,i #aafth ,,congress #b;d ,session ,h4 ,r4 #fcba ,,in ,,the ,,house ,,of ,,representatives ,march #bc1 #bjbj,ms4 ,waters introduced the following bill2 which was referred to the ,committee on ,financial ,services1 and in addition to the ,committees on ,ways and ,means1 ,education and ,labor1 ,small ,business1 the ,judiciary1 and ,agriculture1 for a period to be subsequently determined by the ,speaker1 in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned ,a ,,bill ,to provide financial protections and assistance for ,america's consumers1 ,states1 businesses1 and vulnerable populations during the ,,covid-#ai emergency and to recover from the emergency4 #a4 ,short title2 table of contents 7a7 ,short title ,this ,act may be cited as the ,financial ,protections and ,assistance for ,america's ,consumers1 ,states1 ,businesses1 and ,vulnerable ,populations ,act4 7b7 ,table of contents ,the table of contents for this ,act is as follows3 ,sec4 #a4 ,short title2 table of contents4,sec4 #b4 ,severability4,title ,i--,protecting ,consumers1 ,renters1 ,homeowners1 and ,people ,experiencing ,homelessness,sec4 #aja4 ,direct stimulus payments for families4,sec4 #ajb4 ,suspension of requirements regarding tenant contribution toward rent4,sec4 #ajc4 ,temporary moratorium on eviction filings4,sec4 #ajd4 ,suspension of other consumer loan payments4,sec4 #aje4 ,emergency rental assistance4,sec4 #ajf4 ,emergency homeless assistance4,sec4 #ajg4 ,participation of ,indian ,tribes and tribally designated housing entities in ,continuum of ,care ,program4,sec4 #ajh4 ,housing ,assistance ,fund4,sec4 #aji4 ,mortgage forbearance4,sec4 #aaj4 ,bankruptcy protections4,sec4 #aaa4 ,debt collection4,sec4 #aab4 ,disaste protection for workers' credit4,sec4 #aac4 ,student loans4,sec4 #aad4 ,waiver of in-person appraisal requirements4,sec4 #aae4 ,supplemental funding for community development block grants4,sec4 #aaf4 ,,covid-#ai ,emergency ,housing ,relief4,sec4 #aag4 ,supplemental funding for service coordinators to assist elderly households4,sec4 #aah4 ,fair housing4,sec4 #aai4 ,,hud counseling program authorization4,sec4 #abj4 ,defense ,production ,act of #aiej4,title ,,ii--,assisting ,small ,businesses and ,community ,financial ,institutions ,sec4 #bja4 ,small ,business ,credit ,facility4,sec4 #bjb4 ,small ,business ,financial ,assistance ,program4,sec4 #bjc4 ,loan and obligation payment relief for affected small businesses and non-profits4,sec4 #bjd4 ,reauthorization of the ,state ,small ,business ,credit ,initiative ,act of #bjaj4,sec4 #bje4 ,funding of the ,initiative to ,build ,growth ,equity ,funds for ,minority ,businesses4,sec4 #bjf4 ,community ,development ,financial ,institutions ,fund supplemental appropriation authorization4,sec4 #bjg4 ,minority depository institution4,sec4 #bjh4 ,loans to ,m,d,is and ,c,d,f,is4,sec4 #bji4 ,insurance of transaction accounts4,title ,,iii--,supporting ,state1 ,territory1 and ,local ,governments,sec4 #cja4 ,muni ,facility4,sec4 #cjb4 ,temporary waiver and reprogramming authority4,title ,,iv--,promoting ,financial ,stability and ,transparent ,markets,sec4 #dja4 ,temporary halt to rulemakings unrelated to ,,covid-#ai4,sec4 #djb4 ,temporary ban on stock buybacks4,sec4 #djc4 ,disclosures related to supply chain disruption risk4,sec4 #djd4 ,disclosures related to global pandemic risk4,sec4 #dje4 ,oversight of ,federal aid related to ,,covid-#ai4,sec4 #djf4 ,international financial institutions4,sec4 #djg4 ,conditions on ,federal aid to corporations4,sec4 #djh4 ,authority for warrants and debt instruments4,sec4 #dji4 ,authorization to participate in the ,new ,arrangements to ,borrow of the ,international ,monetary ,fund4,sec4 #daj4 ,international ,finance ,corporation4,sec4 #daa4 ,oversight and ,reports4,sec4 #dab4 ,technical corrections4,sec4 #dac4 ,definitions4,sec4 #dad4 ,rule of construction4,title ,v--,pandemic ,planning and ,guidance for ,consumers and ,regulators,sec4 #eja4 ,financial ,literacy ,education ,commission ,emergency ,response4,sec4 #ejb4 ,interagency pandemic guidance for consumers4,sec4 #ejc4 ,,sec pandemic guidance for investors4,sec4 #ejd4 ,updates of the ,pandemic ,influenza ,plan and ,national ,planning ,frameworks4 #b4 ,severability ,if any provision of this ,act or the application of such provision to any person or circumstance is held to be unconstitutional1 the remainder of this ,act1 and the application of the provisions of this ,act1 to any person or circumstance shall not be affected thereby4 ,i ,protecting ,consumers1 ,renters1 ,homeowners1 and ,people ,experiencing ,homelessness #aja4 ,direct stimulus payments for families 7a7 ,definitions ,in this section3 7#a7 ,digital dollar ,the term digital dollar shall mean-- 7,a7 a balance expressed as a dollar value consisting of digital ledger entries that are recorded as liabilities in the accounts of any ,federal reserve bank2 or 7,b7 an electronic unit of value1 redeemable by an eligible financial institution 7as determined by the ,board of ,governors of the ,federal ,reserve ,system74 7#b7 ,digital dollar wallet ,the term digital dollar wallet shall mean a digital wallet or account1 maintained by a ,federal reserve bank on behalf of any person1 that represents holdings in an electronic device or service that is used to store digital dollars that may be tied to a digital or physical identity4 7#c7 ,member bank ,the term member bank means a member bank of the ,board of ,governors of the ,federal ,reserve ,system4 7#d7 ,pass-through digital dollar wallet ,the term pass-through digital dollar wallet means a digital wallet or account1 maintained by a member bank on behalf of a qualified individual1 where such qualified individual is entitled to a pro rata share of a pooled reserve balance that the member bank maintains at any ,federal reserve bank4 7#e7 ,qualified individual defined ,the term qualified individual means any individual other than any nonresident alien individual4 7b7 ,emergency stimulus check implementation 7#a7 ,payments ,the ,secretary of the ,treasury1 acting through the ,commissioner of the ,internal ,revenue ,service1 shall make monthly emergency payments to qualified individuals beginning on the first day of the first month beginning after the date of the enactment of this ,act and ending on the later of-- 7,a7 the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under section #eja7;b7 of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act with respect to the ,,covid-#ai pandemic2 and 7,b7 the date on which-- 7i7 the national unemployment rate 7as determined by the ,bureau of ,labor ,statistics7 is within #b percentage points of the national unemployment rate on the date of enactment of this ,act2 and 7ii7 the #c-month average of the national unemployment rate has declined for two consecutive months4 7#b7 ,amount of payments 7,a7 ,in general ,with respect to a qualified individual1 the amount of each monthly payment under paragraph 7#a7 shall be as follows3 7i7 ,for a qualified individual age #ah or older1 #b1jjj4 7ii7 ,for a qualified individual under age #ah1 #a1jjj4 7,b7 ,income limitation ,the amount of a payment under subparagraph 7,a7 shall be reduced 7but not below zero7 by #e percent of so much of the individual's adjusted gross income as exceeds #ge1jjj4 ,the ,secretary of the ,treasury shall adjust such amount as appropriate to account for individuals filing joint returns4 7#c7 ,method of delivery 7,a7 ,in general ,the ,secretary of the ,treasury1 acting through the ,commissioner of the ,internal ,revenue ,service1 shall make the payments required under paragraph 7#a7-- 7i7 first1 by direct deposit 7including to a pass-through digital dollar wallet71 if the ,commissioner has sufficient information to make direct deposit payments to the applicable individual2 and 7ii7 otherwise1 by check4 7,b7 ,outreach ,the ,secretary of the ,treasury1 acting through the ,commissioner of the ,internal ,revenue ,service1 shall establish a system for a qualified individual to provide the ,internal ,revenue ,service with the individual's direct deposit information and shall perform outreach to inform the public of such system4 7#d7 ,accessing payments ,if a payment is deposited 7by any method7 into an account of a qualified individual at an insured depository institution 7as defined in section #c of the ,federal ,deposit ,insurance ,act7 or insured credit union 7as defined in section #aja of the ,federal ,credit ,union ,act71 such funds shall be available for withdrawal on the same day1 to the fullest extent possible4 7#e7 ,funding ,the ,secretary of the ,treasury shall1 before each monthly payment required under subsection 7a71 notify the ,board of ,governors of the ,federal ,reserve ,system of the aggregate amount of such payment1 and the ,board of ,governors shall issue notes in such amount and transfer such notes to the ,secretary of the ,treasury for use in making such payments4 7c7 ,mandate for member banks ,to maintain pass-,through digital dollar wallets 7#a7 ,obligations of member banks 7,a7 ,in general ,member banks are hereby directed to establish and maintain pass-through digital dollar wallets for all persons eligible to receive payments from the ,united ,states pursuant to this ,act who elect to deposit such payments into a pass-through digital dollar wallet4 7,b7 ,separate entity 7i7 ,in general ,each member bank shall establish and maintain a separate legal entity for the exclusive purpose of holding all assets and maintaining all liabilities associated with pass-through digital dollar wallets4 7ii7 ,assets ,the assets of any entity described in this paragraph shall consist exclusively of a balance maintained in a master account at a ,federal reserve bank1 and the liabilities or obligations of the entity shall consist exclusively of an equal quantity of balances maintained by holders of pass-through digital dollar wallets4 7iii7 ,separate assets and liabilities ,the assets and liabilities of any legal entity described in this paragraph shall not be deemed assets or liabilities of the member bank or its affiliates for purposes of any capital or liquidity regulation promulgated by ,federal or ,state banking authorities4 7,c7 ,application ,member banks with total consolidated assets in excess of #aj1jjj1jjj1jjj shall promptly offer individuals the ability to apply1 through online or telephonic means1 for a pass-through digital dollar wallets4 7#b7 ,terms ,member banks shall ensure that a pass-through digital dollar wallet established under this section-- 7,a7 may not be subject to any account fees1 minimum balances1 or maximum balances2 7,b7 shall pay interest at a rate not below the greater of-- 7i7 the rate of interest on required reserves2 and 7ii7 the rate of interest on excess reserves2 7,c7 shall provide functionality and service levels not less favorable than those that the member bank offers for its existing transaction accounts 7including with respect to access to debit cards and automated teller machines1 online account access1 automatic bill-pay and mobile banking services1 customer service1 and such other services as the ,board determines71 except that pass-through digital dollar wallet shall not include overdraft coverage2 7,d7 shall be prominently branded in all account statements1 marketing materials1 and other communications of the member bank as a pass-through ,fed,account maintained by the member bank on behalf of the ,board of ,governors of the ,federal ,reserve ,system2 7,e7 may not be closed or restricted by the member bank on the basis of profitability considerations2 and 7,f7 shall provide holders with reasonable protection against losses caused by fraud or security breaches4 7#c7 ,reimbursement for costs 7,a7 ,in general ,each member bank with total consolidated assets not greater than #aj1jjj1jjj1jjj shall be reimbursed each calendar quarter by the relevant ,federal reserve bank for actual and reasonable operational costs incurred by the member bank in offering pass-through digital dollar wallets4 7,b7 ,rulemaking ,the ,board of ,governors of the ,federal ,reserve ,system shall issue rules to carry out subparagraph 7,a74 7#d7 ,authority of the ,board ,member banks shall be subject to such rules as may be imposed by the ,board of ,governors of the ,federal ,reserve ,system in connection with maintaining pass-through digital dollar wallets4 7d7 ,authority for ,state nonmember banks and credit unions ,to offer pass-,through digital dollar wallets ,the ,federal reserve banks shall permit ,state banks and credit unions that are not member banks to open master accounts for the exclusive purpose of offering pass-through digital dollar wallets in compliance with the requirements of subsection 7c74 ,each ,state bank or credit union electing to offer pass-through digital wallets shall be entitled to cost reimbursement in accordance with subsection 7c77#c74 7e7 ,mandate for ,federal reserve banks ,to maintain digital dollar wallets 7#a7 ,authorization ,subject to such restrictions1 limitations1 and regulations as may be imposed by the ,board of ,governors of the ,federal ,reserve ,system1 each ,federal reserve bank shall maintain digital dollar wallets4 7#b7 ,mandate 7,a7 ,in general ,not later than ,january #a1 #bjba1 all ,federal reserve banks shall make digital dollar wallets available to all citizens and legal permanent residents of the ,united ,states and business entities for which the principal place of business is located in the ,united ,states4 7,b7 ,exception ,in geographic areas where physical access to a branch of a ,federal reserve bank is limited1 ,federal reserve banks serving such areas shall partner with ,united ,states ,postal ,service branch offices to ensure access and availability to application and account services for digital dollar wallets4 7#c7 ,terms of digital dollar wallets ,federal reserve banks shall ensure that digital dollar wallets established under this section-- 7,a7 may not be subject to any account fees1 minimum balances1 or maximum balances2 7,b7 shall pay interest at a rate not below the greater of-- 7i7 the rate of interest on required reserves2 and 7ii7 the rate of interest on excess reserves2 7,c7 shall provide access to debit cards1 online account access1 automatic bill-pay and mobile banking services1 customer service1 and such other services as the ,board determines1 except that digital dollar wallets shall not include overdraft coverage2 7,d7 shall provide1 in conjunction with the ,united ,states ,postal ,service1 access to automated teller machines to be maintained on behalf of the ,board by the ,united ,states ,postal ,service at branch offices2 7,e7 shall be prominently branded in all account statements1 marketing materials1 and other communications of the ,federal reserve bank as a ,fed,account maintained by the member bank on behalf of the ,united ,states of ,america2 7,f7 may not be closed or restricted on the basis of profitability considerations2 and 7,g7 shall provide holders with reasonable protection against losses caused by fraud or security breaches4 7#d7 ,bank secrecy act ,in establishing and maintaining digital dollar wallets1 each ,federal reserve bank shall comply with section #ba of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b71 section #abc of ,public ,law #ia-ejh1 subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code4 7#e7 ,penalties ,the ,board of ,governors of the ,federal ,reserve ,system shall1 by rule1 establish penalties applicable to ,federal reserve banks and employees of such banks for violations of privacy obligations relating to digital dollar wallets that are similar to the penalties imposed by the ,commissioner of the ,internal ,revenue ,service with respect to violations of privacy obligations relating to ,federal tax returns4 7f7 ,regulations ,the ,board of ,governors of the ,federal ,reserve ,system shall promulgate regulations to carry out this section4 #ajb4 ,suspension of requirements regarding tenant contribution toward rent 7a7 ,suspension ,notwithstanding any other provision of law1 the obligation of each tenant household of a dwelling unit in assisted housing to pay any contribution toward rent for occupancy in such dwelling unit shall be suspended with respect to such occupancy during the period beginning on the date of the enactment of this ,act and ending #f months after the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7b7 ,federal reimbursement payments ,to the extent that amounts are made available pursuant to subsection 7e7 for reimbursements under this subsection1 the ,secretary of ,housing and ,urban ,development or the ,secretary of ,agriculture1 as appropriate1 shall-- 7#a7 provide owners of assisted housing and public housing agencies for any amounts in rent not received as a result of subsection 7a71 plus the amount of any increases in costs of administering and maintaining such housing to the extent only that such increases result from the public health emergency relating to ,coronavirus ,disease #bjai 7,,covid-#ai72 and 7#b7 in the case of public housing agencies providing assistance under section #h7o7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7o771 reimburse such agencies in an amount sufficient to cover any increase in housing assistance payments resulting from the suspension of tenant rent payments pursuant to subsection 7a71 plus the amount of any increases in the cost of administering such assistance to the extent only that such increases result from the public health emergency relating to ,coronavirus ,disease #bjai 7,,covid-#ai74 7c7 ,prohibitions 7#a7 ,on fines ,no tenant or tenant household may be charged a fine or fee for nonpayment of rent in accordance with subsection 7a7 and such nonpayment of rent shall not be grounds for any termination of tenancy or eviction4 7#b7 ,on debt ,no tenant or tenant household may be treated as accruing any debt by reason of suspension of contribution of rent under subsection 7a74 7#c7 ,on repayment ,held liable for repayment of any amount of rent contribution suspended under subsection 7a74 7#d7 ,on credit scores ,the nonpayment of rent by a tenant or tenant household shall not be reported to a consumer reporting agency nor shall such nonpayment adversely affect a tenant or member of a tenant household's credit score4 7d7 ,assisted housing ,for purposes of this section1 the term assisted housing means housing or a dwelling unit assisted under-- 7#a7 section #bac1 #bbj1 #bba7;d77#c71 #bba7;d77#d71 #bbc7;e71 #bca1 or #bcf of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agael7d77#c71 7d77#d71 or #agaez-#a72 7#b7 section #aja of the ,housing and ,urban ,development ,act of #aife 7#ab ,u4,s4,c4 #agjas72 7#c7 section #bjb of the ,housing ,act of #aiei 7#ab ,u4,s4,c4 #agjaq72 7#d7 section #haa of the ,cranston-,gonzales ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #hjac72 7#e7 title ,,ii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgja et seq472 7#f7 subtitle ,d of title ,,viii of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abija et seq472 7#g7 title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecja et seq472 7#h7 section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f72 7#i7 the public housing program under title ,i of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg et seq472 or 7#aj7 section #ead1 #eae1 #eaf1 #eba7;a77#b71 #ech1 or #edb of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adhd1 #adhe1 #adhf1 #adij;a7a77#b71 #adijp-#b1 #adijr74 7e7 ,authorization of appropriations ,there is authorized to be appropriated such sums as may be necessary to make payments under subsection 7b7 to all owners of assisted housing and public housing agencies4 #ajc4 ,temporary moratorium on eviction filings 7a7 ,congressional findings ,the ,congress finds that-- 7#a7 according to the #bjah ,american ,community ,survey1 #cf percent of households in the ,united ,states--more than #dc million households--are renters2 7#b7 in #bjai alone1 renters in the ,united ,states paid #eab billion in rent2 7#c7 according to the ,joint ,center for ,housing ,studies of ,harvard ,university1 #bj4h million renters in the ,united ,states spent more than #cj percent of their incomes on housing in #bjah and #aj4i million renters spent more than #ej percent of their incomes on housing in the same year2 7#d7 ,moody's ,analytics estimates that #bg million jobs in the ,u4,s4 economy are at high risk because of ,,covid-#ai2 7#e7 the impacts of the spread of ,,covid-#ai1 which is now considered a global pandemic1 are expected to negatively impact the incomes of potentially millions of renter households1 making it difficult for them to pay their rent on time2 and 7#f7 evictions in the current environment would increase homelessness and housing instability which would be counterproductive towards the public health goals of keeping individuals in their homes to the greatest extent possible4 7b7 ,moratorium ,during the period beginning on the date of the enactment of this ,act and ending on the date described in paragraph 7#a7 of subsection 7d71 the lessor of a covered dwelling may not make1 or cause to be made1 any filing with the court of jurisdiction to initiate a legal action to recover possession of the covered dwelling from the tenant regardless of cause1 except when a tenant perpetrates a serious criminal act that threatens the health1 life1 or safety of other tenants1 owners1 or staff of the property in which the covered dwelling is located4 7c7 ,definitions ,for purposes of this section1 the following definitions shall apply3 7#a7 ,covered dwelling ,the term covered dwelling means a dwelling that is occupied by a tenant-- 7,a7 pursuant to a residential lease2 or 7,b7 without a lease or with a lease terminable at will under ,state law4 7#b7 ,dwelling ,the term dwelling has the meaning given such term in section #hjb of the ,fair ,housing ,act 7#db ,u4,s4,c4 #cfjb7 and includes houses and dwellings described in section #hjc7;b7 of such ,act 7#db ,u4,s4,c4 #cfjc7;b774 7d7 ,sunset 7#a7 ,sunset date ,the date described in this paragraph is the date of the expiration of the #f-month period that begins upon the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7#b7 ,notice to vacate after sunset date ,after the date described in paragraph 7#a71 the lessor of a covered dwelling may not require the tenant to vacate the covered dwelling before the expiration of the #cj-;day period that begins upon the provision by the lessor to the tenant1 after the date described in paragraph 7#a71 of a notice to vacate the covered dwelling4 #ajd4 ,suspension of other consumer loan payments 7a7 ,in general ,during the ,,covid-#ai emergency1 a debt collector may not1 with respect to a debt of a consumer 7other than debt related to a federally related mortgage loan7-- 7#a7 capitalize unpaid interest2 7#b7 apply a higher interest rate triggered by the nonpayment of a debt to the debt balance2 7#c7 charge a fee triggered by the nonpayment of a debt2 7#d7 sue or threaten to sue for nonpayment of a debt2 7#e7 continue litigation to collect a debt that was initiated before the date of enactment of this section2 7#f7 submit or cause to be submitted a confession of judgment to any court2 7#g7 enforce a security interest through repossession1 limitation of use1 or foreclosure2 7#h7 take or threaten to take any action to enforce collection1 or any adverse action for nonpayment of a debt1 or for nonappearance at any hearing relating to a debt2 7#i7 commence or continue any action to cause or to seek to cause the collection of a debt1 including pursuant to a court order issued before the end of the #abj-;day period following the end of the ,,covid-#ai emergency1 from wages1 ,federal benefits1 or other amounts due to a consumer by way of garnishment1 deduction1 offset1 or other seizure2 7#aj7 cause or seek to cause the collection of a debt1 including pursuant to a court order issued before the end of the #abj-;day period following the end of the ,,covid-#ai emergency1 by levying on funds from a bank account or seizing any other assets of a consumer2 7#aa7 commence or continue an action to evict a consumer from real or personal property2 or 7#ab7 disconnect or terminate service from utility service1 including electricity1 natural gas1 telecommunications or broadband1 water1 or sewer4 7b7 ,rule of construction ,nothing in this section may be construed to prohibit a consumer from voluntarily paying1 in whole or in part1 a debt4 7c7 ,repayment period ,after the expiration of the ,,covid-#ai emergency1 with respect to a debt described under subsection 7a71 a debt collector-- 7#a7 may not add to the debt balance any interest or fee prohibited by subsection 7a72 7#b7 shall1 for credit with a defined term or payment period1 extend the time period to repay the debt balance by #a payment period for each payment that a consumer missed during the ,,covid-#ai emergency1 with the payments due in the same amounts and at the same intervals as the pre-existing payment schedule2 7#c7 shall1 for an open end credit plan 7as defined under section #ajc of the ,truth in ,lending ,act7 or other credit without a defined term1 allow the consumer to repay the debt balance in a manner that does not exceed the amounts permitted by formulas under section #agj7;c7 of the ,truth in ,lending ,act and regulations promulgated thereunder2 and 7#d7 shall1 when the consumer notifies the debt collector1 offer reasonable and affordable repayment plans1 loan modifications1 refinancing1 options with a reasonable time in which to repay the debt4 7d7 ,communications in connection with the collection of a debt 7#a7 ,in general ,during the ,,covid-#ai emergency1 without prior consent of a consumer given directly to a debt collector during the ,,covid-#ai emergency1 or the express permission of a court of competent jurisdiction1 a debt collector may only communicate in writing in connection with the collection of any debt 7other than debt related to a federally related mortgage loan74 7#b7 ,required disclosures 7,a7 ,in general ,all written communications described under paragraph 7#a7 shall inform the consumer that the communication is for informational purposes and is not an attempt to collect a debt4 7,b7 ,requirements ,the disclosure required under subparagraph 7,a7 shall be made-- 7i7 in type or lettering not smaller than #ad-point bold type2 7ii7 separate from any other disclosure2 7iii7 in a manner designed to ensure that the recipient sees the disclosure clearly2 7iv7 in ,english and ,spanish and in any additional languages in which the debt collector communicates1 including the language in which the loan was negotiated1 to the extent known by the debt collector2 and 7v7 may be provided by first-class mail or electronically1 if the borrower has otherwise consented to electronic communication with the debt collector and has not revoked such consent4 7,c7 ,oral notification ,any oral notification shall be provided in the language the debt collector otherwise uses to communicate with the borrower4 7,d7 ,written translations ,in providing written notifications in languages other than ,english in this section1 a debt collector may rely on written translations developed by the ,bureau of ,consumer ,financial ,protection4 7e7 ,violations 7#a7 ,in general ,any person who violates this section shall-- 7,a7 except as provided under subparagraph 7,b71 be subject to civil liability in accordance with section #hac of the ,fair ,debt ,collection ,practices ,act1 as if the person is a debt collector for purposes of that section2 and 7,b7 be liable to the consumer for an amount #aj times the amounts described in such section #hac1 for each violation4 7#b7 ,predispute arbitration agreements ,notwithstanding any other provision of law1 no predispute arbitration agreement or predispute joint-action waiver shall be valid or enforceable with respect to a dispute brought under this section1 including a dispute as to the applicability of this section1 which shall be determined under ,federal law4 7f7 ,tolling ,except as provided in subsection 7g77#e71 any applicable time limitations1 including statutes of limitations1 related to a debt under ,federal or ,state law shall be tolled during the ,,covid-#ai emergency4 7g7 ,claims of affected creditors and debt collectors 7#a7 ,valuation of property ,with respect to any action asserting a taking under the ,fifth ,amendment of the ,constitution of the ,united ,states as a result of this section or seeking a declaratory judgment regarding the constitutionality of this section1 the value of the property alleged to have been taken without just compensation shall be evaluated-- 7,a7 with consideration of the likelihood of full and timely payment of the obligation without the actions taken pursuant to this section2 and 7,b7 without consideration of any assistance provided directly or indirectly to the consumer from other ,federal1 ,state1 and local government programs instituted or legislation enacted in response to the ,,covid-#ai emergency4 7#b7 ,scope of just compensation ,in an action described in paragraph 7#a71 any assistance or benefit provided directly or indirectly to the person from other ,federal1 ,state1 and local government programs instituted in or legislation enacted response to the ,,covid-#ai emergency1 shall be deemed to be compensation for the property taken1 even if such assistance or benefit is not specifically provided as compensation for property taken by this section4 7#c7 ,appeals ,any appeal from an action under this section shall be treated under section #aeh of title #bh1 ,united ,states ,code1 as if it were an appeal in a case under title #aa1 ,united ,states ,code4 7#d7 ,repose ,any action asserting a taking under the ,fifth ,amendment to the ,constitution of the ,united ,states as a result of this section shall be brought within not later than #ahj days after the end of the ,,covid-#ai emergency4 7h7 ,credit facility for other purposes 7#a7 ,establishment ,the ,board of ,governors of the ,federal ,reserve ,system shall establish a facility that the ,board of ,governors shall use to make payments to covered financial institutions to compensate such institutions for documented financial losses caused by the suspension of payments required under this section4 7#b7 ,covered financial institution defined ,in this subsection1 the term covered financial institution means the holder of a loan described under this section4 7i7 ,definitions ,in this section3 7#a7 ,consumer ,the term consumer means any individual obligated or allegedly obligated to pay any debt4 7#b7 ,,covid-#ai emergency ,the term ,,covid-#ai emergency means the period that begins upon the date of the enactment of this ,act and ends on the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7#c7 ,creditor ,the term creditor means-- 7,a7 any person who offers or extends credit creating a debt or to whom a debt is owed or other obligation for payment2 7,b7 any lessor of real or personal property2 or 7,c7 any provider of utility services4 7#d7 ,debt ,the term debt-- 7,a7 means any obligation or alleged obligation that is or during the ,,covid emergency becomes past due-- 7i7 for which the original agreement1 or if there is no agreement1 the original obligation to pay was created before the ,,covid emergency1 whether or not such obligation has been reduced to judgment2 and 7ii7 that arises out of a transaction with a consumer2 and 7,b7 does not include a federally related mortgage loan4 7#e7 ,debt collector ,the term debt collector means a creditor1 and any person or entity that engages in the collection of debt1 including the ,federal ,government and a ,state government1 irrespective of whether the debt is allegedly owed to or assigned to that person or to the entity4 7#f7 ,federally related mortgage loan ,the term federally related mortgage loan has the meaning given that term under section #c of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfjb74 #aje4 ,emergency rental assistance 7a7 ,authorization of appropriations ,there is authorized to be appropriated for grants under the ,emergency ,solutions ,grants program under subtitle ,b of title ,,iv of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacga et seq47 #ajj1jjj1jjj1jjj for grants under such subtitle only for providing rental assistance in accordance with section #dae7;a77#d7 of such ,act 7#db ,u4,s4,c4 #aacgd7;a77#d77 and this section to respond to needs arising from the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7b7 ,income targeting ,for purposes of assistance made available with amounts made available pursuant to subsection 7a7-- 7#a7 section #dja7a77;,a7 of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacfj7a77;,a77 shall be applied by substituting #hj percent for #cj percent2 and 7#b7 each grantee of such amounts shall use not less than #ej percent of the amounts received only for providing assistance for persons or families experiencing homelessness or at risk of homelessness1 who have incomes not exceeding #ej percent of the median income for the relevant geographic area2 except that the ,secretary may waive the requirement under this paragraph if the grantee demonstrates to the satisfaction of the ,secretary that the population in the geographic area served by the grantee having such incomes is sufficiently being served with respect to activities eligible for funding with such amounts4 7c7 ,definition of at risk of homelessness ,for purposes of assistance made available with amounts made available pursuant to subsection 7a71 section #dja7a7 of the ,mc,kinney-,vento ,homeless ,assistance ,act shall be applied1 during the period that begins on the date of the enactment of this ,act and ends upon the expiration of the #f-month period that begins upon the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic1 as if subparagraph 7,c7 were repealed4 7d7 #c-,year availability ,each grantee of amounts made available pursuant to subsection 7a7 shall expend-- 7#a7 at least #fj percent of such grant amounts within #b years of the date that such funds became available to the grantee for obligation2 and 7#b7 #ajj percent of such grant amounts within #c years of such date4 ,the ,secretary may recapture any amounts not expended in compliance with paragraph 7#a7 of this subsection and reallocate such amounts to grantees in compliance with the formula referred to in subsection 7h77#a77;,a7 of this section4 7e7 ,rent restrictions ,paragraph 7#a7 of section #egf4ajf7;d7 of the ,secretary's regulations 7#bd ,c4,f4,r4 #egf4ajf7;d77#a77 shall be applied1 with respect to rental assistance made available with amounts made available pursuant to subsection 7a71 by substituting #abj percent of the ,fair ,market ,rent for the ,fair ,market ,rent 4 7f7 ,subleases ,notwithstanding the second sentence of subsection 7g7 of section #egf4ajf of the ,secretary's regulations 7#bd ,c4,f4,r4 #egf4ajf7;g771 a program participant may sublet1 with rental assistance made available with amounts made available pursuant to subsection 7a7 of this section1 a dwelling unit from a renter of the dwelling unit if there is a legally binding1 written lease agreement for such sublease4 7g7 ,housing relocation or stabilization activities ,a grantee of amounts made available pursuant to subsection 7a7 may expend up to #bj percent of its allocation for activities under section #dae7;a77#e7 of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacgd7;a77#e774 7h7 ,allocation of assistance 7#a7 ,in general ,in allocating amounts made available pursuant to subsection 7a71 the ,secretary of ,housing and ,urban ,development shall-- 7,a7 not later than #cj days after the date of the enactment of this ,act1 allocate any such amounts that do not exceed #ej1jjj1jjj1jjj under the formula specified in subsections 7a71 7b71 and 7e7 of section #dad of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacgc7 to1 and notify1 each ,state1 metropolitan city1 and urban county that is to receive a direct grant of such amounts2 and 7,b7 not later than #abj days after the date of the enactment of this ,act1 allocate any remaining amounts to eligible grantees by a formula to be developed by the ,secretary of ,housing and ,urban ,development that takes into consideration the formula referred to in subparagraph 7,a7 of this paragraph1 and the need for emergency rental assistance under this section1 including severe housing cost burden among extremely low- and very low-income renters and disruptions in housing and economic conditions1 including unemployment4 7#b7 ,allocations to ,states ,a ,state recipient of an allocation under this section may elect to directly administer up to #ej percent of its allocation to carry out activities eligible under this section4 7#c7 ,election not to administer ,if a grantee elects not to receive funds under this section1 such funds shall be allocated to the ,state recipient in which the grantee is located4 7i7 ,inapplicability of matching requirement ,subsection 7a7 of section #daf of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacge7;a77 shall not apply to any amounts made available pursuant to subsection 7a7 of this section4 7j7 ,prohibition on prerequisites ,none of the funds authorized under this section may be used to require people experiencing homelessness to receive treatment or perform any other prerequisite activities as a condition for receiving shelter1 housing1 or other services4 7k7 ,public hearings 7#a7 ,inapplicability of in-person hearing requirements ,a grantee may not be required to hold in-person public hearings in connection with its citizen participation plan1 but shall provide citizens with notice and a reasonable opportunity to comment of not less than #ae days4 ,following the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic1 and after the period described in paragraph 7#b71 the ,secretary shall direct grantees to resume pre-crisis public hearing requirements4 7#b7 ,virtual public hearings ,during the period that national or local health authorities recommend social distancing and limiting public gatherings for public health reasons1 a grantee may fulfill applicable public hearing requirements for all grants from funds made available pursuant to this section by carrying out virtual public hearings4 ,any such virtual hearings shall provide reasonable notification and access for citizens in accordance with the grantee's certifications1 timely responses from local officials to all citizen questions and issues1 and public access to all questions and responses4 7l7 ,administration ,of any amounts made available pursuant to subsection 7a71 not more than the lesser of #j4e percent1 or #ae1jjj1jjj1 may be used for staffing1 training1 technical assistance1 technology1 monitoring1 research1 and evaluation activities necessary to carry out the program carried out under this section1 and such amounts shall remain available until ,september #cj1 #bjbd4 #ajf4 ,emergency homeless assistance 7a7 ,authorization of appropriations ,there is authorized to be appropriated under the ,emergency ,solutions ,grants program under subtitle ,b of title ,,iv of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacga et seq47 #ae1ejj1jjj1jjj for grants under such subtitle in accordance with this section to respond to needs arising from the public health emergency relating to ,coronavirus ,disease #bjai 7,,covid-#ai74 7b7 ,formula ,notwithstanding sections #dac and #dad of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacgb1 #aacgc71 the ,secretary of ,housing and ,urban ,development 7in this ,act referred to as the ,secretary7 shall allocate amounts made available pursuant to subsection 7a7 in accordance with a formula to be established by the ,secretary that takes into consideration the following factors3 7#a7 ,risk of transmission of coronavirus in a jurisdiction4 7#b7 ,whether a jurisdiction has a high number or rate of sheltered and unsheltered homeless individuals and families4 7#c7 ,economic and housing market conditions in a jurisdiction4 7c7 ,eligible activities ,in addition to eligible activities under section #dae7;a7 of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacgd7;a771 amounts made available pursuant to subsection 7a7 may also be used for costs of the following activities3 7#a7 ,providing training on infectious disease prevention and mitigation4 7#b7 ,providing hazard pay1 including for time worked before the effectiveness of this clause1 for staff working directly to prevent and mitigate the spread of coronavirus or ,,covid-#ai among people experiencing or at risk of homelessness4 7#c7 ,reimbursement of costs for eligible activities 7including activities described in this paragraph7 relating to preventing1 preparing for1 or responding to the coronavirus or ,,covid-#ai that were accrued before the date of the enactment of this ,act4 ,use of such amounts for activities described in this paragraph shall not be considered use for administrative purposes for purposes of section #dah of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacgg74 7d7 ,inapplicability of procurement standards ,to the extent amounts made available pursuant to subsection 7a7 are used to procure goods and services relating to activities to prevent1 prepare for1 or respond to the coronavirus or ,,covid-#ai1 the standards and requirements regarding procurement that are otherwise applicable shall not apply4 7e7 ,inapplicability of habitability and environmental review standards ,any ,federal standards and requirements regarding habitability and environmental review shall not apply with respect to any emergency shelter that is assisted with amounts made available pursuant to subsection 7a7 and has been determined by a ,state or local health official1 in accordance with such requirements as the ,secretary shall establish1 to be necessary to prevent and mitigate the spread of coronavirus or ,,covid-#ai1 such shelters4 7f7 ,inapplicability of cap on emergency shelter activities ,subsection 7b7 of section #dae of the ,mc,kinney-,vento ,homeless ,assistance ,act shall not apply to any amounts made available pursuant to subsection 7a77#a7 of this section4 7g7 ,initial allocation of assistance ,section #dag7;b7 of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacgf7;b77 shall be applied with respect to amounts made available pursuant to subsection 7a7 by substituting #cj-;day for #fj-;day4 7h7 ,waivers and alternative requirements 7#a7 ,authority ,in administering amounts made available pursuant to subsection 7a71 the ,secretary may waive1 or specify alternative requirements for1 any provision of any statute or regulation 7except for any requirements related to fair housing1 nondiscrimination1 labor standards1 and the environment7 that the ,secretary administers in connection with the obligation or use by the recipient of such amounts1 if the ,secretary finds that good cause exists for the waiver or alternative requirement and such waiver or alternative requirement is consistent with the purposes described in this subsection4 7#b7 ,effectiveness2 applicability ,any such waivers shall be deemed to be effective as of the date a ,state or unit of local government began preparing for coronavirus and shall apply to the use of amounts made available pursuant to subsection 7a7 and amounts provided in prior appropriation ,acts for fiscal year #bjbj under the heading ,department of ,housing and ,urban ,development--,community ,planning and ,development--,community ,development ,fund and used by recipients for the purposes described in this subsection4 7#c7 ,notification ,the ,secretary shall notify the public through the ,federal ,register or other appropriate means #e days before the effective date of any such waiver or alternative requirement1 and any such public notice may be provided on the internet at the appropriate ,government website or through other electronic media1 as determined by the ,secretary4 7#d7 ,exemption ,the use of amounts made available pursuant to subsection 7a7 shall not be subject to the consultation1 citizen participation1 or match requirements that otherwise apply to the ,emergency ,solutions ,grants program1 except that a recipient shall publish how it has and will utilize its allocation at a minimum on the internet at the appropriate ,government website or through other electronic media4 7i7 ,inapplicability of matching requirement ,subsection 7a7 of section #daf of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacge7;a77 shall not apply to any amounts made available pursuant to subsection 7a7 of this section4 7j7 ,prohibition on prerequisites ,none of the funds authorized under this section may be used to require people experiencing homelessness to receive treatment or perform any other prerequisite activities as a condition for receiving shelter1 housing1 or other services4 #ajg4 ,participation of ,indian ,tribes and tribally designated housing entities in ,continuum of ,care ,program 7a7 ,in general ,title ,,iv of the ,mc,kinney-,vento ,homeless ,assistance ,act 7#db ,u4,s4,c4 #aacfj et seq47 is amended-- 7#a7 in section #dja 7#db ,u4,s4,c4 #aacfj7-- 7,a7 by redesignating paragraphs 7#aj7 through 7#cc7 as paragraphs 7#ab7 through 7#ce71 respectively2 7,b7 by redesignating paragraphs 7#h7 and 7#i7 as paragraphs 7#i7 and 7#aj71 respectively2 7,c7 by inserting after paragraph 7#g7 the following3 7#h7 ,formula area ,the term formula area has the meaning given the term in section #ajjj4cjb of title #bd1 ,code of ,federal ,regulations1 or any successor regulation4 2 7,d7 in paragraph 7#i71 as so redesignated1 by inserting a formula area1 after nonentitlement area12 and 7,e7 by inserting after paragraph 7#aj71 as so redesignated1 the following3 7#aa7 ,indian ,tribe ,the term ,indian ,tribe has the meaning given the term ,indian tribe in section #d of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dajc74 2 and 7#b7 in subtitle ,c 7#db ,u4,s4,c4 #aacha et seq471 by adding at the end the following3 #dce4 ,participation of ,indian ,tribes and tribally designated housing entities ,notwithstanding any other provision of this title1 for purposes of this subtitle1 an ,indian ,tribe or tribally designated housing entity 7as defined in section #d of the ,native ,american ,housing ,assistance and ,self-,determination ,act of #aiif 7#be ,u4,s4,c4 #dajc77 may-- 7#a7 be a collaborative applicant or eligible entity2 or 7#b7 receive grant amounts from another entity that receives a grant directly from the ,secretary1 and use the amounts in accordance with this subtitle4 4 7b7 ,technical and conforming amendment ,the table of contents in section #aja7;b7 of the ,mc,kinney-,vento ,homeless ,assistance ,act 7,public ,law #ajj-gg2 #aja ,stat4 #dhb7 is amended by inserting after the item relating to section #dcd the following3 ,sec4 #dce4 ,participation of ,indian ,tribes and tribally designated housing entities4 4 #ajh4 ,housing ,assistance ,fund 7a7 ,definitions ,in this section3 7#a7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7#b7 ,state ,the term ,state means any ,state of the ,united ,states1 the ,district of ,columbia1 any territory of the ,united ,states1 ,puerto ,rico1 ,guam1 ,american ,samoa1 the ,virgin ,islands1 and the ,northern ,mariana ,islands4 7b7 ,establishment of fund ,there is established at the ,department of the ,treasury a ,housing ,assistance ,fund to provide such funds as are allocated in subsection 7f7 to ,state housing finance agencies for the purpose of preventing homeowner mortgage defaults1 foreclosures1 and displacements of individuals and families experiencing financial hardship after ,january #ba1 #bjbj4 7c7 ,allocation of funds 7#a7 ,in general ,the ,secretary of the ,treasury shall establish such criteria as are necessary to allocate the funds available within the ,housing ,assistance ,fund to each ,state4 ,the ,secretary shall allocate such funds among all ,states taking into consideration the number of unemployment claims within a ,state relative to the nationwide number of unemployment claims4 7#b7 ,small state minimum ,each ,state shall receive no less than #abe1jjj1jjj for the purposes established in subsection 7b74 7d7 ,disbursement of funds 7#a7 ,initial disbursement ,the ,secretary shall disburse to the ,state housing finance agencies not less than of the amount made available pursuant to this section1 and in accordance with the allocations established under subsection 7c71 not later than #abj days after the date of enactment of this ,act4 ,the ,secretary or designee shall enter into a contract with each ,state housing finance agency1 which may be amended from time to time1 establishing the terms of the use of such funds prior to the disbursement of such funds4 7#b7 ,second disbursement ,the ,secretary shall disburse all funds made available pursuant to this section1 and in accordance with the allocations established under subsection 7c71 not later than #ahj days after the date of enactment of this ,act4 7e7 ,permissible uses of fund 7#a7 ,in general ,funds made available to ,state housing finance agencies pursuant to this section may be used for the purposes established under subsection 7b71 which may include-- 7,a7 mortgage payment assistance2 7,b7 financial assistance to allow a borrower to reinstate their mortgage following a period of forbearance2 7,c7 principal reduction2 7,d7 utility payment assistance1 including electric1 gas1 and water payment assistance2 7,e7 any program established under the ,housing ,finance ,agency ,innovation ,fund for the ,hardest ,hit ,housing ,markets2 7,f7 reimbursement of funds expended by a ,state or local government during the period beginning on ,january #ba1 #bjbj1 and ending on the date that the first funds are disbursed by the ,state under the ,housing ,assistance ,fund1 for the purpose of providing housing or utility assistance to individuals or otherwise providing funds to prevent foreclosure or eviction of a homeowner or prevent mortgage delinquency or loss of housing or critical utilities as a response to the coronavirus disease #bjai 7,,covid-#ai7 pandemic2 and 7,g7 any other assistance to prevent eviction1 mortgage delinquency or default1 foreclosure1 or the loss of essential utility services4 7#b7 ,administrative expenses ,not greater than #aj percent of the amount allocated to a ,state pursuant to subsection 7c7 may be used by a ,state housing financing agency for administrative expenses4 ,any amounts allocated to administrative expenses that are no longer necessary for administrative expenses may be used in accordance with paragraph 7#a74 7f7 ,authorization of appropriation ,there is authorized to be appropriated for the fiscal year ending ,september #cj1 #bjbj1 to remain available until expended or transferred or credited under subsection 7h71 #ce1jjj1jjj1jjj to the ,housing ,assistance ,fund established under subsection 7b74 7g7 ,use of housing finance agency innovation fund for the hardest hit housing markets funds ,a ,state housing finance agency may reallocate any administrative or programmatic funds it has received as an allocation from the ,housing ,finance ,agency ,innovation ,fund for the ,hardest ,hit ,housing ,markets created pursuant to section #aja7;a7 of the ,emergency ,economic ,stabilization ,act of #bjjh 7#ab ,u4,s4,c4 #ebaa7;a77 that have not been otherwise allocated or disbursed as of the date of enactment of this ,act to supplement any administrative or programmatic funds received from the ,housing ,assistance ,fund4 ,such reallocated funds shall not be considered when allocating resources from the ,housing ,assistance ,fund using the process established under subsection 7c7 and shall remain available for the uses permitted and under the terms and conditions established by the contract with ,secretary created pursuant to subsection 7d77#a7 and the terms of subsection 7h74 7h7 ,rescission of funds ,any funds that have not been allocated by a ,state housing finance agency to provide assistance as described under subsection 7e7 by ,december #ca1 #bjcj1 shall be reallocated by the ,secretary in the following manner3 7#a7 #fe percent shall be transferred or credited to the ,housing ,trust ,fund established under section #acch of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #defh72 and 7#b7 #ce percent shall be transferred or credited to the ,capital ,magnet ,fund under section #acci of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #defi74 7i7 ,reporting requirements ,the ,secretary shall provide public reports not less frequently than quarterly regarding the use of funds provided by the ,housing ,assistance ,funds4 ,such reports shall include the following data by ,state and by program within each ,state1 both for the past quarter and throughout the life of the program-- 7#a7 the amount of funds allocated2 7#b7 the amount of funds disbursed2 7#c7 the number of households and individuals assisted2 7#d7 the acceptance rate of applicants2 7#e7 the average amount of assistance provided per household receiving assistance2 7#f7 the average length of assistance provided per household receiving assistance2 7#g7 the income ranges of households for each household receiving assistance2 and 7#h7 the outcome #ab months after the household has received assistance4 #aji4 ,mortgage forbearance 7a7 ,findings 7#a7 ,findings ,congress finds that-- 7,a7 the collection of debts involves the use of the mails and wires and other instrumentalities of interstate commerce2 7,b7 at times of major disaster or emergency1 the income of consumers is often impaired and their necessary daily expenses often increase2 7,c7 temporary forbearance benefits not only consumer and small business debtors1 but also other creditors by avoiding downward collateral price spirals triggered by an increase in foreclosure activity2 7,d7 without forbearance1 many consumers and small businesses are unlikely to be able to pay their obligations according to their original terms and are likely to default on obligations or file for bankruptcy1 resulting in reduced recoveries for creditors1 and in the case of bankruptcy1 no recovery of unaccrued interest2 7,e7 with forbearance1 creditors are likely to realize greater long-term value because consumers and small businesses will be more likely to be able to repay their obligations after the major disaster or emergency has subsided2 7,f7 the legislative and administrative response to major disasters and emergencies may consist of multiple components divided among different statutes and programs2 and 7,g7 when evaluating whether property has been taken from a person without just compensation1 a holistic evaluation of the burdens and benefits of all legislative and administrative responses1 including indirect benefits from macroeconomic stabilization1 is appropriate4 7#b7 ,further findings regarding mortgage forbearance ,congress further finds that-- 7,a7 ensuring that consumers are able to remain in their residences reduces the disruptions and economic harm caused by such disasters and emergencies by ensuring that consumers are able to continue their existing employment1 education1 childcare1 and healthcare arrangements1 which are often geographically based2 7,b7 temporary forbearance on residential mortgages is therefore critical to fostering economic recovery and stability in the wake of major disasters or emergencies2 7,c7 temporary mortgage forbearance during a declared disaster benefits not only mortgagors1 but also mortgagees because mortgagors' ability to pay is likely to be restored after a disaster or emergency subsides1 so forbearance may increase mortgagors' total recovery4 ,without forbearance1 mortgagors are likely to default or file for bankruptcy1 resulting in significant losses for mortgagees2 and 7,d7 temporary mortgage forbearance during a declared disaster also benefits the mortgagees of other properties because housing prices are geographically and serially correlated so an increase in foreclosures can drive down the value of collateral for all mortgage lenders1 further destabilizing the economy4 7#c7 ,further findings regarding mortgage servicers ,congress further finds that-- 7,a7 mortgage servicers are often contractually obligated to advance scheduled mortgage payments to securitization investors1 irrespective of whether the servicer collects the payment from the mortgagor2 7,b7 mortgage servicers are often thinly capitalized and with limited capacity for engaging in large scale advancing of payments to securitization investors2 7,c7 securitization investors have long been aware of servicers' thin capitalization2 7,d7 in the wake of the #bjjh financial crisis1 several servicers had difficulty obtaining sufficiently liquidity to make advances2 7,e7 mortgage servicing is a heavily regulated industry2 7,f7 in response to the #bjjh financial crisis1 ,congress created a safe harbor for mortgage servicers that undertook loan modifications2 7,g7 in response to the #bjjh financial crisis1 the ,home ,affordable ,modification ,program paid mortgage servicers to undertake loan modifications2 7,h7 as part of the #bjab joint ,state-,federal ,national ,mortgage ,settlement1 mortgage servicers committed to undertaking loan modifications2 and 7,i7 investors in mortgage securitizations are or should be aware of servicers' thin capitalization1 liquidity constraints1 the extent and history of servicing regulation and therefore do not have a reasonable expectation that the terms of servicing contracts will be enforceable at times of national financial crisis4 7#d7 ,determination ,it is the sense of the ,congress that1 on the basis of the findings described under paragraphs 7#a71 7#b71 and 7#c71 the ,congress determines that the provisions of this ,act are necessary and proper for the purpose of carrying into execution the powers of the ,congress to regulate commerce among the several ,states and to establish uniform bankruptcy laws4 7b7 ,prohibition on foreclosures and repossessions during the ,,covid-#ai emergency 7#a7 ,prohibition on foreclosures ,the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfja et seq47 is amended-- 7,a7 in section #c 7#ab ,u4,s4,c4 #bfjb7-- 7i7 in paragraph 7#h71 by striking and at the end2 7ii7 in paragraph 7#i71 by striking the period at the end and inserting 2 and2 and 7iii7 by adding at the end the following3 7#aj7 the term ,,covid-#ai emergency means the period that begins upon the date of the enactment of this ,act and ends on the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 2 and 7,b7 in section #f7k77#a7 7#ab ,u4,s4,c4 #bfje7k77#a77-- 7i7 in subparagraph 7,d71 by striking or at the end2 7ii7 by redesignating subparagraph 7,e7 as subparagraph 7,g72 and 7iii7 by inserting after subparagraph 7,d7 the following3 7,e7 commence or continue any judicial foreclosure action or non-judicial foreclosure process or any action to evict a consumer following a foreclosure during the ,,covid-#ai emergency or the #ahj-;day period following such emergency 7except that such prohibition shall not apply to a mortgage secured by a dwelling that the servicer has determined after exercising reasonable diligence is vacant or abandoned72 7,f7 fail to toll the time in a foreclosure process on a property during the ,,covid-#ai emergency or the #ahj-;day period following such emergency 7except that such prohibition shall not apply to a mortgage secured by a dwelling that the servicer has determined after exercising reasonable diligence is vacant or abandoned72 or 4 7#b7 ,repossession prohibition ,during the ,,covid-#ai emergency and for the #ahj-;day period following such emergency1 a servicer of a consumer loan secured by a manufactured home or a motor vehicle may not repossess such home or vehicle4 7c7 ,forbearance of residential mortgage loan payments for single family properties 7#a-d units7 ,section #f of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfje7 is amended by adding at the end the following3 7n7 ,forbearance during the ,,covid-#ai emergency 7#a7 ,consumer right to request a forbearance 7,a7 ,request for forbearance ,a borrower experiencing a financial hardship during the ,,covid-#ai emergency may request forbearance from any mortgage obligation1 regardless of delinquency status1 by submitting a request to the borrower's servicer1 either orally or in writing1 affirming that the borrower is experiencing hardship during the ,,covid-#ai emergency4 ,a borrow shall not be required to provide any additional documentation to receive such forbearance4 7,b7 ,length of forbearance2 extension ,a forbearance requested pursuant to subparagraph 7,a7 shall be provided for a period of #ahj days1 and may be extended upon request of the borrower for an additional #ahj days4 7,c7 ,treatment of tenants ,a borrower receiving a forbearance under this subsection with respect to a mortgage secured by a dwelling that has tenants1 whether or not the borrower also lives in the dwelling1 shall provide the tenants with rent relief for a period not less than the period covered by the forbearance4 7#b7 ,automatic forbearance for delinquent borrowers 7,a7 ,in general ,notwithstanding any other law governing forbearance relief1 during the ,,covid-#ai emergency1 any borrower who is or becomes #fj days or more delinquent on a mortgage obligation shall automatically be granted a #ahj-;day forbearance1 which may be extended upon request of the borrower for an additional #ahj days4 ,such a borrower may elect to continue making regular payments by notifying the servicer of the mortgage obligation of such election4 7,b7 ,notice to borrower ,the servicer of a mortgage obligation placed in forbearance pursuant to subparagraph 7,a7 shall provide the borrower written notification of the forbearance and its duration as well as information about available loss mitigation options and the right to end the forbearance and resume making regular payments4 7,c7 ,treatment of payments during forbearance ,any payments made by the borrower during the forbearance period shall be credited to the borrower's account in accordance with section #abi;,f of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;f7 or as the borrower may otherwise instruct that is consistent with the terms of the mortgage loan contract4 7#c7 ,requirements for servicers 7,a7 ,notification 7i7 ,in general ,each servicer of a federally related mortgage loan shall notify the borrower of their right to request forbearance under paragraph 7#a7-- 7,i7 not later than #ad days after the date of enactment of this subsection2 and 7,,ii7 until the end of ,,covid-#ai emergency-- 7aa7 on each periodic statement provided to the borrower2 and 7bb7 in any oral or written communication by the servicer with or to the borrower4 7ii7 ,manner of notification 7,i7 ,written notification ,any written notification required under this section-- 7aa7 shall be provided-- 7,,aa7 in ,english and ,spanish and in any additional languages in which the servicer communicates1 including the language in which the loan was negotiated1 to the extent known by the servicer2 and 7,,bb7 at least as clearly and conspicuously as the most clear and conspicuous disclosure on the document2 7bb7 shall include the notification of the availability of language assistance and housing counseling produced by the ,federal ,housing ,finance ,agency under subsection 7o72 and 7cc7 may be provided by first-class mail or electronically1 if the borrower has otherwise consented to electronic communication with the servicer and has not revoked such consent4 7,,ii7 ,oral notification ,any oral notification required under clause 7i7 shall be provided in the language the servicer otherwise uses to communicate with the borrower4 7,,iii7 ,written translations ,in providing written notifications in languages other than ,english under subclause 7,i71 a servicer may rely on written translations developed by the ,federal ,housing ,finance ,agency or the ,bureau4 7,b7 ,other requirements 7i7 ,forbearance required ,upon receiving a request for forbearance from a consumer under paragraph 7#a7 or placing a borrower in automatic forbearance under paragraph 7#b71 a servicer shall provide the forbearance for not less than #ahj days1 and an additional #ahj days at the request of the borrower1 provided that the borrower will have the option to discontinue the forbearance at any time4 7ii7 ,prohibition on fees1 penalties1 and interest ,during the period of a forbearance under this subsection1 no fees1 penalties or additional interest beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract in effect at the time the borrower enters into the forbearance shall accrue4 7iii7 ,treatment of escrow payments ,if a borrower in forbearance under this subsection is required to make payments to an escrow account1 the servicer shall pay or advance the escrow disbursements in a timely manner 7defined as on or before the deadline to avoid a penalty71 regardless of the status of the borrower's payments4 ,the servicer may collect any resulting escrow shortage or deficiency from the borrower after the forbearance period ends1 in a lump sum payment1 spread over #fj months1 or capitalized into the loan1 at the borrower's election4 4 7d7 ,notification of language assistance and housing counseling ,section #f of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfje71 as amended by subsection 7c71 is further amended by adding at the end the following3 7o7 ,notification of language assistance and housing counseling 7#a7 ,in general ,the ,federal ,housing ,finance ,agency shall1 within #cj days of the date of enactment of this ,act1 make available a document providing notice of the availability of language assistance and housing counseling in substantially the same form1 and in at least the same languages1 as the existing ,language ,translation ,disclosure4 7#b7 ,minimum requirement ,the document described under subsection 7a7 shall include the notice in at least all the languages for which ,federal ,housing ,finance ,agency currently has translations on its existing ,language ,translation ,disclosure available4 7#c7 ,provision to servicers ,the ,federal ,housing ,finance ,agency shall make this document available to servicers to fulfill their requirements under subsection 7n74 4 7e7 ,united ,states ,department of ,agriculture ,direct ,loan ,program ,section #eje of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adge7 is amended-- 7#a7 by redesignating subsection 7b7 as subsection 7c72 and 7#b7 by inserting after subsection 7a7 the following3 7b7 ,loan modification 7#a7 ,in general ,the ,secretary shall implement a loan modification program to modify the terms of outstanding loans for borrowers who face financial hardship4 7#b7 ,affordable payments ,the ,secretary's loan modification program under paragraph 7#a7 shall be designed so as to provide affordable payments for borrowers4 ,in defining affordable payments the ,secretary shall consult definitions of affordability promulgated by the ,federal ,housing ,finance ,authority1 the ,department of ,housing and ,urban ,development1 and the ,bureau of ,consumer ,financial ,protection4 7#c7 ,additional program requirements ,the ,secretary's loan modification program under paragraph 7#a7 shall allow for measures including extension of the remaining loan term to up to #dhj months and a reduction in interest rate to the market interest rate as defined by regulations of the ,secretary4 ,the modification program shall be available for borrowers in a moratorium and for borrowers not already in a moratorium who qualify under the terms established by the ,secretary4 ,the ,secretary may also establish reasonable additional measures for providing affordable loan modifications to borrowers4 2 7#c7 in subsection 7c71 as so redesignated1 by adding at the end the following3 ,acceleration of the promissory note and initiation of foreclosure proceedings shall not terminate a borrower's eligibility for a moratorium1 loan reamortization1 special servicing1 or other foreclosure alternative42 and 7#d7 by adding at the end the following3 7d7 ,requirement ,the ,secretary shall comply with subsections 7k77#a71 7n71 and 7o7 of section #f of the ,real ,estate ,settlement ,procedures ,act of #aigd with respect to any single-family loans it holds or services4 4 7f7 ,forbearance of residential mortgage loan payments for multifamily properties 7#e units7 7#a7 ,in general ,during the ,,covid-#ai emergency1 a multifamily borrower experiencing a financial hardship due1 directly or indirectly1 to the ,,covid-#ai emergency may request a forbearance under the terms set forth in this section4 7#b7 ,request for relief ,a multifamily borrower may submit a request for forbearance under paragraph 7#a7 to the borrower's servicer1 either orally or in writing1 affirming that the multifamily borrower is experiencing hardship during the ,,covid-#ai emergency4 7#c7 ,forbearance period 7,a7 ,in general ,upon receipt of an oral or written request for forbearance from a multifamily borrower1 a servicer shall-- 7i7 document the financial hardship2 7ii7 provide the forbearance for not less than #ahj days2 and 7iii7 provide the forbearance for an additional #ahj days upon the request of the borrower at least #cj days prior to the end of the forbearance period described under subparagraph 7,a74 7,b7 ,right to discontinue ,a multifamily borrower shall have the option to discontinue the forbearance at any time4 7#d7 ,renter protections ,during the term of a forbearance under this section1 a multifamily borrower may not-- 7,a7 evict a tenant for nonpayment of rent2 or 7,b7 apply or accrue any fees or other penalties on renters for nonpayment of rent4 7#e7 ,obligation to bring the loan current ,a multifamily borrower shall bring a loan placed in forbearance under this section current within the earlier of-- 7,a7 #ab months after the conclusion of the forbearance period2 or 7,b7 receipt of any business interruption insurance proceeds by the multifamily borrower4 7#f7 ,definition ,for the purposes of this subsection1 the term multifamily borrower means a borrower of a residential mortgage loan that is secured by a lien against a property comprising five or more dwelling units4 7g7 ,federal ,reserve credit facility for mortgage servicers 7#a7 ,in general ,the ,board of ,governors of the ,federal ,reserve ,system and the ,secretary of the ,treasury1 pursuant to the authority granted under section #ac7c7 of the ,federal ,reserve ,act1 directly 7or indirectly through an intermediary1 such as the ,federal ,national ,mortgage ,association1 the ,federal ,home ,loan ,mortgage ,corporation1 the ,government ,national ,mortgage ,association1 an insured depository institution1 non-depository lending institution1 or a special purpose vehicle7-- 7,a7 shall extend credit to mortgage servicers and other obligated advancing parties that in each case have liquidity needs due to the ,,covid-#ai emergency or compliance with this ,act with respect to mortgage loans 7the affected mortgages72 and 7,b7 may extend further credit to mortgage servicers for other liquidity needs due to the actual or imminent delinquency or default on mortgage loans due to the ,,covid-#ai emergency4 7#b7 ,non-compliant servicers ,a mortgage servicer shall not be eligible for assistance under paragraph 7#a7 if the provider is in violation of any requirement under this ,act1 and fails to promptly cure any such violation upon notice or discovery thereof4 7#c7 ,payments and purchases ,credit extended under paragraph 7#a77;,a7 shall be in an amount sufficient to-- 7,a7 cover-- 7i7 the pass-through payment of principal and interest to mortgage-backed securities holders2 7ii7 the payment of taxes and insurance to third parties2 and 7iii7 the temporary reimbursement of modification costs and fees due to servicers that will be deferred until such time as a forbearance period terminates1 due in each case on1 or in respect of1 such affected mortgage loans or related mortgage-backed securities2 and 7,b7 purchase affected mortgages from pools of securitized mortgages4 7#d7 ,collateral ,the credit authorized by this section shall be secured by the pledgor's interest in accounts receivable1 loans1 or related interests resulting from the payment advances made on the affected mortgages by the mortgage servicers4 7#e7 ,credit support ,the ,secretary of the ,treasury shall provide credit support to the ,board of ,governors of the ,federal ,reserve ,system for the program required by this section4 7#f7 ,conflict with other laws ,notwithstanding any ,federal or ,state law to the contrary1 the ,federal ,national ,mortgage ,association1 the ,federal ,home ,loan ,mortgage ,corporation1 and the ,government ,national ,mortgage ,association may permit the pledge or grant of a security interest in the pledgor's interest in such accounts receivable or loans or related interests and honor or permit the enforcement of such pledge or grant in accordance with its terms4 7#g7 ,duration ,the extension of credit by the ,board of ,governors of the ,federal ,reserve ,system and credit support from the ,secretary of the ,treasury under this section shall be available until the later of-- 7,a7 #f months after the end of the ,,covid-#ai emergency2 and 7,b7 the date on which on the ,board of ,governors of the ,federal ,reserve ,system and the ,secretary of the ,treasury determine such credit and credit support should no longer be available to address the liquidity concern addressed by this section4 7#h7 ,amendments to ,national ,housing ,act ,section #cjf7;g77#a7 of the ,national ,housing ,act 7#ab ,u4,s4,c4 #agba7;g77#a77 is amended-- 7,a7 by inserting the following new sentence after the fourth sentence in the paragraph3 ,in any case in which 7,i7 the ,president declares a major disaster or emergency for the nation or any area that in either case has been affected by damage or other adverse effects of sufficient severity and magnitude to warrant major disaster assistance under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act or other ,federal law1 7,,ii7 upon request of an ,issuer of any security1 the ,association elects to extend to the ,issuer one or more of the disaster assistance or emergency programs that the ,association determines to be available to account for the ,issuer's failure or anticipated failure to receive from the mortgagor the full amount of principal and interest due1 then 7,,iii7 the ,association may elect not to declare the ,issuer to be in default because of such request for such disaster or emergency assistance42 7,b7 by inserting after the word issued in the sixth sentence1 as redesignated1 the following3 subject to any pledge or grant of security interest of the pledgor's interest in and to any such mortgage or mortgages or any interest therein and the proceeds thereon1 which the ,association may elect to approve22 and 7,c7 by inserting after the word issued in the seventh sentence1 as redesignated1 the following3 1 or 7,d7 its approval and honoring of any pledge or grant of security interest of the pledgor's interest in and to any such mortgage or mortgages or any interest therein and proceeds thereon44 7h7 ,safe harbor 7#a7 ,in general ,notwithstanding any other provision of law1 whenever a servicer of residential mortgages of residential mortgage-backed securities-- 7,a7 grants a borrower relief under section #f7n7 and #f7p7 of the ,real ,estate ,settlement ,procedures ,act of #aigd with respect to a residential mortgage originated before ,april #a1 #bjbj1 including a mortgage held in a securitization or other investment vehicle2 and 7,b7 the servicer or trustee or issuer owes a duty to investors or other parties regarding the standard for servicing such mortgage1 the servicer shall be deemed to have satisfied such a duty1 and the servicer shall not be liable to any party who is owed such a duty and shall not be subject to any injunction1 stay1 or other equitable relief to such party1 based upon its good faith compliance with the provisions of #f7n7 and #f7p7 of the ,real ,estate ,settlement ,procedures ,act of #aigd4 ,any person1 including a trustee or issuer1 who cooperates with a servicer when such cooperation is necessary for the servicer to implement the provisions of #f7n7 and #f7p7 of the ,real ,estate ,settlement ,procedures ,act of #aigd shall be protected from liability in the same manner4 7#b7 ,standard industry practice ,compliance with #f7n7 and #f7p7 of the ,real ,estate ,settlement ,procedures ,act of #aigd during the ,,covid-#ai emergency shall constitute standard industry practice for purposes of all ,federal and ,state laws4 7#c7 ,definitions ,as used in this subsection-- 7,a7 the term servicer has the meaning given that term under section #f7;i77#b7 of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfje7;i77#b772 and 7,b7 the term securitization vehicle has the meaning given that term under section #abi;,a7f77#c7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afci;a7f77#c774 7#d7 ,rule of construction ,no provision of paragraph 7#a7 or 7#b7 shall be construed as affecting the liability of any servicer or person for actual fraud in servicing of a loan or for the violation of a ,state or ,federal law4 7i7 ,post-,pandemic mortgage repayment options ,section #f of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfje71 as amended by subsection 7d71 is further amended by adding at the end the following3 7p7 ,post-,pandemic mortgage repayment options ,with respect to a federally related residential mortgage loan1 before the end of any forbearance provided under subsection 7n71 servicers shall-- 7#a7 evaluate the borrower's ability to return to making regular mortgage payments2 7#b7 if the borrower is able to return to making regular mortgage payments at the end of the forbearance period-- 7,a7 modify the borrower's loan to extend the term for the same period as the length of the forbearance1 with all payments that were not made during the forbearance distributed at the same intervals as the borrower's existing payment schedule and evenly distributed across those intervals1 with no penalties1 late fees1 additional interest accrued beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract in effect at the time the borrower entered into the forbearance1 and with no modification fee charged to the borrower2 7,b7 if the borrower elects to modify the loan to capitalize a resulting escrow shortage or deficiency1 the servicer may modify the borrower's loan by re-amortizing the principal balance and extending the term of the loan sufficient to maintain the regular mortgage payments2 and 7,c7 notify the borrower in writing of the extension1 including provision of a new payment schedule and date of maturity1 and that the borrower shall have the election of prepaying the suspended payments at any time1 in a lump sum or otherwise2 7#c7 if the borrower is financially unable to return to making periodic mortgage payments as provided for in the mortgage contract at the end of the ,,covid-#ai emergency-- 7,a7 evaluate the borrower for all loan modification options1 without regard to whether the borrower has previously requested1 been offered1 or provided a loan modification or other loss mitigation option and without any requirement that the borrower come current before such evaluation or as a condition of eligibility for such modification1 including-- 7i7 further extending the borrower's repayment period2 7ii7 reducing the principal balance of the loan2 or 7iii7 other modification or loss mitigation options available to the servicer under the terms of any investor requirements and existing laws and policies2 and 7,b7 if the borrower qualifies for such a modification1 the service shall offer a loan with such terms as to provide a loan with such terms as to provide an affordable payment1 with no penalties1 late fees1 additional interest beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract in effect at the time the borrower entered into the forbearance1 and with no modification fees charged to the borrower2 and 7#d7 if a borrower is granted a forbearance on payments that would be owed pursuant to a trial loan modification plan-- 7,a7 any forbearance of payments shall not be treated as missed or delinquent payments or otherwise negatively affect the borrower's ability to complete their trial plan2 7,b7 any past due amounts as of the end of the trial period1 including unpaid interest1 real estate taxes1 insurance premiums1 and assessments paid on the borrower's behalf1 will be added to the mortgage loan balance1 but only to the extent that such charges are not fees associated with the granting of the forbearance1 such as late fees1 modification fees1 or unpaid interest from the period of the forbearance beyond the amounts scheduled or calculated as if the borrower made all contractual payments on time and in full under the terms of the mortgage contract in effect at the time the borrower entered into the forbearance2 and 7,c7 if the borrower is unable to resume payments on the trial modification at the end of the forbearance period1 re-evaluate the borrower for all available loan modifications under paragraph #c1 without any requirement that the borrower become current before such evaluation or as a condition of eligibility for such modification4 4 7j7 ,claims of affected investors and other parties ,any action asserting a taking under the ,fifth ,amendment to the ,constitution of the ,united ,states as a result of this subsection shall be brought not later than #ahj days after the end of the ,,covid-#ai emergency4 7k7 ,extension of the ,,gse ,patch ,the ,director of the ,bureau of ,consumer ,financial ,protection shall revise section #ajbf4dc7;e77#d77;iii77,b7 of title #ab1 ,code of ,federal ,regulations1 to extend the sunset of the special rule provided under such section #ajbf4dc7;e77#d7 until ,january #a1 #bjbb1 or such later date as may be determined by the ,bureau4 7l7 ,definitions ,in this section3 7#a7 ,,covid-#ai emergency ,the term ,,covid-#ai emergency means the period that begins upon the date of the enactment of this ,act and ends on the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7#b7 ,manufactured home ,the term manufactured home has the meaning given that term under section #fjc of the ,national ,manufactured ,housing ,construction and ,safety ,standards ,act of #aigd 7#db ,u4,s4,c4 #edjb74 7#c7 ,motor vehicle ,the term motor vehicle has the meaning given that term under ,section #ajbi7;f7 of the ,consumer ,financial ,protection ,act of #bjaj 7#ab ,u4,s4,c4 #eeai7;f774 7#d7 ,residential mortgage loan ,the term residential mortgage loan means any consumer credit transaction that is secured by a mortgage1 deed of trust1 or other equivalent consensual security interest on residence consisting of a single dwelling unit that is occupied by the mortgagor4 #aaj4 ,bankruptcy protections 7a7 ,increasing the homestead exemption 7#a7 ,homestead exemption ,section #ebb of title #aa1 ,united ,states ,code1 is amended-- 7,a7 in subsection 7d77#a71 by striking #ae1jjj and inserting #ajj1jjj2 and 7,b7 by adding at the end the following3 7r7 ,notwithstanding any other provision of applicable nonbankruptcy law1 a debtor in any ,state may exempt from property of the estate the property described in subsection 7d77#a7 not to exceed the value in subsection 7d77#a7 if the exemption for such property permitted by applicable nonbankruptcy law is lower than that amount4 4 7b7 ,effect of missed mortgage payments on discharge ,section #acbh of title #aa1 ,united ,states ,code1 is amended by adding at the end the following3 7i7 ,a debtor shall not be denied a discharge under this section because1 as of the date of discharge1 the debtor did not make #f or fewer payments directly to the holder of a debt secured by real property4 7j7 ,notwithstanding subsections 7a7 and 7b71 upon the debtor's request1 the court shall grant a discharge of all debts provided for in the plan that are dischargeable under subsection 7a7 if the debtor-- 7#a7 has made payments under a confirmed plan for at least #a year2 and 7#b7 is experiencing a loss of income or increase in expenses due1 directly or indirectly1 to the coronavirus disease #bjai 7,,covid-#ai7 pandemic4 4 7c7 ,modification of chapter #ac plan due to hardship caused by ,,covid-#ai pandemic ,section #acbi of title #aa1 ,united ,states ,code1 is amended by adding at end the following3 7d7 7#a7 ,subject to paragraph 7#c71 for cases confirmed prior to the date of enactment of this subsection1 the plan may be modified upon the request of the debtor if-- 7,a7 the debtor is experiencing or has experienced a material financial hardship due1 directly or indirectly1 to the coronavirus disease #bjai 7,,covid-#ai7 pandemic2 and 7,b7 the modification is approved after notice and a hearing4 7#b7 ,a modification under paragraph 7#a7 may include extending the period of time for payments on claims not later than #g years after the date on which the first payment under the original confirmed plan was due4 7#c7 ,sections #acbb7;a71 #acbb7;b71 #acbc7;c71 and the requirements of section #acbe7;a7 shall apply to any modification under paragraph 7#a74 4 7d7 ,applicability 7#a7 ,the amendments made by subsections 7a7 and 7b7 shall apply to any case commenced before1 on1 or after the date of enactment of this ,act4 7#b7 ,the amendment made by subsection 7c7 shall apply to any case for which a plan has been confirmed under section #acbe of title #aa1 ,united ,states ,code1 before the date of enactment of this ,act4 #aaa4 ,debt collection 7a7 ,temporary debt collection moratorium during the ,,covid-#ai emergency period 7#a7 ,in general ,the ,fair ,debt ,collection ,practices ,act 7#ae ,u4,s4,c4 #afib et seq47 is amended by inserting after section #hab the following3 #hab;,a4 ,temporary debt collection moratorium during the ,,covid-#ai emergency period 7a7 ,definitions ,in this section3 7#a7 ,consumer ,the term consumer means any natural person obligated or allegedly obligated to pay any debt4 7#b7 ,,covid-#ai emergency period ,the term ,,covid-#ai emergency period means the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,administration of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7#c7 ,creditor ,the term creditor means any person who offers or extends credit creating a debt or to whom a debt is owed or other obligation of payment4 7#d7 ,debt ,the term debt-- 7,a7 means any past due obligation or alleged obligation of a consumer1 non-profit organization1 or small business to pay money-- 7i7 arising out of a transaction in which the money1 property1 insurance1 or services which are the subject of the transaction are primarily for personal1 family1 business1 non-profit1 or household purposes1 whether or not such obligation has been reduced to judgment2 or 7ii7 owed to a local1 ,state1 or ,federal government2 and 7,b7 does not include federally related mortgages 7as defined under section #c of the ,real ,estate ,settlement ,procedures ,act of #aigd7 unless a deficiency judgment has been made with respect to such federally related mortgage4 7#e7 ,debt collector ,the term debt collector includes a creditor and any person or entity that engages in the collection of debt 7including the ,federal ,government or a ,state government7 whether or not the debt is allegedly owed to or assigned to that person or entity4 7#f7 ,depository institution ,the term depository institution-- 7,a7 has the meaning given that term under section #c of the ,federal ,deposit ,insurance ,act2 and 7,b7 means a ,federal or ,state credit union 7as such terms are defined1 respectively1 under section #aja of the ,federal ,credit ,union ,act47 7#g7 ,non-profit organization ,the term non-profit organization means an organization described in section #eja7;c77#c7 of the ,internal ,revenue ,code of #aihf and exempt from taxation under subsection 7a7 of such section4 7#h7 ,small business ,the term small business has the meaning given the term small business concern under section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb74 7b7 ,prohibitions ,notwithstanding any other provision of law1 during ,,covid-#ai emergency period and the #abj-;day period immediately following1 a debt collector is prohibited from-- 7#a7 capitalizing or adding extra interest or fees triggered by the non-payment of an obligation by a consumer1 small business1 or non-profit organization to the balance of an account2 7#b7 suing or threatening to sue a consumer1 small business1 or non-profit for a past-due debt2 7#c7 continuing litigation initiated before the date of enactment of this section to collect a debt from a consumer1 small business1 or non-profit organization2 7#d7 enforcing a security interest1 including through repossession or foreclosure1 against a consumer1 small business1 or non-profit organization2 7#e7 reporting a past-due debt of a consumer1 small business1 or non-profit organization to a consumer reporting agency2 7#f7 taking or threatening to take any action to enforce collection1 or any adverse action against a consumer1 small business1 or non-profit organization for non-payment or for non-appearance at any hearings related to a debt2 7#g7 except with respect to enforcing an order for child support or spousal support1 initiating or continuing any action to cause or to seek to cause the collection of a debt from wages1 ,federal benefits1 or other amounts due to a consumer1 small business1 or non-profit organization1 by way of garnishment1 deduction1 offset1 or other seizure1 or to cause or seek to cause the collection of a debt by seizing funds from a bank account or any other assets held by such consumer1 small business1 or non-profit organization2 7#h7 in the case of action or collection described under paragraph 7#g7 that was initiated prior to the beginning of the date of such disaster or emergency1 failing to suspend the action or collection until #abj days after the end of the ,,covid-#ai emergency period2 7#i7 upon the termination of the incident period for such disaster or emergency1 failing to extend the time period to pay an obligation by one payment period for each payment that a consumer1 small business1 or non-profit organization missed during the incident period1 with the payments due in the same amounts and at the same intervals as the pre-existing payment schedule of the consumer1 small business1 or non-profit organization 7as applicable7 or1 if the debt has no payment periods1 allow the consumer1 small business1 or non-profit a reasonable time in which to repay the debt in affordable payments2 7#aj7 disconnecting a consumer1 small business1 or non-profit organization from a utility prepaid or post-paid electricity1 natural gas1 telecommunications1 broadband1 water1 or sewer service2 or 7#aa7 exercising a right to set off provision contained in any consumer1 small business1 or non-profit organization account agreement with a depository institution4 7c7 ,violation ,any person who violates a provision of this section shall-- 7#a7 be treated as a debt collector for purposes of section #hac2 and 7#b7 be liable to the consumer1 small business1 or non-profit organization an amount equal to #aj times the damages allowed under section #hac for each such violation4 4 7#b7 ,table of contents amendment ,the table of contents at the beginning of the ,fair ,debt ,collection ,practices ,act 7#ae ,u4,s4,c4 #afib et seq47 is amended by inserting after the item relating to section #hab the following new item3 #hab;,a4 ,temporary debt collection moratorium during the ,,covid-#ai emergency period4 4 7b7 ,confessions of judgment prohibition 7#a7 ,in general ,chapter #b of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afca et seq47 is amended-- 7,a7 by adding at the end the following3 #adj;,b4 ,confessions of judgment prohibition 7a7 ,in general ,during a period described under section #hab;,a7b7 of the ,fair ,debt ,collection ,practices ,act1 no person may directly or indirectly take or receive from another person or seek to enforce an obligation that constitutes or contains a cognovit or confession of judgment 7for purposes other than executory process in the ,state of ,louisiana71 warrant of attorney1 or other waiver of the right to notice and the opportunity to be heard in the event of suit or process thereon4 7b7 ,exemption ,the exemption in section #ajd7a7 shall not apply to this section4 7c7 ,debt defined ,in this section1 the term debt means any obligation of a person to pay to another person money-- 7#a7 regardless of whether the obligation is absolute or contingent1 if the understanding between the parties is that any part of the money shall be or may be returned2 7#b7 that includes the right of the person providing the money to an equitable remedy for breach of performance if the breach gives rise to a right to payment2 and 7#c7 regardless of whether the obligation or right to an equitable remedy described in paragraph 7#b7 has been reduced to judgment or is fixed1 contingent1 matured1 unmatured1 disputed1 undisputed1 secured1 or unsecured4 2 and 7,b7 in the table of contents for such chapter1 by adding at the end the following3 #adj;,b4 ,confessions of judgment prohibition4 4 7#b7 ,conforming amendment ,section #acj7;a7 of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afdj7;a77 is amended by adding at the end the following3 ,for purposes of this section1 the term creditor refers to any person charged with compliance44 #aab4 ,disaster protection for workers' credit 7a7 ,purpose ,the purpose of this section1 and the amendments made by this section1 is to protect consumers' credit from negative impacts as a result of financial hardship due to the coronavirus disease 7,,covid-#ai7 outbreak and future major disasters4 7b7 ,reporting of information during major disasters 7#a7 ,in general ,the ,fair ,credit ,reporting ,act is amended by inserting after section #fje;,b the following3 #fje;,c4 ,reporting of information during major disasters 7a7 ,definitions ,in this section3 7#a7 ,,covid-#ai emergency period ,the term ,,covid-#ai emergency period means the period beginning on the date of enactment of this section and ending on the later of-- 7,a7 #abj days after the date of enactment of this section2 or 7,b7 #abj days after the date of termination by the ,federal ,emergency ,management ,administration of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7#b7 ,covered major disaster period ,the term covered major disaster period means-- 7,a7 the period beginning on the date on which a major disaster is declared by the ,president under section #dja of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eagj71 under which assistance is authorized under section #djh of such ,act 7#db ,u4,s4,c4 #eagd71 and ending on the date that is #abj days after the end of the incident period designated in such declaration2 or 7,b7 the period ending #abj days after the date of termination by the ,federal ,emergency ,management ,administration of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7#c7 ,major disaster ,the term major disaster means a major disaster declared by the ,president under section #dja of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eagj71 under which assistance is authorized under section #djh of such ,act 7#db ,u4,s4,c4 #eagd74 7b7 ,moratorium on furnishing adverse information during ,,covid-#ai emergency period ,no person may furnish any adverse item of information 7except information related to a felony criminal conviction7 relating to a consumer that was the result of any action or inaction that occurred during the ,,covid-#ai emergency period4 7c7 ,moratorium on furnishing adverse information during covered major disaster period ,no person may furnish any adverse item of information 7except information related to a felony criminal conviction7 relating to a consumer that was the result of any action or inaction that occurred during a covered major disaster period if the consumer is a resident of the affected area covered by a declaration made by the ,president under section #dja of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eagj71 under which assistance is authorized under section #djh of such ,act 7#db ,u4,s4,c4 #eagd74 7d7 ,information excluded from consumer reports ,in addition to the information described in section #fje7;a71 no consumer reporting agency may make any consumer report containing an adverse item of information 7except information related to a felony criminal conviction7 reported relating to a consumer that was the result of any action or inaction that occurred during the ,,covid-#ai emergency period or a covered major disaster period1 and as applicable under subsection 7f77#c71 for #bgj days after the expiration of the applicable period4 7e7 ,summary of rights ,not later than #fj days after the date of enactment of this subsection1 the ,bureau shall update the model summary of rights under section #fji7;c77#a7 to include a description of the right of a consumer to-- 7#a7 request the deletion of adverse items of information under subsection 7f72 and 7#b7 request a consumer report or score1 without charge to the consumer1 under subsection 7g74 7f7 ,deletion of adverse items of information resulting from the coronavirus disease 7,,covid-#ai7 outbreak and major disasters 7#a7 ,reporting 7,a7 ,in general ,not later than #fj days after the date of enactment of this subsection1 the ,bureau shall create a website for consumers to report1 under penalty of perjury1 economic hardship as a result of the coronavirus disease 7,,covid-#ai7 outbreak or a major disaster 7if the consumer is a resident of the affected area covered by such major disaster7 for the purpose of extending credit report protection for an additional #bgj days after the end of the ,,covid-#ai emergency period or covered major disaster period1 as applicable4 7,b7 ,documentation ,the ,bureau shall-- 7i7 not require any documentation from a consumer to substantiate the economic hardship2 and 7ii7 provide notice to the consumer that a report under subparagraph 7,a7 is under penalty of perjury4 7,c7 ,reporting period ,a consumer may report economic hardship under subparagraph 7,a7 during the ,,covid-#ai emergency period or a covered major disaster period1 as applicable1 and for #fj days thereafter4 7#b7 ,database ,the ,bureau shall establish and maintain a secure database that-- 7,a7 is accessible to each consumer reporting agency described in section #fjc7p7 and nationwide specialty consumer reporting agency for purposes of fulfilling their duties under paragraph 7#c7 to check and automatically delete any adverse item of information 7except information related to a felony criminal conviction7 reported that occurred during the ,,covid-#ai emergency period or a covered major disaster period with respect to a consumer2 and 7,b7 contains the information reported under paragraph 7#a74 7#c7 ,deletion of adverse items of information by nationwide consumer reporting and nationwide specialty consumer reporting agencies 7,a7 ,in general ,each consumer reporting agency described in section #fjc7p7 and each nationwide specialty consumer reporting agency shall1 using the information contained in the database established under paragraph 7#b71 delete from the file of each consumer named in the database each adverse item of information 7except information related to a felony criminal conviction7 that was a result of an action or inaction that occurred during the ,,covid-#ai emergency period or a covered major disaster period up to #bgj days following the end of the such period4 7,b7 ,timeline ,each consumer reporting agency described in section #fjc7p7 and each nationwide specialty consumer reporting agency shall check the database at least weekly and delete adverse items of information as soon as practicable after information that is reported under paragraph 7#a7 appears in the database established under paragraph 7#b74 7#d7 ,request for deletion of adverse items of information 7,a7 ,in general ,a consumer who has filed a report of economic hardship with the ,bureau may submit a request1 without charge to the consumer1 to a consumer reporting agency to delete from the consumer's file an adverse item of information 7except information related to a felony criminal conviction7 that was a result of an action or inaction that occurred during the ,,covid-#ai emergency period or a covered major disaster period up to #bgj days following the end of the such period4 7,b7 ,timing ,a consumer may submit a request under subparagraph 7,a71 not later than #bgj-;day period described in that subparagraph4 7,c7 ,removal and notification ,upon receiving a request under this paragraph to delete an adverse item of information1 a consumer reporting agency shall-- 7i7 delete the adverse item of information 7except information related to a felony criminal conviction7 from the consumer's file2 and 7ii7 notify the consumer and the furnisher of the adverse item of information of the deletion4 7g7 ,free credit report and scores 7#a7 ,in general ,during the ,,covid-#ai emergency period or a covered major disaster period and ending #ab months after the expiration of the ,,covid-#ai emergency period or covered major disaster period1 as applicable1 each consumer reporting agency as described under #fjc7p7 and nationwide specialty consumer reporting agency shall make all disclosures described under section #fji upon request by a consumer1 by mail or online1 without charge to the consumer and without limitation as to the number of requests4 ,a consumer reporting agency shall also supply a consumer1 upon request and without charge1 with a credit score that-- 7,a7 is derived from a credit scoring model that is widely distributed to users by the consumer reporting agency for the purpose of any extension of credit or other transaction designated by the consumer who is requesting the credit score2 or 7,b7 is widely distributed to lenders of common consumer loan products and predicts the future credit behavior of the consumer4 7#b7 ,timing ,a file disclosure or credit score under paragraph 7#a7 shall be provided to the consumer not later than-- 7,a7 #g days after the date on which the request is received if the request is made by mail2 and 7,b7 not later than #ae minutes if the request is made online4 7#c7 ,additional reports ,a file disclosure provided under paragraph 7#a7 shall be in addition to any disclosure requested by the consumer under section #fab7;a74 7#d7 ,prohibition ,a consumer reporting agency that receives a request under paragraph 7#a7 may not request or require any documentation from the consumer that demonstrates that the consumer was impacted by the coronavirus disease 7,,covid-#ai7 outbreak or a major disaster 7except to verify that the consumer resides in an area covered by the major disaster7 as a condition of receiving the file disclosure or score4 7h7 ,posting of rights ,not later than #cj days after the date of enactment of this section1 each consumer reporting agency shall prominently post and maintain a direct link on the homepage of the public website of the consumer reporting agency information relating to the right of consumers to-- 7#a7 request the deletion of adverse items of information 7except information related to a felony criminal conviction7 under subsection 7f72 and 7#b7 request consumer file disclosures and scores1 without charge to the consumer1 under subsection 7g74 7i7 ,ban on reporting medical debt information related to ,,covid-#ai or a major disaster 7#a7 ,furnishing ban ,no person shall furnish adverse information to a consumer reporting agency related to medical debt if such medical debt is with respect to medical expenses related to treatments arising from ,,covid-#ai or a major disaster 7whether or not the expenses were incurred during the ,,covid-#ai emergency period or covered major disaster period74 7#b7 ,consumer report ban ,no consumer reporting agency may make a consumer report containing adverse information related to medical debt if such medical debt is with respect to medical expenses related to treatments arising from ,,covid-#ai or a major disaster 7whether or not the expenses were incurred during the ,,covid-#ai emergency period or covered major disaster period74 7j7 ,credit scoring models ,a person that creates and implements credit scoring models may not treat the absence1 omission1 or deletion of any information pursuant to this section as a negative factor or negative value in credit scoring models created or implemented by such person4 4 7#b7 ,technical and conforming amendment ,the table of contents for the ,fair ,credit ,reporting ,act is amended by inserting after the item relating to section #fje;,b the following3 #fje;,c4 ,reporting of information during major disasters4 4 7c7 ,limitations on new credit scoring models during the ,,covid-#ai emergency and major disasters ,the ,fair ,credit ,reporting ,act 7#ae ,u4,s4,c4 #afha et seq47 is amended-- 7#a7 by adding at the end the following3 #fcj4 ,limitations on new credit scoring models during the ,,covid-#ai emergency and major disasters ,with respect to a person that creates and implements credit scoring models1 such person may not1 during the ,,covid-#ai emergency period or a covered major disaster period 7as such terms are defined under section #fje;,c71 create or implement a new credit scoring model 7including a revision to an existing scoring model7 if the new credit scoring model would identify a significant percentage of consumers as being less creditworthy when compared to the previous credit scoring models created or implemented by such person4 2 and 7#b7 in the table of contents for such ,act1 by adding at the end the following new item3 #fcj4 ,limitations on new credit scoring models during the ,,covid-#ai emergency and major disasters4 4 #aac4 ,student loans 7a7 ,payments for ,federal student loan borrowers as a result of a national emergency 7#a7 ,in general ,part ,g of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhh et seq47 is amended by inserting after section #dic;,d the following3 #dic;,e4 ,payments for student loan borrowers during the ,,covid-#ai national emergency 7a7 ,definitions ,in this section3 7#a7 ,coronavirus ,the term coronavirus has the meaning given the term in section #ejf of the ,coronavirus ,preparedness and ,response ,supplemental ,appropriations ,act1 #bjbj 7,public ,law #aaf-abc74 7#b7 ,income-driven repayment ,the term income-driven repayment means-- 7,a7 income-based repayment authorized under section #dic;,c for loans made1 insured1 or guaranteed under part ,b or part ,d2 or 7,b7 income contingent repayment authorized under section #dee7;e7 for loans made under part ,d4 7#c7 ,involuntary collection ,the term involuntary collection means-- 7,a7 a wage garnishment authorized under section #dhh;,a of this ,act or section #cgbj;,d of title #ca1 ,united ,states ,code2 7,b7 a reduction of tax refund by amount of debt authorized under section #cgbj;,a of title #ca1 ,united ,states ,code2 7,c7 a reduction of any other ,federal benefit payment by administrative offset authorized under section #cgaf of title #ca1 ,united ,states ,code 7including a benefit payment due to an individual under the ,social ,security ,act or any other provision described in subsection 7c77#c77;,a77i7 of such section72 and 7,d7 any other involuntary collection activity1 including any collection activity through which a borrower is compelled to make payments on a private student loan4 7#d7 ,,covid-#ai emergency period ,for purposes of this ,act1 the term ,,covid-#ai emergency period means the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,administration of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7b7 ,,covid-#ai national emergency student loan repayment assistance 7#a7 ,authority ,effective on the date of the enactment of this section1 during the ,,covid-#ai emergency period and the #f-month period immediately following1 the ,secretary of ,education shall for each borrower of a loan made1 insured1 or guaranteed under part ,b1 ,d1 or ,e1 pay the total amount due for such month on the loan1 based on the payment plan selected by the borrower or the borrower's loan status4 7#b7 ,no capitalization of interest ,with respect to any loan in repayment during the ,,covid-#ai national emergency period and the #f-month period immediately following1 interest due on loans made1 insured1 or guaranteed under part ,b1 ,d1 or ,e during such period shall not be capitalized at any time during the ,,covid-#ai national emergency period and the #f-month period immediately following4 7#c7 ,applicability of payments ,any payment made by the ,secretary of ,education under this section shall be considered by the ,secretary of ,education1 or by a lender with respect to a loan made1 insured1 or guaranteed under part ,b-- 7,a7 as a qualifying payment under the public service loan forgiveness program under section #dee7m71 if the borrower would otherwise qualify under such section2 7,b7 in the case of a borrower enrolled in an income-driven repayment plan1 as a qualifying payment for the purpose of calculating eligibility for loan forgiveness for the borrower in accordance with section #dic;,c7b77#g7 or section #dee7;d77#a77;,d71 as the case may be2 and 7,c7 in the case of a borrower in default1 as an on-time monthly payment for purposes of loan rehabilitation pursuant to section #dbh;,f7a74 7#d7 ,reporting to consumer reporting agencies ,during the period in which the ,secretary of ,education is making payments on a loan under paragraph 7#a71 the ,secretary shall ensure that1 for the purpose of reporting information about the loan to a consumer reporting agency1 any payment made by the ,secretary is treated as if it were a regularly scheduled payment made by a borrower4 7#e7 ,notice of payments and program ,not later than #ae days following the date of enactment of this section1 and monthly thereafter during the ,,covid-#ai national emergency period and the #f-month period immediately following1 the ,secretary of ,education shall provide a notice to all borrowers of loans made1 insured1 or guaranteed under part ,b1 ,d1 or ,e-- 7,a7 informing borrowers of the actions taken under this section2 7,b7 providing borrowers with an easily accessible method to opt out of the benefits provided under this section2 and 7,c7 notifying the borrower that the program under this section is a temporary program and will end #f months after the ,,covid-#ai national emergency period ends4 7#f7 ,suspension of involuntary collection ,during the ,,covid-#ai national emergency period and the #f-month period immediately following1 the ,secretary of ,education1 or other holder of a loan made1 insured1 or guaranteed under part ,b1 ,d1 or ,e1 shall immediately take action to halt all involuntary collection related to the loan4 7#g7 ,mandatory forbearance ,during the period in which the ,secretary of ,education is making payments on a loan under paragraph 7#a71 the ,secretary1 or a lender or guaranty agency for a loan made under part ,b1 shall grant the borrower forbearance as follows3 7,a7 ,a temporary cessation of all payments on the loan other than the payments of interest and principal on the loan that are made under paragraph 7#a74 7,b7 ,for borrowers who are delinquent but who are not yet in default before the date on which the ,secretary begins making payments under paragraph 7#a71 the retroactive application of forbearance to address any delinquency4 4 7#b7 ,,ffel amendment ,section #dbh7;c77#h7 of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajgh7;c77#h77 is amended by striking and for which and all that follows through this subsection4 7b7 ,payments for private education loan borrowers as a result of the ,,covid-#ai national emergency ,section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej7 is amended by adding at the end the following new subsection3 7h7 ,,covid-#ai national emergency private education loan repayment assistance 7#a7 ,authority ,effective on the date of the enactment of this section1 for the duration of the ,,covid-#ai emergency period and the #f-month period immediately following1 the ,secretary of the ,treasury shall1 for each borrower of a private education loan1 pay the total amount due for such month on the loan1 based on the payment plan selected by the borrower or the borrower's loan status4 7#b7 ,no capitalization of interest ,with respect to any loan in repayment during the ,,covid-#ai national emergency period and the #f-month period immediately following1 interest due on a private education loan during such period shall not be capitalized at any time during the ,,covid-#ai national emergency period and the #f-month period immediately following4 7#c7 ,reporting to consumer reporting agencies ,during the period in which the ,secretary of the ,treasury is making payments on a loan under paragraph 7#a71 the ,secretary shall ensure that1 for the purpose of reporting information about the loan to a consumer reporting agency1 any payment made by the ,secretary is treated as if it were a regularly scheduled payment made by a borrower4 7#d7 ,notice of payments and program ,not later than #ae days following the date of enactment of this subsection1 and monthly thereafter during the ,,covid-#ai national emergency period and the #f-month period immediately following1 the ,secretary of the ,treasury shall provide a notice to all borrowers of private education loans-- 7,a7 informing borrowers of the actions taken under this subsection2 7,b7 providing borrowers with an easily accessible method to opt out of the benefits provided under this subsection2 and 7,c7 notifying the borrower that the program under this subsection is a temporary program and will end #f months after the ,,covid-#ai national emergency period ends4 7#e7 ,suspension of involuntary collection ,during the ,,covid-#ai national emergency period and the #f-month period immediately following1 the holder of a private education loan shall immediately take action to halt all involuntary collection related to the loan4 7#f7 ,mandatory forbearance ,during the period in which the ,secretary of the ,treasury is making payments on a loan under paragraph 7#a71 the servicer of such loan shall grant the borrower forbearance as follows3 7,a7 ,a temporary cessation of all payments on the loan other than the payments of interest and principal on the loan that are made under paragraph 7#a74 7,b7 ,for borrowers who are delinquent but who are not yet in default before the date on which the ,secretary begins making payments under paragraph 7#a71 the retroactive application of forbearance to address any delinquency4 7#g7 ,data to implement ,holders and servicers of private education loans shall report1 to the satisfaction of the ,secretary of the ,treasury1 the information necessary to calculate the amount to be paid under this section4 7#h7 ,,covid-#ai emergency period defined ,in this subsection1 the term ,,covid-#ai emergency period means the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,administration of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 4 7c7 ,minimum relief for ,federal and private student loan borrowers as a result of the ,,covid-#ai national emergency 7#a7 ,minimum student loan relief as a result of the ,,covid-#ai national emergency ,not later than #bgj days after the last day of the ,,covid-#ai emergency period1 the ,secretaries concerned shall jointly carry out a program under which a qualified borrower1 with respect to the covered loans and private education of loans of such qualified borrower1 shall receive in accordance with paragraph 7#c7 an amount equal to the lesser of the following3 7,a7 ,the total amount of each covered loan and each private education loan of the borrower2 or 7,b7 #aj1jjj4 7#b7 ,notification of borrowers ,not later than #bgj days after the last day of the ,,covid-#ai emergency period1 the ,secretaries concerned shall notify each qualified borrower of-- 7,a7 the requirements to provide loan relief to such borrower under this section2 and 7,b7 the opportunity for such borrower to make an election under paragraph 7#c77;,a7 with respect to the application of such loan relief to the covered loans and private education loans of such borrower4 7#c7 ,distribution of funding 7,a7 ,election by borrower ,not later than #de days after a notice is sent under paragraph 7#b71 a qualified borrower may elect to apply the amount determined with respect to such borrower under paragraph 7#a7 to-- 7i7 any covered loan of the borrower2 7ii7 any private education loan of the borrower2 and 7iii7 any combination of the loans described in clauses 7i7 and 7ii74 7,b7 ,automatic payment 7i7 ,in general ,in the case of a qualified borrower who does not make an election under subparagraph 7,a7 before the date described in such paragraph1 the ,secretaries concerned shall apply the amount determined with respect to such borrower under paragraph 7#a7 in order of the covered loan or private education loan of the qualified borrower with the highest interest rate4 7ii7 ,equal interest rates ,in case of two or more covered loans or private education loans described in clause 7i7 with equal interest rates1 the ,secretaries concerned shall apply the amount determined with respect to such borrower under paragraph 7#a7 first to the loan with the highest principal4 7#d7 ,data to implement 7,a7 ,secretary of education ,contractors of the ,secretary of ,education and lenders and guaranty agencies holding loans made1 insured1 or guaranteed under part ,b shall report1 to the satisfaction of the ,secretary of ,education1 the information necessary to calculate the amount to be applied under paragraph 7#a74 7,b7 ,secretary of treasury ,holders and servicers of private education loans shall report1 to the satisfaction of the ,secretary of the ,treasury1 the information necessary to calculate the amount to be applied under paragraph 7#a74 7#e7 ,memorandum of understanding ,the ,secretaries concerned shall enter into a memorandum of understanding to carry out this subsection4 7#f7 ,definitions ,in this subsection3 7,a7 ,covered loan ,the term covered loan means-- 7i7 a loan made1 insured1 or guaranteed under part ,b of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajga et seq472 7ii7 a loan made under part ,d of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;a et seq472 and 7iii7 a ,federal ,perkins ,loan made pursuant to part ,e of title ,,iv of the ,higher ,education ,act of #aife 7#bj ,u4,s4,c4 #ajhg;aa et seq474 7,b7 ,,covid-#ai emergency period ,the term ,,covid-#ai emergency period means the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,administration of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7,c7 ,private education loan ,the term private education loan has the meaning given the term in section #adj of the ,truth in ,lending ,act 7#ae ,u4,s4,c4 #afej74 7,d7 ,qualified borrower ,the term qualified borrower means a borrower of a covered loan or a private education loan4 7,e7 ,secretaries concerned ,the term ,secretaries concerned means-- 7i7 the ,secretary of ,education1 with respect to covered loans and borrowers of such covered loans2 and 7ii7 the ,secretary of the ,treasury1 with respect to private education loans and borrowers of such private education loans4 7d7 ,income share agreements 7#a7 ,in general ,an individual who entered into an income share agreement to pay for education expenses of the individual shall not be required to make payments under such income share agreement for the duration of the ,,covid-#ai emergency period and the #f-month period immediately following4 7#b7 ,,covid-#ai emergency period ,in this subsection1 the term ,,covid-#ai emergency period means the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,administration of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7e7 ,exclusion from gross income 7#a7 ,in general ,part ,,iii of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after section #aci;,h the following new section3 #aci;,i4 ,student loan payments resulting from the ,,covid-#ai national emergency ,gross income shall not include any payment made on behalf of the taxpayer under section #dic;,e7b77#a7 of the ,higher ,education ,act of #aife1 section #adj7;h7 of the ,truth in ,lending ,act1 or section #aad7;c7 of the ,financial ,protections and ,assistance for ,america's ,consumers1 ,states1 ,businesses1 and ,vulnerable ,populations4 4 7#b7 ,clerical amendment ,the table of sections for part ,,iii of subchapter ,b of chapter #a of the ,internal ,revenue ,code of #aihf is amended by inserting after the item relating to section #aci;,h the following new item3 ,sec4 #aci;,i4 ,student loan payments resulting from the ,,covid-#ai national emergency4 4 7#c7 ,effective date ,the amendments made by this subsection shall apply to taxable years beginning after ,december #ca1 #bjai4 #aad4 ,waiver of in-person appraisal requirements 7a7 ,finding ,the ,congress finds that as the country continues to grapple with the impact of the spread of ,,covid-#ai1 several adjustments are needed to ensure that mortgage processing can continue to function without significant delays1 despite requirements that would otherwise require in-person interactions4 7b7 ,waiver 7#a7 ,in general ,until the end of the ,,covid-#ai emergency1 any appraisal that is conducted for a loan with respect to which applicable law would otherwise require the performance of an interior inspection may be performed without an interior inspection1 if-- 7,a7 an exterior inspection is performed in conjunction with other methods to maximize credibility1 including verifiable contemporaneous video or photographic documentation by the borrower and borrower observations2 and 7,b7 the applicable lender1 guarantor1 regulating agency1 or insurer may order additional services to include an interior inspection at a later date4 7#b7 ,stipulation ,an appraiser conducting an appraisal without an interior inspection pursuant to this section shall stipulate an extraordinary assumption that the property's interior quality1 condition1 and physical characteristics are as described and consistent with the exterior view1 and shall employ all available methods to maximize accuracy while maintaining safety4 7c7 ,rulemaking ,not later than the end of the #a-week period beginning on the date of enactment of this ,act1 the ,federal ,housing ,commissioner of the ,federal ,housing ,agency and the ,director of the ,federal ,housing ,finance ,agency shall issue such rules or guidance as may be necessary to ensure that such agencies1 the ,federal ,home ,loan ,mortgage ,corporation1 the ,federal ,national ,mortgage ,association1 and the ,federal home loan banks make any adjustments to mortgage processing requirements that may be necessary to provide flexibility to avoid in-person interactions while preserving the goals of the programs and consumer protection4 7d7 ,,covid-#ai emergency defined ,in this section1 the term ,,covid-#ai emergency means the period that begins upon the date of the enactment of this ,act and ends on the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 #aae4 ,supplemental funding for community development block grants 7a7 ,funding and allocations 7#a7 ,authorization of appropriations ,there is authorized to be appropriated #ab1jjj1jjj1jjj for assistance in accordance with this section under the community development block grant program under title ,i of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecja et seq474 7#b7 ,initial allocation #f1jjj1jjj1jjj of the amount made available pursuant to paragraph 7#a7 shall be distributed pursuant to section #ajf of such ,act 7#db ,u4,s4,c4 #ecjf7 to grantees and such allocations shall be made within #cj days after the date of the enactment of this ,act4 7#c7 ,subsequent allocation 7,a7 ,in general ,the #f1jjj1jjj1jjj made available pursuant to paragraph 7#a7 that remains after allocation pursuant to paragraph 7#b7 shall be allocated1 not later than #de days after the date of the enactment of this ,act1 directly to ,states to prevent1 prepare for1 and respond to coronavirus within the ,state1 including activities within entitlement and nonentitlement communities1 based on public health needs1 risk of transmission of coronavirus1 number of coronavirus cases compared to the national average1 and economic and housing market disruptions1 and other factors1 as determined by the ,secretary1 using best available data4 7,b7 ,technical assistance ,of the amount referred to in subparagraph 7,a71 #aj1jjj1jjj shall be made available for capacity building and technical assistance to support the use of such amounts to expedite or facilitate infectious disease response4 7#d7 ,direct distribution ,of the amount made available pursuant to paragraph 7#a71 #c1jjj1jjj1jjj shall be distributed directly to ,states and units of general local government1 at the discretion of the ,secretary of ,housing and ,urban ,development 7in this section referred to as the ,secretary71 according to a formula based on factors to be determined by the ,secretary1 prioritizing risk of transmission of coronavirus1 number of coronavirus cases compared to the national average1 and economic and housing market disruptions resulting from coronavirus4 7#e7 ,rolling allocations ,allocations under this subsection may be made on a rolling basis as additional needs develop and data becomes available4 7#f7 ,best available data ,the ,secretary shall make all allocations under this subsection based on the best available data at the time of allocation4 7b7 ,eligible activities ,amounts made available pursuant to subsection 7a7 may be used only for-- 7#a7 eligible activities described in #aje7;a7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecje7;a77 relating to preventing1 preparing for1 or responding to the public health emergency relating to ,coronavirus ,disease #bjai 7,,covid-#ai72 and 7#b7 reimbursement of costs for such eligible activities relating to preventing1 preparing for1 or responding to ,coronavirus ,disease #bjai 7,,covid-#ai7 that were accrued before the date of the enactment of this ,act4 7c7 ,inapplicability of public services cap ,the limitation under paragraph 7#h7 of section #aje7;a7 of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecje7;a77#h77 on the amount that may be used for activities under such paragraph shall not apply with respect to-- 7#a7 amounts made available pursuant to subsection 7a72 and 7#b7 amounts made available in preceding appropriation ,acts for fiscal years #bjai and #bjbj for carrying out title ,i of the ,housing and ,community ,development ,act of #aigd1 to the extent such amounts are used for activities described in subsection 7b7 of this section4 7d7 ,waivers 7#a7 ,in general ,the ,secretary may waive1 or specify alternative requirements for1 any provision of any statute or regulation that the ,secretary administers in connection with the use of amounts made available pursuant to subsection 7a77#a7 and for fiscal years #bjai and #bjbj 7except for requirements related to fair housing1 nondiscrimination1 labor standards1 and the environment71 if the ,secretary finds that good cause exists for the waiver or alternative requirement and such waiver or alternative requirement would not be inconsistent with the overall purpose of title ,i of the ,housing and ,community ,development ,act of #aigd1 including for the purposes of addressing the impact of coronavirus4 7#b7 ,notice ,the ,secretary shall notify the public through the ,federal ,register or other appropriate means #e days before the effective date of any such waiver or alternative requirement in order for such waiver or alternative requirement to take effect4 ,such public notice may be provided on the internet at the appropriate ,government website or through other electronic media1 as determined by the ,secretary4 7e7 ,statements of activities2 comprehensive housing affordability strategies 7#a7 ,inapplicability of requirements ,section #aaf7;b7 of such ,act 7#db ,u4,s4,c4 #ecaf7;b72 relating to submission of final statements of activities not later than ,august #af of a given fiscal year7 and any implementing regulations shall not apply to final statements submitted in accordance with paragraphs 7#b7 and 7#c7 of section #ajd of such ,act 7#db ,u4,s4,c4 #ecjd7;a77 and comprehensive housing affordability strategies submitted in accordance with section #aje of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgje7 for fiscal years #bjai and #bjbj4 7#b7 ,new requirements ,final statements and comprehensive housing affordability strategies shall instead be submitted not later than ,august #af1 #bjba4 7#c7 ,amendments ,notwithstanding subsections 7a77#b71 7a77#c71 and 7c7 of section #ajd of the ,housing and ,community ,development ,act of #aigd 7#db ,u4,s4,c4 #ecjd7 and section #aje of the ,cranston-,gonzalez ,national ,affordable ,housing ,act 7#db ,u4,s4,c4 #abgje71 a grantee may not be required to amend its statement of activities in order to engage in activities to prevent1 prepare1 and respond to coronavirus or the economic and housing disruption caused by it1 but shall make public a report within #ahj days of the end of the crisis which fully accounts for such activities4 7f7 ,public hearings 7#a7 ,inapplicability of in-person hearing requirements ,a grantee may not be required to hold in-person public hearings in connection with its citizen participation plan1 but shall provide citizens with notice and a reasonable opportunity to comment of not less than #ae days4 7#b7 ,virtual public hearings ,during the period that national or local health authorities recommend social distancing and limiting public gatherings for public health reasons1 a grantee may fulfill applicable public hearing requirements for all grants from funds made available pursuant to subsection 7a77#a7 and under the heading ,department of ,housing and ,urban ,development--,community ,planning and ,development--,community ,development ,fund in appropriation ,acts for fiscal years #bjai and #bjbj by carrying out virtual public hearings4 ,any such virtual hearings shall provide reasonable notification and access for citizens in accordance with the grantee's certifications1 timely responses from local officials to all citizen questions and issues1 and public access to all questions and responses4 7g7 ,duplication of benefits ,the ,secretary shall ensure there are adequate procedures in place to prevent any duplication of benefits as defined by section #cab of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eaee7 and act in accordance with section #abaj of the ,disaster ,recovery ,reform ,act of #bjah 7division ,d of ,public ,law #aae-bed2 #acb ,stat4 #cddb7 and section #cab of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eaee74 #aaf4 ,,covid-#ai ,emergency ,housing ,relief 7a7 ,definition of ,,covid-#ai emergency period ,for purposes of this section1 the term ,,covid-#ai emergency period means the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7b7 ,suspension of community service1 work1 presence in unit1 and minimum rent requirements and time limits on assistance 7#a7 ,suspension ,notwithstanding any other provision of law1 during the ,,covid-#ai emergency period1 the following provisions of law and requirements shall not apply3 7,a7 ,section #ab7;c7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;j7c72 relating to community service74 7,b7 ,any work requirement or time limitation on assistance established by a public housing agency participating in the ,moving to ,work demonstration program authorized under section #bjd of the ,departments of ,veterans ,affairs and ,housing and ,urban ,development and ,independent ,agencies ,appropriations ,act1 #aiif 7,public ,law #ajd-acd2 #aaj ,stat4 #acba74 7,c7 ,paragraph 7#c7 of section #c7;a7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;a7a77#c72 relating to minimum rental amount74 7,d7 ,section #ihb4cab of the regulations of the ,secretary of ,housing and ,urban ,development 7#bd ,c4,f4,r4 #ihb4cab2 relating to absence from unit74 7#b7 ,prohibition ,no penalty may be imposed nor any adverse action taken for failure on the part of any tenant of public housing or a dwelling unit assisted under section #h of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7 to comply with the laws and requirements specified in paragraph 7#a7 during the period specified in paragraph 7#a74 7c7 ,housing choice vouchers 7#a7 ,section #h vouchers ,notwithstanding any other provision of law1 the ,secretary of ,housing and ,urban ,development shall provide that-- 7,a7 during the ,,covid-#ai emergency period1 a public housing agency may not terminate the availability to an eligible household of a housing choice voucher under section #h7o7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7o77 for failure to enter into a lease for an assisted dwelling unit2 7,b7 in the case of any eligible household on whose behalf such a housing choice voucher has been made available1 if as of the termination of the ,,covid-#ai emergency period such availability has not terminated 7including by reason of subparagraph 7,a77 and such voucher has not been used to enter into a lease for an assisted dwelling unit1 the public housing agency making such voucher available may not terminate such availability until the expiration of the #fj-;day period beginning upon the termination of the ,,covid-#ai emergency period2 and 7,c7 during the ,,covid-#ai emergency period1 clause 7i7 of section #h7o77#h77;,a7 of the ,united ,states ,housing ,act of #aicg 7#db ,u4,s4,c4 #adcg;f7o77#h7;,a77i72 relating to initial inspection of dwelling units7 shall not apply1 except that in any case in which an inspection of a dwelling unit for which a housing assistance payment is established is not conducted before an assistance payment is made for such dwelling unit-- 7i7 such clause shall be applied by substituting the expiration of the #ij-;day period beginning on the termination of the ,,covid-#ai emergency period 7as such term is defined in section #aag7;a7 of the ,financial ,protections and ,assistance for ,america's ,consumers1 ,states1 ,businesses1 and ,vulnerable ,populations ,act7 for any assistance payment is made2 and 7ii7 the public housing agency shall inform the tenant household and the owner of such dwelling unit of the inspection requirement applicable to such dwelling unit pursuant to clause 7i74 7#b7 ,rural housing vouchers ,notwithstanding any other provision of law1 the ,secretary of ,agriculture shall provide that the same restrictions and requirements applicable under paragraph 7#a7 to voucher assistance under section #h7o7 of the ,united ,states ,housing ,act of #aicg shall apply with respect to voucher assistance under section #edb of the ,housing ,act of #aidi 7#db ,u4,s4,c4 #adijr74 ,in applying such restrictions and requirements1 the ,secretary may take into consideration and provide for any differences between such programs while ensuring that the program under such section #edb is carried out in accordance with the purposes of such restrictions and requirements4 7d7 ,suspension of income reviews ,during the ,,covid-#ai emergency period1 the ,secretary of ,housing and ,urban ,development and the ,secretary of ,agriculture shall waive any requirements under law or regulation requiring review of the income of an individual or household for purposes of assistance under a housing assistance program administered by such ,secretary1 except-- 7#a7 in the case of review of income upon the initial provision of housing assistance2 or 7#b7 if such review is requested by an individual or household due to a loss of income4 7e7 ,authority ,to suspend or delay deadlines ,during the ,,covid-#ai emergency period1 the ,secretary of ,housing and ,urban ,development and the ,secretary of ,agriculture may suspend or delay any deadline relating to public housing agencies or owners of housing assisted under a program administered by such ,secretary1 except any deadline relating to responding to exigent conditions related to health and safety or emergency physical conditions4 7f7 ,suspension of assisted housing scoring activities ,the ,secretary of ,housing and ,urban ,development shall suspend scoring under the ,section #h ,management ,assessment ,program and the ,public ,housing ,assessment ,system during the period beginning upon the date of the enactment of this ,act and ending upon expiration of the #ij-;day period that begins upon the termination of the ,,covid-#ai emergency period4 7g7 ,requirements regarding residual receipts and reserve funds 7#a7 ,suspension of requirement to submit residual receipts to ,,hud ,during the ,,covid-#ai emergency period1 any requirements for owners of federally assisted multifamily housing to remit residual receipts to the ,secretary of ,housing and ,urban ,development shall not apply4 7#b7 ,eligible uses of reserve funds ,during the ,,covid-#ai emergency period1 any costs of an owner of federally assisted multifamily housing for items1 activities1 and services related to responding to coronavirus or ,,covid-#ai shall be considered eligible uses for the reserve fund for replacements for such housing4 #aag4 ,supplemental funding for service coordinators to assist elderly households 7a7 ,in general ,there is authorized to be appropriated #cjj1jjj1jjj for grants under section #fgf of the ,housing and ,community ,development ,act of #aiib 7#db ,u4,s4,c4 #acfcb7 for costs of providing service coordinators for purposes of coordinating services to prevent1 prepare for1 or respond to the public health emergency relating to ,coronavirus ,disease #bjai 7,,covid-#ai74 7b7 ,hiring ,in the hiring of staff using amounts made available pursuant to this section1 grantees shall consider and hire1 at all levels of employment and to the greatest extent possible1 a diverse staff1 including by race1 ethnicity1 gender1 and disability status4 ,each grantee shall submit a report to the ,secretary of ,housing and ,urban ,development describing compliance with the preceding sentence not later than the expiration of the #abj-;day period that begins upon the termination of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7c7 ,one-,time grants ,grants made using amounts made available pursuant to subsection 7a7 shall not be renewable4 7d7 ,one-,year availability ,any amounts made available pursuant to this section that are allocated for a grantee and remaining unexpended upon the expiration of the #ab-month period beginning upon such allocation shall be recaptured by the ,secretary4 #aah4 ,fair housing 7a7 ,definition of ,,covid-#ai emergency period ,for purposes of this section1 the term ,,covid-#ai emergency period means the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7b7 ,fair housing activities 7#a7 ,,fhip2 ,,fhap 7,a7 ,authorization of appropriations ,to ensure that fair housing organizations and ,state and local civil rights agencies have sufficient resources to deal with expected increases in fair housing complaints1 to investigate housing discrimination1 including financial scams that target protected classes associated with or resulting from the ,,covid-#ai pandemic1 and during such pandemic1 there is authorized to be appropriated for contracts1 grants1 and other assistance-- 7i7 #ee1jjj1jjj for the ,fair ,housing ,initiatives ,program under section #efa of the ,housing and ,community ,development ,act of #aihg 7#db ,u4,s4,c4 #cfaf;a72 and 7ii7 #ce1jjj1jjj for the ,fair ,housing ,assistance ,program under the ,fair ,housing ,act 7#db ,u4,s4,c4 #cfja et seq474 ,amounts made available pursuant to this subparagraph may be used by such organizations and agencies to establish the capacity to and to carry out activities and services by telephone and online means1 including for individuals with limited ,english proficiency and individuals with a disability in accordance with requirements under the ,americans ,with ,disabilities ,act of #aiij4 7,b7 ,private enforcement initiative ,in entering into contracts for private enforcement initiatives under #efa7;b7 of the ,housing and ,community ,development ,act of #aihg 7#db ,u4,s4,c4 #cfaf;a7b77 using amounts made available pursuant to subparagraph 7,a77i7 of this subsection1 the ,secretary of ,housing and ,urban ,development shall give priority to applications from qualified fair housing enforcement organizations that have at least #b years of fair housing testing experience4 7,c7 #c-year availability ,any amounts made available pursuant subparagraph 7,a7 that are allocated for a grantee and remain unexpended upon the expiration of the #c-year period beginning upon such allocation shall be recaptured by the ,secretary4 7#b7 ,office of ,fair ,housing and ,equal ,opportunity ,there is authorized to be appropriated #bjj1jjj1jjj for the ,office of ,fair ,housing and ,equal ,opportunity of the ,department of ,housing and ,urban ,development for costs of fully staffing such ,office to ensure robust enforcement of the ,fair ,housing ,act during the ,,covid-#ai pandemic1 including ensuring that-- 7,a7 assistance provided under this ,act is provided and administered in a manner that affirmatively furthers fair housing in accordance with the ,fair ,housing ,act2 7,b7 such ,office has sufficient capacity for intake of housing discrimination complaints by telephone and online mechanisms1 including for individuals with limited ,english proficiency and individuals with a disability in accordance with requirements under the ,americans ,with ,disabilities ,act of #aiij and section #ejd of the ,rehabilitation ,act of #aigc 7#bi ,u4,s4,c4 #gid72 and 7,c7 such ,office has the capacity to respond to all housing discrimination complaints made during the ,,covid-#ai pandemic within time limitations required under law4 ,in the hiring of staff using amounts made available pursuant to this subsection1 the ,secretary of ,housing and ,urban ,development shall consider and hire1 at all levels of employment and to the greatest extent possible1 a diverse staff1 including by race1 ethnicity1 gender1 and disability status4 ,the ,secretary shall submit a report to the ,congress describing compliance with the preceding sentence on a quarterly basis1 for each of the first #d calendar quarters ending after the date of the enactment of this ,act4 7c7 ,fair housing guidance and education 7#a7 ,prohibition of showings ,not later than the expiration of the #cj-;day period beginning on the date of the enactment of this ,act1 the ,secretary of ,housing and ,urban ,development shall issue guidance for owners of dwelling units assisted under housing assistance programs of the ,department prohibiting1 during the ,,covid-#ai emergency period1 of any showings of occupied assisted dwelling units to prospective tenants4 7#b7 ,education ,there is authorized to be appropriated #aj1jjj1jjj for the ,office of ,fair ,housing and ,equal ,opportunity of the ,department of ,housing and ,urban ,development to carry out a national media campaign to educate the public of increased housing rights during ,,covid-#ai emergency period1 that provides that information and materials used in such campaign are available-- 7,a7 in the languages used by communities with limited ,english proficiency2 and 7,b7 to persons with disabilities4 #aai4 ,,hud counseling program authorization 7a7 ,findings ,the ,congress finds the following3 7#a7 ,the spread of ,,covid-#ai1 which is now considered a global pandemic1 is expected to negatively impact the incomes of potentially millions of homeowners1 making it difficult for them to pay their mortgages on time4 7#b7 ,housing counseling is critical to ensuring that homeowners have the resources they need to navigate the loss mitigation options available to them while they are experiencing financial hardship4 7b7 ,authorization ,there is authorized to be appropriated the ,secretary of ,housing and ,urban ,development #gjj1jjj1jjj to carry out counseling services described under section #ajf of the ,housing and ,urban ,development ,act of #aifh 7#ab ,u4,s4,c4 #agjax74 #abj4 ,defense ,production ,act of #aiej 7a7 ,increase in authorizations 7#a7 ,authorizations ,in addition to amounts otherwise authorized to be appropriated1 there is authorized to be appropriated in the aggregate #c1jjj1jjj1jjj for fiscal year #bjbj and #bjba to carry out titles ,i and ,,iii of the ,defense ,production ,act of #aiej to produce medical ventilators1 personal protection equipment1 and other critically needed medical supplies and to carry out any other actions necessary to respond to the ,,covid-#ai emergency4 7#b7 ,carryover funds ,section #cjd7;e7 of the ,defense ,production ,act of #aiej shall not apply at the close of fiscal year #bjbj4 7#c7 ,,covid-#ai emergency ,in this section1 the term ,,covid-#ai emergency means the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7b7 ,strengthening congressional oversight2 public portal 7#a7 ,in general ,not later than three months after the date of enactment of this ,act1 and every three months thereafter1 the ,secretary of ,commerce1 in coordination with the ,secretary of ,health and ,human ,services1 the ,secretary of ,defense1 and any other ,federal department or agency that has utilized authority under title ,i or title ,,iii of the ,defense ,production ,act of #aiej to respond to the ,,covid-#ai emergency1 shall submit a report to the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate-- 7,a7 on the use of such authority and the expenditure of any funds in connection with such authority2 and 7,b7 that includes details of each purchase order made using such authorities1 including the product and amount of product ordered and the entity that fulfilled the contract4 7#b7 ,public availability ,the ,secretary of ,commerce shall place all reports submitted under paragraph 7#a7 on an appropriate website available to the public1 in an easily searchable format4 7#c7 ,sunset ,the requirements under this section shall terminate after the expenditure of all funds appropriated pursuant to the authorizations under subsection 7a74 ,,ii ,assisting ,small ,businesses and ,community ,financial ,institutions #bja4 ,small ,business ,credit ,facility 7a7 ,establishment ,the ,board of ,governors of the ,federal ,reserve ,system shall establish a credit facility to provide loans to small businesses during the ,,covid-#ai emergency4 7b7 ,definitions ,in this section3 7#a7 ,,covid-#ai emergency ,the term ,,covid-#ai emergency means the period that begins upon the date of the enactment of this ,act and ends on the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7#b7 ,small business ,the term small business means-- 7,a7 a small business concern 7as defined under section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb772 7,b7 a family farm2 7,c7 an independent contractor2 and 7,d7 any other class of businesses to which the ,board of ,governors determines loans would promote full employment and price stability4 #bjb4 ,small ,business ,financial ,assistance ,program 7a7 ,in general ,the ,secretary of the ,treasury shall establish a ,small ,business ,financial ,assistance ,program under which the ,secretary shall provide loans and loan guarantees to small businesses4 7b7 ,application ,in making loans and loan guarantees under this section1 the ,secretary shall-- 7#a7 provide a simple application process for borrowers2 and 7#b7 establish clear and easy to understand underwriting standards for such loans4 7c7 ,zero-,interest loans ,loans made by or guaranteed by the ,secretary under this section shall be zero-interest loans1 if the small business receiving such loan does not involuntarily terminate any employee of the small business during the ,,covid-#ai emergency4 7d7 ,advance 7#a7 ,in general ,upon request from an applicant for a loan under this section1 the ,secretary may provide to such applicant an advance1 in cash1 to such applicant4 7#b7 ,amount ,an advance provided under paragraph 7#a7 shall be in an amount equal to the revenue of the applicant for the period beginning ,january #a1 #bjbj1 and ending ,january #ca1 #bjbj4 7#c7 ,procedures 7,a7 ,review ,the ,secretary shall have #a week from the receipt of a request for an advance under paragraph 7#a7 to conduct a risk assessment of the applicant to determine whether to approve or deny such request4 7,b7 ,approval ,if the ,secretary does not deny a request under subparagraph 7,a71 the advance shall be directly deposited into the account identified by the applicant4 7,c7 ,remaining funds ,not later than #d weeks after approving a request of an applicant under subparagraph 7,a71 the ,secretary shall disburse the remaining funds to such applicant4 7e7 ,forgiveness ,if small business that receives a loan or loan guarantee under this section demonstrates to the ,secretary that the number of full-time employees of such small business on the date such small business submitted an application under this section is greater than or equal to the number of full-time employees of such small business on the date that is #a year after the date of such submission1 the ,secretary shall forgive the remaining outstanding principal and interest on such loan or loan guarantee4 7f7 ,funding ,the ,secretary shall use #ej1jjj1jjj1jjj from the ,exchange ,stabilization ,fund1 without further appropriation1 to carry out this section4 7g7 ,definitions ,in this section3 7#a7 ,,covid-#ai emergency ,the term ,,covid-#ai emergency means the period that-- 7,a7 begins on the declaration of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic2 and 7,b7 ends on the termination by the ,federal ,emergency ,management ,agency of such emergency4 7#b7 ,small business ,the term small business means-- 7,a7 a small business concern 7as defined under section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb772 7,b7 a family farm2 and 7,c7 an independent contractor4 #bjc4 ,loan and obligation payment relief for affected small businesses and non-profits 7a7 ,in general 7#a7 ,in general ,during the ,,covid-#ai emergency1 a debt collector may not1 with respect to a debt of a small business or non-profit 7other than debt related to a federally related mortgage loan7-- 7,a7 capitalize unpaid interest2 7,b7 apply a higher interest rate triggered by the nonpayment of a debt to the debt balance2 7,c7 charge a fee triggered by the nonpayment of a debt2 7,d7 sue or threaten to sue for nonpayment of a debt2 7,e7 continue litigation to collect a debt that was initiated before the date of enactment of this section2 7,f7 submit or cause to be submitted a confession of judgment to any court2 7,g7 enforce a security interest through repossession1 limitation of use1 or foreclosure2 7,h7 take or threaten to take any action to enforce collection1 or any adverse action for nonpayment of a debt1 or for nonappearance at any hearing relating to a debt2 7,i7 commence or continue any action to cause or to seek to cause the collection of a debt1 including pursuant to a court order issued before the end of the #abj-;day period following the end of the ,,covid-#ai emergency1 from wages1 ,federal benefits1 or other amounts due to a small business or by way of garnishment1 deduction1 offset1 or other seizure2 7,j7 cause or non-profit seek to cause the collection of a debt1 including pursuant to a court order issued before the end of the #abj-;day period following the end of the ,,covid-#ai emergency1 by levying on funds from a bank account or seizing any other assets of a small business or non-profit2 7,k7 commence or continue an action to evict a small business or non-profit from real or personal property2 or 7,l7 disconnect or terminate service from utility service1 including electricity1 natural gas1 telecommunications or broadband1 water1 or sewer4 7#b7 ,rule of construction ,nothing in this subsection may be construed to prohibit a small business or non-profit from voluntarily paying1 in whole or in part1 a debt4 7#c7 ,repayment period ,after the expiration of the ,,covid-#ai emergency1 with respect to a debt described under paragraph 7#a71 a debt collector-- 7,a7 may not add to the debt balance any interest or fee prohibited by paragraph 7#a72 7,b7 shall1 for credit with a defined term or payment period1 extend the time period to repay the debt balance by #a payment period for each payment that a small business or non-profit missed during the ,,covid-#ai emergency1 with the payments due in the same amounts and at the same intervals as the pre-existing payment schedule2 7,c7 shall1 for an open end credit plan 7as defined under section #ajc of the ,truth in ,lending ,act7 or other credit without a defined term1 allow the small business or non-profit to repay the debt balance in a manner that does not exceed the amounts permitted by formulas under section #agj7;c7 of the ,truth in ,lending ,act and regulations promulgated thereunder2 and 7,d7 shall1 when the small business or non-profit notifies the debt collector1 offer reasonable and affordable repayment plans1 loan modifications1 refinancing1 options with a reasonable time in which to repay the debt4 7#d7 ,communications in connection with the collection of a debt 7,a7 ,in general ,during the ,,covid-#ai emergency1 without prior consent of a small business or non-profit given directly to a debt collector during the ,,covid-#ai emergency1 or the express permission of a court of competent jurisdiction1 a debt collector may only communicate in writing in connection with the collection of any debt 7other than debt related to a federally related mortgage loan74 7,b7 ,required disclosures 7i7 ,in general ,all written communications described under subparagraph 7,a7 shall inform the small business or non-profit that the communication is for informational purposes and is not an attempt to collect a debt4 7ii7 ,requirements ,the disclosure required under clause 7i7 shall be made-- 7,i7 in type or lettering not smaller than #ad-point bold type2 7,,ii7 separate from any other disclosure2 7,,iii7 in a manner designed to ensure that the recipient sees the disclosure clearly2 7,,iv7 in ,english and ,spanish and in any additional languages in which the debt collector communicates1 including the language in which the loan was negotiated1 to the extent known by the debt collector2 and 7,v7 may be provided by first-class mail or electronically1 if the borrower has otherwise consented to electronic communication with the debt collector and has not revoked such consent4 7iii7 ,oral notification ,any oral notification shall be provided in the language the debt collector otherwise uses to communicate with the borrower4 7iv7 ,written translations ,in providing written notifications in languages other than ,english in this ,section1 a debt collector may rely on written translations developed by the ,bureau of ,consumer ,financial ,protection4 7#e7 ,violations 7,a7 ,in general ,any person who violates this section shall be subject to civil liability in accordance with section #hac of the ,fair ,debt ,collection ,practices ,act1 as if the person is a debt collector for purposes of that section4 7,b7 ,predispute arbitration agreements ,notwithstanding any other provision of law1 no predispute arbitration agreement or predispute joint-action waiver shall be valid or enforceable with respect to a dispute brought under this section1 including a dispute as to the applicability of this section1 which shall be determined under ,federal law4 7#f7 ,tolling ,except as provided in paragraph 7#g77;,d71 any applicable time limitations1 including statutes of limitations1 related to a debt under ,federal or ,state law shall be tolled during the ,,covid-#ai emergency4 7#g7 ,claims of affected creditors and debt collectors 7,a7 ,valuation of property ,with respect to any action asserting a taking under the ,fifth ,amendment of the ,constitution of the ,united ,states as a result of this section or seeking a declaratory judgment regarding the constitutionality of this section1 the value of the property alleged to have been taken without just compensation shall be evaluated-- 7i7 with consideration of the likelihood of full and timely payment of the obligation without the actions taken pursuant to this section2 and 7ii7 without consideration of any assistance provided directly or indirectly to the small business or non-profit from other ,federal1 ,state1 and local government programs instituted or legislation enacted in response to the ,,covid-#ai emergency4 7,b7 ,scope of just compensation ,in an action described in subparagraph 7,a71 any assistance or benefit provided directly or indirectly to the person from other ,federal1 ,state1 and local government programs instituted in or legislation enacted response to the ,,covid-#ai emergency1 shall be deemed to be compensation for the property taken1 even if such assistance or benefit is not specifically provided as compensation for property taken by this section4 7,c7 ,appeals ,any appeal from an action under this section shall be treated under section #aeh of title #bh1 ,united ,states ,code1 as if it were an appeal in a case under title #aa1 ,united ,states ,code4 7,d7 ,repose ,any action asserting a taking under the ,fifth ,amendment to the ,constitution of the ,united ,states as a result of this section shall be brought within not later than #ahj days after the end of the ,,covid-#ai emergency4 7#h7 ,definitions ,in this section3 7,a7 ,,covid-#ai emergency ,the term ,,covid-#ai emergency means the period that begins upon the date of the enactment of this ,act and ends on the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7,b7 ,creditor ,the term creditor means-- 7i7 any person who offers or extends credit creating a debt or to whom a debt is owed or other obligation for payment2 7ii7 any lessor of real or personal property2 or 7iii7 any provider of utility services4 7,c7 ,debt ,the term debt-- 7i7 means any obligation or alleged obligation-- 7,i7 for which the original agreement1 or if there is no agreement1 the original obligation to pay was created before or during the ,,covid-#ai emergency1 whether or not such obligation has been reduced to judgment2 and 7,,ii7 that arises out of a transaction with a small business or non-profit2 and 7ii7 does not include a federally related mortgage loan4 7,d7 ,debt collector ,the term debt collector means a creditor1 and any person or entity that engages in the collection of debt1 including the ,federal ,government and a ,state government1 irrespective of whether the debt is allegedly owed to or assigned to that person or to the entity4 7,e7 ,federally related mortgage loan ,the term federally related mortgage loan has the meaning given that term under section #c of the ,real ,estate ,settlement ,procedures ,act of #aigd 7#ab ,u4,s4,c4 #bfjb74 7,f7 ,non-profit ,the term non-profit means an organization described in section #eja7;c77#c7 of the ,internal ,revenue ,code of #aihf and exempt from taxation under section #eja7;a7 of such ,code4 7,g7 ,small business ,the term small business has the meaning given the term small business concern under section #c of the ,small ,business ,act4 7b7 ,credit facility for other purposes ,the ,board of ,governors of the ,federal ,reserve ,system shall establish a facility that the ,board of ,governors shall use to make payments to holders of loans or obligations to compensate such holders for documented financial losses-- 7#a7 with respect to a loan or obligation made to an individual1 small business1 or non-profit2 and 7#b7 where such losses were caused by a suspension of payments required under ,federal law in connection with the ,,covid-#ai emergency4 #bjd4 ,reauthorization of the ,state ,small ,business ,credit ,initiative ,act of #bjaj ,the ,state ,small ,business ,credit ,initiative ,act of #bjaj 7#ae ,u4,s4,c4 #egja et seq47 is amended-- 7#a7 by striking #bjji allocation each place such term appears and inserting #bjai allocation2 7#b7 by striking #bjaj allocation each place such term appears and inserting #bjbj allocation2 7#c7 by striking date of enactment of this ,act each place it appears and inserting date of the enactment of the ,small ,business ,support and ,access to ,capital ,act of #bjbj2 7#d7 by striking date of the enactment of this ,act each place it appears and inserting date of the enactment of the ,small ,business ,support and ,access to ,capital ,act of #bjbj2 7#e7 in section #cjjc7;b77#b7-- 7,a7 in the section heading1 by striking #bjji allocation formula and inserting striking #bjai allocation formula2 7,b7 by striking #bjjh ,state employment decline each place such term appears and inserting #bjah ,state employment decline2 7,c7 in subparagraph 7,a71 by striking #bjji allocation and inserting #bjai allocation2 and 7,d7 in subparagraph 7,c7-- 7i7 in the subparagraph heading1 by striking #bjjh ,state employment decline defined and inserting #bjah ,state employment decline defined2 7ii7 in clause 7i71 by striking ,december #bjjg and inserting ,december #bjag2 and 7iii7 in clause 7ii71 by striking ,december #bjjh and inserting ,december #bjah2 7#f7 in section #cjjc7;b77#c7-- 7,a7 in the section heading1 by striking #bjaj allocation formula and inserting striking #bjbj allocation formula2 7,b7 by striking #bjji unemployment number each place such term appears and inserting #bjai unemployment number2 and 7,c7 in subparagraph 7,c7-- 7i7 in the subparagraph heading1 by striking #bjji unemployment number defined and inserting #bjai unemployment number defined2 and 7ii7 by striking ,december #bjji and inserting ,december #bjai2 7#g7 in section #cjje7;e71 by striking to the ,secretary a report and inserting to the ,secretary and ,congress a report2 7#h7 in section #cjjg-- 7,a7 in subsection 7a77#a71 by striking to the ,secretary a report and inserting to the ,secretary and ,congress a report2 and 7,b7 in subsection 7b7-- 7i7 by striking ,march #ca1 #bjaa and inserting ,march #ca1 #bjba2 and 7ii7 by striking to the ,secretary and inserting to the ,secretary and ,congress2 and 7#i7 in section #cjji-- 7,a7 in subsection 7b71 by striking #a1ejj1jjj1jjj and inserting #aj1jjj1jjj1jjj2 and 7,b7 in subsection 7c71 by adding at the end the following new sentence3 ,at the end of such period1 any amounts that remain unexpended or unobligated shall be transferred to the ,community ,development ,financial ,institutions ,fund established under section #ajd7;a7 of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid44 #bje4 ,funding of the ,initiative to ,build ,growth ,equity ,funds for ,minority ,businesses 7a7 ,grant ,the ,minority ,business ,development ,agency shall provide a grant of #c1jjj1jjj1jjj to fully implement the ,initiative to ,build ,growth ,equity ,funds for ,minority ,businesses 7the ,initiative2 award number ,,mb#ai,,obd#hjbjaac71 including to use such amounts as capital for the ,equity ,funds4 7b7 ,administrative expenses ,of the amounts provided under subsection 7a71 the grant recipient may use not more than #b4be percent of such amount for administrative expenses1 of which-- 7#a7 not more than #a4e percent per annum may be used for fees to be paid to investment managers for fund investment activities1 including deal sourcing1 due diligence1 investment monitoring1 and investment reporting2 and 7#b7 not more than #j4ge percent per annum may be used for fund administration activities by the grant recipient1 including fund manager evaluation1 selection1 monitoring1 and overall fund program management4 7c7 ,treatment of interest ,notwithstanding any other provision of law1 with the approval of the ,minority ,business ,development ,agency1 grant funds made available under subsection 7a7 may be deposited in interest-bearing accounts pending disbursement1 and any interest which accrues may be retained without returning such interest to the ,treasury of the ,united ,states and interest earned may be obligated and expended for the purposes for which the grant was made available without further appropriation4 7d7 ,reporting and audit requirements 7#a7 ,reporting by recipient ,the grant recipient under this section shall issue a report to the ,minority ,business ,development ,agency every #f months detailing the use of grant funds received under this section and any other information that the ,minority ,business ,development ,agency may require4 7#b7 ,annual report to ,congress ,the ,minority ,business ,development ,agency shall issue an annual report to the ,congress containing the information received under paragraph 7#a7 and an analysis of the implementation of the ,initiative4 7#c7 ,,gao audit ,the ,comptroller ,general of the ,united ,states shall1 every #b years1 carry out an audit of the ,initiative and issue a report to the ,congress and the ,minority ,business ,development ,agency containing the results of such audit4 7#d7 ,fund managers ,fund managers shall annually report on their fund management activities1 including-- 7,a7 fund performance2 7,b7 impacts of capital investments by industry and geography2 7,c7 racial1 ethnic1 and gender demographics of minority businesses receiving capital from the ,initiative2 and 7,d7 any other ancillary and economic benefits of capital investments from the ,initiative4 7e7 ,funding ,there is authorized to be appropriated to the ,minority ,business ,development ,agency #c1jjj1jjj1jjj to make the grant described under subsection 7a74 #bjf4 ,community ,development ,financial ,institutions ,fund supplemental appropriation authorization ,there is authorized to be appropriated #a1jjj1jjj1jjj for fiscal year #bjbj1 for providing financial assistance and technical assistance under subparagraphs 7,a7 and 7,b7 of section #ajh7;a77#a7 of the ,community ,development ,banking and ,financial ,institutions ,act of #aiid 7#ab ,u4,s4,c4 #dgjg7;a77#a771 except that subsections 7d7 and 7e7 of such section #ajh shall not apply to the provision of such assistance4 #bjg4 ,minority depository institution 7a7 ,sense of ,congress on funding the loan-,loss reserve fund for small dollar loans ,the sense of ,congress is the following3 7#a7 ,the ,community ,development ,financial ,institutions ,fund 7the ,,cdfi ,fund7 is an agency of the ,department of the ,treasury1 and was established by the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid4 ,the mission of the ,,cdfi ,fund is to expand economic opportunity for underserved people and communities by supporting the growth and capacity of a national network of community development lenders1 investors1 and financial service providers4 ,a community development financial institution 7a ,,cdfi7 is a specialized financial institution serving low-income communities and a ,community ,development ,entity 7a ,,cde7 is a domestic corporation or partnership that is an intermediary vehicle for the provision of loans1 investments1 or financial counseling in low-income communities4 ,the ,,cdfi ,fund certifies ,c,d,f,is and ,c,d,es4 ,becoming a certified ,,cdfi or ,,cde allows organizations to participate in various ,,cdfi ,fund programs as follows3 7,a7 ,the ,bank ,enterprise ,award ,program1 which provides ,,fdic-insured depository institutions awards for a demonstrated increase in lending and investments in distressed communities and ,c,d,f,is4 7,b7 ,the ,,cdfi ,program1 which provides ,financial and ,technical ,assistance awards to ,c,d,f,is to reinvest in the ,,cdfi1 and to build the capacity of the ,,cdfi1 including financing product development and loan loss reserves4 7,c7 ,the ,native ,american ,,cdfi ,assistance ,program1 which provides ,c,d,f,is and sponsoring entities ,financial and ,technical ,assistance awards to increase lending and grow the number of ,c,d,f,is owned by ,native ,americans to help build capacity of such ,c,d,f,is4 7,d7 ,the ,new ,market ,tax ,credit ,program1 which provides tax credits for making equity investments in ,c,d,es that stimulate capital investments in low-income communities4 7,e7 ,the ,capital ,magnet ,fund1 which provides awards to ,c,d,f,is and non-profit affordable housing organizations to finance affordable housing solutions and related economic development activities4 7,f7 ,the ,bond ,guarantee ,program1 a source of long-term1 patient capital for ,c,d,f,is to expand lending and investment capacity for community and economic development purposes4 7#b7 ,the ,department of the ,treasury is authorized to create multi-year grant programs designed to encourage low-to-moderate income individuals to establish accounts at federally insured banks1 and to improve low-to-moderate income individuals' access to such accounts on reasonable terms4 7#c7 ,under this authority1 grants to participants in ,,cdfi ,fund programs may be used for loan-loss reserves and to establish small-dollar loan programs by subsidizing related losses4 ,these grants also allow for the providing recipients with the financial counseling and education necessary to conduct transactions and manage their accounts4 ,these loans provide low-cost alternatives to payday loans and other nontraditional forms of financing that often impose excessive interest rates and fees on borrowers1 and lead millions of ,americans to fall into debt traps4 ,small-dollar loans can only be made pursuant to terms1 conditions1 and practices that are reasonable for the individual consumer obtaining the loan4 7#d7 ,program participation is restricted to eligible institutions1 which are limited to organizations listed in section #eja7;c77#c7 of the ,internal ,revenue ,code and exempt from tax under #eja7;a7 of such ,code1 federally insured depository institutions1 community development financial institutions and ,state1 local1 or ,tribal government entities4 7#e7 ,since its founding1 the ,,cdfi ,fund has awarded over #c1cjj1jjj1jjj to ,c,d,f,is and ,c,d,es1 allocated #ed1jjj1jjj1jjj in tax credits1 and #a1eaj1jjj1jjj in bond guarantees4 ,according to the ,,cdfi ,fund1 some programs attract as much as #aj in private capital for every #a invested by the ,,cdfi ,fund4 ,the ,administration and the ,congress should prioritize appropriation of funds for the loan loss reserve fund and technical assistance programs administered by the ,community ,development ,financial ,institution ,fund1 as included in the version of the ,financial ,services and ,general ,government ,appropriations ,act1 #bjbj 7,h4,r4 #ccea7 that passed the ,house of ,representatives on ,june #bf1 #bjai4 7b7 ,definitions ,in this section3 7#a7 ,community development financial institution ,the term community development financial institution has the meaning given under section #ajc of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid 7#ab ,u4,s4,c4 #dgjb74 7#b7 ,minority depository institution ,the term minority depository institution has the meaning given under section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note71 as amended by this ,act4 7c7 ,inclusion of women's banks in the definition of minority depository institution ,section #cjh7;b77#a7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended-- 7#a7 by redesignating subparagraphs 7,a71 7,b71 and 7,c7 as clauses 7i71 7ii71 and 7iii71 respectively2 7#b7 by striking means any and inserting the following3 means-- 7,a7 any 2 7#c7 in clause 7iii7 7as so redesignated71 by striking the period at the end and inserting 2 or2 and 7#d7 by inserting at the end the following new subparagraph3 7,b7 any bank described in clause 7i71 7ii71 or 7iii7 of section #ai7;b77#a77;,a7 of the ,federal ,reserve ,act-- 7i7 more than #ej percent of the outstanding shares of which are held by #a or more women2 and 7ii7 the majority of the directors on the board of directors of which are women4 4 7d7 ,establishment of impact bank designation 7#a7 ,in general ,each appropriate ,federal banking agency shall establish a program under which a depository institution with total consolidated assets of less than #aj1jjj1jjj1jjj may elect to be designated as an impact bank if #ej percent or more of the loans extended by such covered bank are extended to low-income borrowers4 7#b7 ,designation ,based on data obtained through examinations1 an appropriate ,federal banking agency shall submit a notification to a depository institution stating that the depository institution qualifies for designation as an impact bank4 7#c7 ,application ,a depository institution that does not receive a notification described in paragraph 7#b7 may submit an application to the appropriate ,federal banking agency demonstrating that the depository institution qualifies for designation as an impact bank4 7#d7 ,additional data or oversight ,a depository institution is not required to submit additional data to an appropriate ,federal banking agency or be subject to additional oversight from such an agency if such data or oversight is related specifically and solely for consideration for a designation as an impact bank4 7#e7 ,removal of designation ,if an appropriate ,federal banking agency determines that a depository institution designated as an impact bank no longer meets the criteria for such designation1 the appropriate ,federal banking agency shall rescind the designation and notify the depository institution of such rescission4 7#f7 ,reconsideration of designation2 appeals ,a depository institution may-- 7,a7 submit to the appropriate ,federal banking agency a request to reconsider a determination that such depository institution no longer meets the criteria for the designation2 or 7,b7 file an appeal in accordance with procedures established by the appropriate ,federal banking agency4 7#g7 ,rulemaking ,not later than #a year after the date of the enactment of this ,act1 the appropriate ,federal banking agencies shall jointly issue rules to carry out the requirements of this subsection1 including by providing a definition of a low-income borrower4 7#h7 ,federal ,deposit ,insurance ,act definitions ,in this subsection1 the terms depository institution and appropriate ,federal banking agency have the meanings given such terms1 respectively1 in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7e7 ,minority ,depository ,institutions ,advisory ,committees 7#a7 ,establishment ,each covered regulator shall establish an advisory committee to be called the ,minority ,depository ,institutions ,advisory ,committee4 7#b7 ,duties ,each ,minority ,depository ,institutions ,advisory ,committee shall provide advice to the respective covered regulator on meeting the goals established by section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 to preserve the present number of covered minority institutions1 preserve the minority character of minority-owned institutions in cases involving mergers or acquisitions1 provide technical assistance1 and encourage the creation of new covered minority institutions4 ,the scope of the work of each such ,minority ,depository ,institutions ,advisory ,committee shall include an assessment of the current condition of covered minority institutions1 what regulatory changes or other steps the respective agencies may be able to take to fulfill the requirements of such section #cjh1 and other issues of concern to minority depository institutions4 7#c7 ,membership 7,a7 ,in general ,each ,minority ,depository ,institutions ,advisory ,committee shall consist of no more than #aj members1 who-- 7i7 shall serve for one two-year term2 7ii7 shall serve as a representative of a depository institution or an insured credit union with respect to which the respective covered regulator is the covered regulator of such depository institution or insured credit union2 and 7iii7 shall not receive pay by reason of their service on the advisory committee1 but may receive travel or transportation expenses in accordance with section #egjc of title #e1 ,united ,states ,code4 7,b7 ,diversity ,to the extent practicable1 each covered regulator shall ensure that the members of ,minority ,depository ,institutions ,advisory ,committee of such agency reflect the diversity of depository institutions4 7#d7 ,meetings 7,a7 ,in general ,each ,minority ,depository ,institutions ,advisory ,committee shall meet not less frequently than twice each year4 7,b7 ,invitations ,each ,minority ,depository ,institutions ,advisory ,committee shall invite the attendance at each meeting of the ,minority ,depository ,institutions ,advisory ,committee of-- 7i7 one member of the majority party and one member of the minority party of the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate2 and 7ii7 one member of the majority party and one member of the minority party of any relevant subcommittees of such committees4 7#e7 ,no termination of advisory committees ,the termination requirements under section #ad of the ,federal ,advisory ,committee ,act 7#e ,u4,s4,c4 app47 shall not apply to a ,minority ,depository ,institutions ,advisory ,committee established pursuant to this subsection4 7#f7 ,definitions ,in this subsection3 7,a7 ,covered regulator ,the term covered regulator means the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 and the ,national ,credit ,union ,administration4 7,b7 ,covered minority institution ,the term covered minority institution means a minority depository institution 7as defined in section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note77 or a minority credit union 7as defined in section #abjd7;c7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi1 as amended by this ,act74 7,c7 ,depository institution ,the term depository institution has the meaning given under section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7,d7 ,insured credit union ,the term insured credit union has the meaning given in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#g7 ,technical amendment ,section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended by adding at the end the following new paragraph3 7#c7 ,depository institution ,the term depository institution means an insured depository institution 7as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 and an insured credit union 7as defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb774 4 7f7 ,federal deposits in minority depository institutions 7#a7 ,in general ,section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended-- 7,a7 by adding at the end the following new subsection3 7d7 ,federal deposits ,the ,secretary of the ,treasury shall ensure that deposits made by ,federal agencies in minority depository institutions and impact banks are fully collateralized or fully insured1 as determined by the ,secretary4 ,such deposits shall include reciprocal deposits as defined in section #ccg4f7;e77#b77v7 of title #ab1 ,code of ,federal ,regulations 7as in effect on ,march #f1 #bjai74 2 and 7,b7 in subsection 7b71 as amended by section #f7;g71 by adding at the end the following new paragraph3 7#d7 ,impact bank ,the term impact bank means a depository institution designated by an appropriate ,federal banking agency pursuant to section #e of the ,ensuring ,diversity in ,community ,banking ,act of #bjbj4 4 7#b7 ,technical amendments ,section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #adfc note7 is amended-- 7,a7 in the matter preceding paragraph 7#a71 by striking section-- and inserting section32 and 7,b7 in the paragraph heading for paragraph 7#a71 by striking financial and inserting depository4 7g7 ,minority ,bank ,deposit ,program 7#a7 ,in general ,section #abjd of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi 7#ab ,u4,s4,c4 #ahaa note7 is amended to read as follows3 #abjd4 ,expansion of use of minority banks and minority credit unions 7a7 ,minority ,bank ,deposit ,program 7#a7 ,establishment ,there is established a program to be known as the ,minority ,bank ,deposit ,program to expand the use of minority banks and minority credit unions4 7#b7 ,administration ,the ,secretary of the ,treasury1 acting through the ,fiscal ,service1 shall-- 7,a7 on application by a depository institution or credit union1 certify whether such depository institution or credit union is a minority bank or minority credit union2 7,b7 maintain and publish a list of all depository institutions and credit unions that have been certified pursuant to subparagraph 7,a72 and 7,c7 periodically distribute the list described in subparagraph 7,b7 to-- 7i7 all ,federal departments and agencies2 7ii7 interested ,state and local governments2 and 7iii7 interested private sector companies4 7#c7 ,inclusion of certain entities on list ,a depository institution or credit union that1 on the date of the enactment of this section1 has a current certification from the ,secretary of the ,treasury stating that such depository institution or credit union is a minority bank or minority credit union shall be included on the list described under paragraph 7#b77;,b74 7b7 ,expanded ,use ,among ,federal ,departments and ,agencies 7#a7 ,in general ,not later than #a year after the establishment of the program described in subsection 7a71 the head of each ,federal department or agency shall develop and implement standards and procedures to ensure1 to the maximum extent possible as permitted by law1 the use of minority banks and minority credit unions to serve the financial needs of each such department or agency4 7#b7 ,report to ,congress ,not later than #b years after the establishment of the program described in subsection 7a71 and annually thereafter1 the head of each ,federal department or agency shall submit to ,congress a report on the actions taken to increase the use of minority banks and minority credit unions to serve the financial needs of each such department or agency4 7c7 ,definitions ,for purposes of this section3 7#a7 ,credit union ,the term credit union has the meaning given the term insured credit union in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb74 7#b7 ,depository institution ,the term depository institution has the meaning given the term insured depository institution in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac74 7#c7 ,minority ,the term minority means any ,black ,american1 ,native ,american1 ,hispanic ,american1 or ,asian ,american4 7#d7 ,minority bank ,the term minority bank means a minority depository institution as defined in section #cjh of this ,act4 7#e7 ,minority credit union ,the term minority credit union means any credit union for which more than #ej percent of the membership 7including board members7 of such credit union are minority individuals1 as determined by the ,national ,credit ,union ,administration pursuant to section #cjh of this ,act4 4 7#b7 ,conforming ,amendments ,the following provisions are amended by striking #abjd7;c77#c7 and inserting #abjd7;c73 7,a7 ,section #hjh7;b77#c7 of the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bijg7;b77#c774 7,b7 ,section #dj7;g77#a77;,b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcaq7g77#a77;,b774 7,c7 ,section #gjd;,b7h77#d7 of the ,equal ,credit ,opportunity ,act 7#ae ,u4,s4,c4 #afia;c-#b7;h77#d774 7h7 ,diversity report and best practices 7#a7 ,annual report ,each covered regulator shall submit to ,congress an annual report on diversity including the following3 7,a7 ,data1 based on voluntary self-identification1 on the racial1 ethnic1 and gender composition of the examiners of each covered regulator1 disaggregated by length of time served as an examiner4 7,b7 ,the status of any examiners of covered regulators1 based on voluntary self-identification1 as a veteran4 7,c7 ,whether any covered regulator1 as of the date on which the report required under this subsection is submitted1 has adopted a policy1 plan1 or strategy to promote racial1 ethnic1 and gender diversity among examiners of the covered regulator4 7,d7 ,whether any special training is developed and provided for examiners related specifically to working with banks that serve communities that are predominantly minorities1 low income1 or rural1 and the key focus of such training4 7#b7 ,best practices ,each ,office of ,minority and ,women ,inclusion of a covered regulator shall develop1 provide to the head of the covered regulator1 and make publicly available best practices-- 7,a7 for increasing the diversity of candidates applying for examiner positions1 including through outreach efforts to recruit diverse candidate to apply for entry-level examiner positions2 and 7,b7 for retaining and providing fair consideration for promotions within the examiner staff for purposes of achieving diversity among examiners4 7#c7 ,covered regulator defined ,in this subsection1 the term covered regulator means the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 and the ,national ,credit ,union ,administration4 7i7 ,investments in minority depository institutions and impact banks 7#a7 ,control for certain institutions ,section #g7;j77#h77;,b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahag7;j77#h77;,b77 is amended to read as follows3 7,b7 control means the power1 directly or indirectly-- 7i7 to direct the management or policies of an insured depository institution2 or 7ii7 7,i7 with respect to an insured depository institution1 of a person to vote #be per centum or more of any class of voting securities of such institution2 or 7,,ii7 with respect to an insured depository institution that is an impact bank 7as designated pursuant to section #e of the ,ensuring ,diversity in ,community ,banking ,act of #bjbj7 or a minority depository institution 7as defined in section #cjh7;b7 of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi71 of an individual to vote #cj percent of more of any class of voting securities of such an impact bank or a minority depository institution4 4 7#b7 ,rulemaking ,the appropriate ,federal banking agency 7as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac77 shall jointly issue rules for de novo minority depository institutions and de novo impact banks 7as designated pursuant to section #e7 to allow #c years to meet the capital requirements otherwise applicable to minority depository institutions and impact banks4 7#c7 ,report ,not later than #a year after the date of the enactment of this ,act1 the appropriate ,federal banking agencies shall jointly submit to ,congress a report on-- 7,a7 the principal causes for the low number of de novo minority depository institutions during the #aj-year period preceding the date of the report2 7,b7 the main challenges to the creation of de novo minority depository institutions and de novo impact banks2 and 7,c7 regulatory and legislative considerations to promote the establishment of de novo minority depository institutions and de novo impact banks4 7j7 ,requirement ,to mentor minority depository institutions or community development financial institutions ,to serve as a depositary or financial agent 7#a7 ,in general ,before a large financial institution may be employed as a financial agent of the ,department of the ,treasury or perform any reasonable duties as depositary of public moneys of the ,department of the ,treasury1 the large financial institution shall demonstrate participation as a mentor in a covered mentor-protege program to a protege firm that is a minority depository institution or a community development financial institution4 7#b7 ,report ,not later than #f months after the date of the enactment of this ,act and annually thereafter1 the ,secretary of the ,treasury shall submit to ,congress a report on participants in a covered mentor-protege program1 including an analysis of outcomes of such program4 7#c7 ,procedures ,the ,secretary of the ,treasury shall publish procedures for compliance with the requirements of this subsection for large financial institutions4 7#d7 ,definitions ,in this subsection3 7,a7 ,covered mentor-protege program ,the term covered mentor-protege program means a mentor-protege program established by the ,secretary of the ,treasury pursuant to section #de of the ,small ,business ,act 7#ae ,u4,s4,c4 #fegr74 7,b7 ,large financial institution ,the term large financial institution means any entity-- 7i7 regulated by the ,comptroller of the ,currency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,federal ,deposit ,insurance ,corporation1 or the ,national ,credit ,union ,administration2 and 7ii7 that has total consolidated assets greater than or equal to #ej1jjj1jjj1jjj4 7k7 ,custodial deposit program for covered minority depository institutions and impact banks 7#a7 ,establishment ,the ,secretary of the ,treasury shall establish a custodial deposit program 7in this subsection referred to as the ,program7 under which a covered bank shall receive monthly deposits from a qualifying account4 7#b7 ,application ,a covered bank shall submit to the ,secretary an application to participate in the ,program at such time1 in such manner1 and containing such information as the ,secretary may determine4 7#c7 ,program operations 7,a7 ,designation of custodial entities ,the ,secretary shall designate eligible custodial entities to make monthly deposits with covered banks selected for participation in the ,program on behalf of a qualifying account4 7,b7 ,custodial accounts 7i7 ,in general ,the ,secretary shall establish a custodial deposit account for each qualifying account with the eligible custodial entity designated to make deposits with covered banks for each such qualifying account4 7ii7 ,amount ,the ,secretary shall deposit a total amount not greater than #e percent of a qualifying account into any custodial deposit accounts established under subparagraph 7,a74 7iii7 ,deposits with ,program participants 7,i7 ,monthly deposits ,each month1 each eligible custodial entity designated by the ,secretary shall deposit an amount not greater than the insured amount1 in the aggregate1 from each custodial deposit account1 in a single covered bank4 7,,ii7 ,limitation ,with respect to the funds of an individual qualifying account1 the eligible custodial entity may not deposit an amount greater than the insured amount in a single covered bank4 7,,iii7 ,insured amount defined ,in this clause1 the term insured amount means the amount that is the greater of-- 7aa7 the standard maximum deposit insurance amount 7as defined in section #aa7;a77#a77;,e7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;a77#a77;,e7772 or 7bb7 such higher amount negotiated between the ,secretary and the ,corporation under which the ,corporation will insure all deposits of such higher amount4 7iv7 ,limitations ,the total amount of funds deposited under the ,program in a covered bank may not exceed the lesser of-- 7,i7 #aj percent of the average amount of deposits held by such covered bank in the previous quarter2 or 7,,ii7 #ajj1jjj1jjj4 7,c7 ,interest 7i7 ,in general ,each eligible custodial entity designated by the ,secretary shall-- 7,i7 collect interest from each covered bank in which such custodial entity deposits funds pursuant to subparagraph 7,b72 and 7,,ii7 disburse such interest to the ,secretary each month4 7ii7 ,interest rate ,the rate of any interest collected under this subparagraph may not exceed #ej percent of the discount window primary credit interest rate most recently published on the ,federal ,reserve ,statistical ,release on selected interest rates 7daily or weekly71 commonly referred to as the ,h4#ae release 7commonly known as the ,federal funds rate74 7,d7 ,statements ,each eligible custodial entity designated by the ,secretary shall submit to the ,secretary monthly statements that include the total amount of funds deposited with1 and interest rate received from1 each covered bank by the eligible custodial entity on behalf of qualifying entities4 7,e7 ,records ,the ,secretary shall issue a quarterly report to ,congress and make publicly available a record identifying all covered banks participating in the ,program and amounts deposited under the ,program in covered banks4 7#d7 ,requirements relating to deposits ,deposits made with covered banks under this subsection may not-- 7,a7 be considered by the ,corporation to be funds obtained1 directly or indirectly1 by or through any deposit broker for deposit into #a or more deposit accounts 7as described under section #bi of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahca;f772 or 7,b7 be subject to insurance fees from the ,corporation that are greater than insurance fees for typical demand deposits not obtained1 directly or indirectly1 by or through any deposit broker 7commonly known as core deposits74 7#e7 ,modifications 7,a7 ,in general ,the ,secretary shall provide a #c-month period for public notice and comment before making any material change to the operation of the ,program4 7,b7 ,exception ,the requirements of subparagraph 7,a7 shall not apply if the ,secretary makes a material change to the ,program to comply with safety and soundness standards or other law4 7#f7 ,termination 7,a7 ,by covered bank ,a covered bank selected for participation in the ,program pursuant to paragraph 7#c7 may terminate participation in the ,program by providing the ,secretary a notification #fj days prior to termination4 7,b7 ,by ,secretary ,the ,secretary may terminate the participation of a covered bank in the ,program if the ,secretary determines the covered bank-- 7i7 violated any terms of participation in the ,program2 7ii7 failed to comply with ,federal bank secrecy laws1 as documented in writing by the primary regulator of the covered bank2 7iii7 failed to remain well capitalized2 or 7iv7 failed comply with safety and soundness standards1 as documented in writing by the primary regulator of the covered bank4 7#g7 ,definitions ,in this subsection3 7,a7 ,corporation ,the term ,corporation means the ,federal ,deposit ,insurance ,corporation4 7,b7 ,covered bank ,the term covered bank means-- 7i7 a minority depository institution that is regulated by the ,corporation or the ,national ,credit ,union ,administration that is well capitalized 7as defined in section #ch7;b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao7b7772 or 7ii7 a depository institution designated pursuant to section #e of the ,ensuring ,diversity in ,community ,banking ,act of #bjbj that is well capitalized 7as defined in section #ch7;b7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao7b7774 7,c7 ,eligible custodial entity ,the term eligible custodial entity means-- 7i7 an insured depository institution 7as defined in section #c of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahac772 7ii7 an insured credit union 7as defined in section #aja of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #ageb772 or 7iii7 or a well capitalized ,state-chartered trust company1 designated by the ,secretary under subsection 7k77#c77;,a74 7,d7 ,federal bank secrecy laws ,the term ,federal bank secrecy laws means-- 7i7 section #ba of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b72 7ii7 section #abc of ,public ,law #ia-ejh2 and 7iii7 subchapter ,,ii of chapter #ec of title #ca1 ,united ,states ,code4 7,e7 ,qualifying account ,the term qualifying account means any account established in the ,department of the ,treasury that-- 7i7 is controlled by the ,secretary2 and 7ii7 is expected to maintain a balance greater than #bjj1jjj1jjj for the following calendar month4 7,f7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7,g7 ,well capitalized ,the term well capitalized has the meaning given in section #ch of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahcao74 7l7 ,streamlined community development financial institution applications and reporting 7#a7 ,application processes ,not later than #ab months after the date of the enactment of this ,act and with respect to any person having assets under #c1jjj1jjj1jjj that submits an application for deposit insurance with the ,federal ,deposit ,insurance ,corporation that could also become a community development financial institution1 the ,federal ,deposit ,insurance ,corporation1 in consultation with the ,administrator of the ,community ,development ,financial ,institutions ,fund1 shall-- 7,a7 develop systems and procedures to record necessary information to allow the ,administrator to conduct preliminary analysis for such person to also become a community development financial institution2 and 7,b7 develop procedures to streamline the application and annual certification processes and to reduce costs for such person to become1 and maintain certification as1 a community development financial institution that serves low- and moderate-income neighborhoods 7as defined under the ,community ,reinvestment ,act of #aigg 7#ab ,u4,s4,c4 #bija et seq4774 7#b7 ,report on implementation ,not later than #ah months after the date of the enactment of this ,act1 the ,federal ,deposit ,insurance ,corporation shall submit to ,congress a report describing the systems and procedures required under paragraph 7#a74 7#c7 ,annual report 7,a7 ,in general ,section #ag7;a77#a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahbg7;a77#a77 is amended-- 7i7 in subparagraph 7,e71 by striking and at the end2 7ii7 by redesignating subparagraph 7,f7 as subparagraph 7,g72 and 7iii7 by inserting after subparagraph 7,e7 the following new subparagraph3 7,f7 applicants for deposit insurance that could also become a community development financial institution 7as defined in section #ajc of the ,riegle ,community ,development and ,regulatory ,improvement ,act of #aiid71 a minority depository institution 7as defined in section #cjh of the ,financial ,institutions ,reform1 ,recovery1 and ,enforcement ,act of #aihi71 or an impact bank 7as designated pursuant to section #e of the ,ensuring ,diversity in ,community ,banking ,act of #bjbj72 and 4 7,b7 ,application ,the amendment made by this paragraph shall apply with respect to the first report to be submitted after the date that is #b years after the date of the enactment of this ,act4 7m7 ,task force on lending to small business concerns 7#a7 ,in general ,not later than #f months after the date of the enactment of this ,act1 the ,administrator of the ,small ,business ,administration shall establish a task force to examine methods for improving relationships between the ,small ,business ,administration and community development financial institutions1 minority depository institutions1 and impact bank 7as designated pursuant to section #e of the ,ensuring ,diversity in ,community ,banking ,act of #bjbj7 to increase the volume of loans provided by such institutions to small business concerns 7as defined under section #c of the ,small ,business ,act 7#ae ,u4,s4,c4 #fcb774 7#b7 ,report to ,congress ,not later than #ah months after the establishment of the task force described in paragraph 7#a71 the ,administrator of the ,small ,business ,administration shall submit to ,congress a report on the findings of such task force4 7n7 ,assistance to minority depository institutions and impact banks ,the ,secretary of the ,treasury shall establish a program to provide assistance to a minority depository institution or an impact bank 7as designated pursuant to section #e of the ,ensuring ,diversity in ,community ,banking ,act of #bjbj7 to support growth and development of such minority depository institutions and impact banks1 including by providing assistance with obtaining or converting a charter1 bylaw amendments1 field-of-membership expansion requests1 and online training and resources4 #bjh4 ,loans to ,m,d,is and ,c,d,f,is 7a7 ,in general ,during the ,,covid-#ai emergency period1 the ,board of ,governors of the ,federal ,reserve ,system shall provide zero-interest loans to minority depository institutions and community development financial institutions to help mitigate the economic impact of ,,covid-#ai in low-income1 underserved communities4 7b7 ,asset limitation ,subsection 7a7 shall only apply to minority depository institutions and community development financial institutions with less than #a1jjj1jjj1jjj in assets4 7c7 ,interest ,to resume #ah months after pandemic ,notwithstanding subsection 7a71 the ,board of ,governors shall charge interest on loans made pursuant to subsection 7a7 after the end of the #ah-month period beginning at the end of the ,,covid-#ai emergency period1 at a rate to be determined by the ,board of ,governors based on the interest amount charged under the discount window lending programs4 7d7 ,,covid-#ai pandemic defined ,in this section1 the term ,,covid-#ai emergency period means the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,administration of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 #bji4 ,insurance of transaction accounts 7a7 ,banks and savings associations 7#a7 ,amendments ,section #aa7;a77#a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;a77#a77 is amended-- 7,a7 in subparagraph 7,b7-- 7i7 by striking ,the net amount and inserting the following3 7i7 ,in general ,subject to clause 7ii71 the net amount 2 and 7ii7 by adding at the end the following new clauses3 7ii7 ,authorization for insurance for transaction accounts ,notwithstanding clause 7i71 the ,corporation may fully insure the net amount that any depositor at an insured depository institution maintains in a transaction account4 ,such amount shall not be taken into account when computing the net amount due to such depositor under clause 7i74 7iii7 ,transaction account defined ,for purposes of this subparagraph1 the term transaction account has the meaning given that term under section #ai of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #dfa74 2 and 7,b7 in subparagraph 7,c71 by striking subparagraph 7,b7 and inserting subparagraph 7,b77i74 7#b7 ,prospective repeal ,effective ,january #a1 #bjbb1 section #aa7;a77#a7 of the ,federal ,deposit ,insurance ,act 7#ab ,u4,s4,c4 #ahba7;a77#a771 as amended by paragraph 7#a71 is amended-- 7,a7 in subparagraph 7,b7-- 7i7 by striking deposit4-- and all that follows through clause 7ii71 the net amount and insert deposit4--,the net amount2 and 7ii7 by striking clauses 7ii7 and 7iii72 and 7,b7 in subparagraph 7,c71 by striking subparagraph 7,b77i7 and inserting subparagraph 7,b74 7b7 ,credit unions 7#a7 ,amendments ,section #bjg7k77#a7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghg7k77#a77 is amended-- 7,a7 in subparagraph 7,a7-- 7i7 by striking ,subject to the provisions of paragraph 7#b71 the net amount and inserting the following3 7i7 ,net amount of insurance payable ,subject to clause 7ii7 and the provisions of paragraph 7#b71 the net amount 2 and 7ii7 by adding at the end the following new clauses3 7ii7 ,authorization for insurance for transaction accounts ,notwithstanding clause 7i71 the ,board may fully insure the net amount that any member or depositor at an insured credit union maintains in a transaction account4 ,such amount shall not be taken into account when computing the net amount due to such member or depositor under clause 7i74 7iii7 ,transaction account defined ,for purposes of this subparagraph1 the term transaction account has the meaning given that term under section #ai of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #dfa74 2 and 7,b7 in subparagraph 7,b71 by striking subparagraph 7,a7 and inserting subparagraph 7,a77i74 7#b7 ,prospective repeal ,effective ,january #a1 #bjbb1 section #bjg7k77#a7 of the ,federal ,credit ,union ,act 7#ab ,u4,s4,c4 #aghg7k77#a771 as amended by paragraph 7#a71 is amended-- 7,a7 in subparagraph 7,a7-- 7i7 by striking 7i7 ,net amount of insurance payable4-- and all that follows through paragraph 7#b71 the net amount and inserting ,subject to the provisions of paragraph 7#b71 the net amount2 and 7ii7 by striking clauses 7ii7 and 7iii72 and 7,b7 in subparagraph 7,b71 by striking subparagraph 7,a77i7 and inserting subparagraph 7,a74 7c7 ,,covid-#ai emergency defined ,in this section1 the term ,,covid-#ai emergency means the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 ,,iii ,supporting ,state1 ,territory1 and ,local ,governments #cja4 ,muni ,facility 7a7 ,amendment to authority ,to buy and sell bonds and notes ,section #ad7;b7 of the ,federal ,reserve ,act 7#ab ,u4,s4,c4 #cee7 is amended-- 7#a7 in paragraph 7#a7-- 7,a7 by inserting and during unusual and exigent circumstances1 before bonds issued2 and 7,b7 by striking of #aicc and all that follows through assured revenues2 and 7#b7 by adding at the end the following3 7#c7 ,state defined ,in this section1 the term ,state means each of the several ,states1 the ,district of ,columbia1 each territory and possession of the ,united ,states1 and each federally recognized ,indian ,tribe4 4 7b7 ,federal ,reserve authorization ,to purchase ,,covid-#ai related municipal issuances 7#a7 ,authority ,within seven days after the date of enactment of this subsection1 the ,federal ,reserve ,board of ,governors shall establish a facility to buy and sell1 at home or abroad1 bills1 notes1 bonds1 and warrants that are issued by any ,state or political subdivision thereof between ,march #a1 #bjbj1 and ,july #a1 #bjba1 in order to fund a public health or public service response to the ,,covid-#ai pandemic4 ,the ,board of ,governors of the ,federal ,reserve ,system may extend the authority under this subsection if the ,board determines necessary4 7#b7 ,required purchases ,the ,board of ,governors of the ,federal ,reserve ,system shall establish policies and procedures to require the direct placement of bills1 notes1 bonds1 and warrants described in paragraph 7#a7 with the ,board at an interest cost that does not exceed the ,federal funds rate target for short-term interbank lending1 within seven days after the date of enactment of this section4 7#c7 ,review of spending ,during the #c-year period beginning on the date on which all purchases under this section are completed1 relevant ,federal authorities shall review such purchases to determine if funds were diverted from legitimate public health or public services responses to the ,,covid-#ai pandemic to make such purchase4 ,the relevant ,federal authorities shall take appropriate action based on findings of such review4 7#d7 ,definitions ,in this subsection3 7,a7 ,public health or public service response to the ,,covid-#ai pandemic ,the term public health or public service response to the ,,covid-#ai pandemic means-- 7i7 the purchase1 manufacture1 or delivery of medical equipment1 facilities1 or services-- 7,i7 to treat or quarantine ,,covid-#ai patients2 7,,ii7 to protect first responders interacting with such patients2 or 7,,iii7 to test for ,,covid-#ai infections and track social contacts of patients who have tested positive for the virus2 7ii7 the purchase1 manufacture1 or delivery of basic living supports for individuals who are not ,,covid-#ai patients during periods of voluntary or mandatory social distancing or quarantine designed to prevent the spread of ,,covid-#ai2 or 7iii7 the maintenance and delivery of basic public services to communities responding to the public health or economic effects of the ,,covid-#ai pandemic4 7,b7 ,state ,the term ,state means each of the several ,states1 the ,district of ,columbia1 each territory and possession of the ,united ,states1 and each federally recognized ,indian ,tribe4 #cjb4 ,temporary waiver and reprogramming authority 7a7 ,waiver authority 7#a7 ,in general ,with respect to a covered grant awarded to a ,state1 territory1 or local government by a ,federal financial regulator1 the ,federal financial regulator may1 upon request1 waive any matching or cost-sharing requirements with respect to such grant until ,january #a1 #bjbc4 7#b7 ,requirements for waiver recipients ,a ,state1 territory1 or local government granted a waiver with respect to a grant under subsection 7a7 shall waive any matching or cost-sharing requirements that such government imposes on sub-grantees on such grant until ,january #a1 #bjbc4 7b7 ,reprogramming authority 7#a7 ,in general ,with respect to a covered grant awarded to a ,state1 territory1 or local government by a ,federal financial regulator1 the ,federal financial regulator may1 upon request1 permit the ,state1 territory1 or local government to reprogram awarded grant funds for purposes related to unemployment1 childcare1 and healthcare1 if the majority of normally funded activities under such grant are not in areas related to unemployment1 childcare1 and healthcare4 7#b7 ,consideration for future grants ,any grantee 7or sub-grantee7 with respect to which a ,federal financial regulator allows to reprogram funds under paragraph 7#a7 shall be given priority by such ,federal financial regulator for future awards of the type reprogrammed4 7c7 ,definitions ,in this section3 7#a7 ,covered grants ,the term covered award means a grant-- 7,a7 that was awarded to a ,state1 territory1 or local government before the date of enactment of this ,act and under which the ,state1 territory1 or local government may still receive additional grant amounts2 or 7,b7 with respect to which the period of performance does not expire before ,january #a1 #bjbc4 7#b7 ,federal financial regulator ,the term ,federal financial regulator means the ,board of ,governors of the ,federal ,reserve ,system1 the ,bureau of ,consumer ,financial ,protection1 the ,department of ,housing and ,urban ,development1 the ,department of the ,treasury 7other than the ,internal ,revenue ,service71 the ,federal ,deposit ,insurance ,corporation1 the ,office of the ,comptroller of the ,currency1 the ,national ,credit ,union ,administration1 and the ,securities and ,exchange ,commission4 ,,iv ,promoting ,financial ,stability and ,transparent ,markets #dja4 ,temporary halt to rulemakings unrelated to ,,covid-#ai 7a7 ,in general ,until the end of the #cj-;day period following the end of the ,,covid-#ai emergency period1 the ,federal financial regulators-- 7#a7 may not adopt or amend any rule1 regulation1 guidance1 or order unless such rule1 regulation1 guidance1 or order is directly related to responding to the ,,covid-#ai emergency2 and 7#b7 shall keep open and extend any ongoing public comment period related to a proposed or final rule1 unless such rule is related to responding to the ,,covid-#ai emergency4 7b7 ,notice and sunset of emergency actions ,the ,federal financial regulators shall-- 7#a7 provide the ,committee on ,financial ,services of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs of the ,senate with a notice of any regulatory actions taken during the ,,covid-#ai emergency period1 along with an explanation of how such action was necessary and appropriate in response to the ,,covid-#ai emergency2 and 7#b7 limit the period of effectiveness of any action taken in response to the ,,covid-#ai emergency to be not longer than #ab-months following the end of the ,,covid-#ai emergency period4 7c7 ,voting by regulators ,any action taken pursuant to this section by a ,federal financial regulator headed by a multi-person entity may only be taken by unanimous vote4 7d7 ,definitions ,in this section3 7#a7 ,,covid-#ai emergency period ,for purposes of this ,act1 the term ,,covid-#ai emergency period means the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7#b7 ,federal financial regulator ,in this section1 the term ,federal financial regulator means the ,board of ,governors of the ,federal ,reserve ,system1 the ,bureau of ,consumer ,financial ,protection1 the ,department of ,housing and ,urban ,development1 the ,department of the ,treasury 7other than the ,internal ,revenue ,service71 the ,federal ,deposit ,insurance ,corporation1 the ,federal ,housing ,finance ,agency1 the ,office of the ,comptroller of the ,currency1 the ,national ,credit ,union ,administration1 and the ,securities and ,exchange ,commission4 #djb4 ,temporary ban on stock buybacks 7a7 ,in general ,it shall be unlawful for any issuer1 the securities of which are traded on a national securities exchange1 to purchase securities of the issuer during the period beginning on the date of enactment of this section and ending #abj days after the end of the ,,covid-#ai emergency period4 7b7 ,early termination ,the ,securities and ,exchange ,commission may terminate the prohibition under subsection 7a7 after the end of the ,,covid-#ai emergency period and before the end of the #abj-;day period described under subsection 7a71 if-- 7#a7 the ,commission determines such termination is in the public interest2 and 7#b7 immediately notifies the ,congress and the public of such determination and the reason for such determination1 including on the website of the ,commission4 7c7 ,enforcement2 rulemaking 7#a7 ,in general ,the ,securities and ,exchange ,commission shall have the authority to enforce this ,act and may issue such rules as may be necessary to carry out this ,act4 7#b7 ,commission voting ,any action taken by the ,commission pursuant to this section may only be taken upon a unanimous vote of the commissioners4 7d7 ,definitions ,in this section3 7#a7 ,,covid-#ai emergency period ,the term ,,covid-#ai emergency period means the period that begins upon the date of the enactment of this ,act and ends upon the date of the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7#b7 ,other definitions ,the terms issuer1 national securities exchange1 and security have the meaning given those terms1 respectively1 under section #c of the ,securities ,exchange ,act of #aicd4 #djc4 ,disclosures related to supply chain disruption risk ,section #ac of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm7 is amended by adding at the end the following3 7s7 ,disclosures related to supply chain disruption risk 7#a7 ,in general ,each issuer required to file an annual report under subsection 7a7 shall disclose in that report-- 7,a7 an identification of-- 7i7 the risks in the issuer's sourcing of goods1 labor1 services1 and other supply chain related matters1 including-- 7,i7 risks of dependency upon sole sourcing arrangements or sourcing concentrated in one geographic locality2 7,,ii7 shipping risks2 and 7,,iii7 risks arising from natural disasters1 pandemics1 extreme weather1 armed conflicts1 refugee and related disruptions1 trade conflicts or disruptions1 and labor wage1 safety1 and health care practices2 and 7ii7 the impacts any risk or disruption identified in clause 7i7 would have on the issuer's workforce1 suppliers1 and customers2 7,b7 the issuer's business continuity or other contingency plans that will be implemented in the case of a supply chain disruption in order to mitigate such risks and impacts2 and 7,c7 all other material information4 7#b7 ,updates ,disclosures required under this subsection shall be updated when there are material changes4 4 #djd4 ,disclosures related to global pandemic risk 7a7 ,in general ,section #ac of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #ghm71 as amended by section #djc1 is further amended by adding at the end the following3 7t7 ,disclosures related to global pandemic risk 7#a7 ,in general ,each issuer required to file current reports under subsection 7a7 shall1 in the event the ,world ,health ,organization declares a pandemic1 file a report with the ,commission containing a description of-- 7,a7 the risks and exposures to the issuer related to the pandemic1 including risks to health and worker safety faced by the issuer's employees and independent contractors2 7,b7 the steps the issuer is taking to mitigate such risks and exposures1 including measures to protect the workforce1 including information related to wages1 healthcare1 and leave2 7,c7 a preliminary view on the effect the pandemic may have on the issuer's business1 solvency1 and workforce2 and 7,d7 all other material information4 7#b7 ,updates ,disclosures required under this subsection shall be updated when there are material changes4 7#c7 ,public availability of reports ,the ,commission shall make each report filed to the ,commission under paragraph 7#a7 available to the public1 including on the website of the ,commission4 4 7b7 ,application ,section #ac7t7 of the ,securities ,exchange ,act of #aicd1 as added by subsection 7a71 shall apply to a pandemic declared by the ,world ,health ,organization that is in existence on the date of enactment of this ,act or that is declared after the date of enactment of this ,act4 #dje4 ,oversight of ,federal aid related to ,,covid-#ai 7a7 ,congressional ,,covid-#ai ,aid ,oversight ,panel 7#a7 ,establishment ,there is hereby established the ,congressional ,,covid-#ai ,aid ,oversight ,panel 7hereafter in this subsection referred to as the ,oversight ,panel7 as an establishment in the legislative branch4 7#b7 ,duties ,the ,oversight ,panel shall review the current state of the financial markets and the regulatory system and submit regular reports to ,congress on the following3 7,a7 ,the use of ,federal aid provided during the ,,covid-#ai emergency4 7,b7 ,the impact of ,federal aid related to ,,covid-#ai on the financial markets and financial institutions4 7#c7 ,membership 7,a7 ,in general ,the ,oversight ,panel shall consist of #e members1 as follows3 7i7 ,one member appointed by the ,speaker of the ,house of ,representatives4 7ii7 ,one member appointed by the minority leader of the ,house of ,representatives4 7iii7 ,one member appointed by the majority leader of the ,senate4 7iv7 ,one member appointed by the minority leader of the ,senate4 7v7 ,one member appointed by the ,speaker of the ,house of ,representatives and the majority leader of the ,senate1 after consultation with the minority leader of the ,senate and the minority leader of the ,house of ,representatives4 7,b7 ,pay ,each member of the ,oversight ,panel shall each be paid at a rate equal to the daily equivalent of the annual rate of basic pay for level ,i of the ,executive ,schedule for each day 7including travel time7 during which such member is engaged in the actual performance of duties vested in the ,commission4 7,c7 ,prohibition of compensation of ,federal employees ,members of the ,oversight ,panel who are full-time officers or employees of the ,united ,states or ,members of ,congress may not receive additional pay1 allowances1 or benefits by reason of their service on the ,oversight ,panel4 7,d7 ,travel expenses ,each member shall receive travel expenses1 including per diem in lieu of subsistence1 in accordance with applicable provisions under subchapter ,i of chapter #eg of title #e1 ,united ,states ,code4 7,e7 ,quorum ,four members of the ,oversight ,panel shall constitute a quorum but a lesser number may hold hearings4 7,f7 ,vacancies ,a vacancy on the ,oversight ,panel shall be filled in the manner in which the original appointment was made4 7,g7 ,meetings ,the ,oversight ,panel shall meet at the call of the ,chairperson or a majority of its members4 7#d7 ,staff 7,a7 ,in general ,the ,oversight ,panel may appoint and fix the pay of any personnel as the ,oversight ,panel considers appropriate4 7,b7 ,experts and consultants ,the ,oversight ,panel may procure temporary and intermittent services under section #caji7;b7 of title #e1 ,united ,states ,code4 7,c7 ,staff of agencies ,upon request of the ,oversight ,panel1 the head of any ,federal department or agency may detail1 on a reimbursable basis1 any of the personnel of that department or agency to the ,oversight ,panel to assist it in carrying out its duties under this section4 7#e7 ,powers 7,a7 ,hearings and sessions ,the ,oversight ,panel may1 for the purpose of carrying out this section1 hold hearings1 sit and act at times and places1 take testimony1 and receive evidence as the ,panel considers appropriate and may administer oaths or affirmations to witnesses appearing before it4 7,b7 ,powers of members and agents ,any member or agent of the ,oversight ,panel may1 if authorized by the ,oversight ,panel1 take any action which the ,oversight ,panel is authorized to take by this section4 7,c7 ,obtaining ,official ,data ,the ,oversight ,panel may secure directly from any department or agency of the ,united ,states information necessary to enable it to carry out this section4 ,upon request of the ,chairperson of the ,oversight ,panel1 the head of that department or agency shall furnish that information to the ,oversight ,panel4 7,d7 ,reports ,the ,oversight ,panel shall receive and consider all reports required to be submitted to the ,oversight ,panel under this section4 7#f7 ,authorization of appropriations ,there is authorized to be appropriated to the ,oversight ,panel such sums as may be necessary for any fiscal year1 half of which shall be derived from the applicable account of the ,house of ,representatives1 and half of which shall be derived from the contingent fund of the ,senate4 7#g7 ,sunset ,the ,oversight ,panel established by this subsection shall terminate on the date that is two years following the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7#h7 ,definitions ,in this subsection3 7,a7 ,,covid-#ai emergency ,the term ,,covid-#ai emergency means the period that begins upon the date of the enactment of this ,act and ends one year after the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7,b7 ,federal aid ,the term ,federal aid means any emergency lending provided under section #ac7c7 of the ,federal ,reserve ,act or any ,federal financial support in the form of a grant1 loan1 or loan guarantee4 7b7 ,special ,inspector ,general authority over ,federal aid related to ,,covid-#ai ,section #aba of the ,emergency ,economic ,stabilization ,act of #bjjh 7#ab ,u4,s4,c4 #ebca7 is amended-- 7#a7 in subsection 7k7-- 7,a7 in paragraph 7#a71 by striking or at the end2 7,b7 in paragraph 7#b71 by striking the period at the end and inserting 2 or2 and 7,c7 by adding at the end the following3 7#c7 the date on which all ,federal aid related to the ,,covid-#ai emergency is repaid4 2 and 7#b7 by adding at the end the following3 7l7 ,responsibility with respect to ,federal aid related to ,,covid-#ai 7#a7 ,in general ,the ,special ,inspector ,general shall have the same authority and responsibilities with respect to ,federal aid provided during the ,,covid-#ai emergency as the ,special ,inspector ,general has with respect to financial assistance 7including the purchase of troubled assets7 provided under this title4 7#b7 ,definitions ,in this section3 7,a7 ,,covid-#ai emergency ,the term ,,covid-#ai emergency means the period that begins upon the date of the enactment of this ,act and ends one year after the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 7,b7 ,federal aid ,the term ,federal aid means any emergency lending provided under section #ac7c7 of the ,federal ,reserve ,act or any ,federal financial support in the form of a grant1 loan1 or loan guarantee4 4 #djf4 ,international financial institutions 7a7 ,united ,states participation in1 and contributions to1 the nineteenth replenishment of the resources of the ,international ,development ,association ,the ,international ,development ,association ,act 7#bb ,u4,s4,c4 #bhd et seq47 is amended by adding at the end the following3 #ca4 ,nineteenth replenishment 7a7 ,the ,united ,states ,governor of the ,international ,development ,association is authorized to contribute on behalf of the ,united ,states #c1jjd1bjj1jjj to the nineteenth replenishment of the resources of the ,association1 subject to obtaining the necessary appropriations4 7b7 ,in order to pay for the ,united ,states contribution provided for in subsection 7a71 there are authorized to be appropriated1 without fiscal year limitation1 #c1jjd1bjj1jjj for payment by the ,secretary of the ,treasury4 4 7b7 ,united ,states participation in1 and contributions to1 the fifteenth replenishment of the resources of the ,african ,development ,fund ,the ,african ,development ,fund ,act 7#bb ,u4,s4,c4 #bij;g et seq47 is amended by adding at the end the following3 #bbf4 ,fifteenth replenishment 7a7 ,the ,united ,states ,governor of the ,fund is authorized to contribute on behalf of the ,united ,states #eac1ijj1jjj to the fifteenth replenishment of the resources of the ,fund1 subject to obtaining the necessary appropriations4 7b7 ,in order to pay for the ,united ,states contribution provided for in subsection 7a71 there are authorized to be appropriated1 without fiscal year limitation1 #eac1ijj1jjj for payment by the ,secretary of the ,treasury4 4 7c7 ,united ,states participation in1 and contributions to1 the seventh capital increase for the ,african ,development ,bank ,the ,african ,development ,bank ,act 7#bb ,u4,s4,c4 #bij;i et seq47 is amended by adding at the end the following3 #acde4 ,seventh capital increase 7a7 ,subscription authorized 7#a7 ,the ,united ,states ,governor of the ,bank may subscribe on behalf of the ,united ,states to #ecb1jbc additional shares of the capital stock of the ,bank4 7#b7 ,any subscription by the ,united ,states to the capital stock of the ,bank shall be effective only to such extent and in such amounts as are provided in advance in appropriations ,acts4 7b7 ,limitations on authorization of appropriations 7#a7 ,in order to pay for the increase in the ,united ,states subscription to the ,bank under subsection 7a71 there are authorized to be appropriated1 without fiscal year limitation1 #g1bhf1ehg1jjh for payment by the ,secretary of the ,treasury4 7#b7 ,of the amount authorized to be appropriated under paragraph 7#a7-- 7,a7 #dcg1aij1jaf shall be for paid in shares of the ,bank2 and 7,b7 #f1hdi1cif1iib shall be for callable shares of the ,bank4 4 #djg4 ,conditions on ,federal aid to corporations 7a7 ,requirements on all corporations until ,federal aid related to ,,covid-#ai is repaid ,any corporation that receives ,federal aid related to ,,covid-#ai shall1 until the date on which all such ,federal aid is repaid by the corporation to the ,federal ,government1 comply with the following3 7#a7 ,restrictions on executive bonuses ,the corporation may not pay a bonus to any executive of the corporation4 7#b7 ,ban on executive golden parachutes ,the corporation may not pay any type of compensation 7whether present1 deferred1 or contingent7 to an executive of the corporation1 if such compensation is in connection with the termination of employment of the executive4 7#c7 ,ban on stock buybacks ,the corporation may not purchase securities of the corporation4 7#d7 ,ban on dividends ,the corporation may not pay dividends on securities of the corporation4 7#e7 ,ban on ,federal lobbying ,the corporation may not carry out any ,federal lobbying activities4 7b7 ,permanent requirements on accelerated filers receiving ,federal aid related to ,,covid-#ai 7#a7 ,in general ,an accelerated filer that receives ,federal aid related to ,,covid-#ai shall permanently comply with the following3 7,a7 ,worker board representation 7i7 ,in general ,at least #ac of the members of the accelerated filer's directors are chosen by the employees of the accelerated filer in a one-employee-one-vote election process4 7ii7 ,compliance date ,an accelerated filer shall comply with the requirements under clause 7i7 not later than the end of the #b-year period beginning on the date of enactment of this ,act4 7iii7 ,definitions ,in this subparagraph-- 7,i7 the term director has the meaning given the term in section #c of the ,securities ,exchange ,act of #aicd 7#ae ,u4,s4,c4 #gh;c72 and 7,,ii7 the term employee has the meaning given the term in section #b of the ,national ,labor ,relations ,act 7#bi ,u4,s4,c4 #aeb74 7,b7 ,additional disclosures ,if the securities of the corporation are traded on a national securities exchange1 the corporation shall issue the following disclosures to the ,securities and ,exchange ,commission on a quarterly basis 7and make such disclosures available to shareholders of the corporation and the public73 7i7 ,the political spending disclosures required under paragraph 7#b74 7ii7 ,the human capital management disclosures required under paragraph 7#c74 7iii7 ,the environmental1 social1 and governance disclosures required under paragraph 7#d74 7iv7 ,the ,federal aid disclosures required under paragraph 7#e74 7v7 ,the disclosures of financial performance on a country-by-country basis required under paragraph 7#f74 7#b7 ,political spending disclosures 7,a7 ,in general ,with respect to an accelerated filer1 the disclosures required under this paragraph are-- 7i7 a description of any expenditure for political activities made during the preceding quarter2 7ii7 the date of each expenditure for political activities2 7iii7 the amount of each expenditure for political activities2 7iv7 if the expenditure for political activities was made in support of or opposed to a candidate1 the name of the candidate and the office sought by1 and the political party affiliation of1 the candidate2 7v7 the name or identity of trade associations or organizations described in section #eja7;c7 of the ,internal ,revenue ,code of #aihf and exempt from tax under section #eja7;a7 of such ,code which receive dues or other payments as described in paragraph 7#a77;,a77i77,,iii72 7vi7 a summary of each expenditure for political activities made during the preceding year in excess of #aj1jjj1 and each expenditure for political activities for a particular election if the total amount of such expenditures for that election is in excess of #aj1jjj2 7vii7 a description of the specific nature of any expenditure for political activities the corporation intends to make for the forthcoming fiscal year1 to the extent the specific nature is known to the corporation2 and 7viii7 the total amount of expenditures for political activities intended to be made by the corporation for the forthcoming fiscal year4 7,b7 ,definitions ,in this paragraph3 7i7 ,expenditure for political activities ,the term expenditure for political activities-- 7,i7 means-- 7aa7 an independent expenditure 7as defined in section #cja7ag7 of the ,federal ,election ,campaign ,act of #aiga 7#eb ,u4,s4,c4 #cjaja7ag7772 7bb7 an electioneering communication 7as defined in section #cjd7;f77#c7 of that ,act 7#eb ,u4,s4,c4 #cjajd7;f77#c777 and any other public communication 7as defined in section #cja7bb7 of that ,act 7#eb ,u4,s4,c4 #cjaja7bb777 that would be an electioneering communication if it were a broadcast1 cable1 or satellite communication2 or 7cc7 dues or other payments to trade associations or organizations described in section #eja7;c7 of the ,internal ,revenue ,code of #aihf and exempt from tax under section #eja7;a7 of that ,code that are1 or could reasonably be anticipated to be1 used or transferred to another association or organization for the purposes described in item 7aa7 or 7bb72 and 7,,ii7 does not include-- 7aa7 direct lobbying efforts through registered lobbyists employed or hired by the corporation2 7bb7 communications by a corporation to its shareholders and executive or administrative personnel and their families2 or 7cc7 the establishment and administration of contributions to a separate segregated fund to be utilized for political purposes by a corporation4 7ii7 ,exception ,the term corporation does not include an investment company registered under section #h of the ,investment ,company ,act of #aidj 7#ae ,u4,s4,c4 #hj;a-#h74 7#c7 ,human capital management disclosures ,with respect to an accelerated filer1 the disclosures required under this paragraph are the following3 7,a7 ,workforce demographic information1 including the number of full-time employees1 the number of part-time employees1 the number of contingent workers 7including temporary and contract workers71 and any policies or practices relating to subcontracting1 outsourcing1 and insourcing4 7,b7 ,workforce stability information1 including information about the voluntary turnover or retention rate1 the involuntary turnover rate1 the internal hiring rate1 and the internal promotion rate4 7,c7 ,workforce composition1 including data on diversity 7including racial and gender composition7 and any policies and audits related to diversity4 7,d7 ,workforce skills and capabilities1 including information about training of employees 7including the average number of hours of training and spending on training per employee per year71 skills gaps1 and alignment of skills and capabilities with business strategy4 7,e7 ,workforce culture and empowerment1 including information about-- 7i7 policies and practices of the corporation relating to freedom of association and work-life balance initiatives2 7ii7 any incidents of verified workplace harassment in the previous #e fiscal years of the corporation2 7iii7 policies and practices of the corporation relating to employee engagement and psychological wellbeing1 including management discussion regarding-- 7,i7 the creation of an autonomous work environment2 7,,ii7 fostering a sense of purpose in the workforce2 7,,iii7 trust in management2 and 7,,iv7 a supportive1 fair1 and constructive workplace4 7,f7 ,workforce health and safety1 including information about-- 7i7 the frequency1 severity1 and lost time due to injuries1 illness1 and fatalities2 7ii7 the total dollar value of assessed fines under the ,occupational ,safety and ,health ,act of #aigj2 7iii7 the total number of actions brought under section #ac of the ,occupational ,safety and ,health ,act of #aigj to prevent imminent dangers2 and 7iv7 the total number of actions brought against the corporation under section #aa7;c7 of the ,occupational ,safety and ,health ,act of #aigj4 7,g7 ,workforce compensation and incentives1 including information about-- 7i7 total workforce compensation1 including disaggregated information about compensation for full-time1 part-time1 and contingent workers2 7ii7 policies and practices about how performance1 productivity1 and sustainability are considered when setting pay and making promotion decisions2 and 7iii7 policies and practices relating to any incentives and bonuses provided to employees below the named executive level and any policies or practices designed to counter any risks create by such incentives and bonuses4 7,h7 ,workforce recruiting1 including information about the quality of hire1 new hire engagement rate1 and new hire retention rate4 7#d7 ,environmental1 social1 and governance disclosures ,with respect to an accelerated filer1 the disclosures required under this paragraph are disclosures that satisfy the recommendations of the ,task ,force on ,climate-related ,financial ,disclosures of the ,financial ,stability ,board as reported in ,june1 #bjag4 7#e7 ,federal aid disclosures ,with respect to an accelerated filer1 the disclosure required under this paragraph is a description of how the ,federal aid related to ,,covid-#ai received by the corporation is being used to support the corporation's employees4 7#f7 ,disclosures of financial performance on a country-by-country basis 7,a7 ,in general ,with respect to an accelerated filer1 the disclosures required under this paragraph are the following3 7i7 ,constituent entity information ,information on any constituent entity of the corporation1 including the following3 7,i7 ,the complete legal name of the constituent entity4 7,,ii7 ,the tax jurisdiction1 if any1 in which the constituent entity is resident for tax purposes4 7,,iii7 ,the tax jurisdiction in which the constituent entity is organized or incorporated 7if different from the tax jurisdiction of residence74 7,,iv7 ,the tax identification number1 if any1 used for the constituent entity by the tax administration of the constituent entity's tax jurisdiction of residence4 7,v7 ,the main business activity or activities of the constituent entity4 7ii7 ,tax jurisdiction ,information on each tax jurisdiction in which one or more constituent entities is resident1 presented as an aggregated or consolidated form of the information for the constituent entities resident in each tax jurisdiction1 including the following3 7,i7 ,revenues generated from transactions with other constituent entities4 7,,ii7 ,revenues not generated from transactions with other constituent entities4 7,,iii7 ,profit or loss before income tax4 7,,iv7 ,total income tax paid on a cash basis to all tax jurisdictions4 7,v7 ,total accrued tax expense recorded on taxable profits or losses4 7,,vi7 ,stated capital4 7,,vii7 ,total accumulated earnings4 7,,viii7 ,total number of employees on a full-time equivalent basis4 7,,ix7 ,net book value of tangible assets1 which1 for purposes of this section1 does not include cash or cash equivalents1 intangibles1 or financial assets4 7iii7 ,special rules ,the information listed in clause 7ii7 shall be provided1 in aggregated or consolidated form1 for any constituent entity or entities that have no tax jurisdiction of residence4 ,in addition1 if a constituent entity is an owner of a constituent entity that does not have a jurisdiction of tax residence1 then the owner's share of such entity's revenues and profits will be aggregated or consolidated with the information for the owner's tax jurisdiction of residence4 7,b7 ,definitions ,in this paragraph-- 7i7 the term constituent entity means1 with respect to an accelerated filer1 any separate business entity of the accelerated filer2 7ii7 the term tax jurisdiction-- 7,i7 means a country or a jurisdiction that is not a country but that has fiscal autonomy2 and 7,,ii7 includes a territory or possession of the ,united ,states that has fiscal autonomy4 7c7 ,permanent requirements on all corporations receiving ,federal aid related to ,,covid-#ai ,any corporation that receives ,federal aid related to ,,covid-#ai shall permanently comply with the following3 7#a7 ,paid leave for workers ,the corporation shall provide at least #ad days of paid leave to workers 7employees and contractors1 full-time and part-time7 who-- 7,a7 are unable to telework2 7,b7 need to be isolated or quarantined to prevent the spread of ,,covid-#ai2 or 7,c7 need time off to care for the needs of family members4 7#b7 ,minimum wage ,the corporation shall pay each employee 7full-time and part-time7 of the corporation a wage of not less than #ae an hour1 beginning not later than ,january #a1 #bjba4 7#c7 ,limitation on ,,ceo and executive pay ,the corporation may not have a ,,ceo to median worker pay ratio of greater than #ej to #a and no officer or employee of the corporation may received higher compensation than the chief executive officer 7or any equivalent position74 7d7 ,requirements on all corporations receiving ,federal aid related to ,,covid-#ai until the end of the emergency ,any corporation that receives ,federal aid related to ,,covid-#ai shall1 until the ,,covid-#ai emergency ends1 comply with the following3 7#a7 ,workforce levels and benefits ,the corporation shall maintain at least the same workforce levels and benefits that existed before the ,,covid-#ai emergency4 7#b7 ,maintenance of worker pay ,the corporation shall maintain worker 7employee or contractor1 full-time and part-time7 pay throughout the entire duration of the ,,covid-#ai emergency at or above the pay level the worker was earning before the emergency4 7#c7 ,maintenance of collective bargaining agreements ,the corporation may not alter any collective bargaining agreement that was in place at the beginning of the ,,covid-#ai emergency4 7e7 ,enforcement2 rulemaking ,the ,securities and ,exchange ,commission and the ,secretary of the ,treasury shall have the authority to enforce this section and may issue such rules as may be necessary to carry out this section4 7f7 ,definitions ,in this section3 7#a7 ,accelerated filer ,the ,securities and ,exchange ,commission shall define the term accelerated filer for purposes of this section4 7#b7 ,,ceo to median worker pay ratio ,with respect to an accelerated filer1 the term ,,ceo to median worker pay ratio means the ratio of-- 7,a7 the annual total compensation of the chief executive officer 7or any equivalent position7 of the corporation2 and 7,b7 the median of the annual total compensation of all employees of the corporation1 except the chief executive officer 7or any equivalent position7 of the corporation4 7#c7 ,,covid-#ai emergency ,the term ,,covid-#ai emergency means the period that begins upon the date of the enactment of this ,act and ends upon the termination by the ,federal ,emergency ,management ,agency of the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai74 7#d7 ,federal aid ,the term ,federal aid means any emergency lending provided under section #ac7c7 of the ,federal ,reserve ,act or any ,federal financial support in the form of a grant1 loan1 or loan guarantee4 7#e7 ,s corporation ,the term ,s corporation has the meaning given that term under section #acfa7;a7 of the ,internal ,revenue ,code of #aihf4 7#f7 ,securities terms ,the terms national securities exchange and security have the meaning given those terms1 respectively1 under section #c of the ,securities ,exchange ,act of #aicd4 #djh4 ,authority for warrants and debt instruments 7a7 ,definitions ,in this section3 7#a7 ,asset ,the term asset means any financial instrument that the ,secretary1 after consultation with the ,chairman of the ,board of ,governors of the ,federal ,reserve ,system1 determines the purchase of which or the guarantee of which is necessary to promote economic stability4 7#b7 ,company ,the term company means any entity that is not subject to the prohibitions in subsection 7e74 7#c7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury4 7b7 ,warrant or senior debt instrument ,the ,secretary may not purchase1 or make any commitment to purchase1 or guarantee1 or make any commitment to guarantee1 any asset in response to the coronavirus disease 7,,covid-#ai7 outbreak1 unless the ,secretary receives from the company from which such assets are to be purchased or are to be guaranteed-- 7#a7 in the case of a company1 the securities of which are traded on a national securities exchange1 a warrant giving the right to the ,secretary to receive preferred voting stock2 or 7#b7 in the case of any company other than one described in paragraph 7#a71 a warrant for preferred voting stock1 or a senior debt instrument from such company4 7c7 ,terms and conditions ,the terms and conditions of any warrant or senior debt instrument required under subsection 7b7 shall meet the following requirements3 7#a7 ,purposes ,such terms and conditions shall1 at a minimum1 be designed-- 7,a7 to provide for reasonable participation by the ,secretary1 for the benefit of taxpayers1 in equity appreciation in the case of a warrant or other equity security1 or a reasonable interest rate premium1 in the case of a debt instrument2 and 7,b7 to provide additional protection for the taxpayer against losses from sale of assets by the ,secretary and any associated administrative expenses4 7#b7 ,terms of preferred voting stock ,any preferred voting stock received from a company should include the following terms3 7,a7 ,voting rights ,the ,secretary shall have the right to vote on matters brought before the stockholders generally4 ,the ,secretary shall control a percentage of votes equal to the percentage of the total value of the company the government's share will represent after the investment4 7,b7 ,bankruptcy immunity ,the rights associated with the preferred voting stock shall not be subject to modification1 amendment1 or any change by the bankruptcy laws of the ,united ,states or any other state4 7#c7 ,authority to sell1 exercise1 or surrender 7,a7 ,in general ,for the primary benefit of taxpayers1 the ,secretary may sell1 exercise1 or surrender a warrant or any senior debt instrument received under this section1 based on the conditions established under paragraph 7#a74 7,b7 ,proceeds ,of any proceeds received through the sale1 exercise1 or surrender of any warrant or any senior debt instrument-- 7i7 #fe percent shall be transferred or credited to the ,housing ,trust ,fund established under section #acch of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #defh72 and 7ii7 #ce percent shall be transferred or credited to the ,capital ,magnet ,fund under section #acci of the ,federal ,housing ,enterprises ,financial ,safety and ,soundness ,act of #aiib 7#ab ,u4,s4,c4 #defi74 7#d7 ,conversion ,the warrant shall provide that if1 after the warrant is received by the ,secretary under this section1 the company that issued the warrant is no longer listed or traded on a national securities exchange or securities association1 as described in subsection 7b77#a71 the ,secretary will have an option to convert the warrants to senior debt to ensure that the ,treasury is appropriately compensated for the value of the warrant1 in an amount determined by the ,secretary for the primary benefit of taxpayers4 7#e7 ,protections ,any warrant representing securities to be received by the ,secretary under this section shall contain anti-dilution provisions of the type employed in capital market transactions1 as determined by the ,secretary for the primary benefit of taxpayers4 ,such provisions shall protect the value of the securities from market transactions such as stock splits1 stock distributions1 dividends1 and other distributions1 mergers1 and other forms of reorganization or recapitalization4 7#f7 ,exercise price ,the exercise price for any warrant issued pursuant to this section shall be set by the ,secretary1 for the primary benefit of taxpayers4 7#g7 ,sufficiency ,the company shall guarantee to the ,secretary that it has authorized shares of stock available to fulfill its obligations under this section4 ,should the company not have sufficient authorized shares1 including preferred shares that may carry dividend rights equal to a multiple number of common shares1 the ,secretary may1 to the extent necessary for the primary benefit of taxpayers1 accept a senior debt note in an amount1 and on such terms as will compensate the ,secretary with equivalent value1 in the event that a sufficient shareholder vote to authorize the necessary additional shares cannot be obtained4 7d7 ,exceptions ,the ,secretary may establish an exception to the requirements of this section and appropriate alternative requirements for any participating company that is legally prohibited from issuing securities and debt instruments1 so as not to allow circumvention of the requirements of this section4 7e7 ,prohibitions of ,foreign ,companies 7#a7 ,in general ,the ,secretary may not purchase1 or make any commitment to purchase1 or guarantee1 or make any commitment to guarantee1 any asset in response to the coronavirus disease 7,,covid-#ai7 outbreak from-- 7,a7 any foreign incorporated entity that the ,secretary has determined is an inverted domestic corporation or any subsidiary of such entity2 or 7,b7 any joint venture if more than #aj percent of the joint venture 7by vote or value7 is held by a foreign incorporated entity that the ,secretary has determined is an inverted domestic corporation or any subsidiary of such entity4 7#b7 ,inverted domestic corporation 7,a7 ,in general ,for purposes of this subsection1 a foreign incorporated entity shall be treated as an inverted domestic corporation if1 pursuant to a plan 7or a series of related transactions7-- 7i7 the entity completes on or after ,may #h1 #bjad1 the direct or indirect acquisition of-- 7,i7 substantially all of the properties held directly or indirectly by a domestic corporation2 or 7,,ii7 substantially all of the assets of1 or substantially all of the properties constituting a trade or business of1 a domestic partnership2 and 7ii7 after the acquisition1 either-- 7,i7 more than #ej percent of the stock 7by vote or value7 of the entity is held-- 7aa7 in the case of an acquisition with respect to a domestic corporation1 by former shareholders of the domestic corporation by reason of holding stock in the domestic corporation2 or 7bb7 in the case of an acquisition with respect to a domestic partnership1 by former partners of the domestic partnership by reason of holding a capital or profits interest in the domestic partnership2 or 7,,ii7 the management and control of the expanded affiliated group which includes the entity occurs1 directly or indirectly1 primarily within the ,united ,states1 as determined pursuant to regulations prescribed by the ,secretary1 and such expanded affiliated group has significant domestic business activities4 7,b7 ,exception for corporations with substantial business activities in foreign country of organization 7i7 ,in general ,a foreign incorporated entity described in subparagraph 7,a7 shall not be treated as an inverted domestic corporation if after the acquisition the expanded affiliated group which includes the entity has substantial business activities in the foreign country in which or under the law of which the entity is created or organized when compared to the total business activities of such expanded affiliated group4 7ii7 ,substantial business activities ,the ,secretary shall establish regulations for determining whether an affiliated group has substantial business activities for purposes of clause 7i71 except that such regulations may not treat any group as having substantial business activities if such group would not be considered to have substantial business activities under the regulations prescribed under section #ghgd of the ,internal ,revenue ,code of #aihf1 as in effect on ,january #ah1 #bjag4 7,c7 ,significant domestic business activities 7i7 ,in general ,for purposes of subparagraph 7,a77ii77,,ii71 an expanded affiliated group has significant domestic business activities if at least #be percent of-- 7,i7 the employees of the group are based in the ,united ,states2 7,,ii7 the employee compensation incurred by the group is incurred with respect to employees based in the ,united ,states2 7,,iii7 the assets of the group are located in the ,united ,states2 or 7,,iv7 the income of the group is derived in the ,united ,states4 7ii7 ,determination ,determinations pursuant to clause 7i7 shall be made in the same manner as such determinations are made for purposes of determining substantial business activities under regulations referred to in subparagraph 7,b7 as in effect on ,january #ah1 #bjag1 but applied by treating all references in such regulations to 8foreign country0 and 8relevant foreign country0 as references to 8the ,united ,states04 ,the ,secretary may issue regulations decreasing the threshold percent in any of the tests under such regulations for determining if business activities constitute significant domestic business activities for purposes of this subparagraph4 7#c7 ,waiver 7,a7 ,in general ,the ,secretary may waive paragraph 7#a7 if the ,secretary determines that the waiver is-- 7i7 required in the interest of national security2 or 7ii7 necessary for the efficient or effective administration of ,federal or federally funded-- 7,i7 programs that provide health benefits to individuals2 or 7,,ii7 public health programs4 7,b7 ,report to ,congress ,the ,secretary shall1 not later than #ad days after issuing such waiver1 submit a written notification of the waiver to the relevant authorizing committees of ,congress and the ,committees on ,appropriations of the ,senate and the ,house of ,representatives4 7#d7 ,definitions and special rules 7,a7 ,definitions ,in this subsection1 the terms 8expanded affiliated group01 8foreign incorporated entity01 8domestic01 and 8foreign0 have the meaning given those terms in section #hce7;c7 of the ,homeland ,security ,act of #bjjb 7#f ,u4,s4,c4 #cie7;c774 7,b7 ,special rules ,in applying paragraph 7#b7 of this subsection for purposes of paragraph 7#a7 of this subsection1 the rules described under #hce7;c77#a7 of the ,homeland ,security ,act of #bjjb 7#f ,u4,s4,c4 #cie7;c77#a77 shall apply4 7#e7 ,regulations regarding management and control 7,a7 ,in general ,the ,secretary shall1 for purposes of this subsection1 prescribe regulations for purposes of determining cases in which the management and control of an expanded affiliated group is to be treated as occurring1 directly or indirectly1 primarily within the ,united ,states4 ,the regulations prescribed under the preceding sentence shall apply to periods after ,may #h1 #bjad4 7,b7 ,executive officers and senior management ,the regulations prescribed under subparagraph 7,a7 shall provide that the management and control of an expanded affiliated group shall be treated as occurring1 directly or indirectly1 primarily within the ,united ,states if substantially all of the executive officers and senior management of the expanded affiliated group who exercise day-to-day responsibility for making decisions involving strategic1 financial1 and operational policies of the expanded affiliated group are based or primarily located within the ,united ,states4 ,individuals who in fact exercise such day-to-day responsibilities shall be treated as executive officers and senior management regardless of their title4 7f7 ,preemption ,any ,state or ,federal laws that prohibit the transactions authorized by this statute1 including ,state or ,federal laws that prohibit company directors from agreeing to the transactions authorized by this statute1 are preempted and superseded by this statute4 #dji4 ,authorization to participate in the ,new ,arrangements to ,borrow of the ,international ,monetary ,fund ,section #ag of the ,bretton ,woods ,agreements ,act 7#bb ,u4,s4,c4 #bhf;e-#b7 is amended-- 7#a7 in subsection 7a7-- 7,a7 by redesignating paragraphs 7#c7 through 7#e7 as paragraphs 7#d7 through 7#f7 and inserting after paragraph 7#b7 the following3 7#c7 ,in order to carry out the purposes of a one-time decision of the ,executive ,directors of the ,international ,monetary ,fund 7the ,fund7 to expand the resources of the ,new ,arrangements to ,borrow1 established pursuant to the decision of ,january #bg1 #aiig1 referred to in paragraph 7#a7 above1 the ,secretary of the ,treasury is authorized to make loans1 in an amount not to exceed the dollar equivalent of #bh1bjb1dgj1jjj of ,special ,drawing ,rights1 in addition to any amounts previously authorized under this section2 except that prior to activation of the ,new ,arrangements to ,borrow1 the ,secretary shall report to ,congress on whether supplementary resources are needed to forestall or cope with an impairment of the international monetary system and whether the ,fund has fully explored other means of funding to the ,fund4 2 and 7,b7 in paragraph 7#f7 7as so redesignated by subparagraph 7,a7 of this paragraph71 by striking ,december #af1 #bjbb and inserting ,december #ca1 #bjbe2 and 7#b7 in subsection 7e77#a71 by inserting 7a77#c71 after 7a77#b714 #daj4 ,international ,finance ,corporation ,the ,international ,finance ,corporation ,act 7#bb ,u4,s4,c4 #bhb et seq47 is amended by adding at the end the following3 #ah4 ,capital increases and amendment to the ,articles of ,agreement 7a7 ,votes authorized ,the ,united ,states ,governor of the ,corporation is authorized to vote in favor of-- 7#a7 a resolution to increase the authorized capital stock of the ,corporation by #af1iii1iih shares1 to implement the conversion of a portion of the retained earnings of the ,corporation into paid-in capital1 which will result in the ,united ,states being issued an additional #c1gga1hii shares of capital stock1 without any cash contribution2 7#b7 a resolution to increase the authorized capital stock of the ,corporation on a general basis by #d1egi1iie shares2 and 7#c7 a resolution to increase the authorized capital stock of the ,corporation on a selective basis by #iai1iih shares4 7b7 ,amendment of the ,articles of ,agreement ,the ,united ,states ,governor of the ,corporation is authorized to agree to and accept an amendment to ,article ,,ii1 ,section #b7;c77ii7 of the ,articles of ,agreement of the ,corporation that would increase the vote by which the ,board of ,governors of the ,corporation may increase the capital stock of the ,corporation from a four-fifths majority to an #he percent majority4 4 #daa4 ,oversight and ,reports 7a7 ,oversight 7#a7 ,,sigtarp ,as provided for under section #dje1 the ,special ,inspector ,general for the ,troubled ,asset ,relief ,program 7,,sigtarp7 shall have oversight of the ,secretary's administration of the loans and loan guarantees provided under section #daj1 the use of the funds by eligible businesses1 and compliance with the requirements of section #djg4 7#b7 ,oversight ,panel ,as provided for under section #dje1 the ,congressional ,,covid-#ai ,aid ,oversight ,panel shall have oversight of the ,secretary's administration of the loans and loan guarantees provided under section #daj1 the use of the funds by eligible businesses1 and compliance with the requirements of section #djg4 7b7 ,secretary ,the ,secretary shall1 with respect to the loans and loan guarantees provided under section #daj1 make such reports as are required under section #ecjb of title #ca1 ,united ,states ,code4 7c7 ,government ,accountability ,office 7#a7 ,study ,the ,comptroller ,general of the ,united ,states shall conduct a study on the loans and loan guarantees provided under section #daj4 7#b7 ,report ,not later than #i months after the date of enactment of this ,act1 and annually thereafter through the year succeeding the last year for which loans or loan guarantees provided under section #daj are in effect1 the ,comptroller ,general shall submit to the ,committee on ,financial ,services1 the ,committee on ,appropriations1 and the ,committee on the ,budget of the ,house of ,representatives and the ,committee on ,banking1 ,housing1 and ,urban ,affairs1 the ,committee on ,appropriations1 and the ,committee on the ,budget of the ,senate a report on the loans and loan guarantees provided under section #daj4 7d7 ,diversity ,report ,the ,congressional ,,covid-#ai ,aid ,oversight ,panel1 in conjunction with the ,,sigtarp1 shall collect diversity data from any corporation that receives ,federal aid related to ,,covid-#ai1 and issue a report that will be made publicly available no later than one year after the disbursement of funds4 ,in addition to any other data1 the report shall include the following3 7#a7 ,employee demographics ,the gender1 race1 and ethnic identity 7and to the extent possible1 results disaggregated by ethnic group7 of the corporation's employees1 as otherwise known or provided voluntarily for the total number of employees 7full- and part-time7 and the career level of employees 7executive and manager versus employees in other roles74 7#b7 ,supplier diversity ,the number and dollar value invested with minority- and women-owned suppliers 7and to the extent possible1 results disaggregated by ethnic group71 including professional services 7legal and consulting7 and asset managers1 and deposits and other accounts with minority depository institutions1 as compared to all vendor investments4 7#c7 ,pay equity ,a comparison of pay amongst racial and ethnic minorities 7and to the extent possible1 results disaggregated by ethnic group7 as compared to their ,white counterparts and comparison of pay between men and women for similar roles and assignments4 7#d7 ,corporate board diversity ,corporate board demographic data1 including total number of board members1 gender1 race and ethnic identity of board members 7and to the extent possible1 results disaggregated by ethnic group71 as otherwise known or provided voluntarily1 board position titles1 as well as any leadership and subcommittee assignments4 7#e7 ,diversity and ,inclusion ,offices ,the reporting structure of lead diversity officials1 number of staff and budget dedicated to diversity and inclusion initiatives4 7e7 ,diversity and inclusion initiatives ,any corporation that receives ,federal aid related to ,,covid-#ai must maintain officials and budget dedicated to diversity and inclusion initiatives for no less than #e years after disbursement of funds4 #dab4 ,technical corrections 7a7 ,environment cooperation commissions2 ,north ,american ,development ,bank ,section #fja of the ,united ,states-,mexico-,canada ,agreement ,implementation ,act 7,public ,law #aaf-aac2 #acd ,stat4 #gh7 is amended by inserting 1 other than sections #ecb and #ecc of such ,act and part #b of subtitle ,d of title ,v of such ,act 7as amended by section #hca of this ,act71 before is repealed4 7b7 ,protective orders ,section #dbb of the ,united ,states-,mexico-,canada ,agreement ,implementation ,act 7#acd ,stat4 #fd7 is amended in subsection 7a77#b77;,a7 by striking all that follows through 1 the administering authority and inserting all that follows through ,agreement1 the administering authority4 7c7 ,dispute settlement ,subsection 7j7 of section #ejd of the ,united ,states-,mexico-,canada ,agreement ,implementation ,act 7#acd ,stat4 #gf7 is amended in the item proposed to be inserted into the table of contents of such ,act relating to section #dad by striking determination and inserting determinations4 7d7 ,effective date ,each amendment made by this section shall take effect as if included in the enactment of the ,united ,states-,mexico-,canada ,agreement ,implementation ,act4 7e7 ,north ,american ,development ,bank3 limitation on callable capital subscriptions ,the ,secretary of the ,treasury may subscribe without fiscal year limitation to the callable capital portion of the ,united ,states share of capital stock of the ,north ,american ,development ,bank in an amount not to exceed #a1jbj1jjj1jjj4 ,the authority in the preceding sentence shall be in addition to any other authority provided by previous ,acts4 #dac4 ,definitions ,in this title3 7#a7 ,covered loss ,the term covered loss includes losses1 direct or incremental1 incurred as a result of ,,covid-#ai1 as determined by the ,secretary4 7#b7 ,eligible business ,the term eligible business means a ,united ,states business that has incurred covered losses such that the continued operations of the business are jeopardized1 as determined by the ,secretary1 and that has not otherwise applied for or received economic relief in the form of loans or loan guarantees provided under any other provision of this ,act4 7#c7 ,secretary ,the term ,secretary means the ,secretary of the ,treasury1 or the designee of the ,secretary of the ,treasury4 #dad4 ,rule of construction ,nothing in this title shall be construed to allow the ,secretary to provide relief to eligible businesses except in the form of secured loans and loan guarantees as provided in this title and under terms and conditions that are in the interest of the ,federal ,government4 ,v ,pandemic ,planning and ,guidance for ,consumers and ,regulators #eja4 ,financial ,literacy ,education ,commission ,emergency ,response 7a7 ,purpose ,the purpose of this section is to provide financial literacy education1 including information on access to banking services and other financial products1 for individuals seeking information and resources as they recover from any financial distress caused by the coronavirus disease 7,,covid-#ai7 outbreak and future major disasters4 7b7 ,financial ,literacy and ,education ,commission response to the ,,covid-#ai emergency 7#a7 ,special meeting ,not later than the end of the #fj-;day period beginning on the date of enactment of this section1 the ,financial ,literacy and ,education ,commission 7the ,commission7 shall convene a special meeting to discuss and plan assistance related to the financial impacts of the ,,covid-#ai emergency4 7#b7 ,update of the ,commission's website 7,a7 ,in general ,not later than the end of the #fj-;day period beginning on the date of enactment of this section1 the ,commission shall update the website of the ,commission with a full list of tools to help individuals recover from any financial hardship as a result of the ,,covid-#ai emergency4 7,b7 ,specific requirements ,in performing the update required under subparagraph 7,a71 the ,commission shall-- 7i7 place special emphasis on providing an additional set of tools geared towards women1 racial and ethnic minorities1 veterans1 disabled1 and ,,lgbtq communities2 and 7ii7 provide information in ,english and ,spanish4 7,c7 ,information from members ,not later than the end of the #fj-;day period beginning on the date of enactment of this section1 each ,federal department or agency that is a member of the ,commission shall provide an update on the website of the ,commission disclosing any tools that the department or agency is offering to individuals or to employees of the department or agency related to the ,,covid-#ai emergency4 7#c7 ,implementation report to ,congress ,the ,secretary of the ,treasury and the ,director of the ,bureau of ,consumer ,financial ,protection shall1 jointly and not later than the end of the #cj-;day period following the date on which the meeting required under paragraph 7#a7 is held and all updates required under paragraph 7#b7 have been completed1 report to ,congress on the implementation of this section4 7#d7 ,,covid-#ai emergency defined ,in this subsection1 the term ,,covid-#ai emergency means the emergency declared on ,march #ac1 #bjbj1 by the ,president under the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #daba et seq47 relating to the ,coronavirus ,disease #bjai 7,,covid-#ai7 pandemic4 #ejb4 ,interagency pandemic guidance for consumers 7a7 ,interagency pandemic guidance 7#a7 ,guidance ,not later than the end of the #fj-;day period beginning on the date of enactment of this section1 the ,federal financial regulators shall issue interagency regulatory guidance on preparedness1 flexibility1 and relief options for consumers in pandemics and major disasters1 such as deferment1 forbearance1 affordable payment plan options1 and other options such as delays on debt collections and wage garnishments4 7#b7 ,updates ,the ,federal financial regulators shall update the guidance required under paragraph 7#a7 as necessary to keep such guidance current4 7b7 ,pandemic preparedness testing 7#a7 ,in general ,not later than the end of the #b-year period beginning on the date of enactment of this section1 and every #e years thereafter1 the ,federal financial regulators shall carry out testing along with the institutions regulated by the ,federal financial regulators to determine how effectively such institutions will be able to respond to a pandemic or major disaster4 7#b7 ,report ,after the end of each test required under paragraph 7#a71 the ,federal financial regulators shall1 jointly1 issue a report to ,congress containing the results of such test and any regulatory or legislative recommendations the regulators may have to increase pandemic preparedness4 7c7 ,definitions ,in this section3 7#a7 ,federal financial regulators ,the term ,federal financial regulators means the ,board of ,governors of the ,federal ,reserve ,system1 the ,bureau of ,consumer ,financial ,protection1 the ,comptroller of the ,currency1 the ,director of the ,federal ,housing ,finance ,agency1 the ,federal ,deposit ,insurance ,corporation1 the ,national ,credit ,union ,administration1 the ,secretary of ,agriculture1 and the ,secretary of ,housing and ,urban ,development4 7#b7 ,major disaster ,the term major disaster means a major disaster declared by the ,president under section #dja of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eagj71 under which assistance is authorized under section #djh of such ,act 7#db ,u4,s4,c4 #eagd71 or section #eja of such ,act 7#db ,u4,s4,c4 #eaia74 #ejc4 ,,sec pandemic guidance for investors 7a7 ,pandemic guidance 7#a7 ,guidance ,not later than the end of the #fj-;day period beginning on the date of enactment of this section1 the ,securities and ,exchange ,commission shall issue regulatory guidance on preparedness1 flexibility1 relief1 and investor protection for investors in pandemics and major disasters1 including relevant disclosures4 7#b7 ,updates ,the ,commission shall update the guidance required under paragraph 7#a7 as necessary to keep such guidance current4 7b7 ,pandemic preparedness testing 7#a7 ,in general ,not later than the end of the #fj-;day period beginning on the date of enactment of this ,act1 and every #e years thereafter1 the ,securities and ,exchange ,commission shall carry out testing along with the entities regulated by the ,commission to determine how effectively such entities will be able to respond to a pandemic or major disaster4 7#b7 ,report ,after the end of each test required under paragraph 7#a71 the ,commission shall issue a report to ,congress containing the results of such test and any regulatory or legislative recommendations the ,commission may have to increase pandemic preparedness4 7c7 ,major disaster defined ,in this section1 the term major disaster means a major disaster declared by the ,president under section #dja of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eagj71 under which assistance is authorized under section #djh of such ,act 7#db ,u4,s4,c4 #eagd71 or section #eja of such ,act 7#db ,u4,s4,c4 #eaia74 #ejd4 ,updates of the ,pandemic ,influenza ,plan and ,national ,planning ,frameworks 7a7 ,in general ,not later than one year following the end of the ,declaration of the ,national ,emergency1 the ,president shall ensure that the ,pandemic ,influenza ,plan 7#bjag ,update7 and the ,national ,planning ,frameworks are updated4 ,the ,secretary of the ,treasury1 in consultation with the ,federal financial regulators1 shall provide to the ,president the following3 7#a7 ,an assessment of the effectiveness of current plans and strategies to address the economic1 financial1 and monetary issues arising from a pandemic or other disaster4 7#b7 ,a description of the most significant challenges to protecting the economy1 the financial system1 and consumers1 during a pandemic or other disaster1 including the specific challenges experienced by women1 racial and ethnic minorities1 diverse-owned businesses1 veterans1 and the disabled4 7#c7 ,actions that could be carried out in a crisis1 as defined by the preparedness plans described in subsection 7a71 such as the following3 7,a7 ,significant increases of unemployment insurance benefits 7including payment amounts7 for all workers under a certain income threshold1 including freelancers and the self-employed1 during the crisis4 7,b7 ,loan deference1 modification1 and forbearance mechanisms of all consumer and business payments1 allowing long-term repayment plans and excluding no industries1 during the crisis4 7,c7 ,suspension of foreclosure and eviction proceedings taken against individuals or businesses during the crisis4 7,d7 ,suspension of all negative consumer credit reporting during the crisis4 7,e7 ,prohibition of debt collection1 repossession1 and garnishment of wages during the crisis4 7,f7 ,provision of emergency homeless assistance during the crisis4 7,g7 ,an increase in ,community ,development ,block ,grants during the crisis and to improve community response4 7,h7 ,reduction of hurdles in the form of waivers and authorities to modify existing housing and homelessness programs to facilitate response to the crisis4 7,i7 ,expand the size standards for eligible businesses with access to no-interest or low-interest loans through the ,small ,business ,administration during the crisis4 7,j7 ,remove the size standard limits on eligible businesses with access to no-interest or low-interest loans through the ,small ,business ,administration during the crisis for businesses that agree to maintain their employment workforce and preserve benefits during the crisis4 7,k7 ,support for additional no-interest or low-interest loans for small businesses through the ,small ,business ,administration during the crisis4 7,l7 ,utilization of the ,community ,development ,financial ,institutions 7,,cdfi7 ,fund to support small businesses as well as low-income communities during the crisis4 7,m7 ,support for ,state1 territory1 and local government financing during the crisis4 7,n7 ,waiver of matching requirements for municipal governments during the crisis4 7,o7 ,suspension of requirements relating to minimum distributions for retirement plans and individual retirement accounts for the calendar years of which the crisis is occurring4 7b7 ,special consideration for diversity ,in issuing the updates required under subsection 7a71 the ,president shall ensure that consideration is given as to how to minimize the economic impacts of a crisis on women1 minorities1 diverse-owned businesses1 veterans1 and the disabled4 7c7 ,making plans public ,the updated plans described in subsection 7a7 shall be made publicly available1 but may have classified information redacted4 7d7 ,definitions ,in this section3 7#a7 ,declaration of the ,national ,emergency ,the term ,declaration of the ,national ,emergency means the emergency declared by the ,president under section #eja of the ,robert ,t4 ,stafford ,disaster ,relief and ,emergency ,assistance ,act 7#db ,u4,s4,c4 #eaia7 relating to the ,,covid-#ai pandemic4 7#b7 ,federal financial regulator ,the term ,federal financial regulators means the ,bureau of ,consumer ,financial ,protection1 the ,federal ,deposit ,insurance ,corporation1 the ,federal ,housing ,finance ,agency1 the ,board of ,governors of the ,federal ,reserve ,system1 the ,office of the ,comptroller of the ,currency1 the ,national ,credit ,union ,administration1 and the ,securities and ,exchange ,commission4