignm5ts1 z docum5t$ by ! mortgage orig9ator or its ag5t2 7#c7 ! transaction value is less ?an #djj1jjj2 & 7#d7 ! mortgage orig9ator is subject to ov]sight by a ,f$]al f9ancial in/itutions regulatory ag5cy4 7c7 ,sale1 assignm5t1 or transf] ,a mortgage orig9ator t makes a loan )\t an appraisal "u ! t]ms ( subsection 7b7 %all n sell1 assign1 or o!rwise transf] legal title to ! loan unless-- 7#a7 ! loan is sold1 assign$1 or o!rwise transf]r$ to ano!r p]son by reason ( ! bankruptcy or failure ( ! mortgage orig9ator2 7#b7 ! loan is sold1 assign$1 or o!rwise transf]r$ to ano!r p]son regulat$ by a ,f$]al f9ancial in/itutions regulatory ag5cy1 s long z ! loan is reta9$ 9 portfolio by ! p]son2 7#c7 ! sale1 assignm5t1 or transf] is pursuant to a m]g] ( ! mortgage orig9ator ) ano!r p]son or ! acquisition ( ! mortgage orig9ator by ano!r p]son or ( ano!r p]son by ! mortgage orig9ator2 or 7#d7 ! sale1 loan1 or transf] is to a :olly own$ subsidi>y ( ! mortgage orig9ator1 provid$ t1 aft] ! sale1 assignm5t1 or transf]1 ! loan is consid]$ to be an asset ( ! mortgage orig9ator = regulatory acc\nt+ purposes4 7d7 ,exception ,subsection 7b7 %all n apply if-- 7#a7 a ,f$]al f9ancial in/itutions regulatory ag5cy requires an appraisal "u section #bbe4fc7;c71 #cbc4c7;c71 #cd4dc7;c71 or #gbb4c7;e7 ( title #ab1 ,code ( ,f$]al ,regulations2 or 7#b7 ! loan is a high-co/ mortgage1 z def9$ 9 section #ajc ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjb74 7e7 ,anti-,evasion ,ea* ,f$]al f9ancial in/itutions regulatory ag5cy %all ensure t any mortgage orig9ator t ! ,f$]al f9ancial in/itutions regulatory ag5cy ov]sees t makes a significant am\nt ( loans "u subsection 7b7 is comply+ ) ! requirem5ts ( subsection 7b77#b7 ) respect to ea* loan4 4 #ajd4 ,home ,mortgage ,disclosure ,act adju/m5t & /udy 7a7 ,9 g5]al ,section #cjd ( ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhjc7 is am5d$-- 7#a7 by r$esignat+ subsection 7i7 z p>agraph 7#c7 & adju/+ ! m>g9s accord+ly2 7#b7 by ins]t+ be=e p>agraph 7#c71 z s r$esignat$1 ! foll[+3 7i7 ,exemptions 7#a7 ,clos$-end mortgage loans ,) respect to an insur$ depository in/itution or insur$ cr$it union1 ! requirem5ts ( p>agraphs 7#e7 & 7#f7 ( subsection 7b7 %all n apply ) respect to clos$-end mortgage loans if ! insur$ depository in/itution or insur$ cr$it union orig9at$ few] ?an #ejj clos$-end mortgage loans 9 ea* ( ! #b prec$+ cal5d> ye>s4 7#b7 ,op5-end l9es ( cr$it ,) respect to an insur$ depository in/itution or insur$ cr$it union1 ! requirem5ts ( p>agraphs 7#e7 & 7#f7 ( subsection 7b7 %all n apply ) respect to op5-end l9es ( cr$it if ! insur$ depository in/itution or insur$ cr$it union orig9at$ few] ?an #ejj op5-end l9es ( cr$it 9 ea* ( ! #b prec$+ cal5d> ye>s4 7#c7 ,requir$ compliance ,not)/&+ p>agraphs 7#a7 & 7#b71 an insur$ depository in/itution %all comply ) p>agraphs 7#e7 & 7#f7 ( subsection 7b7 if ! insur$ depository in/itution has receiv$ a rat+ ( ne$s to improve record ( meet+ community cr$it ne$s dur+ ea* ( its #b mo/ rec5t exam9ations or a rat+ ( sub/antial noncompliance 9 meet+ community cr$it ne$s on its mo/ rec5t exam9ation "u section #hjg7;b77#b7 ( ! ,community ,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4 #bijf7;b77#b774 2 & 7#c7 by add+ at ! end ! foll[+3 7o7 ,def9itions ,9 ?is section-- 7#a7 ! t]m insur$ cr$it union has ! mean+ giv5 ! t]m 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb72 & 7#b7 ! t]m insur$ depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 4 7b7 ,lookback /udy 7#a7 ,/udy ,n e>li] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy to evaluate ! impact ( ! am5dm5ts made by subsection 7a7 on ! am\nt ( data available "u ! ,home ,mortgage ,disclosure ,act ( #aige 7#ab ,u4,s4,c4 #bhja et seq47 at ! national & local level4 7#b7 ,report ,n lat] ?an #c ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report t includes ! f9d+s & conclusions ( ! ,comptroll] ,g5]al ) respect to ! /udy requir$ "u p>agraph 7#a74 7c7 ,te*nical correction ,section #cjd7;i77#c7 ( ! ,home ,mortgage ,disclosure ,act ( #aige1 z s r$esignat$ by subsection 7a77#a71 is am5d$ by /rik+ section #cjc7b77;,a7 & ins]t+ section #cjc7c77;,a74 #aje4 ,cr$it union resid5tial loans 7a7 ,removal f memb] bus9ess loan limitation ,section #ajg;,a7c77#a77;,b77i7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageg;a7c77#a77;,b77i77 is am5d$ by /rik+ t is ! prim>y resid5ce ( a memb]4 7b7 ,rule ( con/ruction ,no?+ 9 ?is section or ! am5dm5t made by ?is section %all preclude ! ,national ,cr$it ,union ,adm9i/ration f treat+ an ext5sion ( cr$it t is fully secur$ by a li5 on a #a- to #d-;family dwell+ t is n ! prim>y resid5ce ( a memb] z a memb] bus9ess loan = purposes o!r ?an ! memb] bus9ess loan limitation requirem5ts "u section #ajg;,a ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageg;a74 #ajf4 ,elim9at+ b>ri]s to jobs = loan orig9ators 7a7 ,9 g5]al ,! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab ,u4,s4,c4 #eaja et seq47 is am5d$ by add+ at ! end ! foll[+3 #aeah4 ,employm5t transition ( loan orig9ators 7a7 ,def9itions ,9 ?is section3 7#a7 ,application ,/ate ,! t]m application ,/ate means a ,/ate 9 :i* a regi/]$ loan orig9ator or a ,/ate-lic5s$ loan orig9ator seeks to be lic5s$4 7#b7 ,/ate-lic5s$ mortgage company ,! t]m ,/ate-lic5s$ mortgage company means an entity t is lic5s$ or regi/]$ "u ! law ( any ,/ate to engage 9 resid5tial mortgage loan orig9ation & process+ activities4 7b7 ,tempor>y au?ority ,to orig9ate loans = loan orig9ators mov+ f a depository in/itution to a non-,depository in/itution 7#a7 ,9 g5]al ,^u becom+ employ$ by a ,/ate-lic5s$ mortgage company1 an individual :o is a regi/]$ loan orig9ator %all be deem$ to h tempor>y au?ority to act z a loan orig9ator 9 an application ,/ate = ! p]iod describ$ 9 p>agraph 7#b7 if ! individual-- 7,a7 has n _h-- 7i7 an application = a loan orig9ator lic5se d5i$2 or 7ii7 a loan orig9ator lic5se revok$ or susp5d$ 9 any gov]nm5tal jurisdiction2 7,b7 has n be5 subject to1 or s]v$ )1 a cease & desi/ ord]-- 7i7 9 any gov]nm5tal jurisdiction2 or 7ii7 "u section #aead7;c72 7,c7 has n be5 convict$ ( a misdemeanor or felony t w\ld preclude lic5sure "u ! law ( ! application ,/ate2 7,d7 has submitt$ an application to be a ,/ate-lic5s$ loan orig9ator 9 ! application ,/ate2 & 7,e7 0 regi/]$ 9 ! ,nationwide ,mortgage ,lic5s+ ,sy/em & ,regi/ry z a loan orig9ator dur+ ! #a-ye> p]iod prec$+ ! date on :i* ! in=mation requir$ "u section #aeje7;a7 is submitt$4 7#b7 ,p]iod ,! p]iod describ$ 9 ?is p>agraph %all beg9 on ! date on :i* an individual describ$ 9 p>agraph 7#a7 submits ! in=mation requir$ "u section #aeje7;a7 & %all end on ! e>lie/ ( ! date-- 7,a7 on :i* ! individual )draws ! application to be a ,/ate-lic5s$ loan orig9ator 9 ! application ,/ate2 7,b7 on :i* ! application ,/ate d5ies1 or issues a notice ( int5t to d5y1 ! application2 7,c7 on :i* ! application ,/ate grants a ,/ate lic5se2 or 7,d7 t is #abj days aft] ! date on :i* ! individual submits ! application1 if ! application is li/$ on ! ,nationwide ,mortgage ,lic5s+ ,sy/em & ,regi/ry z incomplete4 7c7 ,tempor>y au?ority ,to orig9ate loans = ,/ate-,lic5s$ loan orig9ators mov+ int]/ate 7#a7 ,9 g5]al ,a ,/ate-lic5s$ loan orig9ator %all be deem$ to h tempor>y au?ority to act z a loan orig9ator 9 an application ,/ate = ! p]iod describ$ 9 p>agraph 7#b7 if ! ,/ate-lic5s$ loan orig9ator-- 7,a7 meets ! requirem5ts ( subp>agraphs 7,a71 7,b71 7,c71 & 7,d7 ( subsection 7b77#a72 7,b7 is employ$ by a ,/ate-lic5s$ mortgage company 9 ! application ,/ate2 & 7,c7 0 lic5s$ 9 a ,/ate t is n ! application ,/ate dur+ ! #cj-;day p]iod prec$+ ! date on :i* ! in=mation requir$ "u section #aeje7;a7 0 submitt$ 9 connection ) ! application submitt$ to ! application ,/ate4 7#b7 ,p]iod ,! p]iod describ$ 9 ?is p>agraph %all beg9 on ! date on :i* ! ,/ate-lic5s$ loan orig9ator submits ! in=mation requir$ "u section #aeje7;a7 9 connection ) ! application submitt$ to ! application ,/ate & end on ! e>lie/ ( ! date-- 7,a7 on :i* ! ,/ate-lic5s$ loan orig9ator )draws ! application to be a ,/ate-lic5s$ loan orig9ator 9 ! application ,/ate2 7,b7 on :i* ! application ,/ate d5ies1 or issues a notice ( int5t to d5y1 ! application2 7,c7 on :i* ! application ,/ate grants a ,/ate lic5se2 or 7,d7 t is #abj days aft] ! date on :i* ! ,/ate-lic5s$ loan orig9ator submits ! application1 if ! application is li/$ on ! ,nationwide ,mortgage ,lic5s+ ,sy/em & ,regi/ry z incomplete4 7d7 ,applicability 7#a7 ,employ] ( loan orig9ators ,any p]son employ+ an individual :o is deem$ to h tempor>y au?ority to act z a loan orig9ator 9 an application ,/ate "u ?is section %all be subject to ! requirem5ts ( ?is title & to applicable ,/ate law to ! same ext5t z if t individual 0 a ,/ate-lic5s$ loan orig9ator lic5s$ by ! application ,/ate4 7#b7 ,engag+ 9 mortgage loan activities ,any individual :o is deem$ to h tempor>y au?ority to act z a loan orig9ator 9 an application ,/ate "u ?is section & :o engages 9 resid5tial mortgage loan orig9ation activities %all be subject to ! requirem5ts ( ?is title & to applicable ,/ate law to ! same ext5t z if t individual 0 a ,/ate-lic5s$ loan orig9ator lic5s$ by ! application ,/ate4 4 7b7 ,table ( cont5ts am5dm5t ,section #a7;b7 ( ! ,h\s+ & ,economic ,recov]y ,act ( #bjjh 7#db ,u4,s4,c4 #deja note7 is am5d$ by ins]t+ aft] ! item relat+ to section #aeag ! foll[+3 ,sec4 #aeah4 ,employm5t transition ( loan orig9ators4 4 7c7 ,civil liability ,section #aeac ( ! ,s4,a4,f4,e4 ,mortgage ,lic5s+ ,act ( #bjjh 7#ab ,u4,s4,c4 #eaab7 is am5d$ by /rik+ p]sons :o are loan orig9ators or are apply+ = lic5s+ or regi/ration z loan orig9ators4 & ins]t+ 8p]sons :o-- 7#a7 h appli$1 are apply+1 or are lic5s$ or regi/]$ ?r\gh ! ,nationwide ,mortgage ,lic5s+ ,sy/em & ,regi/ry2 & 7#b7 "w 9 an indu/ry ) respect to :i* p]sons 7 lic5s$ or regi/]$ ?r\gh ! ,nationwide ,mortgage ,lic5s+ ,sy/em & ,regi/ry on ! date ( enactm5t ( ! ,economic ,gr[?1 ,regulatory ,relief1 & ,consum] ,protection ,act4 4 7d7 ,effective date ,?is section & ! am5dm5ts made by ?is section %all take effect on ! date t is #ah mon?s aft] ! date ( enactm5t ( ?is ,act4 #ajg4 ,protect+ access to manufactur$ homes ,section #ajc ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afjb7 is am5d$-- 7#a7 by r$esignat+ ! second subsection 7cc7 7relat+ to def9itions relat+ to mortgage orig9ation & resid5tial mortgage loans7 & subsection 7dd7 z subsections 7dd7 & 7ee71 respectively2 & 7#b7 9 p>agraph 7#b7 ( subsection 7dd71 z s r$esignat$1 by /rik+ subp>agraph 7,c7 & ins]t+ ! foll[+3 7,c7 does n include any p]son :o is-- 7i7 n o!rwise describ$ 9 subp>agraph 7,a7 or 7,b7 & :o p]=ms purely adm9i/rative or cl]ical tasks on behalf ( a p]son :o is describ$ 9 any su* subp>agraph2 or 7ii7 a retail] ( manufactur$ or modul> homes or an employee ( ! retail] if ! retail] or employee1 z applicable-- 7,i7 does n receive comp5sation or ga9 = engag+ 9 activities describ$ 9 subp>agraph 7,a7 t is 9 excess ( any comp5sation or ga9 receiv$ 9 a comp>able ca% transaction2 7,,ii7 discloses to ! consum]-- 7aa7 9 writ+ any corporate affiliation ) any cr$itor2 & 7bb7 if ! retail] has a corporate affiliation ) any cr$itor1 at lea/ #a unaffiliat$ cr$itor2 & 7,,iii7 does n directly negotiate ) ! consum] or l5d] on loan t]ms 7includ+ rates1 fees1 & o!r co/s74 4 #ajh4 ,escr[ requirem5ts relat+ to c]ta9 consum] cr$it transactions ,section #abi;,d ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;d7 is am5d$-- 7#a7 9 subsection 7c7-- 7,a7 by r$esignat+ p>agraphs 7#a7 ?r\gh 7#d7 z subp>agraphs 7,a7 ?r\gh 7,d71 respectively1 & adju/+ ! m>g9s accord+ly2 7,b7 9 ! matt] prec$+ subp>agraph 7,a71 z s r$esignat$1 by /rik+ ,! ,bo>d & ins]t+ ! foll[+3 7#a7 ,9 g5]al ,! ,bureau 2 7,c7 9 p>agraph 7#a71 z s r$esignat$1 by /rik+ ! ,bo>d ea* place t t]m appe>s & ins]t+ ! ,bureau2 & 7,d7 by add+ at ! end ! foll[+3 7#b7 ,treatm5t ( loans held by small] in/itutions ,! ,bureau %all1 by regulation1 exempt f ! requirem5ts ( subsection 7a7 any loan made by an insur$ depository in/itution or an insur$ cr$it union secur$ by a fir/ li5 on ! pr9cipal dwell+ ( a consum] if-- 7,a7 ! insur$ depository in/itution or insur$ cr$it union has assets ( #aj1jjj1jjj1jjj or less2 7,b7 dur+ ! prec$+ cal5d> ye>1 ! insur$ depository in/itution or insur$ cr$it union & its affiliates orig9at$ #a1jjj or few] loans secur$ by a fir/ li5 on a pr9cipal dwell+2 & 7,c7 ! transaction satisfies ! crit]ia 9 sections #ajbf4ce7;b77#b77;iii77,a71 #ajbf4ce7;b77#b77;iii77,d71 & #ajbf4ce7;b77#b77v7 ( title #ab1 ,code ( ,f$]al ,regulations1 or any successor regulation4 2 & 7#b7 9 subsection 7i71 by add+ at ! end ! foll[+3 7#c7 ,insur$ cr$it union ,! t]m insur$ cr$it union has ! mean+ giv5 ! t]m 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#d7 ,insur$ depository in/itution ,! t]m insur$ depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 4 #aji4 ,no wait = l[] mortgage rates 7a7 ,9 g5]al ,section #abi7;b7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci7;b77 is am5d$-- 7#a7 by r$esignat+ p>agraph 7#c7 z p>agraph 7#d72 & 7#b7 by ins]t+ aft] p>agraph 7#b7 ! foll[+3 7#c7 ,no wait = l[] rate ,if a cr$itor ext5ds to a consum] a second (f] ( cr$it ) a l[] annual p]c5tage rate1 ! transaction may be consummat$ )\t reg>d to ! p]iod specifi$ 9 p>agraph 7#a7 ) respect to ! second (f]4 4 7b7 ,s5se ( ,congress ,x is ! s5se ( ,congress t1 :]eas ! ,bureau ( ,consum] ,f9ancial ,protection issu$ a f9al rule entitl$ ,integrat$ ,mortgage ,disclosures ,"u ! ,real ,e/ate ,settlem5t ,proc$ures ,act 7,regulation ,x7 & ! ,tru? 9 ,l5d+ ,act 7,regulation ,z7 7#gh ,f$4 ,reg4 #gigcj 7,decemb] #ca1 #bjac77 79 ?is subsection ref]r$ to z ! ,,trid ,rule7 to comb9e ! disclosures a consum] receives 9 connection ) apply+ = & clos+ on a mortgage loan1 ! ,bureau ( ,consum] ,f9ancial ,protection %\ld endeavor to provide cle>]1 au?oritative guidance on-- 7#a7 ! applicability ( ! ,,trid ,rule to mortgage assumption transactions2 7#b7 ! applicability ( ! ,,trid ,rule to con/ruction-to-p]man5t home loans1 & ! conditions "u :i* ^? loans c be prop]ly orig9at$2 & 7#c7 ! ext5t to :i* l5d]s c rely on model disclosures publi%$ by ! ,bureau ( ,consum] ,f9ancial ,protection )\t liability if rec5t *anges to regulations are n reflect$ 9 ! sample ,,trid ,rule =ms publi%$ by ! ,bureau ( ,consum] ,f9ancial ,protection4 ,,ii ,regulatory relief & protect+ consum] access to cr$it #bja4 ,capital simplification = qualify+ community banks 7a7 ,def9itions ,9 ?is section3 7#a7 ,community ,bank ,lev]age ,ratio ,! t]m ,community ,bank ,lev]age ,ratio means ! ratio ( ! tangible equity capital ( a qualify+ community bank1 z report$ on ! qualify+ community bank's applicable regulatory fil+ ) ! qualify+ community bank's appropriate ,f$]al bank+ ag5cy1 to ! av]age total consolidat$ assets ( ! qualify+ community bank1 z report$ on ! qualify+ community bank's applicable regulatory fil+ ) ! qualify+ community bank's appropriate ,f$]al bank+ ag5cy4 7#b7 ,g5]ally applicable lev]age capital requirem5ts2 g5]ally applicable risk-bas$ capital requirem5ts ,! t]ms g5]ally applicable lev]age capital requirem5ts & g5]ally applicable risk-bas$ capital requirem5ts h ! mean+s giv5 ^? t]ms 9 section #aga7;a7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecga7;a774 7#c7 ,qualify+ community bank 7,a7 ,asset ?re%old ,! t]m qualify+ community bank means a depository in/itution or depository in/itution hold+ company ) total consolidat$ assets ( less ?an #aj1jjj1jjj1jjj4 7,b7 ,risk pr(ile ,! appropriate ,f$]al bank+ ag5cies may det]m9e t a depository in/itution or depository in/itution hold+ company 7or a class ( depository in/itutions or depository in/itution hold+ companies7 describ$ 9 subp>agraph 7,a7 is n a qualify+ community bank bas$ on ! depository in/itution's or depository in/itution hold+ company's risk pr(ile1 :i* %all be bas$ on consid]ation (-- 7i7 (f-balance %eet exposures2 7ii7 trad+ assets & liabilities2 7iii7 total notional d]ivatives exposures2 & 7iv7 su* o!r factors z ! appropriate ,f$]al bank+ ag5cies det]m9e appropriate4 7b7 ,community ,bank ,lev]age ,ratio ,! appropriate ,f$]al bank+ ag5cies %all1 ?r\gh notice & comm5t rule mak+ "u section #eec ( title #e1 ,unit$ ,/ates ,code-- 7#a7 develop a ,community ,bank ,lev]age ,ratio ( n less ?an #h p]c5t & n m ?an #aj p]c5t = qualify+ community banks2 & 7#b7 e/abli% proc$ures = treatm5t ( a qualify+ community bank t has a ,community ,bank ,lev]age ,ratio t falls bel[ ! p]c5tage develop$ "u p>agraph 7#a7 aft] exce$+ ! p]c5tage develop$ "u p>agraph 7#a74 7c7 ,capital compliance 7#a7 ,9 g5]al ,any qualify+ community bank t exce$s ! ,community ,bank ,lev]age ,ratio develop$ "u subsection 7b77#a7 %all be consid]$ to h met-- 7,a7 ! g5]ally applicable lev]age capital requirem5ts & ! g5]ally applicable risk-bas$ capital requirem5ts2 7,b7 9 ! case ( a qualify+ community bank t is a depository in/itution1 ! capital ratio requirem5ts t are requir$ 9 ord] to be consid]$ well capitaliz$ "u section #ch ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao7 & any regulation implem5t+ t section2 & 7,c7 any o!r capital or lev]age requirem5ts to :i* ! qualify+ community bank is subject4 7#b7 ,exi/+ au?orities ,no?+ 9 p>agraph 7#a7 %all limit ! au?ority ( ! appropriate ,f$]al bank+ ag5cies z 9 effect on ! date ( enactm5t ( ?is ,act4 7d7 ,consultation ,! appropriate ,f$]al bank+ ag5cies %all-- 7#a7 consult ) ! applicable ,/ate bank sup]visors 9 c>ry+ out ?is section2 & 7#b7 notify ! applicable ,/ate bank sup]visor ( any qualify+ community bank t x sup]vises t exce$s1 or does n exce$ aft] previ\sly exce$+1 ! ,community ,bank ,lev]age ratio develop$ "u subsection 7b77#a74 #bjb4 ,limit$ exception = reciprocal deposits 7a7 ,9 g5]al ,section #bi ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7 is am5d$ by add+ at ! end ! foll[+3 7i7 ,limit$ exception = reciprocal deposits 7#a7 ,9 g5]al ,reciprocal deposits ( an ag5t in/itution %all n be consid]$ to be funds obta9$1 directly or indirectly1 by or ?r\gh a deposit brok] to ! ext5t t ! total am\nt ( su* reciprocal deposits does n exce$ ! less] (-- 7,a7 #e1jjj1jjj1jjj2 or 7,b7 an am\nt equal to #bj p]c5t ( ! total liabilities ( ! ag5t in/itution4 7#b7 ,def9itions ,9 ?is subsection3 7,a7 ,ag5t in/itution ,! t]m ag5t in/itution means an insur$ depository in/itution t places a cov]$ deposit ?r\gh a deposit placem5t network at o!r insur$ depository in/itutions 9 am\nts t are less ?an or equal to ! /&>d maximum deposit insurance am\nt1 specify+ ! int]e/ rate to be paid = su* am\nts1 if ! insur$ depository in/itution-- 7i7 7,i7 :5 mo/ rec5tly exam9$ "u section #aj7;d7 0 f\nd to h a composite condition ( out/&+ or good2 & 7,,ii7 is well capitaliz$2 7ii7 has obta9$ a waiv] pursuant to subsection 7c72 or 7iii7 does n receive an am\nt ( reciprocal deposits t causes ! total am\nt ( reciprocal deposits held by ! ag5t in/itution to be great] ?an ! av]age ( ! total am\nt ( reciprocal deposits held by ! ag5t in/itution on ! la/ day ( ea* ( ! #d cal5d> qu>t]s prec$+ ! cal5d> qu>t] 9 :i* ! ag5t in/itution 0 f\nd n to h a composite condition ( out/&+ or good or 0 det]m9$ to be n well capitaliz$4 7,b7 ,cov]$ deposit ,! t]m cov]$ deposit means a deposit t-- 7i7 is submitt$ = placem5t ?r\gh a deposit placem5t network by an ag5t in/itution2 & 7ii7 does n consi/ ( funds t 7 obta9$ = ! ag5t in/itution1 directly or indirectly1 by or ?r\gh a deposit brok] be=e submission = placem5t ?r\gh a deposit placem5t network4 7,c7 ,deposit placem5t network ,! t]m deposit placem5t network means a network 9 :i* an insur$ depository in/itution p>ticipates1 toge!r ) o!r insur$ depository in/itutions1 = ! process+ & receipt ( reciprocal deposits4 7,d7 ,network memb] bank ,! t]m network memb] bank means an insur$ depository in/itution t is a memb] ( a deposit placem5t network4 7,e7 ,reciprocal deposits ,! t]m reciprocal deposits means deposits receiv$ by an ag5t in/itution ?r\gh a deposit placem5t network ) ! same maturity 7if any7 & 9 ! same aggregate am\nt z cov]$ deposits plac$ by ! ag5t in/itution 9 o!r network memb] banks4 7,f7 ,well capitaliz$ ,! t]m well capitaliz$ has ! mean+ giv5 ! t]m 9 section #ch7;b77#a74 4 7b7 ,int]e/ rate re/riction ,section #bi ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f7 is am5d$ by /rik+ subsection 7e7 & ins]t+ ! foll[+3 7e7 ,re/riction on int]e/ rate paid 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]ms ag5t in/itution1 reciprocal deposits1 & well capitaliz$ h ! mean+s giv5 ^? t]ms 9 subsection 7i72 & 7,b7 ! t]m cov]$ insur$ depository in/itution means an insur$ depository in/itution t-- 7i7 "u subsection 7c7 or 7d71 accepts funds obta9$1 directly or indirectly1 by or ?r\gh a deposit brok]2 or 7ii7 :ile act+ z an ag5t in/itution "u subsection 7i71 accepts reciprocal deposits :ile n well capitaliz$4 7#b7 ,prohibition ,a cov]$ insur$ depository in/itution may n pay a rate ( int]e/ on funds or reciprocal deposits describ$ 9 p>agraph 7#a7 t1 at ! "t t ! funds or reciprocal deposits are accept$1 significantly exce$s ! limit set =? 9 p>agraph 7#c74 7#c7 ,limit on int]e/ rates ,! limit on ! rate ( int]e/ ref]r$ to 9 p>agraph 7#b7 %all be-- 7,a7 ! rate paid on deposits ( simil> maturity 9 ! normal m>ket area ( ! cov]$ insur$ depository in/itution = deposits accept$ 9 ! normal m>ket area ( ! cov]$ insur$ depository in/itution2 or 7,b7 ! national rate paid on deposits ( comp>able maturity1 z e/abli%$ by ! ,corporation1 = deposits accept$ outside ! normal m>ket area ( ! cov]$ insur$ depository in/itution4 4 #bjc4 ,community bank relief ,section #ac7;h77#a7 ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahea7;h77#a77 is am5d$-- 7#a7 9 subp>agraph 7,d71 by r$esignat+ clauses 7i7 & 7ii7 z subclauses 7,i7 & 7,,ii71 respectively1 & adju/+ ! m>g9s accord+ly2 7#b7 by r$esignat+ subp>agraphs 7,a7 ?r\gh 7,d7 z clauses 7i7 ?r\gh 7iv71 respectively1 & adju/+ ! m>g9s accord+ly2 7#c7 9 ! matt] prec$+ clause 7i71 z s r$esignat$1 9 ! second s5t5ce1 by /rik+ in/itution t functions solely 9 a tru/ or fiduci>y capacity1 if-- & ins]t+ ! foll[+3 in/itution-- 7,a7 t functions solely 9 a tru/ or fiduci>y capacity1 if-- 2 7#d7 9 clause 7iv77,,ii71 z s r$esignat$1 by /rik+ ! p]iod at ! end & ins]t+ 2 or2 & 7#e7 by add+ at ! end ! foll[+3 7,b7 t does n h & is n controll$ by a company t has-- 7i7 m ?an #aj1jjj1jjj1jjj 9 total consolidat$ assets2 & 7ii7 total trad+ assets & trad+ liabilities1 z report$ on ! mo/ rec5t applicable regulatory fil+ fil$ by ! in/itution1 t are m ?an #e p]c5t ( total consolidat$ assets4 4 #bjd4 ,remov+ nam+ re/rictions ,section #ac ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahea7 is am5d$-- 7#a7 9 subsection 7d77#a77;,g77vi71 by ins]t+ be=e ! semicolon ! foll[+3 1 except t ! h$ge fund or private equity fund may %>e ! same "n or a v>iation ( ! same "n z a bank+ entity t is an inve/m5t advis] to ! h$ge fund or private equity fund1 if-- 7,i7 su* inve/m5t advis] is n an insur$ depository in/itution1 a company t controls an insur$ depository in/itution1 or a company t is treat$ z a bank hold+ company = purposes ( section #h ( ! ,int]national ,bank+ ,act ( #aigh 7#ab ,u4,s4,c4 #cajf72 7,,ii7 su* inve/m5t advis] does n %>e ! same "n or a v>iation ( ! same "n z an insur$ depository in/itution1 any company t controls an insur$ depository in/itution1 or any company t is treat$ z a bank hold+ company = purposes ( section #h ( ! ,int]national ,bank+ ,act ( #aigh 7#ab ,u4,s4,c4 #cajf72 & 7,,iii7 su* "n does n conta9 ! ^w bank 2 & 7#b7 9 subsection 7h77#e77;,c71 by ins]t+ be=e ! p]iod ! foll[+3 1 except z p]mitt$ "u subsection 7d77#a77;,g77vi74 #bje4 ,%ort =m call reports ,section #g7;a7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;a77 is am5d$ by add+ at ! end ! foll[+3 7#ab7 ,%ort =m report+ 7,a7 ,9 g5]al ,! appropriate ,f$]al bank+ ag5cies %all issue regulations t all[ = a r$uc$ report+ requirem5t = a cov]$ depository in/itution :5 ! in/itution makes ! fir/ & ?ird report ( condition = a ye>1 z requir$ "u p>agraph 7#c74 7,b7 ,def9ition ,9 ?is p>agraph1 ! t]m cov]$ depository in/itution means an insur$ depository in/itution t-- 7i7 has less ?an #e1jjj1jjj1jjj 9 total consolidat$ assets2 & 7ii7 satisfies su* o!r crit]ia z ! appropriate ,f$]al bank+ ag5cies det]m9e appropriate4 4 #bjf4 ,option = ,f$]al sav+s associations to op]ate z cov]$ sav+s associations ,! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfa et seq47 is am5d$ by ins]t+ aft] section #e 7#ab ,u4,s4,c4 #adfd7 ! foll[+3 #e;,a4 ,election to op]ate z a cov]$ sav+s association 7a7 ,def9ition ,9 ?is section1 ! t]m cov]$ sav+s association means a ,f$]al sav+s association t makes an election t is approv$ "u subsection 7b74 7b7 ,election 7#a7 ,9 g5]al ,9 accordance ) ! rules issu$ "u subsection 7f71 a ,f$]al sav+s association ) total consolidat$ assets equal to or less ?an #bj1jjj1jjj1jjj1 z report$ by ! association to ! ,comptroll] z ( ,decemb] #ca1 #bjag1 may elect to op]ate z a cov]$ sav+s association by submitt+ a notice to ! ,comptroll] ( t election4 7#b7 ,approval ,a ,f$]al sav+s association %all be deem$ to be approv$ to op]ate z a cov]$ sav+s association beg9n+ on ! date t is #fj days aft] ! date on :i* ! ,comptroll] receives ! notice submitt$ "u p>agraph 7#a71 unless ! ,comptroll] notifies ! ,f$]al sav+s association t ! ,f$]al sav+s association is n eligible4 7c7 ,rights & duties ,not)/&+ any o!r provision ( law1 & except z o!rwise provid$ 9 ?is section1 a cov]$ sav+s association %all-- 7#a7 h ! same rights & privileges z a national bank t has ! ma9 (fice ( ! national bank situat$ 9 ! same location z ! home (fice ( ! cov]$ sav+s association2 & 7#b7 be subject to ! same duties1 re/rictions1 p5alties1 liabilities1 conditions1 & limitations t w\ld apply to a national bank describ$ 9 p>agraph 7#a74 7d7 ,treatm5t ( cov]$ sav+s associations ,a cov]$ sav+s association %all be treat$ z a ,f$]al sav+s association = ! purposes-- 7#a7 ( gov]nance ( ! cov]$ sav+s association1 includ+ incorporation1 bylaws1 bo>ds ( directors1 %>ehold]s1 & di/ribution ( divid5ds2 7#b7 ( consolidation1 m]g]1 dissolution1 conv]sion 7includ+ conv]sion to a /ock bank or to ano!r *>t]71 cons]vator%ip1 & receiv]%ip2 & 7#c7 det]m9$ by regulation ( ! ,comptroll]4 7e7 ,exi/+ bran*es ,a cov]$ sav+s association may cont9ue to op]ate any bran* or ag5cy t ! cov]$ sav+s association op]at$ on ! date on :i* an election "u subsection 7b7 is approv$4 7f7 ,rule mak+ ,! ,comptroll] %all issue rules to c>ry out ?is section-- 7#a7 t e/abli% /reaml9$ /&>ds & proc$ures t cle>ly id5tify requir$ docum5tation & timel9es = an election "u subsection 7b72 7#b7 t require a ,f$]al sav+s association t makes an election "u subsection 7b7 to id5tify specific assets & subsidi>ies t-- 7,a7 d n con=m to ! requirem5ts = assets & subsidi>ies ( a national bank2 & 7,b7 are held by ! ,f$]al sav+s association on ! date on :i* ! ,f$]al sav+s association submits a notice ( ! election2 7#c7 t e/abli%-- 7,a7 a transition process = br++ ! assets & subsidi>ies describ$ 9 p>agraph 7#b7 into con=mance ) ! requirem5ts = a national bank2 & 7,b7 proc$ures = all[+ ! ,f$]al sav+s association to submit to ! ,comptroll] an application to cont9ue to hold assets & subsidi>ies describ$ 9 p>agraph 7#b7 aft] elect+ to op]ate z a cov]$ sav+s association2 7#d7 t e/abli% /&>ds & proc$ures to all[ a cov]$ sav+s association to-- 7,a7 t]m9ate an election "u subsection 7b7 aft] an appropriate p]iod ( "t2 & 7,b7 make a subsequ5t election "u subsection 7b7 aft] t]m9at+ an election "u subp>agraph 7,a72 7#e7 t cl>ify requirem5ts = ! treatm5t ( cov]$ sav+s associations1 includ+ ! provisions ( law t apply to cov]$ sav+s associations2 & 7#f7 z ! ,comptroll] det]m9es necess>y 9 ! int]e/s ( safety & s\ndness4 7g7 ,gr&fa!r$ cov]$ sav+s associations ,subject to ! rules issu$ "u subsection 7f71 a cov]$ sav+s association may cont9ue to op]ate z a cov]$ sav+s association if1 aft] ! date on :i* ! election is made "u subsection 7b71 ! cov]$ sav+s association has total consolidat$ assets great] ?an #bj1jjj1jjj1jjj4 4 #bjg4 ,small bank hold+ company policy /atem5t 7a7 ,def9itions ,9 ?is section3 7#a7 ,bo>d ,! t]m ,bo>d means ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7#b7 ,sav+s & loan hold+ company ,! t]m sav+s & loan hold+ company has ! mean+ giv5 ! t]m 9 section #aj7;a7 ( ! ,home ,own]s' ,loan ,act 7#ab ,u4,s4,c4 #adfg;a7a774 7b7 ,*anges requir$ to small bank hold+ company policy /atem5t on assessm5t ( f9ancial & manag]ial factors ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,bo>d %all revise app5dix ,c to "p #bbe ( title #ab1 ,code ( ,f$]al ,regulations 7commonly kn[n z ! ,small ,bank ,hold+ ,company & ,sav+s & ,loan ,hold+ ,company ,policy ,/atem5t71 to raise ! consolidat$ asset ?re%old "u t app5dix f #a1jjj1jjj1jjj to #c1jjj1jjj1jjj = any bank hold+ company or sav+s & loan hold+ company t-- 7#a7 is n engag$ 9 significant nonbank+ activities ei!r directly or ?r\gh a nonbank subsidi>y2 7#b7 does n conduct significant (f-balance %eet activities 7includ+ securitization & asset managem5t or adm9i/ration7 ei!r directly or ?r\gh a nonbank subsidi>y2 & 7#c7 does n h a mat]ial am\nt ( debt or equity securities out/&+ 7o!r ?an tru/ pref]r$ securities7 t are regi/]$ ) ! ,securities & ,ex*ange ,commission4 7c7 ,exclusions ,! ,bo>d may exclude any bank hold+ company or sav+s & loan hold+ company1 reg>dless ( asset size1 f ! revision "u subsection 7b7 if ! ,bo>d det]m9es t su* action is w>rant$ = sup]visory purposes4 7d7 ,con=m+ am5dm5t ,section #aga7;b77#e7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecga7;b77#e77 is am5d$ by /rik+ subp>agraph 7,c7 & ins]t+ ! foll[+3 7,c7 any bank hold+ company or sav+s & loan hold+ company t is subject to ! application ( app5dix ,c to "p #bbe ( title #ab1 ,code ( ,f$]al ,regulations 7commonly kn[n z ! ,small ,bank ,hold+ ,company & ,sav+s & ,loan ,hold+ ,company ,policy ,/atem5t74 4 #bjh4 ,application ( ! ,exp$it$ ,funds ,availability ,act 7a7 ,9 g5]al ,! ,exp$it$ ,funds ,availability ,act 7#ab ,u4,s4,c4 #djja et seq47 is am5d$-- 7#a7 9 section #fjb 7#ab ,u4,s4,c4 #djja7-- 7,a7 9 p>agraph 7#bj71 by ins]t+ 1 locat$ 9 ! ,unit$ ,/ates1 aft] ,,atm2 7,b7 9 p>agraph 7#ba71 by ins]t+ ,am]ican ,samoa1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 ,guam1 aft] ,pu]to ,rico12 & 7,c7 9 p>agraph 7#bc71 by ins]t+ ,am]ican ,samoa1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 ,guam1 aft] ,pu]to ,rico12 & 7#b7 9 section #fjc7;d77#b77;,a7 7#ab ,u4,s4,c4 #djjb7;d77#b77;,a771 by ins]t+ ,am]ican ,samoa1 ! ,commonweal? ( ! ,nor!rn ,m>iana ,isl&s1 ,guam1 aft] ,pu]to ,rico14 7b7 ,effective date ,! am5dm5ts made by ?is section %all take effect on ! date t is #cj days aft] ! date ( enactm5t ( ?is ,act4 #bji4 ,small public h\s+ ag5cies 7a7 ,small public h\s+ ag5cies ,title ,i ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg et seq47 is am5d$ by add+ at ! end ! foll[+3 #ch4 ,small public h\s+ ag5cies 7a7 ,def9itions ,9 ?is section3 7#a7 ,h\s+ v\*] program ,! t]m h\s+ v\*] program means a program = t5ant-bas$ assi/ance "u section #h4 7#b7 ,small public h\s+ ag5cy ,! t]m small public h\s+ ag5cy means a public h\s+ ag5cy-- 7,a7 = :i* ! sum ( ! numb] ( public h\s+ dwell+ units adm9i/]$ by ! ag5cy & ! numb] ( v\*]s "u section #h7o7 adm9i/]$ by ! ag5cy is #eej or few]2 & 7,b7 t pr$om9antly op]ates 9 a rural area1 z describ$ 9 section #ajbf4ce7;b77#b77;iv77,a7 ( title #ab1 ,code ( ,f$]al ,regulations4 7#c7 ,tr\bl$ small public h\s+ ag5cy ,! t]m tr\bl$ small public h\s+ ag5cy means a small public h\s+ ag5cy designat$ by ! ,secret>y z a tr\bl$ small public h\s+ ag5cy "u subsection 7c77#c74 7b7 ,applicability ,except z o!rwise provid$ 9 ?is section1 a small public h\s+ ag5cy %all be subject to ! same requirem5ts z a public h\s+ ag5cy4 7c7 ,program inspections & evaluations 7#a7 ,public h\s+ projects 7,a7 ,frequ5cy ( inspections by secret>y ,! ,secret>y %all c>ry out an inspection ( ! physical condition ( a small public h\s+ ag5cy's public h\s+ projects n m frequ5tly ?an once e #c ye>s1 unless ! ag5cy has be5 designat$ by ! ,secret>y z a tr\bl$ small public h\s+ ag5cy bas$ on defici5cies 9 ! physical condition ( its public h\s+ projects4 ,no?+ conta9$ 9 ?is subp>agraph relieves ! ,secret>y f conduct+ lead safety inspections or assessm5ts 9 accordance ) proc$ures e/abli%$ by ! ,secret>y "u section #cjb ( ! ,lead-,bas$ ,pa9t ,poison+ ,prev5tion ,act 7#db ,u4,s4,c4 #dhbb74 7,b7 ,/&>ds ,! ,secret>y %all apply to small public h\s+ ag5cies ! same /&>ds = ! acceptable condition ( public h\s+ projects t apply to projects assi/$ "u section #h4 7#b7 ,h\s+ v\*] program ,except z requir$ by section #h7o77#h77;,f71 a small public h\s+ ag5cy adm9i/]+ assi/ance "u section #h7o7 %all make p]iodic physical inspections ( ea* assi/$ dwell+ unit n less frequ5tly ?an once e #c ye>s to det]m9e :e!r ! unit is ma9ta9$ 9 accordance ) ! requirem5ts "u section #h7o77#h77;,a74 ,no?+ conta9$ 9 ?is p>agraph relieves a small public h\s+ ag5cy f conduct+ lead safety inspections or assessm5ts 9 accordance ) proc$ures e/abli%$ by ! ,secret>y "u section #cjb ( ! ,lead-,bas$ ,pa9t ,poison+ ,prev5tion ,act 7#db ,u4,s4,c4 #dhbb74 7#c7 ,tr\bl$ small public h\s+ ag5cies 7,a7 ,public h\s+ program ,not)/&+ any o!r provision ( law1 ! ,secret>y may designate a small public h\s+ ag5cy z a tr\bl$ small public h\s+ ag5cy ) respect to ! public h\s+ program ( ! small public h\s+ ag5cy if ! ,secret>y det]m9es t ! ag5cy has fail$ to ma9ta9 ! public h\s+ units ( ! small public h\s+ ag5cy 9 a satisfactory physical condition1 bas$ ^u an inspection conduct$ by ! ,secret>y4 7,b7 ,h\s+ v\*] program ,not)/&+ any o!r provision ( law1 ! ,secret>y may designate a small public h\s+ ag5cy z a tr\bl$ small public h\s+ ag5cy ) respect to ! h\s+ v\*] program ( ! small public h\s+ ag5cy if ! ,secret>y det]m9es t ! ag5cy has fail$ to comply ) ! inspection requirem5ts "u p>agraph 7#b74 7,c7 ,appeals 7i7 ,e/abli%m5t ,! ,secret>y %all e/abli% an appeals process "u :i* a small public h\s+ ag5cy may dispute a designation z a tr\bl$ small public h\s+ ag5cy4 7ii7 ,(ficial ,! appeals process e/abli%$ "u clause 7i7 %all provide = a decision by an (ficial :o has n be5 involv$1 & is n subord9ate to a p]son :o has be5 involv$1 9 ! orig9al det]m9ation to designate a small public h\s+ ag5cy z a tr\bl$ small public h\s+ ag5cy4 7,d7 ,corrective action agreem5t 7i7 ,agreem5t requir$ ,n lat] ?an #fj days aft] ! date on :i* a small public h\s+ ag5cy is designat$ z a tr\bl$ public h\s+ ag5cy "u subp>agraph 7,a7 or 7,b71 ! ,secret>y & ! small public h\s+ ag5cy %all ent] into a corrective action agreem5t "u :i* ! small public h\s+ ag5cy %all und]take actions to correct ! defici5cies ^u :i* ! designation is bas$4 7ii7 ,t]ms ( agreem5t ,a corrective action agreem5t ent]$ into "u clause 7i7 %all-- 7,i7 h a t]m ( #a ye>1 & %all be r5ewable at ! option ( ! ,secret>y2 7,,ii7 provide1 :]e feasible1 = te*nical assi/ance to assi/ ! public h\s+ ag5cy 9 cur+ its defici5cies2 7,,iii7 provide =-- 7aa7 reconsid]ation ( ! designation ( ! small public h\s+ ag5cy z a tr\bl$ small public h\s+ ag5cy n less frequ5tly ?an annually2 & 7bb7 t]m9ation ( ! agreem5t :5 ! ,secret>y det]m9es t ! small public h\s+ ag5cy is no long] a tr\bl$ small public h\s+ ag5cy2 & 7,,iv7 provide t 9 ! ev5t ( sub/antial noncompliance by ! small public h\s+ ag5cy "u ! agreem5t1 ! ,secret>y may-- 7aa7 contract ) ano!r public h\s+ ag5cy or a private entity to manage ! public h\s+ ( ! tr\bl$ small public h\s+ ag5cy2 7bb7 )hold funds o!rwise di/ributable to ! tr\bl$ small public h\s+ ag5cy2 7cc7 assume possession (1 & direct responsibility =1 manag+ ! public h\s+ ( ! tr\bl$ small public h\s+ ag5cy2 7dd7 petition = ! appo9tm5t ( a receiv]1 9 accordance ) section #f7;j77#c77;,a77ii72 & 7ee7 ex]cise any o!r rem$y available to ! ,secret>y 9 ! ev5t ( default "u ! public h\s+ annual contributions contract ent]$ into by ! small public h\s+ ag5cy "u section #e4 7,e7 ,em]g5cy actions ,no?+ 9 ?is p>agraph may be con/ru$ to prohibit ! ,secret>y f tak+ any em]g5cy action necess>y to protect ,f$]al f9ancial res\rces or ! heal? or safety ( resid5ts ( public h\s+ projects4 7d7 ,r$uction ( adm9i/rative burd5s 7#a7 ,exemption ,not)/&+ any o!r provision ( law1 a small public h\s+ ag5cy %all be exempt f any environm5tal review requirem5ts ) respect to a developm5t or mod]nization project hav+ a total co/ ( n m ?an #ajj1jjj4 7#b7 ,/reaml9$ proc$ures ,! ,secret>y %all1 by rule1 e/abli% /reaml9$ proc$ures = environm5tal reviews ( small public h\s+ ag5cy developm5t & mod]nization projects hav+ a total co/ ( m ?an #ajj1jjj4 4 7b7 ,en]gy cons]vation ,section #i7;e77#b7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;g7e77#b77 is am5d$ by add+ at ! end ! foll[+3 7,d7 ,freeze ( consumption levels 7i7 ,9 g5]al ,a small public h\s+ ag5cy1 z def9$ 9 section #ch7;a71 may elect to be paid = its utility & wa/e managem5t co/s "u ! =mula = a p]iod1 at ! discretion ( ! small public h\s+ ag5cy1 ( n m ?an #bj ye>s bas$ on ! small public h\s+ ag5cy's av]age annual consumption dur+ ! #c-ye> p]iod prec$+ ! ye> 9 :i* ! election is made 79 ?is subp>agraph ref]r$ to z ! consumption base level74 7ii7 ,initial adju/m5t 9 consumption base level ,! ,secret>y %all make an initial "o-"t adju/m5t 9 ! consumption base level to acc\nt = diff]5ces 9 ! heat+ degree day av]age ov] ! mo/ rec5t #bj-ye> p]iod comp>$ to ! av]age 9 ! consumption base level4 7iii7 ,adju/m5ts 9 consumption base level ,! ,secret>y %all make adju/m5ts 9 ! consumption base level to acc\nt = an increase or r$uction 9 units1 a *ange 9 fuel s\rce1 a *ange 9 resid5t controll$ electricity consumption1 or = o!r reasons4 7iv7 ,sav+s ,all co/ sav+s result+ f an election made by a small public h\s+ ag5cy "u ?is subp>agraph-- 7,i7 %all accrue to ! small public h\s+ ag5cy2 & 7,,ii7 may be us$ = any public h\s+ purpose at ! discretion ( ! small public h\s+ ag5cy4 7v7 ,?ird p>ties ,a small public h\s+ ag5cy mak+ an election "u ?is subp>agraph-- 7,i7 may use1 b %all n be requir$ to use1 ! s]vices ( a ?ird p>ty 9 its en]gy cons]vation program2 & 7,,ii7 %all h ! sole discretion to det]m9e ! s\rce1 & t]ms & conditions1 ( any f9anc+ us$ = its en]gy cons]vation program4 4 7c7 ,report+ by ag5cies op]at+ 9 consortia ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all develop & deploy all electronic in=mation sy/ems necess>y to accommodate full consolidat$ report+ by public h\s+ ag5cies1 z def9$ 9 section #c7;b77#f7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;a7b77#f771 elect+ to op]ate 9 consortia "u section #ac7;a7 ( su* ,act 7#db ,u4,s4,c4 #adcgk7a774 7d7 ,effective date ,! am5dm5ts made by subsections 7a7 & 7b7 %all take effect on ! date t is #fj days aft] ! date ( enactm5t ( ?is ,act4 7e7 ,%>$ wait+ li/s ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all make available to int]e/$ public h\s+ ag5cies & own]s ( multifamily prop]ties receiv+ assi/ance f ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t #a or m s(tw>e programs t w facilitate ! volunt>y use ( a %>$ wait+ li/ by multiple public h\s+ ag5cies or own]s receiv+ assi/ance1 & %all publi% on ! website ( ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t proc$ural guidance = implem5t+ %>$ wait+ li/s t includes in=mation on h[ to obta9 ! s(tw>e4 #baj4 ,exam9ation cycle ,section #aj7;d7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbj7;d77 is am5d$-- 7#a7 9 p>agraph 7#d77;,a71 by /rik+ #a1jjj1jjj1jjj & ins]t+ #c1jjj1jjj1jjj2 & 7#b7 9 p>agraph 7#aj71 by /rik+ #a1jjj1jjj1jjj & ins]t+ #c1jjj1jjj1jjj4 #baa4 ,int]national insurance capital /&>ds acc\ntability 7a7 ,f9d+s ,congress f9ds t-- 7#a7 ! ,secret>y ( ! ,treasury1 ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ,director ( ! ,f$]al ,insurance ,(fice %all support increas+ transp>5cy at any global insurance or int]national /&>d-sett+ regulatory or sup]visory =um 9 :i* !y p>ticipate1 includ+ support+ & advocat+ = great] public obs]v] access to work+ gr\ps & committee meet+s ( ! ,int]national ,association ( ,insurance ,sup]visors2 & 7#b7 to ! ext5t t ! ,secret>y ( ! ,treasury1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice take a position or reasonably int5d to take a position ) respect to an insurance proposal by a global insurance regulatory or sup]visory =um1 ! ,secret>y ( ! ,treasury1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice %all a*ieve cons5sus positions ) ,/ate insurance regulators ?r\gh ! ,national ,association ( ,insurance ,commission]s1 :5 !y are ,unit$ ,/ates p>ticipants 9 negotiations on insurance issues be=e ! ,int]national ,association ( ,insurance ,sup]visors1 ,f9ancial ,/ability ,bo>d1 or any o!r int]national =um ( f9ancial regulators or sup]visors t consid]s su* issues4 7b7 ,insurance policy advisory committee 7#a7 ,e/abli%m5t ,!re is e/abli%$ ! ,insurance ,policy ,advisory ,committee on ,int]national ,capital ,/&>ds & ,o!r ,insurance ,issues at ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em4 7#b7 ,memb]%ip ,! ,committee %all be compos$ ( n m ?an #ba memb]s1 all ( :om repres5t a div]se set ( exp]t p]spectives f ! v>i\s sectors ( ! ,unit$ ,/ates insurance indu/ry1 includ+ life insurance1 prop]ty & casualty insurance & re9surance1 ag5ts & brok]s1 academics1 consum] advocates1 or exp]ts on issues fac+ und]s]v$ insurance communities & consum]s4 7c7 ,reports 7#a7 ,reports & te/imony by ,secret>y ( ! ,treasury & ,*airman ( ! ,f$]al ,res]ve 7,a7 ,9 g5]al ,! ,secret>y ( ! ,treasury & ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 or _! designee1 %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives1 an annual report & provide annual te/imony to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate1 & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives on ! ef=ts ( ! ,secret>y & ! ,*airman ) ! ,national ,association ( ,insurance ,commission]s ) respect to global insurance regulatory or sup]visory =ums1 includ+-- 7i7 a description ( ! insurance regulatory or sup]visory /&>d-sett+ issues "u discussion at int]national /&>d-sett+ bodies1 includ+ ! ,f9ancial ,/ability ,bo>d & ! ,int]national ,association ( ,insurance ,sup]visors2 7ii7 a description ( ! effects t proposals discuss$ at int]national insurance regulatory or sup]visory =ums ( insurance c\ld h on consum] & insurance m>kets 9 ! ,unit$ ,/ates2 7iii7 a description ( any position tak5 by ! ,secret>y ( ! ,treasury1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice 9 int]national insurance discussions2 & 7iv7 a description ( ! ef=ts by ! ,secret>y ( ! ,treasury1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice to increase transp>5cy at ! ,f9ancial ,/ability ,bo>d ) respect to insurance proposals & ! ,int]national ,association ( ,insurance ,sup]visors1 includ+ ef=ts to provide additional public access to work+ gr\ps & committees ( ! ,int]national ,association ( ,insurance ,sup]visors4 7,b7 ,t]m9ation ,?is p>agraph %all t]m9ate on ,decemb] #ca1 #bjbd4 7#b7 ,reports & te/imony by ,national ,association ( ,insurance ,commission]s ,! ,national ,association ( ,insurance ,commission]s may provide te/imony to ,congress on ! issues describ$ 9 p>agraph 7#a77;,a74 7#c7 ,jo9t report by ! ,*airman ( ! ,f$]al ,res]ve & ! ,director ( ! ,f$]al ,insurance ,(fice 7,a7 ,9 g5]al ,! ,secret>y ( ! ,treasury1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice %all1 9 consultation ) ! ,national ,association ( ,insurance ,commission]s1 complete a /udy on1 & submit to ,congress a report on ! results ( ! /udy1 ! impact on consum]s & m>kets 9 ! ,unit$ ,/ates be=e support+ or cons5t+ to ! adoption ( any f9al int]national insurance capital /&>d4 7,b7 ,notice & comm5t 7i7 ,notice ,! ,secret>y ( ! ,treasury1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice %all provide public notice be=e ! date on :i* draft+ a report requir$ "u subp>agraph 7,a7 is comm5c$ & aft] ! date on :i* ! draft ( ! report is complet$4 7ii7 ,opportunity = comm5t ,!re %all be an opportunity = public comm5t = a p]iod beg9n+ on ! date on :i* ! report is submitt$ "u subp>agraph 7,a7 & end+ on ! date t is #fj days aft] ! date on :i* ! report is submitt$4 7,c7 ,review by ,comptroll] ,g5]al ,! ,secret>y ( ! ,treasury1 ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,director ( ! ,f$]al ,insurance ,(fice %all submit to ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates ! report describ$ 9 subp>agraph 7,a7 = review4 7#d7 ,report on increase 9 transp>5cy ,n lat] ?an #ahj days aft] ! date ( enactm5t ( ?is ,act1 ! ,*airman ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! ,secret>y ( ! ,treasury1 or _! designees1 %all submit to ,congress a report & provide te/imony to ,congress on ! ef=ts ( ! ,*airman & ! ,secret>y to increase transp>5cy at meet+s ( ! ,int]national ,association ( ,insurance ,sup]visors4 #bab4 ,budget transp>5cy = ! ,,ncua ,section #bji7;b7 ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #aghi7;b77 is am5d$-- 7#a7 by r$esignat+ p>agraphs 7#a7 & 7#b7 z p>agraphs 7#b7 & 7#c71 respectively2 7#b7 by ins]t+ be=e p>agraph 7#b71 z s r$esignat$1 ! foll[+3 7#a7 on an annual basis & prior to ! submission ( ! detail$ bus9ess-type budget requir$ "u p>agraph 7#b7-- 7,a7 make publicly available & publi% 9 ! ,f$]al ,regi/] a draft ( ! detail$ bus9ess-type budget2 & 7,b7 hold a public he>+1 ) public notice provid$ ( ! he>+1 dur+ :i* ! public may submit comm5ts on ! draft ( ! detail$ bus9ess-type budget2 2 & 7#c7 9 p>agraph 7#b71 z s r$esignat$-- 7,a7 by ins]t+ detail$ aft] submit a2 & 7,b7 by ins]t+ 1 :i* %all address any comm5t submitt$ by ! public "u p>agraph 7#a77;,b7 aft] ,control ,act4 #bac4 ,mak+ onl9e bank+ initiation legal & easy 7a7 ,def9itions ,9 ?is section3 7#a7 ,affiliate ,! t]m affiliate has ! mean+ giv5 ! t]m 9 section #b ( ! ,bank ,hold+ ,company ,act ( #aief 7#ab ,u4,s4,c4 #ahda74 7#b7 ,driv]'s lic5se ,! t]m driv]'s lic5se means a lic5se issu$ by a ,/ate to an individual t au?orizes ! individual to op]ate a motor vehicle on public /reets1 roads1 or highways4 7#c7 ,f$]al bank secrecy laws ,! t]m ,f$]al bank secrecy laws means-- 7,a7 section #ba ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b72 7,b7 section #abc ( ,public ,law #ia-ejh 7#ab ,u4,s4,c4 #aiec72 & 7,c7 sub*apt] ,,ii ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code4 7#d7 ,f9ancial in/itution ,! t]m f9ancial in/itution means-- 7,a7 an insur$ depository in/itution2 7,b7 an insur$ cr$it union2 or 7,c7 any affiliate ( an insur$ depository in/itution or insur$ cr$it union4 7#e7 ,f9ancial product or s]vice ,! t]m f9ancial product or s]vice has ! mean+ giv5 ! t]m 9 section #ajjb ( ! ,consum] ,f9ancial ,protection ,act ( #bjaj 7#ab ,u4,s4,c4 #edha74 7#f7 ,insur$ cr$it union ,! t]m insur$ cr$it union has ! mean+ giv5 ! t]m 9 section #aja ( ! ,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#g7 ,insur$ depository in/itution ,! t]m insur$ depository in/itution has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#h7 ,onl9e s]vice ,! t]m onl9e s]vice means any ,int]net-bas$ s]vice1 su* z a website or mobile application4 7#i7 ,p]sonal id5tification c>d ,! t]m p]sonal id5tification c>d means an id5tification docum5t issu$ by a ,/ate or local gov]nm5t to an individual solely = ! purpose ( id5tification ( t individual4 7#aj7 ,p]sonal in=mation ,! t]m p]sonal in=mation means ! in=mation display$ on or electronically encod$ on a driv]'s lic5se or p]sonal id5tification c>d t is reasonably necess>y to fulfill ! purpose & uses p]mitt$ by subsection 7b74 7#aa7 ,scan ,! t]m scan means ! act ( us+ a device or s(tw>e to deciph]1 9 an electronically readable =mat1 p]sonal in=mation display$ on or electronically encod$ on a driv]'s lic5se or p]sonal id5tification c>d4 7#ab7 ,/ate ,! t]m ,/ate means any ,/ate ( ! ,unit$ ,/ates1 ! ,di/rict ( ,columbia1 ! ,commonweal? ( ,pu]to ,rico1 & any o!r commonweal?1 possession1 or t]ritory ( ! ,unit$ ,/ates4 7b7 ,use ( a driv]'s lic5se or p]sonal id5tification c>d 7#a7 ,9 g5]al ,:5 an individual initiates a reque/ ?r\gh an onl9e s]vice to op5 an acc\nt ) a f9ancial in/itution or obta9 a f9ancial product or s]vice f a f9ancial in/itution1 ! f9ancial in/itution may record p]sonal in=mation f a scan ( ! driv]'s lic5se or p]sonal id5tification c>d ( ! individual1 or make a copy or receive an image ( ! driv]'s lic5se or p]sonal id5tification c>d ( ! individual1 & /ore or reta9 su* in=mation 9 any electronic =mat = ! purposes describ$ 9 p>agraph 7#b74 7#b7 ,uses ( in=mation ,except z requir$ to comply ) ,f$]al bank secrecy laws1 a f9ancial in/itution may only use ! in=mation obta9$ "u p>agraph 7#a7-- 7,a7 to v]ify ! au!nticity ( ! driv]'s lic5se or p]sonal id5tification c>d2 7,b7 to v]ify ! id5tity ( ! individual2 & 7,c7 to comply ) a legal requirem5t to record1 reta91 or transmit ! p]sonal in=mation 9 connection ) op5+ an acc\nt or obta9+ a f9ancial product or s]vice4 7#c7 ,deletion ( image ,a f9ancial in/itution t makes a copy or receives an image ( a driv]'s lic5se or p]sonal id5tification c>d ( an individual 9 accordance ) p>agraphs 7#a7 & 7#b7 %all1 aft] us+ ! image = ! purposes describ$ 9 p>agraph 7#b71 p]man5tly delete-- 7,a7 any image ( ! driv]'s lic5se or p]sonal id5tification c>d1 z applicable2 & 7,b7 any copy ( any su* image4 7#d7 ,disclosure ( p]sonal in=mation ,no?+ 9 ?is section %all be con/ru$ to am5d1 modify1 or o!rwise affect any ,/ate or ,f$]al law t gov]ns a f9ancial in/itution's disclosure & security ( p]sonal in=mation t is n publicly available4 7c7 ,relation to ,/ate law ,! provisions ( ?is section %all preempt & sup]s$e any ,/ate law t conflicts ) a provision ( ?is section1 b only to ! ext5t ( su* conflict4 #bad4 ,promot+ con/ruction & developm5t on ,ma9 ,/reet ,! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahaa et seq47 is am5d$ by add+ at ! end ! foll[+ new section3 #ea4 ,capital requirem5ts = c]ta9 acquisition1 developm5t1 or con/ruction loans 7a7 ,9 g5]al ,! appropriate ,f$]al bank+ ag5cies may only require a depository in/itution to assign a height5$ risk weight to a high volatility comm]cial real e/ate 7,,hvcre7 exposure 7z su* t]m is def9$ "u section #cbd4b ( title #ab1 ,code ( ,f$]al ,regulations1 z ( ,octob] #aa1 #bjag1 or if a successor regulation is 9 effect z ( ! date ( ! enactm5t ( ?is section1 su* t]m or any successor t]m conta9$ 9 su* successor regulation7 "u any risk-bas$ capital requirem5t if su* exposure is an ,,hvcre ,,adc loan4 7b7 ,,hvcre ,,adc loan def9$ ,= purposes ( ?is section & ) respect to a depository in/itution1 ! t]m ,,hvcre ,,adc loan-- 7#a7 means a cr$it facility secur$ by l& or improv$ real prop]ty t1 prior to be+ reclassifi$ by ! depository in/itution z a non-,,hvcre ,,adc loan pursuant to subsection 7d7-- 7,a7 prim>ily f9ances1 has f9anc$1 or ref9ances ! acquisition1 developm5t1 or con/ruction ( real prop]ty2 7,b7 has ! purpose ( provid+ f9anc+ to acquire1 develop1 or improve su* real prop]ty into income-produc+ real prop]ty2 & 7,c7 is dep5d5t ^u future income or sales proce$s f1 or ref9anc+ (1 su* real prop]ty = ! repaym5t ( su* cr$it facility2 7#b7 does n include a cr$it facility f9anc+-- 7,a7 ! acquisition1 developm5t1 or con/ruction ( prop]ties t are-- 7i7 "o- to f\r-family resid5tial prop]ties2 7ii7 real prop]ty t w\ld qualify z an inve/m5t 9 community developm5t2 or 7iii7 agricultural l&2 7,b7 ! acquisition or ref9ance ( exi/+ income-produc+ real prop]ty secur$ by a mortgage on su* prop]ty1 if ! ca% fl[ be+ g5]at$ by ! real prop]ty is suffici5t to support ! debt s]vice & exp5ses ( ! real prop]ty1 9 accordance ) ! in/itution's applicable loan und]writ+ crit]ia = p]man5t f9anc+s2 7,c7 improvem5ts to exi/+ income-produc+ improv$ real prop]ty secur$ by a mortgage on su* prop]ty1 if ! ca% fl[ be+ g5]at$ by ! real prop]ty is suffici5t to support ! debt s]vice & exp5ses ( ! real prop]ty1 9 accordance ) ! in/itution's applicable loan und]writ+ crit]ia = p]man5t f9anc+s2 or 7,d7 comm]cial real prop]ty projects 9 :i*-- 7i7 ! loan-to-value ratio is less ?an or equal to ! applicable maximum sup]visory loan-to-value ratio z det]m9$ by ! appropriate ,f$]al bank+ ag5cy2 7ii7 ! borr[] has contribut$ capital ( at lea/ #ae p]c5t ( ! real prop]ty's apprais$1 z complet$ value to ! project 9 ! =m (-- 7,i7 ca%2 7,,ii7 un5cumb]$ readily m>ketable assets2 7,,iii7 paid developm5t exp5ses out-(-pocket2 or 7,,iv7 contribut$ real prop]ty or improvem5ts2 & 7iii7 ! borr[] contribut$ ! m9imum am\nt ( capital describ$ "u clause 7ii7 be=e ! depository in/itution advances funds 7o!r ?an ! advance ( a nom9al sum made 9 ord] to secure ! depository in/itution's li5 aga9/ ! real prop]ty7 "u ! cr$it facility1 & su* m9imum am\nt ( capital contribut$ by ! borr[] is contractually requir$ to rema9 9 ! project until ! cr$it facility has be5 reclassifi$ by ! depository in/itution z a non-,,hvcre ,,adc loan "u subsection 7d72 7#c7 does n include any loan made prior to ,janu>y #a1 #bjae2 & 7#d7 does n include a cr$it facility reclassifi$ z a non-,,hvcre ,,adc loan "u subsection 7d74 7c7 ,value ( contribut$ real prop]ty ,= purposes ( ?is section1 ! value ( any real prop]ty contribut$ by a borr[] z a capital contribution %all be ! apprais$ value ( ! prop]ty z det]m9$ "u /&>ds prescrib$ pursuant to section #aaaj ( ! ,f9ancial ,in/itutions ,re=m1 ,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 #ccci71 9 connection ) ! ext5sion ( ! cr$it facility or loan to su* borr[]4 7d7 ,reclassification z a non-,,hvrce ,,adc loan ,= purposes ( ?is section & ) respect to a cr$it facility & a depository in/itution1 ^u-- 7#a7 ! sub/antial completion ( ! developm5t or con/ruction ( ! real prop]ty be+ f9anc$ by ! cr$it facility2 & 7#b7 ca% fl[ be+ g5]at$ by ! real prop]ty be+ suffici5t to support ! debt s]vice & exp5ses ( ! real prop]ty1 9 accordance ) ! in/itution's applicable loan und]writ+ crit]ia = p]man5t f9anc+s1 ! cr$it facility may be reclassifi$ by ! depository in/itution z a ,non-,,hvcre ,,adc loan4 7e7 ,exi/+ au?orities ,no?+ 9 ?is section %all limit ! sup]visory1 regulatory1 or en=cem5t au?ority ( an appropriate ,f$]al bank+ ag5cy to fur!r ! safe & s\nd op]ation ( an in/itution "u ! sup]vision ( ! appropriate ,f$]al bank+ ag5cy4 4 #bae4 ,r$uc+ id5tity fraud 7a7 ,purpose ,! purpose ( ?is section is to r$uce ! preval5ce ( syn!tic id5tity fraud1 :i* disproportionally affects vuln]able populations1 su* z m9ors & rec5t immigrants1 by facilitat+ ! validation by p]mitt$ entities ( fraud protection data1 pursuant to electronically receiv$ consum] cons5t1 ?r\gh use ( a database ma9ta9$ by ! ,commission]4 7b7 ,def9itions ,9 ?is section3 7#a7 ,commission] ,! t]m ,commission] means ! ,commission] ( ! ,social ,security ,adm9i/ration4 7#b7 ,f9ancial in/itution ,! t]m f9ancial in/itution has ! mean+ giv5 ! t]m 9 section #eji ( ! ,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4 #fhji74 7#c7 ,fraud protection data ,! t]m fraud protection data means a comb9ation ( ! foll[+ in=mation ) respect to an individual3 7,a7 ,! "n ( ! individual 7includ+ ! fir/ "n & any family =5ame or surname ( ! individual74 7,b7 ,! social security numb] ( ! individual4 7,c7 ,! date ( bir? 7includ+ ! mon?1 day1 & ye>7 ( ! individual4 7#d7 ,p]mitt$ entity ,! t]m p]mitt$ entity means a f9ancial in/itution or a s]vice provid]1 subsidi>y1 affiliate1 ag5t1 subcontractor1 or assignee ( a f9ancial in/itution4 7c7 ,effici5cy 7#a7 ,reliance on exi/+ me?ods ,! ,commission] %all evaluate ! feasibility ( mak+ modifications to any database t is 9 exi/5ce z ( ! date ( enactm5t ( ?is ,act or a simil> res\rce su* t ! database or res\rce-- 7,a7 is reasonably design$ to effectuate ! purpose ( ?is section2 & 7,b7 meets ! requirem5ts ( subsection 7d74 7#b7 ,execution ,! ,commission] %all make ! modifications necess>y to any database t is 9 exi/5ce z ( ! date ( enactm5t ( ?is ,act or simil> res\rce1 or develop a database or simil> res\rce1 to effectuate ! requirem5ts describ$ 9 p>agraph 7#a74 7d7 ,protection ( vuln]able consum]s ,! database or simil> res\rce describ$ 9 subsection 7c7 %all-- 7#a7 comp>e fraud protection data provid$ 9 an inquiry by a p]mitt$ entity aga9/ su* in=mation ma9ta9$ by ! ,commission] 9 ord] to confirm 7or n confirm7 ! validity ( ! in=mation provid$2 7#b7 be scalable & accommodate reasonably anticipat$ volumes ( v]ification reque/s f p]mitt$ entities ) comm]cially reasonable uptime & availability2 & 7#c7 all[ p]mitt$ entities to submit-- 7,a7 #a or m individual reque/s electronically = real-"t ma*9e-to-ma*9e 7or simil> functionality7 accurate responses2 & 7,b7 multiple reque/s electronically1 su* z ^? provid$ 9 a bat* =mat1 = accurate electronic responses )9 a reasonable p]iod ( "t f submission1 n to exce$ #bd h\rs4 7e7 ,c]tification requir$ ,be=e provid+ confirmation ( fraud protection data to a p]mitt$ entity1 ! ,commission] %all ensure t ! ,commission] has a c]tification f ! p]mitt$ entity t is dat$ n m ?an #b ye>s be=e ! date on :i* t confirmation is provid$ t includes ! foll[+ decl>ations3 7#a7 ,! entity is a p]mitt$ entity4 7#b7 ,! entity is 9 compliance ) ?is section4 7#c7 ,! entity is1 & w rema91 9 compliance ) its privacy & data security requirem5ts1 z describ$ 9 title ,v ( ! ,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4 #fhja et seq471 ) respect to in=mation ! entity receives f ! ,commission] pursuant to ?is section4 7#d7 ,! entity w reta9 suffici5t records to demon/rate its compliance ) its c]tification & ?is section = a p]iod ( n less ?an #b ye>s4 7f7 ,consum] cons5t 7#a7 ,9 g5]al ,not)/&+ any o!r provision ( law or regulation1 a p]mitt$ entity may submit a reque/ to ! database or simil> res\rce describ$ 9 subsection 7c7 only-- 7,a7 pursuant to ! writt51 includ+ electronic1 cons5t receiv$ by a p]mitt$ entity f ! individual :o is ! subject ( ! reque/2 & 7,b7 9 connection ) a cr$it transaction or any circum/ance describ$ 9 section #fjd ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;b74 7#b7 ,electronic cons5t requirem5ts ,= a p]mitt$ entity to use ! cons5t ( an individual receiv$ electronically pursuant to p>agraph 7#a77;,a71 ! p]mitt$ entity mu/ obta9 ! individual's electronic signature1 z def9$ 9 section #ajf ( ! ,electronic ,signatures 9 ,global & ,national ,comm]ce ,act 7#ae ,u4,s4,c4 #gjjf74 7#c7 ,effectuat+ electronic cons5t ,no provision ( law or requirem5t1 includ+ section #eeb;a ( title #e1 ,unit$ ,/ates ,code1 %all prev5t ! use ( electronic cons5t = purposes ( ?is subsection or = use 9 any o!r cons5t bas$ v]ification "u ! discretion ( ! ,commission]4 7g7 ,compliance & en=cem5t 7#a7 ,audits & monitor+ ,! ,commission] may-- 7,a7 conduct audits & monitor+ to-- 7i7 ensure prop] use by p]mitt$ entities ( ! database or simil> res\rce describ$ 9 subsection 7c72 & 7ii7 det] fraud & misuse by p]mitt$ entities ) respect to ! database or simil> res\rce describ$ 9 subsection 7c72 & 7,b7 t]m9ate s]vices = any p]mitt$ entity t prev5ts or refuses to all[ ! ,commission] to c>ry out ! activities describ$ 9 subp>agraph 7,a74 7#b7 ,en=cem5t 7,a7 ,9 g5]al ,not)/&+ any o!r provision ( law1 includ+ ! matt] prec$+ p>agraph 7#a7 ( section #eje7;a7 ( ! ,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4 #fhje7;a771 any violation ( ?is section & any c]tification made "u ?is section %all be en=c$ 9 accordance ) p>agraphs 7#a7 ?r\gh 7#g7 ( su* section #eje7;a7 by ! ag5cies describ$ 9 ^? p>agraphs4 7,b7 ,relevant in=mation ,^u discov]y by ! ,commission]1 pursuant to an audit describ$ 9 p>agraph 7#a71 ( any violation ( ?is section or any c]tification made "u ?is section1 ! ,commission] %all =w>d any relevant in=mation p]ta9+ to t violation to ! appropriate ag5cy describ$ 9 subp>agraph 7,a7 = evaluation by ! ag5cy = purposes ( en=c+ ?is section4 7h7 ,recov]y ( co/s 7#a7 ,9 g5]al 7,a7 ,9 g5]al ,am\nts obligat$ to c>ry out ?is section %all be fully recov]$ f ! us]s ( ! database or v]ification sy/em by way ( advances1 reimbursem5ts1 us] fees1 or o!r recov]ies z det]m9$ by ! ,commission]4 ,! funds recov]$ "u ?is p>agraph %all be deposit$ z an (fsett+ collection to ! acc\nt provid+ appropriations = ! ,social ,security ,adm9i/ration1 to be us$ = ! adm9i/ration ( ?is section )\t fiscal ye> limitation4 7,b7 ,prices fix$ by commission] ,! ,commission] %all e/abli% ! am\nt to be paid by ! us]s "u ?is p>agraph1 includ+ ! co/s ( any s]vices or "w p]=m$1 su* z any appropriate upgrades1 ma9t5ance1 & associat$ direct & indirect adm9i/rative co/s1 9 support ( c>ry+ out ! purposes describ$ 9 ?is section1 by reimbursem5t or 9 advance z det]m9$ by ! ,commission]4 ,! am\nt ( su* prices %all be p]iodically adju/$ by ! ,commission] to ensure t am\nts collect$ are suffici5t to fully (fset ! co/ ( ! adm9i/ration ( ?is section4 7#b7 ,initial developm5t ,! ,commission] %all n beg9 developm5t ( a v]ification sy/em to c>ry out ?is section until ! ,commission] det]m9es t am\nts equal to at lea/ #ej p]c5t ( program />t-up co/s h be5 collect$ "u p>agraph 7#a74 7#c7 ,exi/+ res\rces ,! ,commission] may use funds designat$ = in=mation te*nology mod]nization to c>ry out ?is section4 7#d7 ,annual report ,! ,commission] %all annually submit to ! ,committee on ,ways & ,means ( ! ,h\se ( ,repres5tatives & ! ,committee on ,f9ance ( ! ,s5ate a report on ! am\nt ( indirect co/s to ! ,social ,security ,adm9i/ration aris+ z a result ( ! implem5tation ( ?is section4 #baf4 ,treasury report on risks ( cyb] ?reats ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ! ,treasury %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on ! risks ( cyb] ?reats to f9ancial in/itutions & capital m>kets 9 ! ,unit$ ,/ates1 includ+-- 7#a7 an assessm5t ( ! mat]ial risks ( cyb] ?reats to f9ancial in/itutions & capital m>kets 9 ! ,unit$ ,/ates2 7#b7 ! impact & pot5tial effects ( mat]ial cyb] attacks on f9ancial in/itutions & capital m>kets 9 ! ,unit$ ,/ates2 7#c7 an analysis ( h[ ! appropriate ,f$]al bank+ ag5cies & ! ,securities & ,ex*ange ,commission are address+ ! mat]ial risks ( cyb] ?reats describ$ 9 p>agraph 7#a71 includ+-- 7,a7 h[ ! appropriate ,f$]al bank+ ag5cies & ! ,securities & ,ex*ange ,commission are assess+ ^? ?reats2 7,b7 h[ ! appropriate ,f$]al bank+ ag5cies & ! ,securities & ,ex*ange ,commission are assess+ ! cyb] vuln]abilities & prep>$ness ( f9ancial in/itutions2 7,c7 coord9ation among/ ! appropriate ,f$]al bank+ ag5cies & ! ,securities & ,ex*ange ,commission1 & _! coord9ation ) o!r gov]nm5t ag5cies 7includ+ ) respect to regulations1 exam9ations1 lexicon1 duplication1 & o!r regulatory tools72 & 7,d7 areas = improvem5t2 & 7#d7 a recomm5dation ( :e!r any appropriate ,f$]al bank+ ag5cy or ! ,securities & ,ex*ange ,commission ne$s additional legal au?orities or res\rces to adequately assess & address ! mat]ial risks ( cyb] ?reats describ$ 9 p>agraph 7#a71 giv5 ! analysis requir$ by p>agraph 7#c74 #bag4 ,discretion>y surplus funds ,section #g7;a77#c77;,a7 ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bhi7;a77#c77;,a77 is am5d$ by /rik+ #g1ejj1jjj1jjj & ins]t+ #f1hbe1jjj1jjj4 ,,iii ,protections = vet]ans1 consum]s1 & home[n]s #cja4 ,protect+ consum]s' cr$it 7a7 ,9 g5]al ,section #fje;,a ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;c-#a7 is am5d$-- 7#a7 9 subsection 7a77#a77;,a71 by /rik+ #ij days & ins]t+ #a ye>2 & 7#b7 by add+ at ! end ! foll[+3 7i7 ,national security freeze 7#a7 ,def9itions ,= purposes ( ?is subsection3 7,a7 ,! t]m consum] report+ ag5cy means a consum] report+ ag5cy describ$ 9 section #fjc7p74 7,b7 ,! t]m prop] id5tification has ! mean+ ( su* t]m z us$ "u section #faj4 7,c7 ,! t]m security freeze means a re/riction t prohibits a consum] report+ ag5cy f disclos+ ! cont5ts ( a consum] report t is subject to su* security freeze to any p]son reque/+ ! consum] report4 7#b7 ,placem5t ( security freeze 7,a7 ,9 g5]al ,^u receiv+ a direct reque/ f a consum] t a consum] report+ ag5cy place a security freeze1 & ^u receiv+ prop] id5tification f ! consum]1 ! consum] report+ ag5cy %all1 free ( *>ge1 place ! security freeze n lat] ?an-- 7i7 9 ! case ( a reque/ t is by toll-free telephone or secure electronic means1 #a bus9ess day aft] receiv+ ! reque/ directly f ! consum]2 or 7ii7 9 ! case ( a reque/ t is by mail1 #c bus9ess days aft] receiv+ ! reque/ directly f ! consum]4 7,b7 ,confirmation & additional in=mation ,n lat] ?an #e bus9ess days aft] plac+ a security freeze "u subp>agraph 7,a71 a consum] report+ ag5cy %all-- 7i7 s5d confirmation ( ! placem5t to ! consum]2 & 7ii7 in=m ! consum] (-- 7,i7 ! process by :i* ! consum] may remove ! security freeze1 includ+ a me*anism to au!nticate ! consum]2 & 7,,ii7 ! consum]'s "r describ$ 9 section #fae7;d77#a77;,d74 7,c7 ,notice to ?ird p>ties ,a consum] report+ ag5cy may advise a ?ird p>ty t a security freeze has be5 plac$ ) respect to a consum] "u subp>agraph 7,a74 7#c7 ,removal ( security freeze 7,a7 ,9 g5]al ,a consum] report+ ag5cy %all remove a security freeze plac$ on ! consum] report ( a consum] only 9 ! foll[+ cases3 7i7 ,^u ! direct reque/ ( ! consum]4 7ii7 ,! security freeze 0 plac$ due to a mat]ial misrepres5tation ( fact by ! consum]4 7,b7 ,notice if removal n by reque/ ,if a consum] report+ ag5cy removes a security freeze "u subp>agraph 7,a77ii71 ! consum] report+ ag5cy %all notify ! consum] 9 writ+ prior to remov+ ! security freeze4 7,c7 ,removal ( security freeze by consum] reque/ ,except z provid$ 9 subp>agraph 7,a77ii71 a security freeze %all rema9 9 place until ! consum] directly reque/s t ! security freeze be remov$4 ,^u receiv+ a direct reque/ f a consum] t a consum] report+ ag5cy remove a security freeze1 & ^u receiv+ prop] id5tification f ! consum]1 ! consum] report+ ag5cy %all1 free ( *>ge1 remove ! security freeze n lat] ?an-- 7i7 9 ! case ( a reque/ t is by toll-free telephone or secure electronic means1 #a h\r aft] receiv+ ! reque/ = removal2 or 7ii7 9 ! case ( a reque/ t is by mail1 #c bus9ess days aft] receiv+ ! reque/ = removal4 7,d7 ,?ird-p>ty reque/s ,if a ?ird p>ty reque/s access to a consum] report ( a consum] ) respect to :i* a security freeze is 9 effect1 :]e su* reque/ is 9 connection ) an application = cr$it1 & ! consum] does n all[ su* consum] report to be access$1 ! ?ird p>ty may treat ! application z incomplete4 7,e7 ,tempor>y removal ( security freeze ,^u receiv+ a direct reque/ f a consum] "u subp>agraph 7,a77i71 if ! consum] reque/s a tempor>y removal ( a security freeze1 ! consum] report+ ag5cy %all1 9 accordance ) subp>agraph 7,c71 remove ! security freeze = ! p]iod ( "t specifi$ by ! consum]4 7#d7 ,exceptions ,a security freeze %all n apply to ! mak+ ( a consum] report = use ( ! foll[+3 7,a7 ,a p]son or entity1 or a subsidi>y1 affiliate1 or ag5t ( t p]son or entity1 or an assignee ( a f9ancial obligation ow$ by ! consum] to t p]son or entity1 or a prospective assignee ( a f9ancial obligation ow$ by ! consum] to t p]son or entity 9 conjunction ) ! propos$ pur*ase ( ! f9ancial obligation1 ) :i* ! consum] has or _h prior to assignm5t an acc\nt or contract includ+ a dem& deposit acc\nt1 or to :om ! consum] issu$ a negotiable in/rum5t1 = ! purposes ( review+ ! acc\nt or collect+ ! f9ancial obligation ow$ = ! acc\nt1 contract1 or negotiable in/rum5t4 ,= purposes ( ?is subp>agraph1 review+ ! acc\nt includes activities relat$ to acc\nt ma9t5ance1 monitor+1 cr$it l9e increases1 & acc\nt upgrades & enhancem5ts4 7,b7 ,any ,f$]al1 ,/ate1 or local ag5cy1 law en=cem5t ag5cy1 trial c\rt1 or private collection ag5cy act+ pursuant to a c\rt ord]1 w>rant1 or subpo5a4 7,c7 ,a *ild support ag5cy act+ pursuant to "p ,d ( title ,,iv ( ! ,social ,security ,act 7#db ,u4,s4,c4 #fea et seq474 7,d7 ,a ,f$]al ag5cy or a ,/ate or its ag5ts or assigns act+ to inve/igate fraud or act+ to inve/igate or collect del9qu5t taxes or unpaid c\rt ord]s or to fulfill any ( its o!r /atutory responsibilities1 provid$ su* responsibilities are consi/5t ) a p]missible purpose "u section #fjd4 7,e7 ,by a p]son us+ cr$it in=mation = ! purposes describ$ "u section #fjd7;c74 7,f7 ,any p]son or entity adm9i/]+ a cr$it file monitor+ subscription or simil> s]vice to :i* ! consum] has subscrib$4 7,g7 ,any p]son or entity = ! purpose ( provid+ a consum] ) a copy ( ! consum]'s consum] report or cr$it score1 ^u ! reque/ ( ! consum]4 7,h7 ,any p]son us+ ! in=mation 9 connection ) ! und]writ+ ( insurance4 7,i7 ,any p]son us+ ! in=mation = employm5t1 t5ant1 or backgr\nd scre5+ purposes4 7,j7 ,any p]son us+ ! in=mation = assess+1 v]ify+1 or au!nticat+ a consum]'s id5tity = purposes o!r ?an ! grant+ ( cr$it1 or = inve/igat+ or prev5t+ actual or pot5tial fraud4 7#e7 ,notice ( rights ,at any "t a consum] is requir$ to receive a summ>y ( rights requir$ "u section #fji1 ! foll[+ notice %all be includ$3 ,consum]s ,h ! ,"r ,to ,obta9 a ,security ,freeze ,y h a "r to place a security freeze on y\r cr$it report1 :i* w prohibit a consum] report+ ag5cy f releas+ in=mation 9 y\r cr$it report )\t y\r express au?orization4 ,! security freeze is design$ to prev5t cr$it1 loans1 & s]vices f be+ approv$ 9 y\r "n )\t y\r cons5t4 ,h[ev]1 y %\ld be aw>e t us+ a security freeze to take control ov] :o gets access to ! p]sonal & f9ancial in=mation 9 y\r cr$it report may delay1 int]f]e )1 or prohibit ! timely approval ( any subsequ5t reque/ or application y make reg>d+ a new loan1 cr$it1 mortgage1 or any o!r acc\nt involv+ ! ext5sion ( cr$it4 ,z an alt]native to a security freeze1 y h ! "r to place an initial or ext5d$ fraud al]t on y\r cr$it file at no co/4 ,an initial fraud al]t is a #a-ye> al]t t is plac$ on a consum]'s cr$it file4 ,^u see+ a fraud al]t display on a consum]'s cr$it file1 a bus9ess is requir$ to take /eps to v]ify ! consum]'s id5tity be=e ext5d+ new cr$it4 ,if y are a victim ( id5tity !ft1 y are entitl$ to an ext5d$ fraud al]t1 :i* is a fraud al]t la/+ #g ye>s4 ,a security freeze does n apply to a p]son or entity1 or its affiliates1 or collection ag5cies act+ on behalf ( ! p]son or entity1 ) :i* y h an exi/+ acc\nt t reque/s in=mation 9 y\r cr$it report = ! purposes ( review+ or collect+ ! acc\nt4 ,review+ ! acc\nt includes activities relat$ to acc\nt ma9t5ance1 monitor+1 cr$it l9e increases1 & acc\nt upgrades & enhancem5ts4 4 7#f7 ,webpage 7,a7 ,consum] report+ ag5cies ,a consum] report+ ag5cy %all e/abli% a webpage t-- 7i7 all[s a consum] to reque/ a security freeze2 7ii7 all[s a consum] to reque/ an initial fraud al]t2 7iii7 all[s a consum] to reque/ an ext5d$ fraud al]t2 7iv7 all[s a consum] to reque/ an active duty fraud al]t2 7v7 all[s a consum] to opt-out ( ! use ( in=mation 9 a consum] report to s5d ! consum] a solicitation ( cr$it or insurance1 9 accordance ) section #fae7;d72 & 7vi7 %all n be ! only me*anism by :i* a consum] may reque/ a security freeze4 7,b7 ,,ftc ,! ,f$]al ,trade ,commission %all e/abli% a s+le webpage t includes a l9k to ea* webpage e/abli%$ "u subp>agraph 7,a7 )9 ! ,f$]al ,trade ,commission's website www4,id5tity!ft4gov1 or a successor website4 7j7 ,national protection = files & cr$it records ( protect$ consum]s 7#a7 ,def9itions ,z us$ 9 ?is subsection3 7,a7 ,! t]m consum] report+ ag5cy means a consum] report+ ag5cy describ$ 9 section #fjc7p74 7,b7 ,! t]m protect$ consum] means an individual :o is-- 7i7 "u ! age ( #af ye>s at ! "t a reque/ = ! placem5t ( a security freeze is made2 or 7ii7 an incapacitat$ p]son or a protect$ p]son = :om a gu>dian or cons]vator has be5 appo9t$4 7,c7 ,! t]m protect$ consum]'s repres5tative means a p]son :o provides to a consum] report+ ag5cy suffici5t pro( ( au?ority to act on behalf ( a protect$ consum]4 7,d7 ,! t]m record means a compilation ( in=mation t-- 7i7 id5tifies a protect$ consum]2 7ii7 is creat$ by a consum] report+ ag5cy solely = ! purpose ( comply+ ) ?is subsection2 & 7iii7 may n be creat$ or us$ to consid] ! protect$ consum]'s cr$it wor?9ess1 cr$it /&+1 cr$it capacity1 "*1 g5]al reputation1 p]sonal *>act]i/ics1 or mode ( liv+4 7,e7 ,! t]m security freeze means a re/riction t prohibits a consum] report+ ag5cy f disclos+ ! cont5ts ( a consum] report t is ! subject ( su* security freeze or1 9 ! case ( a protect$ consum] = :om ! consum] report+ ag5cy does n h a file1 a record t is subject to su* security freeze to any p]son reque/+ ! consum] report = ! purpose ( op5+ a new acc\nt involv+ ! ext5sion ( cr$it4 7,f7 ,! t]m suffici5t pro( ( au?ority means docum5tation t %[s a protect$ consum]'s repres5tative has au?ority to act on behalf ( a protect$ consum] & includes-- 7i7 an ord] issu$ by a c\rt ( law2 7ii7 a lawfully execut$ & valid p[] ( attorney2 7iii7 a docum5t issu$ by a ,f$]al1 ,/ate1 or local gov]nm5t ag5cy 9 ! ,unit$ ,/ates %[+ pro( ( p>5tage1 includ+ a bir? c]tificate2 or 7iv7 ) respect to a protect$ consum] :o has be5 plac$ 9 a fo/] c>e sett+1 a writt5 communication f a c\nty welf>e dep>tm5t or its ag5t or designee1 or a c\nty probation dep>tm5t or its ag5t or designee1 c]tify+ t ! protect$ consum] is 9 a fo/] c>e sett+ "u its jurisdiction4 7,g7 ,! t]m suffici5t pro( ( id5tification means in=mation or docum5tation t id5tifies a protect$ consum] & a protect$ consum]'s repres5tative & includes-- 7i7 a social security numb] or a copy ( a social security c>d issu$ by ! ,social ,security ,adm9i/ration2 7ii7 a c]tifi$ or (ficial copy ( a bir? c]tificate issu$ by ! entity au?oriz$ to issue ! bir? c]tificate2 or 7iii7 a copy ( a driv]'s lic5se1 an id5tification c>d issu$ by ! motor vehicle adm9i/ration1 or any o!r gov]nm5t issu$ id5tification4 7#b7 ,placem5t ( security freeze = a protect$ consum] 7,a7 ,9 g5]al ,^u receiv+ a direct reque/ f a protect$ consum]'s repres5tative t a consum] report+ ag5cy place a security freeze1 & ^u receiv+ suffici5t pro( ( id5tification & suffici5t pro( ( au?ority1 ! consum] report+ ag5cy %all1 free ( *>ge1 place ! security freeze n lat] ?an-- 7i7 9 ! case ( a reque/ t is by toll-free telephone or secure electronic means1 #a bus9ess day aft] receiv+ ! reque/ directly f ! protect$ consum]'s repres5tative2 or 7ii7 9 ! case ( a reque/ t is by mail1 #c bus9ess days aft] receiv+ ! reque/ directly f ! protect$ consum]'s repres5tative4 7,b7 ,confirmation & additional in=mation ,n lat] ?an #e bus9ess days aft] plac+ a security freeze "u subp>agraph 7,a71 a consum] report+ ag5cy %all-- 7i7 s5d confirmation ( ! placem5t to ! protect$ consum]'s repres5tative2 & 7ii7 in=m ! protect$ consum]'s repres5tative ( ! process by :i* ! protect$ consum] may remove ! security freeze1 includ+ a me*anism to au!nticate ! protect$ consum]'s repres5tative4 7,c7 ,creation ( file ,if a consum] report+ ag5cy does n h a file p]ta9+ to a protect$ consum] :5 ! consum] report+ ag5cy receives a direct reque/ "u subp>agraph 7,a71 ! consum] report+ ag5cy %all create a record = ! protect$ consum]4 7#c7 ,prohibition on release ( record or file ( protect$ consum] ,aft] a security freeze has be5 plac$ "u p>agraph 7#b77;,a71 & unless ! security freeze is remov$ 9 accordance ) ?is subsection1 a consum] report+ ag5cy may n release ! protect$ consum]'s consum] report1 any in=mation d]iv$ f ! protect$ consum]'s consum] report1 or any record creat$ = ! protect$ consum]4 7#d7 ,removal ( a protect$ consum] security freeze 7,a7 ,9 g5]al ,a consum] report+ ag5cy %all remove a security freeze plac$ on ! consum] report ( a protect$ consum] only 9 ! foll[+ cases3 7i7 ,^u ! direct reque/ ( ! protect$ consum]'s repres5tative4 7ii7 ,^u ! direct reque/ ( ! protect$ consum]1 if ! protect$ consum] is n "u ! age ( #af ye>s at ! "t ( ! reque/4 7iii7 ,! security freeze 0 plac$ due to a mat]ial misrepres5tation ( fact by ! protect$ consum]'s repres5tative4 7,b7 ,notice if removal n by reque/ ,if a consum] report+ ag5cy removes a security freeze "u subp>agraph 7,a77iii71 ! consum] report+ ag5cy %all notify ! protect$ consum]'s repres5tative 9 writ+ prior to remov+ ! security freeze4 7,c7 ,removal ( freeze by reque/ ,except z provid$ 9 subp>agraph 7,a77iii71 a security freeze %all rema9 9 place until a protect$ consum]'s repres5tative or protect$ consum] describ$ 9 subp>agraph 7,a77ii7 directly reque/s t ! security freeze be remov$4 ,^u receiv+ a direct reque/ f ! protect$ consum]'s repres5tative or protect$ consum] describ$ 9 subp>agraph 7,a77ii7 t a consum] report+ ag5cy remove a security freeze1 & ^u receiv+ suffici5t pro( ( id5tification & suffici5t pro( ( au?ority1 ! consum] report+ ag5cy %all1 free ( *>ge1 remove ! security freeze n lat] ?an-- 7i7 9 ! case ( a reque/ t is by toll-free telephone or secure electronic means1 #a h\r aft] receiv+ ! reque/ = removal2 or 7ii7 9 ! case ( a reque/ t is by mail1 #c bus9ess days aft] receiv+ ! reque/ = removal4 7,d7 ,tempor>y removal ( security freeze ,^u receiv+ a direct reque/ f a protect$ consum] or a protect$ consum]'s repres5tative "u subp>agraph 7,a77i71 if ! protect$ consum] or protect$ consum]'s repres5tative reque/s a tempor>y removal ( a security freeze1 ! consum] report+ ag5cy %all1 9 accordance ) subp>agraph 7,c71 remove ! security freeze = ! p]iod ( "t specifi$ by ! protect$ consum] or protect$ consum]'s repres5tative4 4 7b7 ,con=m+ am5dm5t ,section #fbe7;b77#a7 ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afhat7b77#a77 is am5d$-- 7#a7 9 subp>agraph 7,h71 by /rik+ or at ! end2 & 7#b7 by add+ at ! end ! foll[+3 7,j7 subsections 7i7 & 7j7 ( section #fje;,a relat+ to security freezes2 or 4 7c7 ,effective date ,! am5dm5ts made by ?is section %all take effect on ! date t is #abj days aft] ! date ( enactm5t ( ?is ,act4 #cjb4 ,protect+ vet]ans' cr$it 7a7 ,purposes ,! purposes ( ?is section are-- 7#a7 to rectify problematic report+ ( m$ical debt includ$ 9 a consum] report ( a vet]an due to inappropriate or delay$ paym5t = hospital c>e1 m$ical s]vices1 or ext5d$ c>e s]vices provid$ 9 a non-,dep>tm5t ( ,vet]ans ,affairs facility "u ! laws adm9i/]$ by ! ,secret>y ( ,vet]ans ,affairs2 & 7#b7 to cl>ify ! process ( debt collection = su* m$ical debt4 7b7 ,am5dm5ts to ,fair ,cr$it ,report+ ,act 7#a7 ,vet]an's m$ical debt def9$ ,section #fjc ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;a7 is am5d$ by add+ at ! end ! foll[+3 7z7 ,vet]an ,! t]m vet]an has ! mean+ giv5 ! t]m 9 section #aja ( title #ch1 ,unit$ ,/ates ,code4 7aa7 ,vet]an's m$ical debt ,! t]m vet]an's m$ical debt-- 7#a7 means a m$ical collection debt ( a vet]an ow$ to a non-,dep>tm5t ( ,vet]ans ,affairs heal? c>e provid] t 0 submitt$ to ! ,dep>tm5t = paym5t = heal? c>e au?oriz$ by ! ,dep>tm5t ( ,vet]ans ,affairs2 & 7#b7 includes m$ical collection debt t ! ,dep>tm5t ( ,vet]ans ,affairs has wrongfully *>g$ a vet]an4 4 7#b7 ,exclusion = vet]an's m$ical debt ,section #fje7;a7 ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;c7a77 is am5d$ by add+ at ! end ! foll[+3 7#g7 ,) respect to a consum] report+ ag5cy describ$ 9 section #fjc7p71 any in=mation relat$ to a vet]an's m$ical debt if ! date on :i* ! hospital c>e1 m$ical s]vices1 or ext5d$ c>e s]vices 0 r5d]$ relat+ to ! debt ant$ates ! report by less ?an #a ye> if ! consum] report+ ag5cy has actual k t ! in=mation is relat$ to a vet]an's m$ical debt & ! consum] report+ ag5cy is 9 compliance ) its obligation "u section #cjb7;c77#e7 ( ! ,economic ,gr[?1 ,regulatory ,relief1 & ,consum] ,protection ,act4 7#h7 ,) respect to a consum] report+ ag5cy describ$ 9 section #fjc7p71 any in=mation relat$ to a fully paid or settl$ vet]an's m$ical debt t _h be5 *>act]iz$ z del9qu5t1 *>g$ (f1 or 9 collection if ! consum] report+ ag5cy has actual k t ! in=mation is relat$ to a vet]an's m$ical debt & ! consum] report+ ag5cy is 9 compliance ) its obligation "u section #cjb7;c77#e7 ( ! ,economic ,gr[?1 ,regulatory ,relief1 & ,consum] ,protection ,act4 4 7#c7 ,removal ( vet]an's m$ical debt f consum] report ,section #faa ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;i7 is am5d$-- 7,a7 9 subsection 7a77#a77;,a71 by ins]t+ & except z provid$ 9 subsection 7g7 aft] subsection 7f72 & 7,b7 by add+ at ! end ! foll[+3 7g7 ,dispute process = vet]an's m$ical debt 7#a7 ,9 g5]al ,) respect to a vet]an's m$ical debt1 ! vet]an may submit a notice describ$ 9 p>agraph 7#b71 pro( ( liability ( ! ,dep>tm5t ( ,vet]ans ,affairs = paym5t ( t debt1 or docum5tation t ! ,dep>tm5t ( ,vet]ans ,affairs is 9 ! process ( mak+ paym5t = au?oriz$ hospital c>e1 m$ical s]vices1 or ext5d$ c>e s]vices r5d]$ to a consum] report+ ag5cy or a resell] to dispute ! inclusion ( t debt on a consum] report ( ! vet]an4 7#b7 ,notification to vet]an ,! ,dep>tm5t ( ,vet]ans ,affairs %all submit to a vet]an a notice t ! ,dep>tm5t ( ,vet]ans ,affairs has assum$ liability = "p or all ( a vet]an's m$ical debt4 7#c7 ,deletion ( in=mation f file ,if a consum] report+ ag5cy receives notice1 pro( ( liability1 or docum5tation "u p>agraph 7#a71 ! consum] report+ ag5cy %all delete all in=mation relat+ to ! vet]an's m$ical debt f ! file ( ! vet]an & notify ! furni%] & ! vet]an ( t deletion4 4 7c7 ,v]ification ( vet]an's m$ical debt 7#a7 ,def9itions ,= purposes ( ?is subsection-- 7,a7 ! t]m consum] report+ ag5cy means a consum] report+ ag5cy describ$ 9 section #fjc7p7 ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;a7p772 & 7,b7 ! t]ms vet]an & vet]an's m$ical debt h ! mean+s giv5 ^? t]ms 9 section #fjc ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;a71 z add$ by subsection 7b77#a74 7#b7 ,e/abli%m5t ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,vet]ans ,affairs %all e/abli% a database to all[ consum] report+ ag5cies to v]ify :e!r a debt furni%$ to a consum] report+ ag5cy is a vet]an's m$ical debt4 7#c7 ,database features ,! ,secret>y ( ,vet]ans ,affairs %all ensure t ! database e/abli%$ "u p>agraph 7#b71 to ! ext5t p]mitt$ by law1 provides consum] report+ ag5cies )-- 7,a7 suffici5tly detail$ & specific in=mation to v]ify :e!r a debt be+ furni%$ to ! consum] report+ ag5cy is a vet]an's m$ical debt2 7,b7 access to v]ification in=mation 9 a secure electronic =mat2 7,c7 timely access to v]ification in=mation2 & 7,d7 any o!r features t w\ld promote ! effici5t1 timely1 & secure deliv]y ( in=mation t consum] report+ ag5cies c\ld use to v]ify :e!r a debt is a vet]an's m$ical debt4 7#d7 ,/akehold] input ,prior to e/abli%+ ! database = v]ification "u p>agraph 7#b71 ! ,secret>y ( ,vet]ans ,affairs %all publi% 9 ! ,f$]al ,regi/] a notice & reque/ = comm5t t solicits input f consum] report+ ag5cies & o!r /akehold]s4 7#e7 ,v]ification ,provid$ ! database e/abli%$ "u p>agraph 7#b7 is fully functional & ! data available to consum] report+ ag5cies1 a consum] report+ ag5cy %all use ! database z a means to id5tify a vet]an's m$ical debt pursuant to p>agraphs 7#g7 & 7#h7 ( section #fje7;a7 ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;c7a771 z add$ by subsection 7b77#b74 7d7 ,cr$it monitor+ 7#a7 ,9 g5]al ,section #fje;,a ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;c-#a71 z am5d$ by section #cja7;a71 is am5d$ by add+ at ! end ! foll[+3 7k7 ,cr$it monitor+ 7#a7 ,def9itions ,9 ?is subsection3 7,a7 ,! t]m active duty milit>y consum] includes a memb] ( ! ,national ,gu>d4 7,b7 ,! t]m ,national ,gu>d has ! mean+ giv5 ! t]m 9 section #aja7;c7 ( title #aj1 ,unit$ ,/ates ,code4 7#b7 ,cr$it monitor+ ,a consum] report+ ag5cy describ$ 9 section #fjc7p7 %all provide a free electronic cr$it monitor+ s]vice t1 at a m9imum1 notifies a consum] ( mat]ial additions or modifications to ! file ( ! consum] at ! consum] report+ ag5cy to any consum] :o provides to ! consum] report+ ag5cy-- 7,a7 appropriate pro( t ! consum] is an active duty milit>y consum]2 & 7,b7 contact in=mation ( ! consum]4 7#c7 ,rulemak+ ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is subsection1 ! ,f$]al ,trade ,commission %all promulgate regulations reg>d+ ! requirem5ts ( ?is subsection1 :i* %all at a m9imum include-- 7,a7 a def9ition ( an electronic cr$it monitor+ s]vice & mat]ial additions or modifications to ! file ( a consum]2 & 7,b7 :at con/itutes appropriate pro(4 7#d7 ,applicability 7,a7 ,sections #faf & #fag %all n apply to any violation ( ?is subsection4 7,b7 ,?is subsection %all be en=c$ exclusively "u section #fba by ! ,f$]al ag5cies & ,f$]al & ,/ate (ficials id5tifi$ 9 t section4 4 7#b7 ,con=m+ am5dm5t ,section #fbe7;b77#a7 ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afhat7b77#a771 z am5d$ by section #cja7;b71 is am5d$ by add+ at ! end ! foll[+3 7,k7 subsection 7k7 ( section #fje;,a1 relat+ to cr$it monitor+ = active duty milit>y consum]s1 z def9$ 9 t subsection2 4 7e7 ,effective date ,! am5dm5ts made by ?is section %all take effect on ! date t is #a ye> aft] ! date ( enactm5t ( ?is ,act4 #cjc4 ,immunity f suit = disclosure ( f9ancial exploitation ( s5ior citiz5s 7a7 ,immunity 7#a7 ,def9itions ,9 ?is section-- 7,a7 ! t]m ,bank ,secrecy ,act (fic] means an individual responsible = ensur+ compliance ) ! requirem5ts m&at$ by sub*apt] ,,ii ( *apt] #ec ( title #ca1 ,unit$ ,/ates ,code 7commonly kn[n z ! ,bank ,secrecy ,act72 7,b7 ! t]m brok]-deal] means a brok] & a deal]1 z ^? t]ms are def9$ 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a772 7,c7 ! t]m cov]$ ag5cy means-- 7i7 a ,/ate f9ancial regulatory ag5cy1 includ+ a ,/ate securities or law en=cem5t au?ority & a ,/ate insurance regulator2 7ii7 ea* ( ! ,f$]al ag5cies repres5t$ 9 ! memb]%ip ( ! ,f9ancial ,in/itutions ,exam9ation ,c\ncil e/abli%$ "u section #ajjd ( ! ,f$]al ,f9ancial ,in/itutions ,exam9ation ,c\ncil ,act ( #aigh 7#ab ,u4,s4,c4 #ccjc72 7iii7 a securities association regi/]$ "u section #ae;,a ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#c72 7iv7 ! ,securities & ,ex*ange ,commission2 7v7 a law en=cem5t ag5cy2 or 7vi7 a ,/ate or local ag5cy responsible = adm9i/]+ adult protective s]vice laws2 7,d7 ! t]m cov]$ f9ancial in/itution means-- 7i7 a cr$it union2 7ii7 a depository in/itution2 7iii7 an inve/m5t advis]2 7iv7 a brok]-deal]2 7v7 an insurance company2 7vi7 an insurance ag5cy2 or 7vii7 a transf] ag5t2 7,e7 ! t]m cr$it union has ! mean+ giv5 ! t]m 9 section #b ( ! ,dodd-,frank ,wall ,/reet ,re=m & ,consum] ,protection ,act 7#ab ,u4,s4,c4 #ecja72 7,f7 ! t]m depository in/itution has ! mean+ giv5 ! t]m 9 section #c7;c7 ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac7;c772 7,g7 ! t]m exploitation means ! fraudul5t or o!rwise illegal1 unau?oriz$1 or improp] act or process ( an individual1 includ+ a c>egiv] or a fiduci>y1 t-- 7i7 uses ! res\rces ( a s5ior citiz5 = monet>y or p]sonal b5efit1 pr(it1 or ga92 or 7ii7 results 9 depriv+ a s5ior citiz5 ( rightful access to or use ( b5efits1 res\rces1 belong+s1 or assets2 7,h7 ! t]m insurance ag5cy means any bus9ess entity t sells1 solicits1 or negotiates insurance cov]age2 7,i7 ! t]m insurance company has ! mean+ giv5 ! t]m 9 section #b7;a7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#b7;a772 7,j7 ! t]m insurance produc] means an individual :o is requir$ "u ,/ate law to be lic5s$ 9 ord] to sell1 solicit1 or negotiate insurance cov]age2 7,k7 ! t]m inve/m5t advis] has ! mean+ giv5 ! t]m 9 section #bjb7;a7 ( ! ,inve/m5t ,advis]s ,act ( #aidj 7#ae ,u4,s4,c4 #hj;b-#b7;a772 7,l7 ! t]m inve/m5t advis] repres5tative means an individual :o-- 7i7 is employ$ by1 or associat$ )1 an inve/m5t advis]2 & 7ii7 does n p]=m solely cl]ical or m9i/]ial acts2 7,m7 ! t]m regi/]$ repres5tative means an individual :o repres5ts a brok]-deal] 9 effect+ or attempt+ to effect a pur*ase or sale ( securities2 7,n7 ! t]m s5ior citiz5 means an individual :o is n y\ng] ?an #fe ye>s ( age2 7,o7 ! t]m ,/ate means ea* ( ! sev]al ,/ates1 ! ,di/rict ( ,columbia1 & any t]ritory or possession ( ! ,unit$ ,/ates2 7,p7 ! t]m ,/ate insurance regulator has ! mean+ giv5 ! t]m 9 section #cae ( ! ,gramm-,lea*-,bliley ,act 7#ae ,u4,s4,c4 #fgce72 7,q7 ! t]m ,/ate securities or law en=cem5t au?ority has ! mean+ giv5 ! t]m 9 section #bd7;f77#d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghx7f77#d772 & 7,r7 ! t]m transf] ag5t has ! mean+ giv5 ! t]m 9 section #c7;a7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;c7a774 7#b7 ,immunity f suit 7,a7 ,immunity = individuals ,an individual :o has receiv$ ! tra9+ describ$ 9 subsection 7b7 %all n be liable1 includ+ 9 any civil or adm9i/rative proce$+1 = disclos+ ! suspect$ exploitation ( a s5ior citiz5 to a cov]$ ag5cy if ! individual1 at ! "t ( ! disclosure-- 7i7 s]v$ z a sup]visor or 9 a compliance or legal function 7includ+ z a ,bank ,secrecy ,act (fic]7 =1 or1 9 ! case ( a regi/]$ repres5tative1 inve/m5t advis] repres5tative1 or insurance produc]1 0 affiliat$ or associat$ )1 a cov]$ f9ancial in/itution2 & 7ii7 made ! disclosure-- 7,i7 9 good fai?2 & 7,,ii7 ) reasonable c>e4 7,b7 ,immunity = cov]$ f9ancial in/itutions ,a cov]$ f9ancial in/itution %all n be liable1 includ+ 9 any civil or adm9i/rative proce$+1 = a disclosure made by an individual describ$ 9 subp>agraph 7,a7 if-- 7i7 ! individual 0 employ$ by1 or1 9 ! case ( a regi/]$ repres5tative1 insurance produc]1 or inve/m5t advis] repres5tative1 affiliat$ or associat$ )1 ! cov]$ f9ancial in/itution at ! "t ( ! disclosure2 & 7ii7 be=e ! "t ( ! disclosure1 ea* individual describ$ 9 subsection 7b77#a7 receiv$ ! tra9+ describ$ 9 subsection 7b74 7,c7 ,rule ( con/ruction ,no?+ 9 subp>agraph 7,a7 or 7,b7 %all be con/ru$ to limit ! liability ( an individual or a cov]$ f9ancial in/itution 9 a civil action = any act1 omission1 or fraud t is n a disclosure describ$ 9 subp>agraph 7,a74 7b7 ,tra9+ 7#a7 ,9 g5]al ,a cov]$ f9ancial in/itution or a ?ird p>ty select$ by a cov]$ f9ancial in/itution may provide ! tra9+ describ$ 9 p>agraph 7#b77;,a7 to ea* (fic] or employee (1 or regi/]$ repres5tative1 insurance produc]1 or inve/m5t advis] repres5tative affiliat$ or associat$ )1 ! cov]$ f9ancial in/itution :o-- 7,a7 is describ$ 9 subsection 7a77#b77;,a77i72 7,b7 may come into contact ) a s5ior citiz5 z a regul> "p ( ! pr(essional duties ( ! individual2 or 7,c7 may review or approve ! f9ancial docum5ts1 records1 or transactions ( a s5ior citiz5 9 connection ) provid+ f9ancial s]vices to a s5ior citiz54 7#b7 ,cont5t 7,a7 ,9 g5]al ,! cont5t ( ! tra9+ t a cov]$ f9ancial in/itution or a ?ird p>ty select$ by ! cov]$ f9ancial in/itution may provide "u p>agraph 7#a7 %all-- 7i7 be ma9ta9$ by ! cov]$ f9ancial in/itution & made available to a cov]$ ag5cy ) exam9ation au?ority ov] ! cov]$ f9ancial in/itution1 ^u reque/1 except t a cov]$ f9ancial in/itution %all n be requir$ to ma9ta9 or make available su* cont5t ) respect to any individual :o is no long] employ$ by1 or affiliat$ or associat$ )1 ! cov]$ f9ancial in/itution2 7ii7 in/ruct any individual att5d+ ! tra9+ on h[ to id5tify & report ! suspect$ exploitation ( a s5ior citiz5 int]nally &1 z appropriate1 to gov]nm5t (ficials or law en=cem5t au?orities1 includ+ common signs t indicate ! f9ancial exploitation ( a s5ior citiz52 7iii7 discuss ! ne$ to protect ! privacy & respect ! integrity ( ea* individual cu/om] ( ! cov]$ f9ancial in/itution2 & 7iv7 be appropriate to ! job responsibilities ( ! individual att5d+ ! tra9+4 7,b7 ,tim+ ,! tra9+ "u p>agraph 7#a7 %all be provid$-- 7i7 z soon z reasonably practicable2 & 7ii7 ) respect to an individual :o beg9s employm5t1 or becomes affiliat$ or associat$1 ) a cov]$ f9ancial in/itution aft] ! date ( enactm5t ( ?is ,act1 n lat] ?an #a ye> aft] ! date on :i* ! individual becomes employ$ by1 or affiliat$ or associat$ )1 ! cov]$ f9ancial in/itution 9 a position describ$ 9 subp>agraph 7,a71 7,b71 or 7,c7 ( p>agraph 7#a74 7,c7 ,records ,a cov]$ f9ancial in/itution %all-- 7i7 ma9ta9 a record ( ea* individual :o-- 7,i7 is employ$ by1 or affiliat$ or associat$ )1 ! cov]$ f9ancial in/itution 9 a position describ$ 9 subp>agraph 7,a71 7,b71 or 7,c7 ( p>agraph 7#a72 & 7,,ii7 has complet$ ! tra9+ "u p>agraph 7#a71 reg>dless ( :e!r ! tra9+ 0-- 7aa7 provid$ by ! cov]$ f9ancial in/itution or a ?ird p>ty select$ by ! cov]$ f9ancial in/itution2 7bb7 complet$ be=e ! individual 0 employ$ by1 or affiliat$ or associat$ )1 ! cov]$ f9ancial in/itution2 & 7cc7 complet$ be=e1 on1 or aft] ! date ( enactm5t ( ?is ,act2 & 7ii7 ^u reque/1 provide a record describ$ 9 clause 7i7 to a cov]$ ag5cy ) exam9ation au?ority ov] ! cov]$ f9ancial in/itution4 7c7 ,relation%ip to ,/ate law ,no?+ 9 ?is section %all be con/ru$ to preempt or limit any provision ( ,/ate law1 except only to ! ext5t t subsection 7a7 provides a great] level ( protection aga9/ liability to an individual describ$ 9 subsection 7a77#b77;,a7 or to a cov]$ f9ancial in/itution describ$ 9 subsection 7a77#b77;,b7 ?an is provid$ "u ,/ate law4 #cjd4 ,re/oration ( ! ,protect+ ,t5ants at ,=eclosure ,act ( #bjji 7a7 ,repeal ( sunset provision ,section #gjd ( ! ,protect+ ,t5ants at ,=eclosure ,act ( #bjji 7#ab ,u4,s4,c4 #ebja note2 #ab ,u4,s4,c4 #ebbj note2 #db ,u4,s4,c4 #adcg;f note7 is repeal$4 7b7 ,re/oration ,sections #gja ?r\gh #gjc ( ! ,protect+ ,t5ants at ,=eclosure ,act ( #bjji1 ! provisions ( law am5d$ by su* sections1 & any regulations promulgat$ pursuant to su* sections1 z 7 9 effect on ,decemb] #cj1 #bjad1 are re/or$ & reviv$4 7c7 ,effective date ,subsections 7a7 & 7b7 %all take effect on ! date t is #cj days aft] ! date ( enactm5t ( ?is ,act4 #cje4 ,rem$iat+ lead & asbe/os haz>ds ,section #aji7;a77#a7 ( ! ,em]g5cy ,economic ,/abilization ,act ( #bjjh 7#ab ,u4,s4,c4 #ebai7;a77#a77 is am5d$1 9 ! second s5t5ce1 by ins]t+ & to rem$iate lead & asbe/os haz>ds 9 resid5tial prop]ties be=e ! p]iod at ! end4 #cjf4 ,family self-suffici5cy program 7a7 ,9 g5]al ,section #bc ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcgu7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 by /rik+ public h\s+ &2 & 7,b7 by /rik+ ! c]tificate & v\*] programs "u section #h & ins]t+ sections #h & #i2 7#b7 by am5d+ subsection 7b7 to read z foll[s3 7b7 ,cont9uation ( prior requir$ programs 7#a7 ,9 g5]al ,ea* public h\s+ ag5cy t 0 requir$ to adm9i/] a local ,family ,self-,suffici5cy program on ! date ( enactm5t ( ! ,economic ,gr[?1 ,regulatory ,relief1 & ,consum] ,protection ,act %all op]ate su* local program =1 at a m9imum1 ! numb] ( families ! ag5cy 0 requir$ to s]ve on ! date ( enactm5t ( su* ,act1 subject only to ! availability "u appropriations ,acts ( suffici5t am\nts = h\s+ assi/ance & ! requirem5ts ( p>agraph 7#b74 7#b7 ,r$uction ,! numb] ( families = :i* a public h\s+ ag5cy is requir$ to op]ate su* local program "u p>agraph 7#a7 %all be decreas$ by #a = ea* family f any support$ r5tal h\s+ program adm9i/]$ by su* ag5cy t1 aft] ,octob] #ba1 #aiih1 fulfills its obligations "u ! contract ( p>ticipation4 7#c7 ,exception ,! ,secret>y %all n require a public h\s+ ag5cy to c>ry out a m&atory program = a p]iod ( "t ^u ! reque/ ( ! public h\s+ ag5cy & ^u a det]m9ation by ! ,secret>y t implem5tation is n feasible because ( local circum/ances1 :i* may include-- 7,a7 lack ( supportive s]vices accessible to eligible families1 :i* %all include insuffici5t availability ( res\rces = programs "u title ,i ( ! ,work=ce ,inve/m5t ,act ( #aiih 7#bi ,u4,s4,c4 #bhja et seq472 7,b7 lack ( fund+ = reasonable adm9i/rative co/s2 7,c7 lack ( coop]ation by o!r units ( ,/ate or local gov]nm5t2 or 7,d7 any o!r circum/ances t ! ,secret>y may consid] appropriate4 2 7#c7 by /rik+ subsection 7i72 7#d7 by r$esignat+ subsections 7c71 7d71 7e71 7f71 7g71 & 7h7 z subsections 7d71 7e71 7f71 7g71 7h71 & 7i7 respectively2 7#e7 by ins]t+ aft] subsection 7b71 z am5d$1 ! foll[+3 7c7 ,eligibility 7#a7 ,eligible families ,a family is eligible to p>ticipate 9 a local ,family ,self-,suffici5cy program "u ?is section if-- 7,a7 at lea/ #a h\sehold memb] seeks to become & rema9 employ$ 9 suitable employm5t or to increase e>n+s2 & 7,b7 ! h\sehold memb] receives direct assi/ance "u section #h or resides 9 a unit assi/$ "u section #h or #i4 7#b7 ,eligible entities ,! foll[+ entities are eligible to adm9i/] a local ,family ,self-,suffici5cy program "u ?is section3 7,a7 ,a public h\s+ ag5cy adm9i/]+ h\s+ assi/ance to or on behalf ( an eligible family "u section #h or #i4 7,b7 ,! own] or sponsor ( a multifamily prop]ty receiv+ project-bas$ r5tal assi/ance "u section #h1 9 accordance ) ! requirem5ts "u subsection 7l74 2 7#f7 9 subsection 7d71 z s r$esignat$-- 7,a7 9 p>agraph 7#a7-- 7i7 by /rik+ public h\s+ ag5cy ! fir/ "t x appe>s & ins]t+ eligible entity2 7ii7 9 ! fir/ s5t5ce1 by /rik+ ea* leasehold] receiv+ assi/ance "u ! c]tificate & v\*] programs ( ! public h\s+ ag5cy "u section #h or resid+ 9 public h\s+ adm9i/]$ by ! ag5cy & ins]t+ a h\sehold memb] ( an eligible family2 & 7iii7 by /rik+ ! ?ird s5t5ce & ins]t+ ! foll[+3 ,h\s+ assi/ance may n be t]m9at$ z a consequ5ce ( ei!r successful completion ( ! contract ( p>ticipation or failure to complete su* contract4 ,a contract ( p>ticipation %all rema9 9 effect until ! p>ticipat+ family exits ! ,family ,self-,suffici5cy program ^u successful graduation or expiration ( ! contract ( p>ticipation1 or = o!r good cause42 7,b7 9 p>agraph 7#b7-- 7i7 9 ! matt] prec$+ subp>agraph 7,a7-- 7,i7 9 ! fir/ s5t5ce-- 7aa7 by /rik+ ,a local program "u ?is section & ins]t+ ,an eligible entity2 7bb7 by /rik+ provide & ins]t+ coord9ate2 & 7cc7 by /rik+ to & ins]t+ =2 & 7,,ii7 9 ! second s5t5ce-- 7aa7 by /rik+ provid$ dur+ & ins]t+ coord9at$ =2 7bb7 by /rik+ "u section #h or resid+ 9 public h\s+ & ins]t+ pursuant to section #h or #i & = ! duration ( ! contract ( p>ticipation2 & 7cc7 by ins]t+ 1 b are n limit$ to aft] may include2 7ii7 9 subp>agraph 7,d71 by ins]t+ or atta9m5t ( a high s*ool equival5cy c]tificate aft] high s*ool2 7iii7 by /rik+ subp>agraph 7,g72 7iv7 by r$esignat+ subp>agraphs 7,e71 7,f71 & 7,j7 z subp>agraphs 7,f71 7,g71 & 7,k7 respectively2 7v7 by ins]t+ aft] subp>agraph 7,d7 ! foll[+3 7,e7 education 9 pursuit ( a po/-second>y degree or c]tification2 2 7vi7 9 subp>agraph 7,h71 by ins]t+ f9ancial lit]acy1 su* z tra9+ 9 f9ancial managem5t1 f9ancial coa*+1 & asset build+1 & aft] tra9+ 92 7vii7 9 subp>agraph 7,i71 by /rik+ & at ! end2 & 7viii7 by ins]t+ aft] subp>agraph 7,i7 ! foll[+3 7,j7 home[n]%ip education & assi/ance2 & 2 & 7,c7 9 p>agraph 7#c7-- 7i7 9 ! fir/ s5t5ce1 by ins]t+ ! fir/ rec]tification ( income aft] aft] n lat] ?an #e ye>s aft]2 & 7ii7 9 ! second s5t5ce-- 7,i7 by /rik+ public h\s+ ag5cy & ins]t+ eligible entity2 & 7,,ii7 by /rik+ ( ! ag5cy2 7,d7 by am5d+ p>agraph 7#d7 to read z foll[s3 7#d7 ,employm5t ,! contract ( p>ticipation %all require #a h\sehold memb] ( ! p>ticipat+ family to seek & ma9ta9 suitable employm5t4 2 & 7,e7 by add+ at ! end ! foll[+3 7#e7 ,nonp>ticipation ,assi/ance "u section #h or #i = a family t elects n to p>ticipate 9 a ,family ,self-,suffici5cy program %all n be delay$ by reason ( su* election4 2 7#g7 9 subsection 7e71 z s r$esignat$-- 7,a7 9 p>agraph 7#a71 by /rik+ ^: mon?ly adju/$ income does n exce$ #ej p]c5t & all t foll[s ?r\gh ! p]iod at ! end ( ! ?ird s5t5ce & ins]t+ %all be calculat$ "u ! r5tal provisions ( section #c or section #h7o71 z applicable42 7,b7 9 p>agraph 7#b7-- 7i7 by /rik+ ! fir/ s5t5ce & ins]t+ ! foll[+3 ,= ea* p>ticipat+ family1 an am\nt equal to any increase 9 ! am\nt ( r5t paid by ! family 9 accordance ) ! provisions ( section #c or #h7o71 z applicable1 t is attributable to increases 9 e>n$ income by ! p>ticipat+ family1 %all be plac$ 9 an int]e/-be>+ escr[ acc\nt e/abli%$ by ! eligible entity on behalf ( ! p>ticipat+ family4 ,not)/&+ any o!r provision ( law1 an eligible entity may use funds x controls "u section #h or #i = purposes ( mak+ ! escr[ deposit = p>ticipat+ families assi/$ "u1 or resid+ 9 units assi/$ "u1 section #h or #i1 respectively1 provid$ su* funds are (fset by ! increase 9 ! am\nt ( r5t paid by ! p>ticipat+ family42 7ii7 by /rik+ ! second s5t5ce & ins]t+ ! foll[+3 ,all ,family ,self-,suffici5cy programs adm9i/]$ "u ?is section %all include an escr[ acc\nt42 7iii7 9 ! f\r? s5t5ce1 by /rik+ subsection 7c7 & ins]t+ subsection 7d72 & 7iv7 9 ! la/ s5t5ce-- 7,i7 by /rik+ ,a public h\s+ ag5cy & ins]t+ ,an eligible entity2 & 7,,ii7 by /rik+ ! public h\s+ ag5cy & ins]t+ su* eligible entity2 & 7,c7 by am5d+ p>agraph 7#c7 to read z foll[s3 7#c7 ,=feit$ escr[ ,any am\nt plac$ 9 an escr[ acc\nt e/abli%$ by an eligible entity = a p>ticipat+ family z requir$ "u p>agraph 7#b71 t exi/s aft] ! end ( a contract ( p>ticipation by a h\sehold memb] ( a p>ticipat+ family t does n qualify to receive ! escr[1 %all be us$ by ! eligible entity = ! b5efit ( p>ticipat+ families 9 good /&+4 2 7#h7 9 subsection 7f71 z s r$esignat$1 by /rik+ 1 unless ! income ( ! family equals or exce$s #hj p]c5t ( ! m$ian income ( ! area 7z det]m9$ by ! ,secret>y ) adju/m5ts = small] & l>g] families72 7#i7 9 subsection 7g71 z s r$esignat$-- 7,a7 9 p>agraph 7#a7-- 7i7 by /rik+ public h\s+ ag5cy & ins]t+ eligible entity2 7ii7 by /rik+ ! public h\s+ ag5cy & ins]t+ su* eligible entity2 & 7iii7 by /rik+ subsection 7g7 & ins]t+ subsection 7h72 & 7,b7 9 p>agraph 7#b7-- 7i7 by /rik+ public h\s+ ag5cy & ins]t+ eligible entity ea* place t t]m appe>s2 7ii7 by /rik+ or ! ,job ,opportunities & ,basic ,skills ,tra9+ ,program "u "p ,f ( title ,,iv ( ! ,social ,security ,act 2 7iii7 by ins]t+ prim>y1 second>y1 & po/-second>y aft] public & private2 & 7iv7 9 ! second s5t5ce1 by ins]t+ & t5ants s]v$ by ! program aft] ! unit ( g5]al local gov]nm5t2 7#aj7 9 subsection 7h71 z s r$esignat$-- 7,a7 9 p>agraph 7#a7-- 7i7 by /rik+ public h\s+ ag5cy & ins]t+ eligible entity2 7ii7 by /rik+ p>ticipat+ 9 ! & ins]t+ c>ry+ out a2 & 7iii7 by /rik+ to ! ,secret>y2 7,b7 9 p>agraph 7#b7-- 7i7 by /rik+ public h\s+ ag5cy & ins]t+ eligible entity2 7ii7 by /rik+ subsection 7f7 & ins]t+ subsection 7g72 7iii7 by /rik+ resid5ts ( ! public h\s+ & ins]t+ ! curr5t & prospective p>ticipants ( ! program2 & 7iv7 by /rik+ or ! ,job ,opportunities & ,basic ,skills ,tra9+ ,program "u "p ,f ( title ,,iv ( ! ,social ,security ,act2 & 7,c7 9 p>agraph 7#c7-- 7i7 9 subp>agraph 7,c7-- 7,i7 by /rik+ subsection 7c77#b7 & ins]t+ subsection 7d77#b72 7,,ii7 by /rik+ provid$ to & ins]t+ coord9at$ on behalf ( p>ticipat+2 7,,iii7 by ins]t+ direct be=e assi/ance2 & 7,,iv7 by /rik+ ! section #h & public h\s+ programs & ins]t+ sections #h & #i2 7ii7 9 subp>agraph 7,d7-- 7,i7 by /rik+ subsection 7d7 & ins]t+ subsection 7e72 & 7,,ii7 by /rik+ public h\s+ ag5cy & ins]t+ eligible entity2 7iii7 9 subp>agraph 7,e71 by /rik+ deliv] & ins]t+ coord9ate2 7iv7 9 subp>agraph 7,h71 by /rik+ ! ,job ,opportunities & ,basic ,skills ,tra9+ ,program "u "p ,f ( title ,,iv ( ! ,social ,security ,act &2 & 7v7 9 subp>agraph 7,i71 by /rik+ public h\s+ or section #h assi/ance & ins]t+ assi/ance "u section #h or #i2 7#aa7 by am5d+ subsection 7i71 z s r$esignat$1 to read z foll[s3 7i7 ,family ,self-,suffici5cy ,aw>ds 7#a7 ,9 g5]al ,subject to appropriations1 ! ,secret>y %all e/abli% a =mula by :i* annual funds %all be aw>d$ or z o!rwise det]m9$ by ! ,secret>y = ! co/s incurr$ by an eligible entity 9 adm9i/]+ ! ,family ,self-,suffici5cy program "u ?is section4 7#b7 ,eligibility = aw>ds ,! aw>d e/abli%$ "u p>agraph 7#a7 %all provide fund+ = family self-suffici5cy coord9ators z foll[s3 7,a7 ,base aw>d ,an eligible entity s]v+ #be or m p>ticipants 9 ! ,family ,self-,suffici5cy program "u ?is section is eligible to receive an aw>d equal to ! co/s1 z det]m9$ by ! ,secret>y1 ( #a full-"t family self-suffici5cy coord9ator position4 ,! ,secret>y may1 by regulation or notice1 det]m9e ! policy conc]n+ ! aw>d = an eligible entity s]v+ few] ?an #be su* p>ticipants1 includ+ provid+ prorat$ aw>ds or all[+ su* entities to comb9e _! programs "u ?is section = purposes ( employ+ a coord9ator4 7,b7 ,additional aw>d ,an eligible entity t meets p]=mance /&>ds set by ! ,secret>y is eligible to receive an additional aw>d suffici5t to cov] ! co/s ( fill+ an additional family self-suffici5cy coord9ator position if su* entity has #ge or m p>ticipat+ families1 & an additional coord9ator = ea* additional #ej p>ticipat+ families1 or su* o!r ratio z may be e/abli%$ by ! ,secret>y bas$ on ! aw>d allocation evaluation "u subp>agraph 7,e74 7,c7 ,/ate & regional ag5cies ,= purposes ( calculat+ ! aw>d "u ?is p>agraph1 ea* adm9i/ratively di/9ct "p ( a ,/ate or regional eligible entity may be treat$ z a sep>ate ag5cy4 7,d7 ,det]m9ation ( numb] ( coord9ators ,9 det]m9+ :e!r an eligible entity meets a specific ?re%old = fund+ pursuant to ?is p>agraph1 ! ,secret>y %all consid] ! numb] ( p>ticipants enroll$ by ! eligible entity 9 its ,family ,self-,suffici5cy program z well z o!r crit]ia det]m9$ by ! ,secret>y4 7,e7 ,aw>d allocation evaluation ,! ,secret>y %all submit to ,congress a report evaluat+ ! aw>d allocation "u ?is subsection1 & make recomm5dations bas$ on ?is evaluation & o!r relat$ f9d+s to modify su* allocation1 )9 #d ye>s aft] ! date ( enactm5t ( ! ,economic ,gr[?1 ,regulatory ,relief1 & ,consum] ,protection ,act1 & n less frequ5tly ?an e #d ye>s !reaft]4 ,! report requirem5t "u ?is subp>agraph %all t]m9ate aft] ! ,secret>y has submitt$ #b su* reports to ,congress4 7#c7 ,r5ewals & allocation 7,a7 ,9 g5]al ,funds allocat$ by ! ,secret>y "u ?is subsection %all be allocat$ 9 ! foll[+ ord] ( priority3 7i7 ,fir/ priority ,r5ewal ( ! full co/ ( all coord9ators 9 ! previ\s ye> at ea* eligible entity ) an exi/+ ,family ,self-,suffici5cy program t meets applicable p]=mance /&>ds set by ! ,secret>y4 7ii7 ,second priority ,new or increm5tal coord9ator fund+ au?oriz$ "u ?is section4 7,b7 ,guidance ,if ! fir/ priority1 z describ$ 9 subp>agraph 7,a77i71 _c be fully satisfi$1 ! ,secret>y may prorate ! fund+ = ea* eligible entity1 z long z-- 7i7 ea* eligible entity t has receiv$ fund+ = at lea/ #a "p-"t coord9ator 9 ! prior fiscal ye> is provid$ suffici5t fund+ = at lea/ #a "p-"t coord9ator z "p ( any su* proration2 & 7ii7 ea* eligible entity t has receiv$ fund+ = at lea/ #a full-"t coord9ator 9 ! prior fiscal ye> is provid$ suffici5t fund+ = at lea/ #a full-"t coord9ator z "p ( any su* proration4 7#d7 ,recapture or (fset ,any aw>ds allocat$ "u ?is subsection by ! ,secret>y 9 a fiscal ye> t h n be5 sp5t by ! end ( ! subsequ5t fiscal ye> or su* o!r "t p]iod z det]m9$ by ! ,secret>y may be recaptur$ by ! ,secret>y & %all be available = provid+ additional aw>ds pursuant to p>agraph 7#b77;,b71 or may be (fset z det]m9$ by ! ,secret>y4 ,funds appropriat$ pursuant to ?is section %all rema9 available = #c ye>s 9 ord] to facilitate ! re-use ( any recaptur$ funds = ?is purpose4 7#e7 ,p]=mance report+ ,programs "u ?is section %all be requir$ to report ! numb] ( families enroll$ & graduat$1 ! numb] ( e/abli%$ escr[ acc\nts & positive escr[ balances1 & any o!r in=mation t ! ,secret>y may require4 ,program p]=mance %all be review$ p]iodically z det]m9$ by ! ,secret>y4 7#f7 ,inc5tives = innovation & high p]=mance ,! ,secret>y may res]ve up to #e p]c5t ( ! am\nts made available "u ?is subsection to provide support to or rew>d ,family ,self-,suffici5cy programs bas$ on ! rate ( successful completion1 increas$ e>n$ income1 or o!r factors z may be e/abli%$ by ! ,secret>y4 2 7#ab7 9 subsection 7j7-- 7,a7 by /rik+ public h\s+ ag5cy & ins]t+ eligible entity2 7,b7 by /rik+ public h\s+ be=e units2 7,c7 by /rik+ 9 public h\s+ projects adm9i/]$ by ! ag5cy2 7,d7 by ins]t+ or coord9ation aft] provision2 & 7,e7 by /rik+ ! la/ s5t5ce2 7#ac7 9 subsection 7k71 by /rik+ public h\s+ ag5cies & ins]t+ eligible entities2 7#ad7 by /rik+ subsection 7n72 7#ae7 by /rik+ subsection 7o72 7#af7 by r$esignat+ subsections 7l7 & 7m7 z subsections 7m7 & 7n71 respectively2 7#ag7 by ins]t+ aft] subsection 7k7 ! foll[+3 7l7 ,programs = t5ants 9 privately own$ prop]ties ) project-,bas$ assi/ance 7#a7 ,volunt>y availability ( ,,fss program ,! own] ( a privately own$ prop]ty may volunt>ily make a ,family ,self-,suffici5cy program available to ! t5ants ( su* prop]ty 9 accordance ) proc$ures e/abli%$ by ! ,secret>y4 ,su* proc$ures %all p]mit ! own] to ent] into a coop]ative agreem5t ) a local public h\s+ ag5cy t adm9i/]s a ,family ,self-,suffici5cy program or1 at ! own]'s option1 op]ate a ,family ,self-,suffici5cy program on its own or 9 p>tn]%ip ) ano!r own]4 ,an own]1 :o volunt>ily makes a ,family ,self-,suffici5cy program available pursuant to ?is subsection1 may access fund+ f any residual receipt acc\nts = ! prop]ty to hire a family self-suffici5cy coord9ator or coord9ators = _! program4 7#b7 ,coop]ative agreem5t ,any coop]ative agreem5t ent]$ into pursuant to p>agraph 7#a7 %all require ! public h\s+ ag5cy to op5 its ,family ,self-,suffici5cy program wait+ li/ to any eligible family resid+ 9 ! own]'s prop]ty :o resides 9 a unit assi/$ "u project-bas$ r5tal assi/ance4 7#c7 ,treatm5t ( families assi/$ "u ?is subsection ,a public h\s+ ag5cy t ent]s into a coop]ative agreem5t pursuant to p>agraph 7#a7 may c\nt any family p>ticipat+ 9 its ,family ,self-,suffici5cy program z a result ( su* agreem5t z "p ( ! calculation ( ! aw>d "u subsection 7i74 7#d7 ,escr[ 7,a7 ,coop]ative agreem5t ,a coop]ative agreem5t ent]$ into pursuant to p>agraph 7#a7 %all provide = ! calculation & track+ ( ! escr[ = p>ticipat+ resid5ts & = ! own] to make available1 ^u reque/ ( ! public h\s+ ag5cy1 escr[ = p>ticipat+ resid5ts1 9 accordance ) p>agraphs 7#b7 & 7#c7 ( subsection 7e71 resid+ 9 units assi/$ "u section #h4 7,b7 ,calculation & track+ by own] ,! own] ( a privately own$ prop]ty :o volunt>ily makes a ,family ,self-,suffici5cy program available pursuant to p>agraph 7#a7 %all calculate & track ! escr[ = p>ticipat+ resid5ts & make escr[ = p>ticipat+ resid5ts available 9 accordance ) p>agraphs 7#b7 & 7#c7 ( subsection 7e74 7#e7 ,exception ,?is subsection %all n apply to prop]ties assi/$ "u section #h7o77#ac74 7#f7 ,susp5sion ( enrollm5t ,9 any ye>1 ! ,secret>y may susp5d ! enrollm5t ( new families 9 ,family ,self-,suffici5cy programs "u ?is subsection bas$ on a det]m9ation t insuffici5t fund+ is available = ?is purpose4 2 7#ah7 9 subsection 7m71 z s r$esignat$-- 7,a7 9 p>agraph 7#a7-- 7i7 9 ! fir/ s5t5ce1 by /rik+ ,ea* public h\s+ ag5cy & ins]t+ ,ea* eligible entity2 7ii7 9 ! second s5t5ce1 by /rik+ ,! report %all include & ins]t+ ,! cont5ts ( ! report %all include2 & 7iii7 9 subp>agraph 7,d7-- 7,i7 by /rik+ public h\s+ ag5cy & ins]t+ eligible entity2 & 7,,ii7 by /rik+ local2 & 7,b7 9 p>agraph 7#b71 by ins]t+ & describ+ any additional rese>* ne$s ( ! ,secret>y to evaluate ! effectiv5ess ( ! program aft] "u p>agraph 7#a72 7#ai7 9 subsection 7n71 z s r$esignat$1 by /rik+ may & ins]t+ %all2 & 7#bj7 by add+ at ! end ! foll[+3 7o7 ,def9itions ,9 ?is section3 7#a7 ,eligible entity ,! t]m eligible entity means an entity t meets ! requirem5ts "u subsection 7c77#b7 to adm9i/] a ,family ,self-,suffici5cy program "u ?is section4 7#b7 ,eligible family ,! t]m eligible family means a family t meets ! requirem5ts "u subsection 7c77#a7 to p>ticipate 9 ! ,family ,self-,suffici5cy program "u ?is section4 7#c7 ,p>ticipat+ family ,! t]m p>ticipat+ family means an eligible family t is p>ticipat+ 9 ! ,family ,self-,suffici5cy program "u ?is section4 4 7b7 ,effective date ,n lat] ?an #cfj days aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all issue regulations to implem5t ?is section & any am5dm5ts made by ?is section1 & ?is section & any am5dm5ts made by ?is section %all take effect ^u su* issuance4 #cjg4 ,prop]ty ,assess$ ,clean ,en]gy f9anc+ ,section #abi;,c7b77#c7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afci;c7b77#c77 is am5d$ by add+ at ! end ! foll[+3 7,c7 ,consid]ation ( und]writ+ requirem5ts = ,prop]ty ,assess$ ,clean ,en]gy f9anc+ 7i7 ,def9ition ,9 ?is subp>agraph1 ! t]m ,prop]ty ,assess$ ,clean ,en]gy f9anc+ means f9anc+ to cov] ! co/s ( home improvem5ts t results 9 a tax assessm5t on ! real prop]ty ( ! consum]4 7ii7 ,regulations ,! ,bureau %all prescribe regulations t c>ry out ! purposes ( subsection 7a7 & apply section #acj ) respect to violations "u subsection 7a7 ( ?is section ) respect to ,prop]ty ,assess$ ,clean ,en]gy f9anc+1 :i* %all acc\nt = ! unique nature ( ,prop]ty ,assess$ ,clean ,en]gy f9anc+4 7iii7 ,collection ( in=mation & consultation ,9 prescrib+ ! regulations "u ?is subp>agraph1 ! ,bureau-- 7,i7 may collect su* in=mation & data t ! ,bureau det]m9es is necess>y2 & 7,,ii7 %all consult ) ,/ate & local gov]nm5ts & bond-issu+ au?orities4 4 #cjh4 ,,gao report on consum] report+ ag5cies 7a7 ,def9itions ,9 ?is section1 ! t]ms consum]1 consum] report1 & consum] report+ ag5cy h ! mean+s giv5 ^? t]ms 9 section #fjc ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha;a74 7b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a compreh5sive report t includes-- 7#a7 a review ( ! curr5t legal & regulatory /ructure = consum] report+ ag5cies & an analysis ( any gaps 9 t /ructure1 includ+1 9 p>ticul>1 ! rulemak+1 sup]visory1 & en=cem5t au?ority ( ,/ate & ,f$]al ag5cies "u ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afha et seq471 ! ,gramm-,lea*-,bliley ,act 7,public ,law #ajf-ajb2 #aac ,/at4 #acch71 & any o!r relevant /atutes2 7#b7 a review ( ! process by :i* consum]s c appeal & expunge errors on _! consum] reports2 7#c7 a review ( ! causes ( consum] report+ errors2 7#d7 a review ( ! responsibilities ( data furni%]s to ensure t accurate in=mation is initially report$ to consum] report+ ag5cies & to ensure t su* in=mation cont9ues to be accurate2 7#e7 a review ( data security relat+ to consum] report+ ag5cies & _! ef=ts to safegu>d consum] data2 7#f7 a review ( :o has access to1 & may use1 consum] reports2 7#g7 a review ( :o has control or own]%ip ( a consum]'s cr$it data2 7#h7 an analysis (-- 7,a7 :i* ,f$]al & ,/ate regulatory ag5cies sup]vise & en=ce laws relat+ to h[ consum] report+ ag5cies protect consum] data2 & 7,b7 all laws relat+ to data security applicable to consum] report+ ag5cies2 & 7#i7 recomm5dations to ,congress on h[ to improve ! consum] report+ sy/em1 includ+ legislative1 regulatory1 & indu/ry-specific recomm5dations4 #cji4 ,protect+ vet]ans f pr$atory l5d+ 7a7 ,protect+ vet]ans f pr$atory l5d+ 7#a7 ,9 g5]al ,sub*apt] ,i ( *apt] #cg ( title #ch1 ,unit$ ,/ates ,code1 is am5d$ by add+ at ! end ! foll[+ new section3 #cgji4 ,ref9anc+ ( h\s+ loans 7a7 ,fee rec\pm5t ,except z provid$ 9 subsection 7d7 & not)/&+ section #cgjc ( ?is title or any o!r provision ( law1 a loan to a vet]an = a purpose specifi$ 9 section #cgaj ( ?is title t is be+ ref9anc$ may n be gu>ante$ or insur$ "u ?is *apt] unless-- 7#a7 ! issu] ( ! ref9anc$ loan provides ! ,secret>y ) a c]tification ( ! rec\pm5t p]iod = fees1 clos+ co/s1 & any exp5ses 7o!r ?an taxes1 am\nts held 9 escr[1 & fees paid "u ?is *apt]7 t w\ld be incurr$ by ! borr[] 9 ! ref9anc+ ( ! loan2 7#b7 all ( ! fees & incurr$ co/s are s*$ul$ to be rec\p$ on or be=e ! date t is #cf mon?s aft] ! date ( loan issuance2 & 7#c7 ! rec\pm5t is calculat$ ?r\gh l[] regul> mon?ly paym5ts 7o!r ?an taxes1 am\nts held 9 escr[1 & fees paid "u ?is *apt]7 z a result ( ! ref9anc$ loan4 7b7 ,net tangible b5efit te/ ,except z provid$ 9 subsection 7d7 & not)/&+ section #cgjc ( ?is title or any o!r provision ( law1 a loan to a vet]an = a purpose specifi$ 9 section #cgaj ( ?is title t is ref9anc$ may n be gu>ante$ or insur$ "u ?is *apt] unless-- 7#a7 ! issu] ( ! ref9anc$ loan provides ! borr[] ) a net tangible b5efit te/2 7#b7 9 a case 9 :i* ! orig9al loan _h a fix$ rate mortgage int]e/ rate & ! ref9anc$ loan w h a fix$ rate mortgage int]e/ rate1 ! ref9anc$ loan has a mortgage int]e/ rate t is n less ?an #ej basis po9ts less ?an ! previ\s loan2 7#c7 9 a case 9 :i* ! orig9al loan _h a fix$ rate mortgage int]e/ rate & ! ref9anc$ loan w h an adju/able rate mortgage int]e/ rate1 ! ref9anc$ loan has a mortgage int]e/ rate t is n less ?an #bjj basis po9ts less ?an ! previ\s loan2 & 7#d7 ! l[] int]e/ rate is n produc$ solely f disc\nt po9ts1 unless-- 7,a7 su* po9ts are paid at clos+2 & 7,b7 su* po9ts are n add$ to ! pr9cipal loan am\nt1 unless-- 7i7 = disc\nt po9t am\nts t are less ?an or equal to "o disc\nt po9t1 ! result+ loan balance aft] any fees & exp5ses all[s ! prop]ty ) respect to :i* ! loan 0 issu$ to ma9ta9 a loan to value ratio ( #ajj p]c5t or less2 & 7ii7 = disc\nt po9t am\nts t are great] ?an "o disc\nt po9t1 ! result+ loan balance aft] any fees & exp5ses all[s ! prop]ty ) respect to :i* ! loan 0 issu$ to ma9ta9 a loan to value ratio ( #ij p]c5t or less4 7c7 ,loan season+ ,except z provid$ 9 subsection 7d7 & not)/&+ section #cgjc ( ?is title or any o!r provision ( law1 a loan to a vet]an = a purpose specifi$ 9 section #cgaj ( ?is title t is ref9anc$ may n be gu>ante$ or insur$ "u ?is *apt] until ! date t is ! lat] (-- 7#a7 ! date t is #baj days aft] ! date on :i* ! fir/ mon?ly paym5t is made on ! loan2 & 7#b7 ! date on :i* ! six? mon?ly paym5t is made on ! loan4 7d7 ,ca%-out ref9ances 7#a7 ,subsections 7a7 ?r\gh 7c7 %all n apply 9 a case ( a loan ref9anc+ 9 :i* ! am\nt ( ! pr9cipal = ! new loan to be gu>ante$ or insur$ "u ?is *apt] is l>g] ?an ! pay(f am\nt ( ! ref9anc$ loan4 7#b7 ,n lat] ?an #ahj days aft] ! date ( ! enactm5t ( ?is section1 ! ,secret>y %all promulgate su* rules z ! ,secret>y consid]s appropriate ) respect to ref9anc+ describ$ 9 p>agraph 7#a7 to ensure t su* ref9anc+ is 9 ! f9ancial int]e/ ( ! borr[]1 includ+ rules relat+ to rec\pm5t1 season+1 & net tangible b5efits4 4 7#b7 ,regulations 7,a7 ,9 g5]al ,9 prescrib+ any regulation to c>ry out section #cgji ( title #ch1 ,unit$ ,/ates ,code1 z add$ by p>agraph 7#a71 ! ,secret>y ( ,vet]ans ,affairs may waive ! requirem5ts ( sections #eea ?r\gh #eei ( title #e1 ,unit$ ,/ates ,code1 if-- 7i7 ! ,secret>y det]m9es t urg5t or compell+ circum/ances make compliance ) su* requirem5ts impracticable or contr>y to ! public int]e/2 7ii7 ! ,secret>y submits to ! ,committee on ,vet]ans' ,affairs ( ! ,s5ate & ! ,committee on ,vet]ans' ,affairs ( ! ,h\se ( ,repres5tatives1 & publi%es 9 ! ,f$]al ,regi/]1 notice ( su* waiv]1 includ+ a description ( ! det]m9ation made "u clause 7i72 & 7iii7 a p]iod ( #aj days elapses foll[+ ! notification "u clause 7ii74 7,b7 ,public notice & comm5t ,if a regulation prescrib$ pursuant to a waiv] made "u subp>agraph 7,a7 is 9 effect = a p]iod exce$+ #a ye>1 ! ,secret>y %all provide ! public an opportunity = notice & comm5t reg>d+ su* regulation4 7,c7 ,effective date ,?is p>agraph %all take effect on ! date ( ! enactm5t ( ?is ,act4 7,d7 ,t]m9ation date ,! au?orities "u ?is p>agraph %all t]m9ate on ! date t is #a ye> aft] ! date ( ! enactm5t ( ?is ,act4 7#c7 ,report on ca%-out ref9ances 7,a7 ,9 g5]al ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y %all1 9 consultation ) ! ,presid5t ( ! ,g9nie ,mae1 submit to ,congress a report on ref9anc+-- 7i7 ( loans-- 7,i7 made to vet]ans = purposes specifi$ 9 section #cgaj ( title #ch1 ,unit$ ,/ates ,code2 & 7,,ii7 t 7 gu>ante$ or insur$ "u *apt] #cg ( su* title2 & 7ii7 9 :i* ! am\nt ( ! pr9cipal = ! new loan to be gu>ante$ or insur$ "u su* *apt] is l>g] ?an ! pay(f am\nt ( ! ref9anc$ loan4 7,b7 ,cont5ts ,! report requir$ by subp>agraph 7,a7 %all include ! foll[+3 7i7 ,an assessm5t ( :e!r additional requirem5ts1 includ+ a net tangible b5efit te/1 fee rec\pm5t p]iod1 & loan season+ requirem5t1 are necess>y to ensure t ! ref9anc+ describ$ 9 subp>agraph 7,a7 is 9 ! f9ancial int]e/ ( ! borr[]4 7ii7 ,su* recomm5dations z ! ,secret>y may h = additional legislative or adm9i/rative action to ensure t ref9anc+ describ$ 9 subp>agraph 7,a7 is c>ri$ out 9 ! f9ancial int]e/ ( ! borr[]4 7#d7 ,cl]ical am5dm5t ,! table ( sections at ! beg9n+ ( *apt] #cg ( title #ch1 ,unit$ ,/ates ,code1 is am5d$ by ins]t+ aft] ! item relat+ to section #cgji ! foll[+ new item3 #cgji4 ,ref9anc+ ( h\s+ loans4 4 7b7 ,loan season+ = g9nie mae mortgage-back$ securities ,section #cjf7;g77#a7 ( ! ,national ,h\s+ ,act 7#ab ,u4,s4,c4 #agba7;g77#a77 is am5d$ by ins]t+ ,! ,association may n gu>antee ! timely paym5t ( pr9cipal & int]e/ on a security t is back$ by a mortgage insur$ or gu>ante$ "u *apt] #cg ( title #ch1 ,unit$ ,/ates ,code1 & t 0 ref9anc$ until ! lat] ( ! date t is #baj days aft] ! date on :i* ! fir/ mon?ly paym5t is made on ! mortgage be+ ref9anc$ & ! date on :i* #f full mon?ly paym5ts h be5 made on ! mortgage be+ ref9anc$4 aft] ,act ( #aiib44 7c7 ,report on liquidity ( ! dep>tm5t ( vet]ans affairs h\s+ loan program 7#a7 ,report ,n lat] ?an #a ye> aft] ! date ( ! enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t & ! ,presid5t ( ! ,g9nie ,mae %all submit to ! appropriate committees ( ,congress a report on ! liquidity ( ! h\s+ loan program "u *apt] #cg ( title #ch1 ,unit$ ,/ates ,code1 9 ! second>y mortgage m>ket1 :i* %all-- 7,a7 assess ! loans provid$ "u t *apt] t collat]alize mortgage-back$ securities t are gu>ante$ by ,g9nie ,mae2 & 7,b7 include recomm5dations = actions t ,g9nie ,mae %\ld take to ensure t ! liquidity ( t h\s+ loan program is ma9ta9$4 7#b7 ,def9itions ,9 ?is subsection3 7,a7 ,appropriate committees ( congress ,! t]m appropriate committees ( ,congress means-- 7i7 ! ,committee on ,vet]ans' ,affairs & ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate2 & 7ii7 ! ,committee on ,vet]ans' ,affairs & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives4 7,b7 ,g9nie mae ,! t]m ,g9nie ,mae means ! ,gov]nm5t ,national ,mortgage ,association4 7d7 ,annual report on docum5t disclosure & consum] education ,n less frequ5tly ?an once ea* ye>1 ! ,secret>y ( ,vet]ans ,affairs %all issue a publicly available report t-- 7#a7 exam9es1 ) respect to loans provid$ to vet]ans "u *apt] #cg ( title #ch1 ,unit$ ,/ates ,code-- 7,a7 ! ref9anc+ ( fix$-rate mortgage loans to adju/able rate mortgage loans2 7,b7 :e!r vet]ans are in=m$ ( ! risks & disclosures associat$ ) t ref9anc+2 & 7,c7 :e!r adv]tis+ mat]ials = t ref9anc+ are cle> & d n conta9 mislead+ /atem5ts or ass]tions2 & 7#b7 includes f9d+s bas$ on any compla9ts receiv$ by vet]ans & on an ongo+ assessm5t ( ! ref9anc+ m>ket by ! ,secret>y4 #caj4 ,cr$it score competition 7a7 ,use ( cr$it scores by fannie mae 9 pur*as+ resid5tial mortgages ,section #cjb7;b7 ( ! ,f$]al ,national ,mortgage ,association ,*>t] ,act 7#ab ,u4,s4,c4 #agag7;b77 is am5d$ by add+ at ! end ! foll[+3 7#g7 7,a7 ,def9itions ,9 ?is p>agraph-- 7i7 ! t]m cr$it score means a num]ical value or a categorization creat$ by a ?ird p>ty d]iv$ f a /ati/ical tool or model+ sy/em us$ by a p]son :o makes or arranges a loan to pr$ict ! likelihood ( c]ta9 cr$it behaviors1 includ+ default2 & 7ii7 ! t]m resid5tial mortgage has ! mean+ giv5 ! t]m 9 section #cjb ( ! ,f$]al ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #adea74 7,b7 ,use ( cr$it scores ,! corporation %all condition pur*ase ( a resid5tial mortgage by ! corporation "u ?is subsection on ! provision ( a cr$it score = ! borr[] only if-- 7i7 ! cr$it score is d]iv$ f any cr$it scor+ model t has be5 validat$ & approv$ by ! corporation "u ?is p>agraph2 & 7ii7 ! corporation provides = ! use ( ! cr$it score by all ( ! automat$ und]writ+ sy/ems ( ! corporation & any o!r proc$ures & sy/ems us$ by ! corporation to pur*ase resid5tial mortgages t use a cr$it score4 7,c7 ,validation & approval process ,! corporation %all e/abli% a validation & approval process = ! use ( cr$it score models1 "u :i* ! corporation may n validate & approve a cr$it score model unless ! cr$it score model-- 7i7 satisfies m9imum requirem5ts ( integrity1 reliability1 & accuracy2 7ii7 has a hi/orical record ( measur+ & pr$ict+ default rates & o!r cr$it behaviors2 7iii7 is consi/5t ) ! safe & s\nd op]ation ( ! corporation2 7iv7 complies ) any /&>ds & crit]ia e/abli%$ by ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy "u section #acbh7a7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib2 & 7v7 satisfies any o!r requirem5ts1 z det]m9$ by ! corporation4 7,d7 ,replacem5t ( cr$it score model ,if ! corporation has validat$ & approv$ #a or m cr$it score models "u subp>agraph 7,c7 & ! corporation validates & approves an additional cr$it score model1 ! corporation may det]m9e t-- 7i7 ! additional cr$it score model has replac$ ! cr$it score model or cr$it score models previ\sly validat$ & approv$2 & 7ii7 ! cr$it score model or cr$it score models previ\sly validat$ & approv$ %all no long] be consid]$ validat$ & approv$ = ! purposes ( subp>agraph 7,b74 7,e7 ,public disclosure ,^u e/abli%+ ! validation & approval process requir$ "u subp>agraph 7,c71 ! corporation %all make publicly available a description ( ! validation & approval process4 7,f7 ,application ,n lat] ?an #cj days aft] ! effective date ( ?is p>agraph1 ! corporation %all solicit applications f develop]s ( cr$it scor+ models = ! validation & approval ( ^? models "u ! process requir$ "u subp>agraph 7,c74 7,g7 ,timeframe = det]m9ation2 notice 7i7 ,9 g5]al ,! corporation %all make a det]m9ation ) respect to any application submitt$ "u subp>agraph 7,f71 & provide notice ( t det]m9ation to ! applicant1 be=e a date e/abli%$ by ! corporation t is n lat] ?an #ahj days aft] ! date on :i* an application is submitt$ to ! corporation4 7ii7 ,ext5sions ,! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy may au?orize n m ?an #b ext5sions ( ! date e/abli%$ "u clause 7i71 ea* ( :i* %all n exce$ #cj days1 ^u a writt5 reque/ & a %[+ ( good cause by ! corporation4 7iii7 ,/atus notice ,! corporation %all provide notice to an applicant reg>d+ ! /atus ( an application submitt$ "u subp>agraph 7,f7 n lat] ?an #fj days aft] ! date on :i* ! application 0 submitt$ to ! corporation4 7iv7 ,reasons = disapproval ,if an application submitt$ "u subp>agraph 7,f7 is disapprov$1 ! corporation %all provide to ! applicant ! reasons = ! disapproval n lat] ?an #cj days aft] a det]m9ation is made "u ?is subp>agraph4 7,h7 ,au?ority ( director ,if ! corporation elects to use a cr$it score model "u ?is p>agraph1 ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy %all require ! corporation to p]iodically review ! validation & approval process requir$ "u subp>agraph 7,c7 z ! ,director det]m9es necess>y to ensure t ! process rema9s appropriate & adequate & complies ) any /&>ds & crit]ia e/abli%$ pursuant to section #acbh7a7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib4 7,i7 ,ext5sion ,if1 z ( ! effective date ( ?is p>agraph1 a cr$it score model has n be5 approv$ "u subp>agraph 7,c71 ! corporation may use a cr$it score model t 0 9 use be=e ! effective date ( ?is p>agraph1 if necess>y to prev5t sub/antial m>ket disruptions1 until ! e>li] (-- 7i7 ! date on :i* a cr$it score model is validat$ & approv$ "u subp>agraph 7,c72 or 7ii7 ! date t is #b ye>s aft] ! effective date ( ?is p>agraph4 4 7b7 ,use ( cr$it scores by fr$die mac 9 pur*as+ resid5tial mortgages ,section #cje ( ! ,f$]al ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #aded7 is am5d$ by add+ at ! end ! foll[+3 7d7 7#a7 ,def9ition ,9 ?is subsection1 ! t]m cr$it score means a num]ical value or a categorization creat$ by a ?ird p>ty d]iv$ f a /ati/ical tool or model+ sy/em us$ by a p]son :o makes or arranges a loan to pr$ict ! likelihood ( c]ta9 cr$it behaviors1 includ+ default4 7#b7 ,use ( cr$it scores ,! ,corporation %all condition pur*ase ( a resid5tial mortgage by ! ,corporation "u ?is section on ! provision ( a cr$it score = ! borr[] only if-- 7,a7 ! cr$it score is d]iv$ f any cr$it scor+ model t has be5 validat$ & approv$ by ! ,corporation "u ?is subsection2 & 7,b7 ! ,corporation provides = ! use ( ! cr$it score by all ( ! automat$ und]writ+ sy/ems ( ! ,corporation & any o!r proc$ures & sy/ems us$ by ! ,corporation to pur*ase resid5tial mortgages t use a cr$it score4 7#c7 ,validation & approval process ,! ,corporation %all e/abli% a validation & approval process = ! use ( cr$it score models1 "u :i* ! ,corporation may n validate & approve a cr$it score model unless ! cr$it score model-- 7,a7 satisfies m9imum requirem5ts ( integrity1 reliability1 & accuracy2 7,b7 has a hi/orical record ( measur+ & pr$ict+ default rates & o!r cr$it behaviors2 7,c7 is consi/5t ) ! safe & s\nd op]ation ( ! corporation2 7,d7 complies ) any /&>ds & crit]ia e/abli%$ by ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy "u section #acbh7a7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib2 & 7,e7 satisfies any o!r requirem5ts1 z det]m9$ by ! ,corporation4 7#d7 ,replacem5t ( cr$it score model ,if ! ,corporation has validat$ & approv$ #a or m cr$it score models "u p>agraph 7#c7 & ! ,corporation validates & approves an additional cr$it score model1 ! ,corporation may det]m9e t-- 7,a7 ! additional cr$it score model has replac$ ! cr$it score model or cr$it score models previ\sly validat$ & approv$2 & 7,b7 ! cr$it score model or cr$it score models previ\sly validat$ & approv$ %all no long] be consid]$ validat$ & approv$ = ! purposes ( p>agraph 7#b74 7#e7 ,public disclosure ,^u e/abli%+ ! validation & approval process requir$ "u p>agraph 7#c71 ! ,corporation %all make publicly available a description ( ! validation & approval process4 7#f7 ,application ,n lat] ?an #cj days aft] ! effective date ( ?is subsection1 ! ,corporation %all solicit applications f develop]s ( cr$it scor+ models = ! validation & approval ( ^? models "u ! process requir$ "u p>agraph 7#c74 7#g7 ,timeframe = det]m9ation2 notice 7,a7 ,9 g5]al ,! ,corporation %all make a det]m9ation ) respect to any application submitt$ "u p>agraph 7#f71 & provide notice ( t det]m9ation to ! applicant1 be=e a date e/abli%$ by ! ,corporation t is n lat] ?an #ahj days aft] ! date on :i* an application is submitt$ to ! ,corporation4 7,b7 ,ext5sions ,! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy may au?orize n m ?an #b ext5sions ( ! date e/abli%$ "u subp>agraph 7,a71 ea* ( :i* %all n exce$ #cj days1 ^u a writt5 reque/ & a %[+ ( good cause by ! ,corporation4 7,c7 ,/atus notice ,! ,corporation %all provide notice to an applicant reg>d+ ! /atus ( an application submitt$ "u p>agraph 7#f7 n lat] ?an #fj days aft] ! date on :i* ! application 0 submitt$ to ! ,corporation4 7,d7 ,reasons = disapproval ,if an application submitt$ "u p>agraph 7#f7 is disapprov$1 ! ,corporation %all provide to ! applicant ! reasons = ! disapproval n lat] ?an #cj days aft] a det]m9ation is made "u ?is p>agraph4 7#h7 ,au?ority ( director ,if ! ,corporation elects to use a cr$it score "u ?is subsection1 ! ,director ( ! ,f$]al ,h\s+ ,f9ance ,ag5cy %all require ! ,corporation to p]iodically review ! validation & approval process requir$ "u p>agraph 7#c7 z ! ,director det]m9es necess>y to ensure t ! process rema9s appropriate & adequate & complies ) any /&>ds & crit]ia e/abli%$ pursuant to section #acbh7a7 ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib4 7#i7 ,ext5sion ,if1 z ( ! effective date ( ?is subsection1 a cr$it score model has n be5 approv$ "u p>agraph 7#c71 ! ,corporation may use a cr$it score model t 0 9 use be=e ! effective date ( ?is subsection1 if necess>y to prev5t sub/antial m>ket disruptions1 until ! e>li] (-- 7,a7 ! date on :i* a cr$it score model is validat$ & approv$ "u p>agraph 7#c72 or 7,b7 ! date t is #b ye>s aft] ! effective date ( ?is subsection4 4 7c7 ,au?ority ( ! director ,subp>t ,a ( "p #b ( subtitle ,a ( ! ,f$]al ,h\s+ ,ent]prises ,f9ancial ,safety & ,s\ndness ,act ( #aiib 7#ab ,u4,s4,c4 #deda et seq47 is am5d$ by add+ at ! end ! foll[+3 #acbh4 ,regulations = use ( cr$it scores ,! ,director %all-- 7#a7 by regulation1 e/abli% /&>ds & crit]ia = any process us$ by an ent]prise to validate & approve cr$it scor+ models pursuant to section #cjb7;b77#g7 ( ! ,f$]al ,national ,mortgage ,association ,*>t] ,act 7#ab ,u4,s4,c4 #agag7;b77#g77 & section #cje7;d7 ( ! ,f$]al ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #aded7;d772 & 7#b7 ensure t any cr$it scor+ model t is validat$ & approv$ by an ent]prise "u section #cjb7;b77#g7 7#ab ,u4,s4,c4 #agag7;b77#g77 ( ! ,f$]al ,national ,mortgage ,association ,*>t] ,act or section #cje7;d7 ( ! ,f$]al ,home ,loan ,mortgage ,corporation ,act 7#ab ,u4,s4,c4 #aded7;d77 meets ! requirem5ts ( clauses 7i71 7ii71 & 7iii7 ( section #cjb7;b77#g77;,c7 ( ! ,f$]al ,national ,mortgage ,association ,*>t] ,act & subp>agraphs 7,a71 7,b71 & 7,c7 ( section #cje7;d77#c7 ( ! ,f$]al ,home ,loan ,mortgage ,corporation ,act1 respectively4 4 7d7 ,effective date ,! am5dm5ts made by subsections 7a7 & 7b7 %all take effect on ! date t is #ahj days aft] ! date ( enactm5t ( ?is ,act4 #caa4 ,,gao report on ,pu]to ,rico =eclosures ,n e>li] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on =eclosures 9 ! ,commonweal? ( ,pu]to ,rico1 includ+-- 7#a7 ! rate ( =eclosures 9 ! ,commonweal? ( ,pu]to ,rico be=e & aft] ,hurricane ,m>ia2 7#b7 ! rate ( return = h\s+ develop]s 9 ! ,commonweal? ( ,pu]to ,rico be=e & aft] ,hurricane ,m>ia2 7#c7 ! rate ( del9qu5cy 9 ! ,commonweal? ( ,pu]to ,rico be=e & aft] ,hurricane ,m>ia2 7#d7 ! rate ( home[n]%ip 9 ! ,commonweal? ( ,pu]to ,rico be=e & aft] ,hurricane ,m>ia2 & 7#e7 ! rate ( defaults on f$]ally insur$ mortgages 9 ! ,commonweal? ( ,pu]to ,rico be=e & aft] ,hurricane ,m>ia4 #cab4 ,report on *ildr5's lead-bas$ pa9t haz>d prev5tion & abatem5t 7a7 ,def9itions ,9 ?is section-- 7#a7 ! t]m ,dep>tm5t means ! ,dep>tm5t ( ,h\s+ & ,urban ,developm5t2 & 7#b7 ! t]m public h\s+ ag5cy has ! mean+ giv5 ! t]m 9 section #c7;b7 ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4 #adcg;a7b774 7b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,secret>y ( ,h\s+ & ,urban ,developm5t %all submit to ,congress a report t includes-- 7#a7 an ov]view ( exi/+ policies & en=cem5t ( ! ,dep>tm5t1 includ+ public outrea*1 relat+ to lead-bas$ pa9t haz>d prev5tion & abatem5t2 7#b7 recomm5dations & be/ practices = ! ,dep>tm5t1 public h\s+ ag5cies1 & l&lords = improv+ lead-bas$ pa9t haz>d prev5tion /&>ds & ,f$]al lead prev5tion & abatem5t policies to protect ! environm5tal heal? & safety ( *ildr51 includ+ )9 h\s+ receiv+ assi/ance f or occupi$ by families receiv+ h\s+ assi/ance f ! ,dep>tm5t2 & 7#c7 recomm5dations = legislation to improve lead-bas$ pa9t haz>d prev5tion & abatem5t4 #cac4 ,=eclosure relief & ext5sion = s]vicememb]s ,section #gaj7;d7 ( ! ,honor+ ,am]ica's ,vet]ans & ,c>+ = ,camp ,lejeune ,families ,act ( #bjab 7,public ,law #aab-aed2 #ej ,u4,s4,c4 #ciec note7 is am5d$ by /rik+ p>agraphs 7#a7 & 7#c74 ,,iv ,tailor+ regulations = c]ta9 bank hold+ companies #dja4 ,enhanc$ sup]vision & prud5tial /&>ds = c]ta9 bank hold+ companies 7a7 ,9 g5]al ,section #afe ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecfe7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 9 p>agraph 7#a71 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ #ej1jjj1jjj1jjj & ins]t+ #bej1jjj1jjj1jjj2 & 7,b7 9 p>agraph 7#b7-- 7i7 9 subp>agraph 7,a71 by /rik+ may & ins]t+ %all2 7ii7 9 subp>agraph 7,b71 by /rik+ #ej1jjj1jjj1jjj & ins]t+ ! applicable ?re%old2 & 7iii7 by add+ at ! end ! foll[+3 7,c7 ,risks to f9ancial /ability & safety & s\ndness ,! ,bo>d ( ,gov]nors may by ord] or rule promulgat$ pursuant to section #eec ( title #e1 ,unit$ ,/ates ,code1 apply any prud5tial /&>d e/abli%$ "u ?is section to any bank hold+ company or bank hold+ companies ) total consolidat$ assets equal to or great] ?an #ajj1jjj1jjj1jjj to :i* ! prud5tial /&>d does n o!rwise apply provid$ t ! ,bo>d ( ,gov]nors-- 7i7 det]m9es t application ( ! prud5tial /&>d is appropriate-- 7,i7 to prev5t or mitigate risks to ! f9ancial /ability ( ! ,unit$ ,/ates1 z describ$ 9 p>agraph 7#a72 or 7,,ii7 to promote ! safety & s\ndness ( ! bank hold+ company or bank hold+ companies2 & 7ii7 takes into consid]ation ! bank hold+ company's or bank hold+ companies' capital /ructure1 risk9ess1 complexity1 f9ancial activities 7includ+ f9ancial activities ( subsidi>ies71 size1 & any o!r risk-relat$ factors t ! ,bo>d ( ,gov]nors deems appropriate4 2 7#b7 9 subsection 7b77#a7-- 7,a7 9 subp>agraph 7,a77iv71 by /rik+ & cr$it exposure report2 & 7,b7 9 subp>agraph 7,b77ii71 by ins]t+ 1 includ+ cr$it exposure reports be=e ! semicolon at ! end2 7#c7 9 subsection 7d77#b71 9 ! matt] prec$+ subp>agraph 7,a71 by /rik+ %all & ins]t+ may2 7#d7 9 subsection 7h77#b71 by /rik+ #aj1jjj1jjj1jjj ea* place t t]m appe>s & ins]t+ #ej1jjj1jjj1jjj2 7#e7 9 subsection 7i7-- 7,a7 9 p>agraph 7#a77;,b77i7-- 7i7 by /rik+ #c & ins]t+ #b2 & 7ii7 by /rik+ 1 adv]se12 & 7,b7 9 p>agraph 7#b7-- 7i7 9 subp>agraph 7,a7-- 7,i7 9 ! fir/ s5t5ce1 by /rik+ semiannual & ins]t+ p]iodic2 & 7,,ii7 9 ! second s5t5ce-- 7aa7 by /rik+ #aj1jjj1jjj1jjj & ins]t+ #bej1jjj1jjj1jjj2 & 7bb7 by /rik+ annual & ins]t+ p]iodic2 & 7ii7 9 subp>agraph 7,c77ii7-- 7,i7 by /rik+ #c & ins]t+ #b2 & 7,,ii7 by /rik+ 1 adv]se12 & 7#f7 9 subsection 7j77#a71 9 ! fir/ s5t5ce1 by /rik+ #ej1jjj1jjj1jjj & ins]t+ #bej1jjj1jjj1jjj4 7b7 ,rule ( con/ruction ,no?+ 9 subsection 7a7 %all be con/ru$ to limit-- 7#a7 ! au?ority ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 9 prescrib+ prud5tial /&>ds "u section #afe ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecfe7 or any o!r law1 to tailor or diff]5tiate among companies on an individual basis or by category1 tak+ into consid]ation _! capital /ructure1 risk9ess1 complexity1 f9ancial activities 7includ+ f9ancial activities ( _! subsidi>ies71 size1 & any o!r risk-relat$ factors t ! ,bo>d ( ,gov]nors deems appropriate2 or 7#b7 ! sup]visory1 regulatory1 or en=cem5t au?ority ( an appropriate ,f$]al bank+ ag5cy to fur!r ! safe & s\nd op]ation ( an in/itution "u ! sup]vision ( ! appropriate ,f$]al bank+ ag5cy4 7c7 ,te*nical & con=m+ am5dm5ts 7#a7 ,f9ancial ,/ability ,act ( #bjaj ,! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecaa et seq47 is am5d$-- 7,a7 9 section #aae7;a77#b77;,b7 7#ab ,u4,s4,c4 #ecbe7;a77#b77;,b771 by /rik+ #ej1jjj1jjj1jjj & ins]t+ ! applicable ?re%old2 7,b7 9 section #aaf7;a7 7#ab ,u4,s4,c4 #ecbf7;a771 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ #ej1jjj1jjj1jjj & ins]t+ #bej1jjj1jjj1jjj2 7,c7 9 section #aba7;a7 7#ab ,u4,s4,c4 #ecca7;a771 9 ! matt] prec$+ p>agraph 7#a71 by /rik+ #ej1jjj1jjj1jjj & ins]t+ #bej1jjj1jjj1jjj2 7,d7 9 section #aee7;d7 7#ab ,u4,s4,c4 #ecde7;d771 by /rik+ #ej1jjj1jjj1jjj & ins]t+ #bej1jjj1jjj1jjj2 7,e7 9 section #afc7;b7 7#ab ,u4,s4,c4 #ecfc7;b771 by /rik+ #ej1jjj1jjj1jjj ea* place t t]m appe>s & ins]t+ #bej1jjj1jjj1jjj2 & 7,f7 9 section #afd 7#ab ,u4,s4,c4 #ecfd71 by /rik+ #ej1jjj1jjj1jjj & ins]t+ #bej1jjj1jjj1jjj4 7#b7 ,f$]al ,res]ve ,act ,! second subsection 7s7 7relat+ to assessm5ts7 ( section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7s77 is am5d$-- 7,a7 9 p>agraph 7#b7-- 7i7 9 subp>agraph 7,a71 by /rik+ #ej1jjj1jjj1jjj & ins]t+ #ajj1jjj1jjj1jjj2 & 7ii7 9 subp>agraph 7,b71 by /rik+ #ej1jjj1jjj1jjj & ins]t+ #ajj1jjj1jjj1jjj2 & 7,b7 by add+ at ! end ! foll[+3 7#c7 ,tailor+ assessm5ts ,9 collect+ assessm5ts1 fees1 or o!r *>ges "u p>agraph 7#a7 f ea* company describ$ 9 p>agraph 7#b7 ) total consolidat$ assets ( betwe5 #ajj1jjj1jjj1jjj & #bej1jjj1jjj1jjj1 ! ,bo>d %all adju/ ! am\nt *>g$ to reflect any *anges 9 sup]visory & regulatory responsibilities result+ f ! ,economic ,gr[?1 ,regulatory ,relief1 & ,consum] ,protection ,act ) respect to ea* su* company4 4 7d7 ,effective date 7#a7 ,9 g5]al ,except z provid$ 9 p>agraph 7#b71 ! am5dm5ts made by ?is section %all take effect on ! date t is #ah mon?s aft] ! date ( enactm5t ( ?is ,act4 7#b7 ,exception ,not)/&+ p>agraph 7#a71 ! am5dm5ts made by ?is section %all take effect on ! date ( enactm5t ( ?is ,act ) respect to any bank hold+ company ) total consolidat$ assets ( less ?an #ajj1jjj1jjj1jjj4 7#c7 ,additional au?ority ,be=e ! effective date describ$ 9 p>agraph 7#a71 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em may by ord] exempt any bank hold+ company ) total consolidat$ assets ( less ?an #bej1jjj1jjj1jjj f any prud5tial /&>d "u section #afe ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecfe74 7#d7 ,rule ( con/ruction ,no?+ 9 ?is section %all be con/ru$ to prohibit ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em f issu+ an ord] or rule mak+ "u section #afe7;a77#b77;,c7 ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecfe7;a77#b77;,c771 z add$ by ?is section1 be=e ! effective date describ$ 9 p>agraph 7#a74 7e7 ,sup]visory /ress te/ ,beg9n+ on ! effective date describ$ 9 subsection 7d77#a71 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all1 on a p]iodic basis1 conduct sup]visory /ress te/s ( bank hold+ companies ) total consolidat$ assets equal to or great] ?an #ajj1jjj1jjj1jjj & total consolidat$ assets ( less ?an #bej1jjj1jjj1jjj to evaluate :e!r su* bank hold+ companies h ! capital1 on a total consolidat$ basis1 necess>y to absorb losses z a result ( adv]se economic conditions4 7f7 ,global sy/emically important bank hold+ companies ,any bank hold+ company1 reg>dless ( asset size1 t has be5 id5tifi$ z a global sy/emically important ,,bhc "u section #bag4djb ( title #ab1 ,code ( ,f$]al ,regulations1 %all be consid]$ a bank hold+ company ) total consolidat$ assets equal to or great] ?an #bej1jjj1jjj1jjj ) respect to ! application ( /&>ds or requirem5ts "u-- 7#a7 ?is section2 7#b7 sections #aaf7;a71 #aba7;a71 #aee7;d71 #afc7;b71 #afd1 & #afe ( ! ,f9ancial ,/ability ,act ( #bjaj 7#ab ,u4,s4,c4 #ecbf7;a71 #ecca7;a71 #ecde7;d71 #ecfc7;b71 #ecfd1 #ecfe72 & 7#c7 p>agraph 7#b77;,a7 ( ! second subsection 7s7 7relat+ to assessm5ts7 ( section #aa ( ! ,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #bdh7s77#b774 7g7 ,cl>ification = =eign banks ,no?+ 9 ?is section %all be con/ru$ to-- 7#a7 affect ! legal effect ( ! f9al rule ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em entitl$ ,enhanc$ ,prud5tial ,/&>ds = ,bank ,hold+ ,companies & ,=eign ,bank+ ,organizations 7#gi ,f$4 ,reg4 #agbdj 7,m>* #bg1 #bjad77 z appli$ to =eign bank+ organizations ) total consolidat$ assets equal to or great] ?an #ajj1jjj1jjj1jjj2 or 7#b7 limit ! au?ority ( ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em to require ! e/abli%m5t ( an int]m$iate hold+ company "u1 implem5t enhanc$ prud5tial /&>ds ) respect to1 or tailor ! regulation ( a =eign bank+ organization ) total consolidat$ assets equal to or great] ?an #ajj1jjj1jjj1jjj4 #djb4 ,supplem5t>y lev]age ratio = cu/odial banks 7a7 ,def9ition ,9 ?is section1 ! t]m cu/odial bank means any depository in/itution hold+ company pr$om9antly engag$ 9 cu/ody1 safekeep+1 & asset s]vic+ activities1 includ+ any insur$ depository in/itution subsidi>y ( su* a hold+ company4 7b7 ,regulations 7#a7 ,def9ition ,9 ?is subsection1 ! t]m c5tral bank means-- 7,a7 ! ,f$]al ,res]ve ,sy/em2 7,b7 ! ,european ,c5tral ,bank2 & 7,c7 c5tral banks ( memb] c\ntries ( ! ,organisation = ,economic ,co-op]ation & ,developm5t1 if-- 7i7 ! memb] c\ntry has be5 assign$ a z]o p]c5t risk weight "u sections #c4cb1 #bag4cb1 & #cbd4cb ( title #ab1 ,code ( ,f$]al ,regulations1 or any successor regulation2 & 7ii7 ! sov]eign debt ( su* memb] c\ntry is n 9 default or has n be5 9 default dur+ ! previ\s #e ye>s4 7#b7 ,regulations ,! appropriate ,f$]al bank+ ag5cies %all promulgate regulations to am5d sections #c4aj1 #bag4aj1 & #cbd4aj ( title #ab1 ,code ( ,f$]al ,regulations1 to specify t-- 7,a7 subject to subp>agraph 7,b71 funds ( a cu/odial bank t are deposit$ ) a c5tral bank %all n be tak5 into acc\nt :5 calculat+ ! supplem5t>y lev]age ratio z appli$ to ! cu/odial bank2 & 7,b7 ) respect to ! funds describ$ 9 subp>agraph 7,a71 any am\nt t exce$s ! total value ( deposits ( ! cu/odial bank t are l9k$ to fiduci>y or cu/odial & safekeep+ acc\nts %all be tak5 into acc\nt :5 calculat+ ! supplem5t>y lev]age ratio z appli$ to ! cu/odial bank4 7c7 ,rule ( con/ruction ,no?+ 9 subsection 7b7 %all be con/ru$ to limit ! au?ority ( ! appropriate ,f$]al bank+ ag5cies to tailor or adju/ ! supplem5t>y lev]age ratio or any o!r lev]age ratio = any company t is n a cu/odial bank4 #djc4 ,treatm5t ( c]ta9 municipal obligations 7a7 ,9 g5]al ,section #ah ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbh7 is am5d$-- 7#a7 by mov+ subsection 7z7 s t x appe>s aft] subsection 7y72 & 7#b7 by add+ at ! end ! foll[+3 7aa7 ,treatm5t ( c]ta9 municipal obligations 7#a7 ,def9itions ,9 ?is subsection-- 7,a7 ! t]m inve/m5t grade1 ) respect to an obligation1 has ! mean+ giv5 ! t]m 9 section #a4b ( title #ab1 ,code ( ,f$]al ,regulations1 or any successor !reto2 7,b7 ! t]m liquid & readily-m>ketable has ! mean+ giv5 ! t]m 9 section #bdi4c ( title #ab1 ,code ( ,f$]al ,regulations1 or any successor !reto2 & 7,c7 ! t]m municipal obligation means an obligation (-- 7i7 a ,/ate or any political subdivision !re(2 or 7ii7 any ag5cy or in/rum5tality ( a ,/ate or any political subdivision !re(4 7#b7 ,municipal obligations ,= purposes ( ! f9al rule entitl$ ,liquidity ,cov]age ,ratio3 ,liquidity ,risk ,measurem5t ,/&>ds 7#gi ,f$4 ,reg4 #fadci 7,octob] #aj1 #bjad771 ! f9al rule entitl$ ,liquidity ,cov]age ,ratio3 ,treatm5t ( ,u4,s4 ,municipal ,securities z ,high-,quality ,liquid ,assets 7#ha ,f$4 ,reg4 #babbc 7,april #aa1 #bjaf771 & any o!r regulation t incorporates a def9ition ( ! t]m high-quality liquid asset or ano!r sub/antially simil> t]m1 ! appropriate ,f$]al bank+ ag5cies %all treat a municipal obligation z a high-quality liquid asset t is a level #b;,b liquid asset if t obligation is1 z ( ! date ( calculation-- 7,a7 liquid & readily-m>ketable2 & 7,b7 inve/m5t grade4 4 7b7 ,am5dm5t to liquidity cov]age ratio regulations ,n lat] ?an #ij days aft] ! date ( enactm5t ( ?is ,act1 ! ,f$]al ,deposit ,insurance ,corporation1 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 & ! ,comptroll] ( ! ,curr5cy %all am5d ! f9al rule entitl$ ,liquidity ,cov]age ,ratio3 ,liquidity ,risk ,measurem5t ,/&>ds 7#gi ,f$4 ,reg4 #fadci 7,octob] #aj1 #bjad77 & ! f9al rule entitl$ ,liquidity ,cov]age ,ratio3 ,treatm5t ( ,u4,s4 ,municipal ,securities z ,high-,quality ,liquid ,assets 7#ha ,f$4 ,reg4 #babbc 7,april #aa1 #bjaf77 to implem5t ! am5dm5ts made by ?is section4 ,v ,enc\rag+ capital =mation #eja4 ,national securities ex*ange regulatory p>ity ,section #ah7;b77#a7 ( ! ,securities ,act ( #aicc 7#ae ,u4,s4,c4 #ggr7b77#a77 is am5d$-- 7#a7 by /rik+ subp>agraph 7,a72 7#b7 9 subp>agraph 7,b7-- 7,a7 by ins]t+ a security designat$ z qualifi$ = trad+ 9 ! national m>ket sy/em pursuant to section #aa;,a7a77#b7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghk-#a7;a77#b77 t is be=e li/$2 & 7,b7 by /rik+ t has li/+ /&>ds t ! ,commission det]m9es by rule 7on its own initiative or on ! basis ( a petition7 are sub/antially simil> to ! li/+ /&>ds applicable to securities describ$ 9 subp>agraph 7,a72 7#c7 9 subp>agraph 7,c71 by /rik+ or 7,b72 & 7#d7 by r$esignat+ subp>agraphs 7,b7 & 7,c7 z subp>agraphs 7,a7 & 7,b71 respectively4 #ejb4 ,,sec /udy on algori?mic trad+ 7a7 ,9 g5]al ,n lat] ?an #ah mon?s aft] ! date ( enactm5t ( ?is ,act1 ! /aff ( ! ,securities & ,ex*ange ,commission %all submit to ! ,committee on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! ,s5ate & ! ,committee on ,f9ancial ,s]vices ( ! ,h\se ( ,repres5tatives a report on ! risks & b5efits ( algori?mic trad+ 9 capital m>kets 9 ! ,unit$ ,/ates4 7b7 ,matt]s requir$ ,to be includ$ ,! matt]s cov]$ by ! report requir$ by subsection 7a7 %all include ! foll[+3 7#a7 ,an assessm5t ( ! effect ( algori?mic trad+ 9 equity & debt m>kets 9 ! ,unit$ ,/ates on ! provision ( liquidity 9 /ress$ & normal m>ket conditions4 7#b7 ,an assessm5t ( ! b5efits & risks to equity & debt m>kets 9 ! ,unit$ ,/ates by algori?mic trad+4 7#c7 ,an analysis ( :e!r ! activity ( algori?mic trad+ & entities t engage 9 algori?mic trad+ are subject to appropriate ,f$]al sup]vision & regulation4 7#d7 ,a recomm5dation ( :e!r-- 7,a7 bas$ on ! analysis describ$ 9 p>agraphs 7#a71 7#b71 & 7#c71 any *anges %\ld be made to regulations2 & 7,b7 ! ,securities & ,ex*ange ,commission ne$s additional legal au?orities or res\rces to effect ! *anges describ$ 9 subp>agraph 7,a74 #ejc4 ,annual review ( gov]nm5t-bus9ess =um on capital =mation ,section #ejc ( ! ,small ,bus9ess ,inve/m5t ,inc5tive ,act ( #aihj 7#ae ,u4,s4,c4 #hj;c-#a7 is am5d$ by add+ at ! end ! foll[+3 7e7 ,! ,commission %all-- 7#a7 review ! f9d+s & recomm5dations ( ! =um2 & 7#b7 ea* "t ! =um submits a f9d+ or recomm5dation to ! ,commission1 promptly issue a public /atem5t-- 7,a7 assess+ ! f9d+ or recomm5dation ( ! =um2 & 7,b7 disclos+ ! action1 if any1 ! ,commission int5ds to take ) respect to ! f9d+ or recomm5dation4 4 #ejd4 ,support+ ,am]ica's innovators ,section #c7;c77#a7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#c7;c77#a77 is am5d$-- 7#a7 9 ! matt] prec$+ subp>agraph 7,a71 by ins]t+ 7or1 9 ! case ( a qualify+ v5ture capital fund1 #bej p]sons7 aft] "o hundr$ p]sons2 & 7#b7 by add+ at ! end ! foll[+3 7,c7 7i7 ,! t]m qualify+ v5ture capital fund means a v5ture capital fund t has n m ?an #aj1jjj1jjj 9 aggregate capital contributions & uncall$ committ$ capital1 ) su* doll> am\nt to be index$ = inflation once e #e ye>s by ! ,commission1 beg9n+ f a measurem5t made by ! ,commission on a date select$ by ! ,commission1 r\nd$ to ! ne>e/ #a1jjj1jjj4 7ii7 ,! t]m v5ture capital fund has ! mean+ giv5 ! t]m 9 section #bge4bjc7l7-#a ( title #ag1 ,code ( ,f$]al ,regulations1 or any successor regulation4 4 #eje4 ,securities & ,ex*ange ,commission ov]paym5t cr$it 7a7 ,def9itions ,9 ?is section-- 7#a7 ! t]m ,commission means ! ,securities & ,ex*ange ,commission2 7#b7 ! t]m national securities association means an association t is regi/]$ "u section #ae;,a ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gho-#c72 & 7#c7 ! t]m national securities ex*ange means an ex*ange t is regi/]$ z a national securities ex*ange "u section #f ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;f74 7b7 ,cr$it = ov]paym5t ( fees ,not)/&+ section #ca7;j7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;ee7j771 & subject to subsection 7c7 ( ?is section1 if a national securities ex*ange or a national securities association has paid fees & assessm5ts to ! ,commission 9 an am\nt t is m ?an ! am\nt t ! ex*ange or association 0 requir$ to pay "u section #ca ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;ee7 &1 n lat] ?an #aj ye>s aft] ! date ( su* paym5t1 ! ex*ange or association in=ms ! ,commission ab\t ! paym5t ( su* excess am\nt1 ! ,commission %all (fset future fees & assessm5ts due by t ex*ange or association 9 an am\nt t is equal to ! diff]5ce betwe5 ! am\nt t ! ex*ange or association paid & ! am\nt t ! ex*ange or association 0 requir$ to pay "u su* section #ca4 7c7 ,applicability ,subsection 7b7 %all apply only to fees & assessm5ts t a national securities ex*ange or a national securities association 0 requir$ to pay to ! ,commission be=e ! date ( enactm5t ( ?is ,act4 #ejf4 ,u4,s4 t]ritories inve/or protection 7a7 ,9 g5]al ,section #f7;a7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#f7;a77 is am5d$-- 7#a7 by /rik+ p>agraph 7#a72 & 7#b7 by r$esignat+ p>agraphs 7#b7 ?r\gh 7#e7 z p>agraphs 7#a7 ?r\gh 7#d71 respectively4 7b7 ,effective date & safe h>bor 7#a7 ,effective date ,except z provid$ 9 p>agraph 7#b71 ! am5dm5t made by subsection 7a7 %all take effect on ! date ( enactm5t ( ?is ,act4 7#b7 ,safe h>bor ,) respect to a company t is exempt "u section #f7;a77#a7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#f7;a77#a77 on ! day be=e ! date ( enactm5t ( ?is ,act1 ! am5dm5t made by subsection 7a7 %all take effect on ! date t is #c ye>s aft] ! date ( enactm5t ( ?is ,act4 7#c7 ,ext5sion ( safe h>bor ,! ,securities & ,ex*ange ,commission1 by rule or regulation ^u its own motion1 or by ord] ^u application1 may conditionally or unconditionally1 "u section #f7;c7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#f7;c771 fur!r delay ! effective date = a company describ$ 9 p>agraph 7#b7 = a maximum ( #c ye>s foll[+ ! initial #c-ye> p]iod if1 be=e ! end ( ! initial #c-ye> p]iod1 ! ,commission det]m9es t su* a rule1 regulation1 motion1 or ord] is necess>y or appropriate 9 ! public int]e/ & = ! protection ( inve/ors4 #ejg4 ,enc\rag+ employee own]%ip ,n lat] ?an #fj days aft] ! date ( ! enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all revise section #bcj4gja7;e7 ( title #ag1 ,code ( ,f$]al ,regulations1 s z to increase f #e1jjj1jjj to #aj1jjj1jjj ! aggregate sales price or am\nt ( securities sold dur+ any consecutive #ab-mon? p]iod 9 excess ( :i* ! issu] is requir$ "u su* section to deliv] an additional disclosure to inve/ors4 ,! ,commission %all index = inflation su* aggregate sales price or am\nt e #e ye>s to reflect ! *ange 9 ! ,consum] ,price ,index = ,all ,urban ,consum]s publi%$ by ! ,bureau ( ,labor ,/ati/ics1 r\nd+ to ! ne>e/ #a1jjj1jjj4 #ejh4 ,improv+ access to capital ,! ,securities & ,ex*ange ,commission %all am5d-- 7#a7 section #bcj4bea ( title #ag1 ,code ( ,f$]al ,regulations1 to remove ! requirem5t t ! issu] n be subject to section #ac or #ae7;d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #gh;a et seq47 imm$iately be=e ! (f]+2 & 7#b7 section #bcj4beg ( title #ag1 ,code ( ,f$]al ,regulations1 ) respect to an (f]+ describ$ 9 section #bcj4bea7;a77#b7 ( title #ag1 ,code ( ,f$]al ,regulations1 to deem any issu] t is subject to section #ac or #ae7;d7 ( ! ,securities ,ex*ange ,act ( #aicd z hav+ met ! p]iodic & curr5t report+ requirem5ts ( section #bcj4beg ( title #ag1 ,code ( ,f$]al ,regulations1 if su* issu] meets ! report+ requirem5ts ( section #ac ( ! ,securities ,ex*ange ,act ( #aicd4 #eji4 ,p>ity = clos$-end companies reg>d+ (f]+ & proxy rules 7a7 ,revision to rules ,n lat] ?an ! end ( ! #a-ye> p]iod beg9n+ on ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all propose &1 n lat] ?an #b ye>s aft] ! date ( enactm5t ( ?is ,act1 ! ,securities & ,ex*ange ,commission %all f9alize any rules1 z appropriate1 to all[ any clos$-end company1 z def9$ 9 section #e7;a77#b7 ( ! ,inve/m5t ,company ,act ( #aidj 7#ae ,u4,s4,c4 #hj;a-#e71 t is regi/]$ z an inve/m5t company "u su* ,act1 & is li/$ on a national securities ex*ange or t makes p]iodic repur*ase (f]s pursuant to section #bgj4bc;c-#c ( title #ag1 ,code ( ,f$]al ,regulations1 to use ! securities (f]+ & proxy rules1 subject to conditions ! ,commission det]m9es appropriate1 t are available to o!r issu]s t are requir$ to file reports "u section #ac or section #ae7;d7 ( ! ,securities ,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4 #ghm2 #gho7d774 ,any action t ! ,commission takes pursuant to ?is subsection %all consid] ! availability ( in=mation to inve/ors1 includ+ :at disclosures con/itute adequate in=mation to be designat$ z a well-kn[n season$ issu]4 7b7 ,treatm5t if revisions n complet$ 9 a timely mann] ,if ! ,commission fails to complete ! revisions requir$ by subsection 7a7 by ! "t requir$ by su* subsection1 any regi/]$ clos$-end company t is li/$ on a national securities ex*ange or t makes p]iodic repur*ase (f]s pursuant to section #bgj4bc;c-#c ( title #ag1 ,code ( ,f$]al ,regulations1 %all be deem$ to be an eligible issu] "u ! f9al rule ( ! ,commission titl$ ,securities ,(f]+ ,re=m 7#gj ,f$4 ,reg4 #ddgbb2 publi%$ ,augu/ #c1 #bjje74 7c7 ,rules ( con/ruction 7#a7 ,no effect on ,rule #dhb ,no?+ 9 ?is section or ! am5dm5ts made by ?is section %all be con/ru$ to impair or limit 9 any way a regi/]$ clos$-end company f us+ section #bcj4dhb ( title #ag1 ,code ( ,f$]al ,regulations1 to di/ribute sales mat]ial4 7#b7 ,ref]5ces ,any ref]5ce 9 ?is section to a section ( title #ag1 ,code ( ,f$]al ,regulations1 or to any =m or s*$ule means su* rule1 section1 =m1 or s*$ule1 or any successor to any su* rule1 section1 =m1 or s*$ule4 ,,vi ,protections = /ud5t borr[]s #fja4 ,protections 9 ! ev5t ( dea? or bankruptcy 7a7 ,9 g5]al ,section #adj ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej7 is am5d$-- 7#a7 9 subsection 7a7-- 7,a7 by r$esignat+ p>agraphs 7#a7 ?r\gh 7#h7 z p>agraphs 7#b7 ?r\gh 7#i71 respectively2 & 7,b7 by ins]t+ be=e p>agraph 7#b71 z s r$esignat$1 ! foll[+3 7#a7 ! t]m cosign]-- 7,a7 means any individual :o is liable = ! obligation ( ano!r )\t comp5sation1 reg>dless ( h[ designat$ 9 ! contract or in/rum5t ) respect to t obligation1 o!r ?an an obligation "u a private education loan ext5d$ to consolidate a consum]'s pre-exi/+ private education loans2 7,b7 includes any p]son ! signature ( :i* is reque/$ z condition to grant cr$it or to =be> on collection2 & 7,c7 does n include a sp\se ( an individual describ$ 9 subp>agraph 7,a71 ! signature ( :om is ne$$ to p]fect ! security int]e/ 9 a loan4 2 & 7#b7 by add+ at ! end ! foll[+3 7g7 ,additional protections relat+ to borr[] or cosign] ( a private education loan 7#a7 ,prohibition on automatic default 9 case ( dea? or bankruptcy ( non-/ud5t obligor ,) respect to a private education loan involv+ a /ud5t obligor & #a or m cosign]s1 ! cr$itor %all n decl>e a default or accel]ate ! debt aga9/ ! /ud5t obligor on ! sole basis ( a bankruptcy or dea? ( a cosign]4 7#b7 ,cosign] release 9 case ( dea? ( borr[] 7,a7 ,release ( cosign] ,! hold] ( a private education loan1 :5 notifi$ ( ! dea? ( a /ud5t obligor1 %all release )9 a reasonable timeframe any cosign] f ! obligations ( ! cosign] "u ! private education loan4 7,b7 ,notification ( release ,a hold] or s]vic] ( a private education loan1 z applicable1 %all )9 a reasonable "t-frame notify any cosign]s = ! private education loan if a cosign] is releas$ f ! obligations ( ! cosign] = ! private education loan "u ?is p>agraph4 7,c7 ,designation ( individual to act on behalf ( ! borr[] ,any l5d] t ext5ds a private education loan %all provide ! /ud5t obligor an option to designate an individual to h ! legal au?ority to act on behalf ( ! /ud5t obligor ) respect to ! private education loan 9 ! ev5t ( ! dea? ( ! /ud5t obligor4 4 7b7 ,applicability ,! am5dm5ts made by subsection 7a7 %all only apply to private education loan agreem5ts ent]$ into on or aft] ! date t is #ahj days aft] ! date ( enactm5t ( ?is ,act4 #fjb4 ,rehabilitation ( private education loans 7a7 ,9 g5]al ,section #fbc7;a77#a7 ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afhas-#b7;a77#a77 is am5d$ by add+ at ! end ! foll[+3 7,e7 ,rehabilitation ( private education loans 7i7 ,9 g5]al ,not)/&+ any o!r provision ( ?is section1 a consum] may reque/ a f9ancial in/itution to remove f a consum] report a report$ default reg>d+ a private education loan1 & su* in=mation %all n be consid]$ inaccurate1 if-- 7,i7 ! f9ancial in/itution *ooses to (f] a loan rehabilitation program :i* includes1 )\t limitation1 a requirem5t ( ! consum] to make consecutive on-"t mon?ly paym5ts 9 a numb] t demon/rates1 9 ! assessm5t ( ! f9ancial in/itution (f]+ ! loan rehabilitation program1 a r5ew$ ability & will+ness to repay ! loan2 & 7,,ii7 ! requirem5ts ( ! loan rehabilitation program describ$ 9 subclause 7,i7 are successfully met4 7ii7 ,bank+ ag5cies 7,i7 ,9 g5]al ,if a f9ancial in/itution is sup]vis$ by a ,f$]al bank+ ag5cy1 ! f9ancial in/itution %all seek writt5 approval conc]n+ ! t]ms & conditions ( ! loan rehabilitation program describ$ 9 clause 7i7 f ! appropriate ,f$]al bank+ ag5cy4 7,,ii7 ,fe$back ,an appropriate ,f$]al bank+ ag5cy %all provide fe$back to a f9ancial in/itution )9 #abj days ( a reque/ = approval "u subclause 7,i74 7iii7 ,limitation 7,i7 ,9 g5]al ,a consum] may obta9 ! b5efits available "u ?is subsection ) respect to rehabilitat+ a loan only #a "t p] loan4 7,,ii7 ,rule ( con/ruction ,no?+ 9 ?is subp>agraph may be con/ru$ to require a f9ancial in/itution to (f] a loan rehabilitation program or to remove any report$ default f a consum] report z a consid]ation ( a loan rehabilitation program1 except z describ$ 9 clause 7i74 7iv7 ,def9itions ,= purposes ( ?is subp>agraph-- 7,i7 ! t]m appropriate ,f$]al bank+ ag5cy has ! mean+ giv5 ! t]m 9 section #c ( ! ,f$]al ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac72 & 7,,ii7 ! t]m private education loan has ! mean+ giv5 ! t]m 9 section #adj7;a7 ( ! ,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej7;a774 4 7b7 ,,gao ,/udy 7#a7 ,/udy ,! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all conduct a /udy1 9 consultation ) ! appropriate ,f$]al bank+ ag5cies1 reg>d+-- 7,a7 ! implem5tation ( subp>agraph 7,e7 ( section #fbc7;a77#a7 ( ! ,fair ,cr$it ,report+ ,act 7#ae ,u4,s4,c4 #afhas-#b7;a77#a77 7ref]r$ to 9 ?is p>agraph z ! provision71 z add$ by subsection 7a72 7,b7 ! e/imat$ op]ational1 compliance1 & report+ co/s associat$ ) ! requirem5ts ( ! provision2 7,c7 ! effects ( ! requirem5ts ( ! provision on ! accuracy ( cr$it report+2 7,d7 ! risks to safety & s\ndness1 if any1 creat$ by ! loan rehabilitation programs describ$ 9 ! provision2 & 7,e7 a review ( ! effectiv5ess & impact on ! cr$it ( p>ticipants 9 any loan rehabilitation programs describ$ 9 ! provision & :e!r su* programs improv$ ! ability ( p>ticipants 9 ! programs to access cr$it products4 7#b7 ,report ,n lat] ?an #a ye> aft] ! date ( enactm5t ( ?is ,act1 ! ,comptroll] ,g5]al ( ! ,unit$ ,/ates %all submit to ,congress a report t conta9s all f9d+s & det]m9ations made 9 conduct+ ! /udy requir$ "u p>agraph 7#a74 #fjc4 ,be/ practices = high] education f9ancial lit]acy ,section #ead7;a7 ( ! ,f9ancial ,lit]acy & ,education ,improvem5t ,act 7#bj ,u4,s4,c4 #igjc7;a77 is am5d$ by add+ at ! end ! foll[+3 7#c7 ,be/ practices = tea*+ f9ancial lit]acy 7,a7 ,9 g5]al ,aft] solicit+ public comm5ts & consult+ ) & receiv+ input f relevant p>ties1 includ+ a div]se set ( in/itutions ( high] education & o!r p>ties1 ! ,commission %all1 by n lat] ?an #a ye> aft] ! date ( enactm5t ( ! ,economic ,gr[?1 ,regulatory ,relief1 & ,consum] ,protection ,act1 e/abli% be/ practices = in/itutions ( high] education reg>d+ me?ods to-- 7i7 tea* f9ancial lit]acy skills2 & 7ii7 provide useful & necess>y in=mation to assi/ /ud5ts at in/itutions ( high] education :5 mak+ f9ancial decisions relat$ to /ud5t borr[+4 7,b7 ,be/ practices ,! be/ practices describ$ 9 subp>agraph 7,a7 %all include ! foll[+3 7i7 ,me?ods to ensure t ea* /ud5t has a cle> s5se ( ! /ud5t's total borr[+ obligations1 includ+ mon?ly paym5ts1 & repaym5t options4 7ii7 ,! mo/ effective ways to engage /ud5ts 9 f9ancial lit]acy education1 includ+ frequ5cy & tim+ ( communication ) /ud5ts4 7iii7 ,in=mation on h[ to t>get diff]5t /ud5t populations1 includ+ "p-"t /ud5ts1 fir/-"t /ud5ts1 & o!r nontraditional /ud5ts4 7iv7 ,ways to cle>ly communicate ! importance ( graduat+ on a /ud5t's ability to repay /ud5t loans4 7,c7 ,ma9t5ance ( be/ practices ,! ,commission %all ma9ta9 & p]iodically update ! be/ practices in=mation requir$ "u ?is p>agraph & make ! be/ practices available to ! public4 7,d7 ,rule ( con/ruction ,no?+ 9 ?is p>agraph %all be con/ru$ to require an in/itution ( high] education to adopt ! be/ practices requir$ "u ?is p>agraph4 4 ,pass$ ! ,s5ate ,m>* #ad1 #bjah4,secret>y