,i  #aaf? ,,congress  #b;d ,session  ,h4
 ,r4 #fcba  ,,9 ,,! ,,h\se ,,(          
,,repres5tatives  ,m>* #bc1 #bjbj,ms4   
,wat]s introduc$ ! foll[+ bill2 :i* 0   
ref]r$ to ! ,committee on ,f9ancial     
,s]vices1 & 9 addition to ! ,committees 
on ,ways & ,means1 ,education & ,labor1 
,small ,bus9ess1 ! ,judici>y1 &         
,agriculture1 = a p]iod to be           
subsequ5tly det]m9$ by ! ,speak]1 9 ea* 
case = consid]ation ( su* provisions z  
fall )9 ! jurisdiction ( ! committee    
conc]n$  ,a ,,bill  ,to provide f9ancial
 protections & assi/ance = ,am]ica's    
consum]s1 ,/ates1 bus9esses1 & vuln]able
 populations dur+ ! ,,covid-#ai em]g5cy 
& to recov] f ! em]g5cy4  #a4 ,%ort     
title2 table ( cont5ts  7a7 ,%ort title 
,?is ,act may be cit$ z ! ,f9ancial     
,protections & ,assi/ance = ,am]ica's   
,consum]s1 ,/ates1 ,bus9esses1 &        
,vuln]able ,populations ,act4  7b7      
,table ( cont5ts ,! table ( cont5ts =   
?is ,act is z foll[s3 ,sec4 #a4 ,%ort   
title2 table ( cont5ts4,sec4 #b4        

,sev]ability4,title ,i--,protect+       
,consum]s1 ,r5t]s1 ,home[n]s1 & ,p      
,exp]i5c+ ,homelessness,sec4 #aja4      
,direct /imulus paym5ts = families4,sec4
 #ajb4 ,susp5sion ( requirem5ts reg>d+  
t5ant contribution t[>d r5t4,sec4 #ajc4 
,tempor>y moratorium on eviction        
fil+s4,sec4 #ajd4 ,susp5sion ( o!r      
consum] loan paym5ts4,sec4 #aje4        
,em]g5cy r5tal assi/ance4,sec4 #ajf4    
,em]g5cy homeless assi/ance4,sec4 #ajg4 
,p>ticipation ( ,indian ,tribes &       
tribally designat$ h\s+ entities 9      
,cont9uum ( ,c>e ,program4,sec4 #ajh4   
,h\s+ ,assi/ance ,fund4,sec4 #aji4      
,mortgage =be>ance4,sec4 #aaj4          
,bankruptcy protections4,sec4 #aaa4     
,debt collection4,sec4 #aab4 ,disa/e    
protection = work]s' cr$it4,sec4 #aac4  
,/ud5t loans4,sec4 #aad4 ,waiv] (       
9-p]son appraisal requirem5ts4,sec4     
#aae4 ,supplem5tal fund+ = community    
developm5t block grants4,sec4 #aaf4     
,,covid-#ai ,em]g5cy ,h\s+ ,relief4,sec4
 #aag4 ,supplem5tal fund+ = s]vice      

coord9ators to assi/ eld]ly             
h\seholds4,sec4 #aah4 ,fair h\s+4,sec4  
#aai4 ,,hud c\nsel+ program             
au?orization4,sec4 #abj4 ,def5se        
,production ,act ( #aiej4,title         
,,ii--,assi/+ ,small ,bus9esses &       
,community ,f9ancial ,in/itutions ,sec4 
#bja4 ,small ,bus9ess ,cr$it            
,facility4,sec4 #bjb4 ,small ,bus9ess   
,f9ancial ,assi/ance ,program4,sec4     
#bjc4 ,loan & obligation paym5t relief =
 affect$ small bus9esses &              
non-pr(its4,sec4 #bjd4 ,reau?orization (
 ! ,/ate ,small ,bus9ess ,cr$it         
,initiative ,act ( #bjaj4,sec4 #bje4    
,fund+ ( ! ,initiative to ,build ,gr[?  
,equity ,funds = ,m9ority               
,bus9esses4,sec4 #bjf4 ,community       
,developm5t ,f9ancial ,in/itutions ,fund
 supplem5tal appropriation              
au?orization4,sec4 #bjg4 ,m9ority       
depository in/itution4,sec4 #bjh4 ,loans
 to ,m,d,is & ,c,d,f,is4,sec4 #bji4     
,insurance ( transaction acc\nts4,title 
,,iii--,support+ ,/ate1 ,t]ritory1 &    

,local ,governments,sec4 #cja4 ,muni    
,facility4,sec4 #cjb4 ,tempor>y waiv] & 
reprogramm+ au?ority4,title             
,,iv--,promot+ ,f9ancial ,/ability &    
,transp>5t ,markets,sec4 #dja4 ,tempor>y
 halt to rulemak+s unrelat$ to          
,,covid-#ai4,sec4 #djb4 ,tempor>y ban on
 /ock buybacks4,sec4 #djc4 ,disclosures 
relat$ to supply *a9 disruption         
risk4,sec4 #djd4 ,disclosures relat$ to 
global p&emic risk4,sec4 #dje4 ,ov]sight
 ( ,f$]al aid relat$ to                 
,,covid-#ai4,sec4 #djf4 ,int]national   
f9ancial in/itutions4,sec4 #djg4        
,conditions on ,f$]al aid to            
corporations4,sec4 #djh4 ,au?ority =    
w>rants & debt in/rum5ts4,sec4 #dji4    
,au?orization to p>ticipate 9 ! ,new    
,arrangem5ts to ,borr[ ( ! ,int]national
 ,monet>y ,fund4,sec4 #daj4             
,int]national ,f9ance ,corporation4,sec4
 #daa4 ,ov]sight & ,reports4,sec4 #dab4 
,te*nical corrections4,sec4 #dac4       
,def9itions4,sec4 #dad4 ,rule (         
con/ruction4,title ,v--,p&emic ,plann+ &

 ,guidance = ,consum]s &                
,regulators,sec4 #eja4 ,f9ancial        
,lit]acy ,education ,commission ,em]g5cy
 ,response4,sec4 #ejb4 ,int]ag5cy p&emic
 guidance = consum]s4,sec4 #ejc4 ,,sec  
p&emic guidance = inve/ors4,sec4 #ejd4  
,updates ( ! ,p&emic ,influ5za ,plan &  
,national ,plann+ ,frameworks4  #b4     
,sev]ability ,if any provision ( ?is    
,act or ! application ( su* provision to
 any p]son or circum/ance is held to be 
uncon/itutional1 ! rema9d] ( ?is ,act1 &
 ! application ( ! provisions ( ?is     
,act1 to any p]son or circum/ance %all n
 be affect$ !reby4  ,i ,protect+        
,consum]s1 ,r5t]s1 ,home[n]s1 & ,p      
,exp]i5c+ ,homelessness  #aja4 ,direct  
/imulus paym5ts = families  7a7         
,def9itions ,9 ?is section3 7#a7        
,digital doll> ,! t]m digital doll> %all
 mean-- 7,a7 a balance express$ z a     
doll> value consi/+ ( digital l$g]      
entries t are record$ z liabilities 9 ! 
acc\nts ( any ,f$]al res]ve bank2 or    
7,b7 an electronic unit ( value1        

r$eemable by an eligible f9ancial       
in/itution 7z det]m9$ by ! ,bo>d (      
,gov]nors ( ! ,f$]al ,res]ve ,sy/em74   
7#b7 ,digital doll> wallet ,! t]m       
digital doll> wallet %all mean a digital
 wallet or acc\nt1 ma9ta9$ by a ,f$]al  
res]ve bank on behalf ( any p]son1 t    
repres5ts hold+s 9 an electronic device 
or s]vice t is us$ to /ore digital      
doll>s t may be ti$ to a digital or     
physical id5tity4  7#c7 ,memb] bank ,!  
t]m memb] bank means a memb] bank ( !   
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em4  7#d7 ,pass-?r\gh digital doll> 
wallet ,! t]m pass-?r\gh digital doll>  
wallet means a digital wallet or acc\nt1
 ma9ta9$ by a memb] bank on behalf ( a  
qualifi$ individual1 :]e su* qualifi$   
individual is entitl$ to a pro rata %>e 
( a pool$ res]ve balance t ! memb] bank 
ma9ta9s at any ,f$]al res]ve bank4  7#e7
 ,qualifi$ individual def9$ ,! t]m      
qualifi$ individual means any individual
 o!r ?an any nonresid5t ali5 individual4
  7b7 ,em]g5cy /imulus *eck             

implem5tation  7#a7 ,paym5ts ,!         
,secret>y ( ! ,treasury1 act+ ?r\gh !   
,commission] ( ! ,int]nal ,rev5ue       
,s]vice1 %all make mon?ly em]g5cy       
paym5ts to qualifi$ individuals beg9n+  
on ! fir/ day ( ! fir/ mon? beg9n+ aft] 
! date ( ! enactm5t ( ?is ,act & end+ on
 ! lat] (-- 7,a7 ! date ( ! t]m9ation by
 ! ,f$]al ,em]g5cy ,managem5t ,ag5cy ( !
 em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by !
 ,presid5t "u section #eja7;b7 ( !      
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act ) respect to ! 
,,covid-#ai p&emic2 &  7,b7 ! date on   
:i*-- 7i7 ! national unemploym5t rate 7z
 det]m9$ by ! ,bureau ( ,labor          
,/ati/ics7 is )9 #b p]c5tage po9ts ( !  
national unemploym5t rate on ! date (   
enactm5t ( ?is ,act2 &  7ii7 ! #c-mon?  
av]age ( ! national unemploym5t rate has
 decl9$ = two consecutive mon?s4  7#b7  
,am\nt ( paym5ts  7,a7 ,9 g5]al ,)      
respect to a qualifi$ individual1 !     
am\nt ( ea* mon?ly paym5t "u p>agraph   
7#a7 %all be z foll[s3 7i7 ,= a qualifi$

 individual age #ah or old]1 #b1jjj4    
7ii7 ,= a qualifi$ individual "u age    
#ah1 #a1jjj4  7,b7 ,income limitation ,!
 am\nt ( a paym5t "u subp>agraph 7,a7   
%all be r$uc$ 7b n bel[ z]o7 by #e p]c5t
 ( s mu* ( ! individual's adju/$ gross  
income z exce$s #ge1jjj4 ,! ,secret>y ( 
! ,treasury %all adju/ su* am\nt z      
appropriate to acc\nt = individuals fil+
 jo9t returns4  7#c7 ,me?od ( deliv]y   
7,a7 ,9 g5]al ,! ,secret>y ( !          
,treasury1 act+ ?r\gh ! ,commission] ( !
 ,int]nal ,rev5ue ,s]vice1 %all make !  
paym5ts requir$ "u p>agraph 7#a7-- 7i7  
fir/1 by direct deposit 7includ+ to a   
pass-?r\gh digital doll> wallet71 if !  
,commission] has suffici5t in=mation to 
make direct deposit paym5ts to !        
applicable individual2 &  7ii7 o!rwise1 
by *eck4  7,b7 ,outrea* ,! ,secret>y ( !
 ,treasury1 act+ ?r\gh ! ,commission] ( 
! ,int]nal ,rev5ue ,s]vice1 %all e/abli%
 a sy/em = a qualifi$ individual to     
provide ! ,int]nal ,rev5ue ,s]vice ) !  
individual's direct deposit in=mation & 

%all p]=m outrea* to in=m ! public ( su*
 sy/em4  7#d7 ,access+ paym5ts ,if a    
paym5t is deposit$ 7by any me?od7 into  
an acc\nt ( a qualifi$ individual at an 
insur$ depository in/itution 7z def9$ 9 
section #c ( ! ,f$]al ,deposit          
,insurance ,act7 or insur$ cr$it union  
7z def9$ 9 section #aja ( ! ,f$]al      
,cr$it ,union ,act71 su* funds %all be  
available = )drawal on ! same day1 to ! 
fulle/ ext5t possible4  7#e7 ,fund+ ,!  
,secret>y ( ! ,treasury %all1 be=e ea*  
mon?ly paym5t requir$ "u subsection 7a71
 notify ! ,bo>d ( ,gov]nors ( ! ,f$]al  
,res]ve ,sy/em ( ! aggregate am\nt ( su*
 paym5t1 & ! ,bo>d ( ,gov]nors %all     
issue notes 9 su* am\nt & transf] su*   
notes to ! ,secret>y ( ! ,treasury = use
 9 mak+ su* paym5ts4  7c7 ,m&ate = memb]
 banks ,to ma9ta9 pass-,?r\gh digital   
doll> wallets  7#a7 ,obligations ( memb]
 banks  7,a7 ,9 g5]al ,memb] banks are  
h]eby direct$ to e/abli% & ma9ta9       
pass-?r\gh digital doll> wallets = all  
p]sons eligible to receive paym5ts f !  

,unit$ ,/ates pursuant to ?is ,act :o   
elect to deposit su* paym5ts into a     
pass-?r\gh digital doll> wallet4  7,b7  
,sep>ate entity  7i7 ,9 g5]al ,ea* memb]
 bank %all e/abli% & ma9ta9 a sep>ate   
legal entity = ! exclusive purpose (    
hold+ all assets & ma9ta9+ all          
liabilities associat$ ) pass-?r\gh      
digital doll> wallets4  7ii7 ,assets ,! 
assets ( any entity describ$ 9 ?is      
p>agraph %all consi/ exclusively ( a    
balance ma9ta9$ 9 a ma/] acc\nt at a    
,f$]al res]ve bank1 & ! liabilities or  
obligations ( ! entity %all consi/      
exclusively ( an equal quantity (       
balances ma9ta9$ by hold]s ( pass-?r\gh 
digital doll> wallets4  7iii7 ,sep>ate  
assets & liabilities ,! assets &        
liabilities ( any legal entity describ$ 
9 ?is p>agraph %all n be deem$ assets or
 liabilities ( ! memb] bank or its      
affiliates = purposes ( any capital or  
liquidity regulation promulgat$ by      
,f$]al or ,/ate bank+ au?orities4  7,c7 
,application ,memb] banks ) total       

consolidat$ assets 9 excess (           
#aj1jjj1jjj1jjj %all promptly (f]       
individuals ! ability to apply1 ?r\gh   
onl9e or telephonic means1 = a          
pass-?r\gh digital doll> wallets4  7#b7 
,t]ms ,memb] banks %all ensure t a      
pass-?r\gh digital doll> wallet e/abli%$
 "u ?is section-- 7,a7 may n be subject 
to any acc\nt fees1 m9imum balances1 or 
maximum balances2  7,b7 %all pay int]e/ 
at a rate n bel[ ! great] (-- 7i7 ! rate
 ( int]e/ on requir$ res]ves2 &  7ii7 ! 
rate ( int]e/ on excess res]ves2  7,c7  
%all provide functionality & s]vice     
levels n less favorable ?an ^? t ! memb]
 bank (f]s = its exi/+ transaction      
acc\nts 7includ+ ) respect to access to 
debit c>ds & automat$ tell] ma*9es1     
onl9e acc\nt access1 automatic bill-pay 
& mobile bank+ s]vices1 cu/om] s]vice1 &
 su* o!r s]vices z ! ,bo>d det]m9es71   
except t pass-?r\gh digital doll> wallet
 %all n include ov]draft cov]age2  7,d7 
%all be prom95tly br&$ 9 all acc\nt     
/atem5ts1 m>ket+ mat]ials1 & o!r        

communications ( ! memb] bank z a       
pass-?r\gh ,fed,account ma9ta9$ by !    
memb] bank on behalf ( ! ,bo>d (        
,gov]nors ( ! ,f$]al ,res]ve ,sy/em2    
7,e7 may n be clos$ or re/rict$ by !    
memb] bank on ! basis ( pr(itability    
consid]ations2 &  7,f7 %all provide     
hold]s ) reasonable protection aga9/    
losses caus$ by fraud or security       
brea*es4  7#c7 ,reimbursem5t = co/s     
7,a7 ,9 g5]al ,ea* memb] bank ) total   
consolidat$ assets n great] ?an         
#aj1jjj1jjj1jjj %all be reimburs$ ea*   
cal5d> qu>t] by ! relevant ,f$]al res]ve
 bank = actual & reasonable op]ational  
co/s incurr$ by ! memb] bank 9 (f]+     
pass-?r\gh digital doll> wallets4  7,b7 
,rulemak+ ,! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em %all issue rules  
to c>ry out subp>agraph 7,a74  7#d7     
,au?ority ( ! ,bo>d ,memb] banks %all be
 subject to su* rules z may be impos$ by
 ! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve 
,sy/em 9 connection ) ma9ta9+ pass-?r\gh
 digital doll> wallets4  7d7 ,au?ority =

 ,/ate nonmemb] banks & cr$it unions ,to
 (f] pass-,?r\gh digital doll> wallets  
,! ,f$]al res]ve banks %all p]mit ,/ate 
banks & cr$it unions t are n memb] banks
 to op5 ma/] acc\nts = ! exclusive      
purpose ( (f]+ pass-?r\gh digital doll> 
wallets 9 compliance ) ! requirem5ts (  
subsection 7c74 ,ea* ,/ate bank or cr$it
 union elect+ to (f] pass-?r\gh digital 
wallets %all be entitl$ to co/          
reimbursem5t 9 accordance ) subsection  
7c77#c74  7e7 ,m&ate = ,f$]al res]ve    
banks ,to ma9ta9 digital doll> wallets  
7#a7 ,au?orization ,subject to su*      
re/rictions1 limitations1 & regulations 
z may be impos$ by ! ,bo>d ( ,gov]nors (
 ! ,f$]al ,res]ve ,sy/em1 ea* ,f$]al    
res]ve bank %all ma9ta9 digital doll>   
wallets4  7#b7 ,m&ate  7,a7 ,9 g5]al ,n 
lat] ?an ,janu>y #a1 #bjba1 all ,f$]al  
res]ve banks %all make digital doll>    
wallets available to all citiz5s & legal
 p]man5t resid5ts ( ! ,unit$ ,/ates &   
bus9ess entities = :i* ! pr9cipal place 
( bus9ess is locat$ 9 ! ,unit$ ,/ates4  

7,b7 ,exception ,9 geographic areas :]e 
physical access to a bran* ( a ,f$]al   
res]ve bank is limit$1 ,f$]al res]ve    
banks s]v+ su* areas %all p>tn] ) ,unit$
 ,/ates ,po/al ,s]vice bran* (fices to  
ensure access & availability to         
application & acc\nt s]vices = digital  
doll> wallets4  7#c7 ,t]ms ( digital    
doll> wallets ,f$]al res]ve banks %all  
ensure t digital doll> wallets e/abli%$ 
"u ?is section-- 7,a7 may n be subject  
to any acc\nt fees1 m9imum balances1 or 
maximum balances2  7,b7 %all pay int]e/ 
at a rate n bel[ ! great] (-- 7i7 ! rate
 ( int]e/ on requir$ res]ves2 &  7ii7 ! 
rate ( int]e/ on excess res]ves2  7,c7  
%all provide access to debit c>ds1 onl9e
 acc\nt access1 automatic bill-pay &    
mobile bank+ s]vices1 cu/om] s]vice1 &  
su* o!r s]vices z ! ,bo>d det]m9es1     
except t digital doll> wallets %all n   
include ov]draft cov]age2  7,d7 %all    
provide1 9 conjunction ) ! ,unit$ ,/ates
 ,po/al ,s]vice1 access to automat$     
tell] ma*9es to be ma9ta9$ on behalf ( !

 ,bo>d by ! ,unit$ ,/ates ,po/al ,s]vice
 at bran* (fices2  7,e7 %all be         
prom95tly br&$ 9 all acc\nt /atem5ts1   
m>ket+ mat]ials1 & o!r communications ( 
! ,f$]al res]ve bank z a ,fed,account   
ma9ta9$ by ! memb] bank on behalf ( !   
,unit$ ,/ates ( ,am]ica2  7,f7 may n be 
clos$ or re/rict$ on ! basis (          
pr(itability consid]ations2 &  7,g7 %all
 provide hold]s ) reasonable protection 
aga9/ losses caus$ by fraud or security 
brea*es4  7#d7 ,bank secrecy act ,9     
e/abli%+ & ma9ta9+ digital doll>        
wallets1 ea* ,f$]al res]ve bank %all    
comply ) section #ba ( ! ,f$]al ,deposit
 ,insurance ,act 7#ab ,u4,s4,c4         
#ahbi;b71 section #abc ( ,public ,law   
#ia-ejh1 sub*apt] ,,ii ( *apt] #ec (    
title #ca1 ,unit$ ,/ates ,code4  7#e7   
,p5alties ,! ,bo>d ( ,gov]nors ( !      
,f$]al ,res]ve ,sy/em %all1 by rule1    
e/abli% p5alties applicable to ,f$]al   
res]ve banks & employees ( su* banks =  
violations ( privacy obligations relat+ 
to digital doll> wallets t are simil> to

 ! p5alties impos$ by ! ,commission] ( !
 ,int]nal ,rev5ue ,s]vice ) respect to  
violations ( privacy obligations relat+ 
to ,f$]al tax returns4  7f7 ,regulations
 ,! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve
 ,sy/em %all promulgate regulations to  
c>ry out ?is section4  #ajb4 ,susp5sion 
( requirem5ts reg>d+ t5ant contribution 
t[>d r5t  7a7 ,susp5sion ,not)/&+ any   
o!r provision ( law1 ! obligation ( ea* 
t5ant h\sehold ( a dwell+ unit 9 assi/$ 
h\s+ to pay any contribution t[>d r5t = 
occupancy 9 su* dwell+ unit %all be     
susp5d$ ) respect to su* occupancy dur+ 
! p]iod beg9n+ on ! date ( ! enactm5t ( 
?is ,act & end+ #f mon?s aft] ! date ( !
 t]m9ation by ! ,f$]al ,em]g5cy         
,managem5t ,ag5cy ( ! em]g5cy decl>$ on 
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai7 p&emic4    
7b7 ,f$]al reimbursem5t paym5ts ,to !   
ext5t t am\nts are made available       

pursuant to subsection 7e7 =            
reimbursem5ts "u ?is subsection1 !      
,secret>y ( ,h\s+ & ,urban ,developm5t  
or ! ,secret>y ( ,agriculture1 z        
appropriate1 %all-- 7#a7 provide own]s (
 assi/$ h\s+ & public h\s+ ag5cies = any
 am\nts 9 r5t n receiv$ z a result (    
subsection 7a71 plus ! am\nt ( any      
increases 9 co/s ( adm9i/]+ & ma9ta9+   
su* h\s+ to ! ext5t only t su* increases
 result f ! public heal? em]g5cy relat+ 
to ,coronavirus ,disease #bjai          
7,,covid-#ai72 &  7#b7 9 ! case ( public
 h\s+ ag5cies provid+ assi/ance "u      
section #h7o7 ( ! ,unit$ ,/ates ,h\s+   
,act ( #aicg 7#db ,u4,s4,c4 #adcg;f7o771
 reimburse su* ag5cies 9 an am\nt       
suffici5t to cov] any increase 9 h\s+   
assi/ance paym5ts result+ f ! susp5sion 
( t5ant r5t paym5ts pursuant to         
subsection 7a71 plus ! am\nt ( any      
increases 9 ! co/ ( adm9i/]+ su*        
assi/ance to ! ext5t only t su*         
increases result f ! public heal?       
em]g5cy relat+ to ,coronavirus ,disease 

#bjai 7,,covid-#ai74  7c7 ,prohibitions 
7#a7 ,on f9es ,no t5ant or t5ant        
h\sehold may be *>g$ a f9e or fee =     
nonpaym5t ( r5t 9 accordance )          
subsection 7a7 & su* nonpaym5t ( r5t    
%all n be gr\nds = any t]m9ation (      
t5ancy or eviction4  7#b7 ,on debt ,no  
t5ant or t5ant h\sehold may be treat$ z 
accru+ any debt by reason ( susp5sion ( 
contribution ( r5t "u subsection 7a74   
7#c7 ,on repaym5t ,held liable =        
repaym5t ( any am\nt ( r5t contribution 
susp5d$ "u subsection 7a74  7#d7 ,on    
cr$it scores ,! nonpaym5t ( r5t by a    
t5ant or t5ant h\sehold %all n be       
report$ to a consum] report+ ag5cy nor  
%all su* nonpaym5t adv]sely affect a    
t5ant or memb] ( a t5ant h\sehold's     
cr$it score4  7d7 ,assi/$ h\s+ ,=       
purposes ( ?is section1 ! t]m assi/$    
h\s+ means h\s+ or a dwell+ unit assi/$ 
"u-- 7#a7 section #bac1 #bbj1           
#bba7;d77#c71 #bba7;d77#d71 #bbc7;e71   
#bca1 or #bcf ( ! ,national ,h\s+ ,act  
7#ab ,u4,s4,c4 #agael7d77#c71 7d77#d71  

or #agaez-#a72  7#b7 section #aja ( !   
,h\s+ & ,urban ,developm5t ,act ( #aife 
7#ab ,u4,s4,c4 #agjas72  7#c7 section   
#bjb ( ! ,h\s+ ,act ( #aiei 7#ab        
,u4,s4,c4 #agjaq72  7#d7 section #haa ( 
! ,cran/on-,gonzales ,national ,af=dable
 ,h\s+ ,act 7#db ,u4,s4,c4 #hjac72  7#e7
 title ,,ii ( ! ,cran/on-,gonzalez      
,national ,af=dable ,h\s+ ,act 7#db     
,u4,s4,c4 #abgja et seq472  7#f7        
subtitle ,d ( title ,,viii ( !          
,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act 7#db ,u4,s4,c4 #abija et     
seq472  7#g7 title ,i ( ! ,h\s+ &       
,community ,developm5t ,act ( #aigd 7#db
 ,u4,s4,c4 #ecja et seq472  7#h7 section
 #h ( ! ,unit$ ,/ates ,h\s+ ,act ( #aicg
 7#db ,u4,s4,c4 #adcg;f72  7#i7 ! public
 h\s+ program "u title ,i ( ! ,unit$    
,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4
 #adcg et seq472 or  7#aj7 section #ead1
 #eae1 #eaf1 #eba7;a77#b71 #ech1 or #edb
 ( ! ,h\s+ ,act ( #aidi 7#db ,u4,s4,c4  
#adhd1 #adhe1 #adhf1 #adij;a7a77#b71    
#adijp-#b1 #adijr74  7e7 ,au?orization (

 appropriations ,!re is au?oriz$ to be  
appropriat$ su* sums z may be necess>y  
to make paym5ts "u subsection 7b7 to all
 own]s ( assi/$ h\s+ & public h\s+      
ag5cies4  #ajc4 ,tempor>y moratorium on 
eviction fil+s  7a7 ,congressional f9d+s
 ,! ,congress f9ds t-- 7#a7 accord+ to !
 #bjah ,am]ican ,community ,survey1 #cf 
p]c5t ( h\seholds 9 ! ,unit$ ,/ates--m  
?an #dc million h\seholds--are r5t]s2   
7#b7 9 #bjai alone1 r5t]s 9 ! ,unit$    
,/ates paid #eab billion 9 r5t2  7#c7   
accord+ to ! ,jo9t ,c5t] = ,h\s+ ,/udies
 ( ,h>v>d ,univ]sity1 #bj4h million     
r5t]s 9 ! ,unit$ ,/ates sp5t m ?an #cj  
p]c5t ( _! incomes on h\s+ 9 #bjah &    
#aj4i million r5t]s sp5t m ?an #ej p]c5t
 ( _! incomes on h\s+ 9 ! same ye>2     
7#d7 ,moody's ,analytics e/imates t #bg 
million jobs 9 ! ,u4,s4 economy are at  
high risk because ( ,,covid-#ai2  7#e7 !
 impacts ( ! spread ( ,,covid-#ai1 :i*  
is n[ consid]$ a global p&emic1 are     
expect$ to negatively impact ! incomes (
 pot5tially millions ( r5t] h\seholds1  

mak+ x difficult = !m to pay _! r5t on  
"t2 &  7#f7 evictions 9 ! curr5t        
environm5t w\ld increase homelessness & 
h\s+ in/ability :i* w\ld be             
c\nt]productive t[>ds ! public heal?    
goals ( keep+ individuals 9 _! homes to 
! greate/ ext5t possible4  7b7          
,moratorium ,dur+ ! p]iod beg9n+ on !   
date ( ! enactm5t ( ?is ,act & end+ on !
 date describ$ 9 p>agraph 7#a7 (        
subsection 7d71 ! lessor ( a cov]$      
dwell+ may n make1 or cause to be made1 
any fil+ ) ! c\rt ( jurisdiction to     
initiate a legal action to recov]       
possession ( ! cov]$ dwell+ f ! t5ant   
reg>dless ( cause1 except :5 a t5ant    
p]petrates a s]i\s crim9al act t ?reat5s
 ! heal?1 life1 or safety ( o!r t5ants1 
own]s1 or /aff ( ! prop]ty 9 :i* ! cov]$
 dwell+ is locat$4  7c7 ,def9itions ,=  
purposes ( ?is section1 ! foll[+        
def9itions %all apply3 7#a7 ,cov]$      
dwell+ ,! t]m cov]$ dwell+ means a      
dwell+ t is occupi$ by a t5ant-- 7,a7   
pursuant to a resid5tial lease2 or  7,b7

 )\t a lease or ) a lease t]m9able at w 
"u ,/ate law4  7#b7 ,dwell+ ,! t]m      
dwell+ has ! mean+ giv5 su* t]m 9       
section #hjb ( ! ,fair ,h\s+ ,act 7#db  
,u4,s4,c4 #cfjb7 & includes h\ses &     
dwell+s describ$ 9 section #hjc7;b7 (   
su* ,act 7#db ,u4,s4,c4 #cfjc7;b774  7d7
 ,sunset  7#a7 ,sunset date ,! date     
describ$ 9 ?is p>agraph is ! date ( !   
expiration ( ! #f-mon? p]iod t beg9s ^u 
! t]m9ation by ! ,f$]al ,em]g5cy        
,managem5t ,ag5cy ( ! em]g5cy decl>$ on 
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai7 p&emic4    
7#b7 ,notice to vacate aft] sunset date 
,aft] ! date describ$ 9 p>agraph 7#a71 !
 lessor ( a cov]$ dwell+ may n require !
 t5ant to vacate ! cov]$ dwell+ be=e !  
expiration ( ! #cj-;day p]iod t beg9s ^u
 ! provision by ! lessor to ! t5ant1    
aft] ! date describ$ 9 p>agraph 7#a71 ( 
a notice to vacate ! cov]$ dwell+4      

#ajd4 ,susp5sion ( o!r consum] loan     
paym5ts  7a7 ,9 g5]al ,dur+ !           
,,covid-#ai em]g5cy1 a debt collector   
may n1 ) respect to a debt ( a consum]  
7o!r ?an debt relat$ to a f$]ally relat$
 mortgage loan7-- 7#a7 capitalize unpaid
 int]e/2  7#b7 apply a high] int]e/ rate
 trigg]$ by ! nonpaym5t ( a debt to !   
debt balance2  7#c7 *>ge a fee trigg]$  
by ! nonpaym5t ( a debt2  7#d7 sue or   
?reat5 to sue = nonpaym5t ( a debt2     
7#e7 cont9ue litigation to collect a    
debt t 0 initiat$ be=e ! date ( enactm5t
 ( ?is section2  7#f7 submit or cause to
 be submitt$ a confession ( judgm5t to  
any c\rt2  7#g7 en=ce a security int]e/ 
?r\gh repossession1 limitation ( use1 or
 =eclosure2  7#h7 take or ?reat5 to take
 any action to en=ce collection1 or any 
adv]se action = nonpaym5t ( a debt1 or =
 nonappe>ance at any he>+ relat+ to a   
debt2  7#i7 comm5ce or cont9ue any      
action to cause or to seek to cause !   
collection ( a debt1 includ+ pursuant to
 a c\rt ord] issu$ be=e ! end ( !       

#abj-;day p]iod foll[+ ! end ( !        
,,covid-#ai em]g5cy1 f wages1 ,f$]al    
b5efits1 or o!r am\nts due to a consum] 
by way ( g>ni%m5t1 d$uction1 (fset1 or  
o!r seizure2  7#aj7 cause or seek to    
cause ! collection ( a debt1 includ+    
pursuant to a c\rt ord] issu$ be=e ! end
 ( ! #abj-;day p]iod foll[+ ! end ( !   
,,covid-#ai em]g5cy1 by levy+ on funds f
 a bank acc\nt or seiz+ any o!r assets (
 a consum]2  7#aa7 comm5ce or cont9ue an
 action to evict a consum] f real or    
p]sonal prop]ty2 or  7#ab7 disconnect or
 t]m9ate s]vice f utility s]vice1       
includ+ electricity1 natural gas1       
telecommunications or broadb&1 wat]1 or 
sew]4  7b7 ,rule ( con/ruction ,no?+ 9  
?is section may be con/ru$ to prohibit a
 consum] f volunt>ily pay+1 9 :ole or 9 
"p1 a debt4  7c7 ,repaym5t p]iod ,aft] !
 expiration ( ! ,,covid-#ai em]g5cy1 )  
respect to a debt describ$ "u subsection
 7a71 a debt collector-- 7#a7 may n add 
to ! debt balance any int]e/ or fee     
prohibit$ by subsection 7a72  7#b7 %all1

 = cr$it ) a def9$ t]m or paym5t p]iod1 
ext5d ! "t p]iod to repay ! debt balance
 by #a paym5t p]iod = ea* paym5t t a    
consum] miss$ dur+ ! ,,covid-#ai        
em]g5cy1 ) ! paym5ts due 9 ! same am\nts
 & at ! same int]vals z ! pre-exi/+     
paym5t s*$ule2  7#c7 %all1 = an op5 end 
cr$it plan 7z def9$ "u section #ajc ( ! 
,tru? 9 ,l5d+ ,act7 or o!r cr$it )\t a  
def9$ t]m1 all[ ! consum] to repay !    
debt balance 9 a mann] t does n exce$ ! 
am\nts p]mitt$ by =mulas "u section     
#agj7;c7 ( ! ,tru? 9 ,l5d+ ,act &       
regulations promulgat$ !reund]2 &  7#d7 
%all1 :5 ! consum] notifies ! debt      
collector1 (f] reasonable & af=dable    
repaym5t plans1 loan modifications1     
ref9anc+1 options ) a reasonable "t 9   
:i* to repay ! debt4  7d7               
,communications 9 connection ) !        
collection ( a debt  7#a7 ,9 g5]al ,dur+
 ! ,,covid-#ai em]g5cy1 )\t prior cons5t
 ( a consum] giv5 directly to a debt    
collector dur+ ! ,,covid-#ai em]g5cy1 or
 ! express p]mission ( a c\rt ( compet5t

 jurisdiction1 a debt collector may only
 communicate 9 writ+ 9 connection ) !   
collection ( any debt 7o!r ?an debt     
relat$ to a f$]ally relat$ mortgage     
loan74  7#b7 ,requir$ disclosures  7,a7 
,9 g5]al ,all writt5 communications     
describ$ "u p>agraph 7#a7 %all in=m !   
consum] t ! communication is =          
in=mational purposes & is n an attempt  
to collect a debt4  7,b7 ,requirem5ts ,!
 disclosure requir$ "u subp>agraph 7,a7 
%all be made-- 7i7 9 type or lett]+ n   
small] ?an #ad-po9t bold type2  7ii7    
sep>ate f any o!r disclosure2  7iii7 9 a
 mann] design$ to ensure t ! recipi5t   
sees ! disclosure cle>ly2  7iv7 9       
,engli% & ,spani% & 9 any additional    
languages 9 :i* ! debt collector        
communicates1 includ+ ! language 9 :i* !
 loan 0 negotiat$1 to ! ext5t kn[n by ! 
debt collector2 &  7v7 may be provid$ by
 fir/-class mail or electronically1 if !
 borr[] has o!rwise cons5t$ to          
electronic communication ) ! debt       
collector & has n revok$ su* cons5t4    

7,c7 ,oral notification ,any oral       
notification %all be provid$ 9 !        
language ! debt collector o!rwise uses  
to communicate ) ! borr[]4  7,d7 ,writt5
 translations ,9 provid+ writt5         
notifications 9 languages o!r ?an       
,engli% 9 ?is section1 a debt collector 
may rely on writt5 translations develop$
 by ! ,bureau ( ,consum] ,f9ancial      
,protection4  7e7 ,violations  7#a7 ,9  
g5]al ,any p]son :o violates ?is section
 %all-- 7,a7 except z provid$ "u        
subp>agraph 7,b71 be subject to civil   
liability 9 accordance ) section #hac ( 
! ,fair ,debt ,collection ,practices    
,act1 z if ! p]son is a debt collector =
 purposes ( t section2 &  7,b7 be liable
 to ! consum] = an am\nt #aj times !    
am\nts describ$ 9 su* section #hac1 =   
ea* violation4  7#b7 ,pr$ispute         
arbitration agreem5ts ,not)/&+ any o!r  
provision ( law1 no pr$ispute           
arbitration agreem5t or pr$ispute       
jo9t-action waiv] %all be valid or      
en=ceable ) respect to a dispute br\ght 

"u ?is section1 includ+ a dispute z to !
 applicability ( ?is section1 :i* %all  
be det]m9$ "u ,f$]al law4  7f7 ,toll+   
,except z provid$ 9 subsection 7g77#e71 
any applicable "t limitations1 includ+  
/atutes ( limitations1 relat$ to a debt 
"u ,f$]al or ,/ate law %all be toll$    
dur+ ! ,,covid-#ai em]g5cy4  7g7 ,claims
 ( affect$ cr$itors & debt collectors   
7#a7 ,valuation ( prop]ty ,) respect to 
any action ass]t+ a tak+ "u ! ,fif?     
,am5dm5t ( ! ,con/itution ( ! ,unit$    
,/ates z a result ( ?is section or seek+
 a decl>atory judgm5t reg>d+ !          
con/itutionality ( ?is section1 ! value 
( ! prop]ty alleg$ to h be5 tak5 )\t j  
comp5sation %all be evaluat$-- 7,a7 )   
consid]ation ( ! likelihood ( full &    
timely paym5t ( ! obligation )\t !      
actions tak5 pursuant to ?is section2 & 
7,b7 )\t consid]ation ( any assi/ance   
provid$ directly or indirectly to !     
consum] f o!r ,f$]al1 ,/ate1 & local    
gov]nm5t programs in/itut$ or           
legislation enact$ 9 response to !      

,,covid-#ai em]g5cy4  7#b7 ,scope ( j   
comp5sation ,9 an action describ$ 9     
p>agraph 7#a71 any assi/ance or b5efit  
provid$ directly or indirectly to !     
p]son f o!r ,f$]al1 ,/ate1 & local      
gov]nm5t programs in/itut$ 9 or         
legislation enact$ response to !        
,,covid-#ai em]g5cy1 %all be deem$ to be
 comp5sation = ! prop]ty tak51 ev5 if   
su* assi/ance or b5efit is n            
specifically provid$ z comp5sation =    
prop]ty tak5 by ?is section4  7#c7      
,appeals ,any appeal f an action "u ?is 
section %all be treat$ "u section #aeh (
 title #bh1 ,unit$ ,/ates ,code1 z if x 
7 an appeal 9 a case "u title #aa1      
,unit$ ,/ates ,code4  7#d7 ,repose ,any 
action ass]t+ a tak+ "u ! ,fif? ,am5dm5t
 to ! ,con/itution ( ! ,unit$ ,/ates z a
 result ( ?is section %all be br\ght )9 
n lat] ?an #ahj days aft] ! end ( !     
,,covid-#ai em]g5cy4  7h7 ,cr$it        
facility = o!r purposes  7#a7           
,e/abli%m5t ,! ,bo>d ( ,gov]nors ( !    
,f$]al ,res]ve ,sy/em %all e/abli% a    

facility t ! ,bo>d ( ,gov]nors %all use 
to make paym5ts to cov]$ f9ancial       
in/itutions to comp5sate su* in/itutions
 = docum5t$ f9ancial losses caus$ by !  
susp5sion ( paym5ts requir$ "u ?is      
section4  7#b7 ,cov]$ f9ancial          
in/itution def9$ ,9 ?is subsection1 !   
t]m cov]$ f9ancial in/itution means !   
hold] ( a loan describ$ "u ?is section4 
7i7 ,def9itions ,9 ?is section3 7#a7    
,consum] ,! t]m consum] means any       
individual obligat$ or alleg$ly obligat$
 to pay any debt4  7#b7 ,,covid-#ai     
em]g5cy ,! t]m ,,covid-#ai em]g5cy means
 ! p]iod t beg9s ^u ! date ( ! enactm5t 
( ?is ,act & ends on ! date ( !         
t]m9ation by ! ,f$]al ,em]g5cy          
,managem5t ,ag5cy ( ! em]g5cy decl>$ on 
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai7 p&emic4    
7#c7 ,cr$itor ,! t]m cr$itor means--    
7,a7 any p]son :o (f]s or ext5ds cr$it  

creat+ a debt or to :om a debt is ow$ or
 o!r obligation = paym5t2  7,b7 any     
lessor ( real or p]sonal prop]ty2 or    
7,c7 any provid] ( utility s]vices4     
7#d7 ,debt ,! t]m debt-- 7,a7 means any 
obligation or alleg$ obligation t is or 
dur+ ! ,,covid em]g5cy becomes pa/ due--
 7i7 = :i* ! orig9al agreem5t1 or if !re
 is no agreem5t1 ! orig9al obligation to
 pay 0 creat$ be=e ! ,,covid em]g5cy1   
:e!r or n su* obligation has be5 r$uc$  
to judgm5t2 &  7ii7 t arises out ( a    
transaction ) a consum]2 &  7,b7 does n 
include a f$]ally relat$ mortgage loan4 
7#e7 ,debt collector ,! t]m debt        
collector means a cr$itor1 & any p]son  
or entity t engages 9 ! collection (    
debt1 includ+ ! ,f$]al ,gov]nm5t & a    
,/ate gov]nm5t1 irrespective ( :e!r !   
debt is alleg$ly ow$ to or assign$ to t 
p]son or to ! entity4  7#f7 ,f$]ally    
relat$ mortgage loan ,! t]m f$]ally     
relat$ mortgage loan has ! mean+ giv5 t 
t]m "u section #c ( ! ,real ,e/ate      
,settlem5t ,proc$ures ,act ( #aigd 7#ab 

,u4,s4,c4 #bfjb74  #aje4 ,em]g5cy r5tal 
assi/ance  7a7 ,au?orization (          
appropriations ,!re is au?oriz$ to be   
appropriat$ = grants "u ! ,em]g5cy      
,solutions ,grants program "u subtitle  
,b ( title ,,iv ( ! ,mc,kinney-,v5to    
,homeless ,assi/ance ,act 7#db ,u4,s4,c4
 #aacga et seq47 #ajj1jjj1jjj1jjj =     
grants "u su* subtitle only = provid+   
r5tal assi/ance 9 accordance ) section  
#dae7;a77#d7 ( su* ,act 7#db ,u4,s4,c4  
#aacgd7;a77#d77 & ?is section to respond
 to ne$s aris+ f ! em]g5cy decl>$ on    
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai7 p&emic4    
7b7 ,income t>get+ ,= purposes (        
assi/ance made available ) am\nts made  
available pursuant to subsection 7a7--  
7#a7 section #dja7a77;,a7 ( !           
,mc,kinney-,v5to ,homeless ,assi/ance   
,act 7#db ,u4,s4,c4 #aacfj7a77;,a77 %all
 be appli$ by sub/itut+ #hj p]c5t = #cj 

p]c5t2 &  7#b7 ea* grantee ( su* am\nts 
%all use n less ?an #ej p]c5t ( ! am\nts
 receiv$ only = provid+ assi/ance =     
p]sons or families exp]i5c+ homelessness
 or at risk ( homelessness1 :o h incomes
 n exce$+ #ej p]c5t ( ! m$ian income = !
 relevant geographic area2 except t !   
,secret>y may waive ! requirem5t "u ?is 
p>agraph if ! grantee demon/rates to !  
satisfaction ( ! ,secret>y t !          
population 9 ! geographic area s]v$ by !
 grantee hav+ su* incomes is suffici5tly
 be+ s]v$ ) respect to activities       
eligible = fund+ ) su* am\nts4  7c7     
,def9ition ( at risk ( homelessness ,=  
purposes ( assi/ance made available )   
am\nts made available pursuant to       
subsection 7a71 section #dja7a7 ( !     
,mc,kinney-,v5to ,homeless ,assi/ance   
,act %all be appli$1 dur+ ! p]iod t     
beg9s on ! date ( ! enactm5t ( ?is ,act 
& ends ^u ! expiration ( ! #f-mon? p]iod
 t beg9s ^u ! t]m9ation by ! ,f$]al     
,em]g5cy ,managem5t ,ag5cy ( ! em]g5cy  
decl>$ on ,m>* #ac1 #bjbj1 by !         

,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,assi/ance ,act 7#db
 ,u4,s4,c4 #daba et seq47 relat+ to !   
,coronavirus ,disease #bjai             
7,,covid-#ai7 p&emic1 z if subp>agraph  
7,c7 7 repeal$4  7d7 #c-,ye>            
availability ,ea* grantee ( am\nts made 
available pursuant to subsection 7a7    
%all exp5d-- 7#a7 at lea/ #fj p]c5t (   
su* grant am\nts )9 #b ye>s ( ! date t  
su* funds became available to ! grantee 
= obligation2 &  7#b7 #ajj p]c5t ( su*  
grant am\nts )9 #c ye>s ( su* date4  ,! 
,secret>y may recapture any am\nts n    
exp5d$ 9 compliance ) p>agraph 7#a7 (   
?is subsection & reallocate su* am\nts  
to grantees 9 compliance ) ! =mula      
ref]r$ to 9 subsection 7h77#a77;,a7 (   
?is section4  7e7 ,r5t re/rictions      
,p>agraph 7#a7 ( section #egf4ajf7;d7 ( 
! ,secret>y's regulations 7#bd ,c4,f4,r4
 #egf4ajf7;d77#a77 %all be appli$1 )    
respect to r5tal assi/ance made         
available ) am\nts made available       
pursuant to subsection 7a71 by sub/itut+

 #abj p]c5t ( ! ,fair ,m>ket ,r5t = !   
,fair ,m>ket ,r5t 4  7f7 ,subleases     
,not)/&+ ! second s5t5ce ( subsection   
7g7 ( section #egf4ajf ( ! ,secret>y's  
regulations 7#bd ,c4,f4,r4              
#egf4ajf7;g771 a program p>ticipant may 
sublet1 ) r5tal assi/ance made available
 ) am\nts made available pursuant to    
subsection 7a7 ( ?is section1 a dwell+  
unit f a r5t] ( ! dwell+ unit if !re is 
a legally b9d+1 writt5 lease agreem5t = 
su* sublease4  7g7 ,h\s+ relocation or  
/abilization activities ,a grantee (    
am\nts made available pursuant to       
subsection 7a7 may exp5d up to #bj p]c5t
 ( its allocation = activities "u       
section #dae7;a77#e7 ( !                
,mc,kinney-,v5to ,homeless ,assi/ance   
,act 7#db ,u4,s4,c4 #aacgd7;a77#e774    
7h7 ,allocation ( assi/ance  7#a7 ,9    
g5]al ,9 allocat+ am\nts made available 
pursuant to subsection 7a71 ! ,secret>y 
( ,h\s+ & ,urban ,developm5t %all-- 7,a7
 n lat] ?an #cj days aft] ! date ( !    
enactm5t ( ?is ,act1 allocate any su*   

am\nts t d n exce$ #ej1jjj1jjj1jjj "u ! 
=mula specifi$ 9 subsections 7a71 7b71 &
 7e7 ( section #dad ( ! ,mc,kinney-,v5to
 ,homeless ,assi/ance ,act 7#db         
,u4,s4,c4 #aacgc7 to1 & notify1 ea*     
,/ate1 metropolitan city1 & urban c\nty 
t is to receive a direct grant ( su*    
am\nts2 &  7,b7 n lat] ?an #abj days    
aft] ! date ( ! enactm5t ( ?is ,act1    
allocate any rema9+ am\nts to eligible  
grantees by a =mula to be develop$ by ! 
,secret>y ( ,h\s+ & ,urban ,developm5t t
 takes into consid]ation ! =mula ref]r$ 
to 9 subp>agraph 7,a7 ( ?is p>agraph1 & 
! ne$ = em]g5cy r5tal assi/ance "u ?is  
section1 includ+ sev]e h\s+ co/ burd5   
among extremely l[- & v l[-income r5t]s 
& disruptions 9 h\s+ & economic         
conditions1 includ+ unemploym5t4  7#b7  
,allocations to ,/ates ,a ,/ate recipi5t
 ( an allocation "u ?is section may     
elect to directly adm9i/] up to #ej     
p]c5t ( its allocation to c>ry out      
activities eligible "u ?is section4     
7#c7 ,election n to adm9i/] ,if a       

grantee elects n to receive funds "u ?is
 section1 su* funds %all be allocat$ to 
! ,/ate recipi5t 9 :i* ! grantee is     
locat$4  7i7 ,inapplicability ( mat*+   
requirem5t ,subsection 7a7 ( section    
#daf ( ! ,mc,kinney-,v5to ,homeless     
,assi/ance ,act 7#db ,u4,s4,c4          
#aacge7;a77 %all n apply to any am\nts  
made available pursuant to subsection   
7a7 ( ?is section4  7j7 ,prohibition on 
pr]equisites ,none ( ! funds au?oriz$ "u
 ?is section may be us$ to require p    
exp]i5c+ homelessness to receive        
treatm5t or p]=m any o!r pr]equisite    
activities z a condition = receiv+      
%elt]1 h\s+1 or o!r s]vices4  7k7       
,public he>+s  7#a7 ,inapplicability (  
9-p]son he>+ requirem5ts ,a grantee may 
n be requir$ to hold 9-p]son public     
he>+s 9 connection ) its citiz5         
p>ticipation plan1 b %all provide       
citiz5s ) notice & a reasonable         
opportunity to comm5t ( n less ?an #ae  
days4 ,foll[+ ! p]iod t beg9s ^u ! date 
( ! enactm5t ( ?is ,act & ends ^u ! date

 ( ! t]m9ation by ! ,f$]al ,em]g5cy     
,managem5t ,ag5cy ( ! em]g5cy decl>$ on 
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai7 p&emic1 &  
aft] ! p]iod describ$ 9 p>agraph 7#b71 !
 ,secret>y %all direct grantees to      
resume pre-crisis public he>+           
requirem5ts4  7#b7 ,virtual public he>+s
 ,dur+ ! p]iod t national or local heal?
 au?orities recomm5d social di/anc+ &   
limit+ public ga!r+s = public heal?     
reasons1 a grantee may fulfill          
applicable public he>+ requirem5ts = all
 grants f funds made available pursuant 
to ?is section by c>ry+ out virtual     
public he>+s4 ,any su* virtual he>+s    
%all provide reasonable notification &  
access = citiz5s 9 accordance ) !       
grantee's c]tifications1 timely         
responses f local (ficials to all citiz5
 que/ions & issues1 & public access to  
all que/ions & responses4  7l7          

,adm9i/ration ,( any am\nts made        
available pursuant to subsection 7a71 n 
m ?an ! less] ( #j4e p]c5t1 or          
#ae1jjj1jjj1 may be us$ = /aff+1 tra9+1 
te*nical assi/ance1 te*nology1 monitor+1
 rese>*1 & evaluation activities        
necess>y to c>ry out ! program c>ri$ out
 "u ?is section1 & su* am\nts %all rema9
 available until ,septemb] #cj1 #bjbd4  
#ajf4 ,em]g5cy homeless assi/ance  7a7  
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ "u ! ,em]g5cy
 ,solutions ,grants program "u subtitle 
,b ( title ,,iv ( ! ,mc,kinney-,v5to    
,homeless ,assi/ance ,act 7#db ,u4,s4,c4
 #aacga et seq47 #ae1ejj1jjj1jjj =      
grants "u su* subtitle 9 accordance )   
?is section to respond to ne$s aris+ f !
 public heal? em]g5cy relat+ to         
,coronavirus ,disease #bjai             
7,,covid-#ai74  7b7 ,=mula ,not)/&+     
sections #dac & #dad ( !                
,mc,kinney-,v5to ,homeless ,assi/ance   
,act 7#db ,u4,s4,c4 #aacgb1 #aacgc71 !  
,secret>y ( ,h\s+ & ,urban ,developm5t  

79 ?is ,act ref]r$ to z ! ,secret>y7    
%all allocate am\nts made available     
pursuant to subsection 7a7 9 accordance 
) a =mula to be e/abli%$ by ! ,secret>y 
t takes into consid]ation ! foll[+      
factors3 7#a7 ,risk ( transmission (    
coronavirus 9 a jurisdiction4  7#b7     
,:e!r a jurisdiction has a high numb] or
 rate ( %elt]$ & un%elt]$ homeless      
individuals & families4  7#c7 ,economic 
& h\s+ m>ket conditions 9 a             
jurisdiction4  7c7 ,eligible activities 
,9 addition to eligible activities "u   
section #dae7;a7 ( ! ,mc,kinney-,v5to   
,homeless ,assi/ance ,act 7#db ,u4,s4,c4
 #aacgd7;a771 am\nts made available     
pursuant to subsection 7a7 may also be  
us$ = co/s ( ! foll[+ activities3 7#a7  
,provid+ tra9+ on infecti\s disease     
prev5tion & mitigation4  7#b7 ,provid+  
haz>d pay1 includ+ = "t work$ be=e !    
effectiv5ess ( ?is clause1 = /aff work+ 
directly to prev5t & mitigate ! spread (
 coronavirus or ,,covid-#ai among p     
exp]i5c+ or at risk ( homelessness4     

7#c7 ,reimbursem5t ( co/s = eligible    
activities 7includ+ activities describ$ 
9 ?is p>agraph7 relat+ to prev5t+1      
prep>+ =1 or respond+ to ! coronavirus  
or ,,covid-#ai t 7 accru$ be=e ! date ( 
! enactm5t ( ?is ,act4  ,use ( su*      
am\nts = activities describ$ 9 ?is      
p>agraph %all n be consid]$ use =       
adm9i/rative purposes = purposes (      
section #dah ( ! ,mc,kinney-,v5to       
,homeless ,assi/ance ,act 7#db ,u4,s4,c4
 #aacgg74  7d7 ,inapplicability (       
procurem5t /&>ds ,to ! ext5t am\nts made
 available pursuant to subsection 7a7   
are us$ to procure goods & s]vices      
relat+ to activities to prev5t1 prep>e  
=1 or respond to ! coronavirus or       
,,covid-#ai1 ! /&>ds & requirem5ts      
reg>d+ procurem5t t are o!rwise         
applicable %all n apply4  7e7           
,inapplicability ( habitability &       
environm5tal review /&>ds ,any ,f$]al   
/&>ds & requirem5ts reg>d+ habitability 
& environm5tal review %all n apply )    
respect to any em]g5cy %elt] t is assi/$

 ) am\nts made available pursuant to    
subsection 7a7 & has be5 det]m9$ by a   
,/ate or local heal? (ficial1 9         
accordance ) su* requirem5ts z !        
,secret>y %all e/abli%1 to be necess>y  
to prev5t & mitigate ! spread (         
coronavirus or ,,covid-#ai1 su* %elt]s4 
7f7 ,inapplicability ( cap on em]g5cy   
%elt] activities ,subsection 7b7 (      
section #dae ( ! ,mc,kinney-,v5to       
,homeless ,assi/ance ,act %all n apply  
to any am\nts made available pursuant to
 subsection 7a77#a7 ( ?is section4  7g7 
,initial allocation ( assi/ance ,section
 #dag7;b7 ( ! ,mc,kinney-,v5to ,homeless
 ,assi/ance ,act 7#db ,u4,s4,c4         
#aacgf7;b77 %all be appli$ ) respect to 
am\nts made available pursuant to       
subsection 7a7 by sub/itut+ #cj-;day =  
#fj-;day4  7h7 ,waiv]s & alt]native     
requirem5ts  7#a7 ,au?ority ,9 adm9i/]+ 
am\nts made available pursuant to       
subsection 7a71 ! ,secret>y may waive1  
or specify alt]native requirem5ts =1 any
 provision ( any /atute or regulation   

7except = any requirem5ts relat$ to fair
 h\s+1 nondiscrim9ation1 labor /&>ds1 & 
! environm5t7 t ! ,secret>y adm9i/]s 9  
connection ) ! obligation or use by !   
recipi5t ( su* am\nts1 if ! ,secret>y   
f9ds t good cause exi/s = ! waiv] or    
alt]native requirem5t & su* waiv] or    
alt]native requirem5t is consi/5t ) !   
purposes describ$ 9 ?is subsection4     
7#b7 ,effectiv5ess2 applicability ,any  
su* waiv]s %all be deem$ to be effective
 z ( ! date a ,/ate or unit ( local     
gov]nm5t began prep>+ = coronavirus &   
%all apply to ! use ( am\nts made       
available pursuant to subsection 7a7 &  
am\nts provid$ 9 prior appropriation    
,acts = fiscal ye> #bjbj "u ! head+     
,dep>tm5t ( ,h\s+ & ,urban              
,developm5t--,community ,plann+ &       
,developm5t--,community ,developm5t     
,fund & us$ by recipi5ts = ! purposes   
describ$ 9 ?is subsection4  7#c7        
,notification ,! ,secret>y %all notify !
 public ?r\gh ! ,f$]al ,regi/] or o!r   
appropriate means #e days be=e !        

effective date ( any su* waiv] or       
alt]native requirem5t1 & any su* public 
notice may be provid$ on ! int]net at ! 
appropriate ,gov]nm5t website or ?r\gh  
o!r electronic m$ia1 z det]m9$ by !     
,secret>y4  7#d7 ,exemption ,! use (    
am\nts made available pursuant to       
subsection 7a7 %all n be subject to !   
consultation1 citiz5 p>ticipation1 or   
mat* requirem5ts t o!rwise apply to !   
,em]g5cy ,solutions ,grants program1    
except t a recipi5t %all publi% h[ x has
 & w utilize its allocation at a m9imum 
on ! int]net at ! appropriate ,gov]nm5t 
website or ?r\gh o!r electronic m$ia4   
7i7 ,inapplicability ( mat*+ requirem5t 
,subsection 7a7 ( section #daf ( !      
,mc,kinney-,v5to ,homeless ,assi/ance   
,act 7#db ,u4,s4,c4 #aacge7;a77 %all n  
apply to any am\nts made available      
pursuant to subsection 7a7 ( ?is        
section4  7j7 ,prohibition on           
pr]equisites ,none ( ! funds au?oriz$ "u
 ?is section may be us$ to require p    
exp]i5c+ homelessness to receive        

treatm5t or p]=m any o!r pr]equisite    
activities z a condition = receiv+      
%elt]1 h\s+1 or o!r s]vices4  #ajg4     
,p>ticipation ( ,indian ,tribes &       
tribally designat$ h\s+ entities 9      
,cont9uum ( ,c>e ,program  7a7 ,9 g5]al 
,title ,,iv ( ! ,mc,kinney-,v5to        
,homeless ,assi/ance ,act 7#db ,u4,s4,c4
 #aacfj et seq47 is am5d$-- 7#a7 9      
section #dja 7#db ,u4,s4,c4 #aacfj7--   
7,a7 by r$esignat+ p>agraphs 7#aj7 ?r\gh
 7#cc7 z p>agraphs 7#ab7 ?r\gh 7#ce71   
respectively2  7,b7 by r$esignat+       
p>agraphs 7#h7 & 7#i7 z p>agraphs 7#i7 &
 7#aj71 respectively2  7,c7 by ins]t+   
aft] p>agraph 7#g7 ! foll[+3  7#h7      
,=mula area ,! t]m =mula area has !     
mean+ giv5 ! t]m 9 section #ajjj4cjb (  
title #bd1 ,code ( ,f$]al ,regulations1 
or any successor regulation4  2  7,d7 9 
p>agraph 7#i71 z s r$esignat$1 by ins]t+
 a =mula area1 aft] non5titlem5t area12 
&  7,e7 by ins]t+ aft] p>agraph 7#aj71 z
 s r$esignat$1 ! foll[+3  7#aa7 ,indian 
,tribe ,! t]m ,indian ,tribe has ! mean+

 giv5 ! t]m ,indian tribe 9 section #d (
 ! ,native ,am]ican ,h\s+ ,assi/ance &  
,self-,det]m9ation ,act ( #aiif 7#be    
,u4,s4,c4 #dajc74  2 &  7#b7 9 subtitle 
,c 7#db ,u4,s4,c4 #aacha et seq471 by   
add+ at ! end ! foll[+3  #dce4          
,p>ticipation ( ,indian ,tribes &       
tribally designat$ h\s+ entities        
,not)/&+ any o!r provision ( ?is title1 
= purposes ( ?is subtitle1 an ,indian   
,tribe or tribally designat$ h\s+ entity
 7z def9$ 9 section #d ( ! ,native      
,am]ican ,h\s+ ,assi/ance &             
,self-,det]m9ation ,act ( #aiif 7#be    
,u4,s4,c4 #dajc77 may-- 7#a7 be a       
collaborative applicant or eligible     
entity2 or  7#b7 receive grant am\nts f 
ano!r entity t receives a grant directly
 f ! ,secret>y1 & use ! am\nts 9        
accordance ) ?is subtitle4  4  7b7      
,te*nical & con=m+ am5dm5t ,! table (   
cont5ts 9 section #aja7;b7 ( !          
,mc,kinney-,v5to ,homeless ,assi/ance   
,act 7,public ,law #ajj-gg2 #aja ,/at4  
#dhb7 is am5d$ by ins]t+ aft] ! item    

relat+ to section #dcd ! foll[+3  ,sec4 
#dce4 ,p>ticipation ( ,indian ,tribes & 
tribally designat$ h\s+ entities4  4    
#ajh4 ,h\s+ ,assi/ance ,fund  7a7       
,def9itions ,9 ?is section3 7#a7        
,secret>y ,! t]m ,secret>y means !      
,secret>y ( ! ,treasury4  7#b7 ,/ate ,! 
t]m ,/ate means any ,/ate ( ! ,unit$    
,/ates1 ! ,di/rict ( ,columbia1 any     
t]ritory ( ! ,unit$ ,/ates1 ,pu]to      
,rico1 ,guam1 ,am]ican ,samoa1 ! ,virg9 
,isl&s1 & ! ,nor!rn ,m>iana ,isl&s4  7b7
 ,e/abli%m5t ( fund ,!re is e/abli%$ at 
! ,dep>tm5t ( ! ,treasury a ,h\s+       
,assi/ance ,fund to provide su* funds z 
are allocat$ 9 subsection 7f7 to ,/ate  
h\s+ f9ance ag5cies = ! purpose (       
prev5t+ home[n] mortgage defaults1      
=eclosures1 & displacem5ts ( individuals
 & families exp]i5c+ f9ancial h>d%ip    
aft] ,janu>y #ba1 #bjbj4  7c7           
,allocation ( funds  7#a7 ,9 g5]al ,!   
,secret>y ( ! ,treasury %all e/abli% su*
 crit]ia z are necess>y to allocate !   
funds available )9 ! ,h\s+ ,assi/ance   

,fund to ea* ,/ate4 ,! ,secret>y %all   
allocate su* funds among all ,/ates tak+
 into consid]ation ! numb] ( unemploym5t
 claims )9 a ,/ate relative to !        
nationwide numb] ( unemploym5t claims4  
7#b7 ,small /ate m9imum ,ea* ,/ate %all 
receive no less ?an #abe1jjj1jjj = !    
purposes e/abli%$ 9 subsection 7b74  7d7
 ,disbursem5t ( funds  7#a7 ,initial    
disbursem5t ,! ,secret>y %all disburse  
to ! ,/ate h\s+ f9ance ag5cies n less   
?an  ( ! am\nt made available pursuant  
to ?is section1 & 9 accordance ) !      
allocations e/abli%$ "u subsection 7c71 
n lat] ?an #abj days aft] ! date (      
enactm5t ( ?is ,act4 ,! ,secret>y or    
designee %all ent] into a contract ) ea*
 ,/ate h\s+ f9ance ag5cy1 :i* may be    
am5d$ f "t to "t1 e/abli%+ ! t]ms ( !   
use ( su* funds prior to ! disbursem5t (
 su* funds4  7#b7 ,second disbursem5t ,!
 ,secret>y %all disburse all funds made 
available pursuant to ?is section1 & 9  
accordance ) ! allocations e/abli%$ "u  
subsection 7c71 n lat] ?an #ahj days    

aft] ! date ( enactm5t ( ?is ,act4  7e7 
,p]missible uses ( fund  7#a7 ,9 g5]al  
,funds made available to ,/ate h\s+     
f9ance ag5cies pursuant to ?is section  
may be us$ = ! purposes e/abli%$ "u     
subsection 7b71 :i* may include-- 7,a7  
mortgage paym5t assi/ance2  7,b7        
f9ancial assi/ance to all[ a borr[] to  
re9/ate _! mortgage foll[+ a p]iod (    
=be>ance2  7,c7 pr9cipal r$uction2  7,d7
 utility paym5t assi/ance1 includ+      
electric1 gas1 & wat] paym5t assi/ance2 
7,e7 any program e/abli%$ "u ! ,h\s+    
,f9ance ,ag5cy ,innovation ,fund = !    
,h>de/ ,hit ,h\s+ ,m>kets2  7,f7        
reimbursem5t ( funds exp5d$ by a ,/ate  
or local gov]nm5t dur+ ! p]iod beg9n+ on
 ,janu>y #ba1 #bjbj1 & end+ on ! date t 
! fir/ funds are disburs$ by ! ,/ate "u 
! ,h\s+ ,assi/ance ,fund1 = ! purpose ( 
provid+ h\s+ or utility assi/ance to    
individuals or o!rwise provid+ funds to 
prev5t =eclosure or eviction ( a home[n]
 or prev5t mortgage del9qu5cy or loss ( 
h\s+ or critical utilities z a response 

to ! coronavirus disease #bjai          
7,,covid-#ai7 p&emic2 &  7,g7 any o!r   
assi/ance to prev5t eviction1 mortgage  
del9qu5cy or default1 =eclosure1 or !   
loss ( ess5tial utility s]vices4  7#b7  
,adm9i/rative exp5ses ,n great] ?an #aj 
p]c5t ( ! am\nt allocat$ to a ,/ate     
pursuant to subsection 7c7 may be us$ by
 a ,/ate h\s+ f9anc+ ag5cy =            
adm9i/rative exp5ses4 ,any am\nts       
allocat$ to adm9i/rative exp5ses t are  
no long] necess>y = adm9i/rative exp5ses
 may be us$ 9 accordance ) p>agraph     
7#a74  7f7 ,au?orization ( appropriation
 ,!re is au?oriz$ to be appropriat$ = ! 
fiscal ye> end+ ,septemb] #cj1 #bjbj1 to
 rema9 available until exp5d$ or        
transf]r$ or cr$it$ "u subsection 7h71  
#ce1jjj1jjj1jjj to ! ,h\s+ ,assi/ance   
,fund e/abli%$ "u subsection 7b74  7g7  
,use ( h\s+ f9ance ag5cy innovation fund
 = ! h>de/ hit h\s+ m>kets funds ,a     
,/ate h\s+ f9ance ag5cy may reallocate  
any adm9i/rative or programmatic funds x
 has receiv$ z an allocation f ! ,h\s+  

,f9ance ,ag5cy ,innovation ,fund = !    
,h>de/ ,hit ,h\s+ ,m>kets creat$        
pursuant to section #aja7;a7 ( !        
,em]g5cy ,economic ,/abilization ,act ( 
#bjjh 7#ab ,u4,s4,c4 #ebaa7;a77 t h n   
be5 o!rwise allocat$ or disburs$ z ( !  
date ( enactm5t ( ?is ,act to supplem5t 
any adm9i/rative or programmatic funds  
receiv$ f ! ,h\s+ ,assi/ance ,fund4 ,su*
 reallocat$ funds %all n be consid]$ :5 
allocat+ res\rces f ! ,h\s+ ,assi/ance  
,fund us+ ! process e/abli%$ "u         
subsection 7c7 & %all rema9 available = 
! uses p]mitt$ & "u ! t]ms & conditions 
e/abli%$ by ! contract ) ,secret>y      
creat$ pursuant to subsection 7d77#a7 & 
! t]ms ( subsection 7h74  7h7           
,rescission ( funds ,any funds t h n be5
 allocat$ by a ,/ate h\s+ f9ance ag5cy  
to provide assi/ance z describ$ "u      
subsection 7e7 by ,decemb] #ca1 #bjcj1  
%all be reallocat$ by ! ,secret>y 9 !   
foll[+ mann]3 7#a7 #fe p]c5t %all be    
transf]r$ or cr$it$ to ! ,h\s+ ,tru/    
,fund e/abli%$ "u section #acch ( !     

,f$]al ,h\s+ ,ent]prises ,f9ancial      
,safety & ,s\ndness ,act ( #aiib 7#ab   
,u4,s4,c4 #defh72 &  7#b7 #ce p]c5t %all
 be transf]r$ or cr$it$ to ! ,capital   
,magnet ,fund "u section #acci ( !      
,f$]al ,h\s+ ,ent]prises ,f9ancial      
,safety & ,s\ndness ,act ( #aiib 7#ab   
,u4,s4,c4 #defi74  7i7 ,report+         
requirem5ts ,! ,secret>y %all provide   
public reports n less frequ5tly ?an     
qu>t]ly reg>d+ ! use ( funds provid$ by 
! ,h\s+ ,assi/ance ,funds4 ,su* reports 
%all include ! foll[+ data by ,/ate & by
 program )9 ea* ,/ate1 bo? = ! pa/ qu>t]
 & ?r\gh\t ! life ( ! program-- 7#a7 !  
am\nt ( funds allocat$2  7#b7 ! am\nt ( 
funds disburs$2  7#c7 ! numb] (         
h\seholds & individuals assi/$2  7#d7 ! 
acceptance rate ( applicants2  7#e7 !   
av]age am\nt ( assi/ance provid$ p]     
h\sehold receiv+ assi/ance2  7#f7 !     
av]age l5g? ( assi/ance provid$ p]      
h\sehold receiv+ assi/ance2  7#g7 !     
income ranges ( h\seholds = ea* h\sehold
 receiv+ assi/ance2 &  7#h7 ! outcome   

#ab mon?s aft] ! h\sehold has receiv$   
assi/ance4  #aji4 ,mortgage =be>ance    
7a7 ,f9d+s  7#a7 ,f9d+s ,congress f9ds  
t-- 7,a7 ! collection ( debts involves !
 use ( ! mails & wires & o!r            
in/rum5talities ( int]/ate comm]ce2     
7,b7 at times ( major disa/] or em]g5cy1
 ! income ( consum]s is (t5 impair$ & _!
 necess>y daily exp5ses (t5 increase2   
7,c7 tempor>y =be>ance b5efits n only   
consum] & small bus9ess debtors1 b also 
o!r cr$itors by avoid+ d[nw>d collat]al 
price spirals trigg]$ by an increase 9  
=eclosure activity2  7,d7 )\t =be>ance1 
_m consum]s & small bus9esses are       
unlikely to be able to pay _!           
obligations accord+ to _! orig9al t]ms &
 are likely to default on obligations or
 file = bankruptcy1 result+ 9 r$uc$     
recov]ies = cr$itors1 & 9 ! case (      
bankruptcy1 no recov]y ( unaccru$       
int]e/2  7,e7 ) =be>ance1 cr$itors are  
likely to realize great] long-t]m value 
because consum]s & small bus9esses w be 
m likely to be able to repay _!         

obligations aft] ! major disa/] or      
em]g5cy has subsid$2  7,f7 ! legislative
 & adm9i/rative response to major       
disa/]s & em]g5cies may consi/ (        
multiple compon5ts divid$ among diff]5t 
/atutes & programs2 &  7,g7 :5 evaluat+ 
:e!r prop]ty has be5 tak5 f a p]son )\t 
j comp5sation1 a holi/ic evaluation ( ! 
burd5s & b5efits ( all legislative &    
adm9i/rative responses1 includ+ indirect
 b5efits f macroeconomic /abilization1  
is appropriate4  7#b7 ,fur!r f9d+s      
reg>d+ mortgage =be>ance ,congress fur!r
 f9ds t-- 7,a7 ensur+ t consum]s are    
able to rema9 9 _! resid5ces r$uces !   
disruptions & economic h>m caus$ by su* 
disa/]s & em]g5cies by ensur+ t consum]s
 are able to cont9ue _! exi/+ employm5t1
 education1 *ildc>e1 & heal?c>e         
arrangem5ts1 :i* are (t5 geographically 
bas$2  7,b7 tempor>y =be>ance on        
resid5tial mortgages is !re=e critical  
to fo/]+ economic recov]y & /ability 9 !
 wake ( major disa/]s or em]g5cies2     
7,c7 tempor>y mortgage =be>ance dur+ a  

decl>$ disa/] b5efits n only mortgagors1
 b also mortgagees because mortgagors'  
ability to pay is likely to be re/or$   
aft] a disa/] or em]g5cy subsides1 s    
=be>ance may increase mortgagors' total 
recov]y4 ,)\t =be>ance1 mortgagors are  
likely to default or file = bankruptcy1 
result+ 9 significant losses =          
mortgagees2 &  7,d7 tempor>y mortgage   
=be>ance dur+ a decl>$ disa/] also      
b5efits ! mortgagees ( o!r prop]ties    
because h\s+ prices are geographically &
 s]ially correlat$ s an increase 9      
=eclosures c drive d[n ! value (        
collat]al = all mortgage l5d]s1 fur!r   
de/abiliz+ ! economy4  7#c7 ,fur!r f9d+s
 reg>d+ mortgage s]vic]s ,congress fur!r
 f9ds t-- 7,a7 mortgage s]vic]s are (t5 
contractually obligat$ to advance s*$ul$
 mortgage paym5ts to securitization     
inve/ors1 irrespective ( :e!r ! s]vic]  
collects ! paym5t f ! mortgagor2  7,b7  
mortgage s]vic]s are (t5 ?9ly capitaliz$
 & ) limit$ capacity = engag+ 9 l>ge    
scale advanc+ ( paym5ts to              

securitization inve/ors2  7,c7          
securitization inve/ors h long be5 aw>e 
( s]vic]s' ?9 capitalization2  7,d7 9 ! 
wake ( ! #bjjh f9ancial crisis1 sev]al  
s]vic]s _h difficulty obta9+ suffici5tly
 liquidity to make advances2  7,e7      
mortgage s]vic+ is a heavily regulat$   
indu/ry2  7,f7 9 response to ! #bjjh    
f9ancial crisis1 ,congress creat$ a safe
 h>bor = mortgage s]vic]s t und]took    
loan modifications2  7,g7 9 response to 
! #bjjh f9ancial crisis1 ! ,home        
,af=dable ,modification ,program paid   
mortgage s]vic]s to und]take loan       
modifications2  7,h7 z "p ( ! #bjab jo9t
 ,/ate-,f$]al ,national ,mortgage       
,settlem5t1 mortgage s]vic]s committ$ to
 und]tak+ loan modifications2 &  7,i7   
inve/ors 9 mortgage securitizations are 
or %\ld be aw>e ( s]vic]s' ?9           
capitalization1 liquidity con/ra9ts1 !  
ext5t & hi/ory ( s]vic+ regulation &    
!re=e d n h a reasonable expectation t !
 t]ms ( s]vic+ contracts w be en=ceable 
at times ( national f9ancial crisis4    

7#d7 ,det]m9ation ,x is ! s5se ( !      
,congress t1 on ! basis ( ! f9d+s       
describ$ "u p>agraphs 7#a71 7#b71 &     
7#c71 ! ,congress det]m9es t !          
provisions ( ?is ,act are necess>y &    
prop] = ! purpose ( c>ry+ into execution
 ! p[]s ( ! ,congress to regulate       
comm]ce among ! sev]al ,/ates & to      
e/abli% uni=m bankruptcy laws4  7b7     
,prohibition on =eclosures &            
repossessions dur+ ! ,,covid-#ai em]g5cy
  7#a7 ,prohibition on =eclosures ,!    
,real ,e/ate ,settlem5t ,proc$ures ,act 
( #aigd 7#ab ,u4,s4,c4 #bfja et seq47 is
 am5d$-- 7,a7 9 section #c 7#ab         
,u4,s4,c4 #bfjb7-- 7i7 9 p>agraph 7#h71 
by /rik+ & at ! end2  7ii7 9 p>agraph   
7#i71 by /rik+ ! p]iod at ! end & ins]t+
 2 &2 &  7iii7 by add+ at ! end !       
foll[+3  7#aj7 ! t]m ,,covid-#ai em]g5cy
 means ! p]iod t beg9s ^u ! date ( !    
enactm5t ( ?is ,act & ends on ! date ( !
 t]m9ation by ! ,f$]al ,em]g5cy         
,managem5t ,ag5cy ( ! em]g5cy decl>$ on 
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    

,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai7 p&emic4  2 
&  7,b7 9 section #f7k77#a7 7#ab        
,u4,s4,c4 #bfje7k77#a77-- 7i7 9         
subp>agraph 7,d71 by /rik+ or at ! end2 
7ii7 by r$esignat+ subp>agraph 7,e7 z   
subp>agraph 7,g72 &  7iii7 by ins]t+    
aft] subp>agraph 7,d7 ! foll[+3  7,e7   
comm5ce or cont9ue any judicial         
=eclosure action or non-judicial        
=eclosure process or any action to evict
 a consum] foll[+ a =eclosure dur+ !    
,,covid-#ai em]g5cy or ! #ahj-;day p]iod
 foll[+ su* em]g5cy 7except t su*       
prohibition %all n apply to a mortgage  
secur$ by a dwell+ t ! s]vic] has       
det]m9$ aft] ex]cis+ reasonable dilig5ce
 is vacant or ab&on$72  7,f7 fail to    
toll ! "t 9 a =eclosure process on a    
prop]ty dur+ ! ,,covid-#ai em]g5cy or ! 
#ahj-;day p]iod foll[+ su* em]g5cy      
7except t su* prohibition %all n apply  
to a mortgage secur$ by a dwell+ t !    

s]vic] has det]m9$ aft] ex]cis+         
reasonable dilig5ce is vacant or        
ab&on$72 or  4  7#b7 ,repossession      
prohibition ,dur+ ! ,,covid-#ai em]g5cy 
& = ! #ahj-;day p]iod foll[+ su*        
em]g5cy1 a s]vic] ( a consum] loan      
secur$ by a manufactur$ home or a motor 
vehicle may n repossess su* home or     
vehicle4  7c7 ,=be>ance ( resid5tial    
mortgage loan paym5ts = s+le family     
prop]ties 7#a-d units7 ,section #f ( !  
,real ,e/ate ,settlem5t ,proc$ures ,act 
( #aigd 7#ab ,u4,s4,c4 #bfje7 is am5d$  
by add+ at ! end ! foll[+3  7n7         
,=be>ance dur+ ! ,,covid-#ai em]g5cy    
7#a7 ,consum] "r to reque/ a =be>ance   
7,a7 ,reque/ = =be>ance ,a borr[]       
exp]i5c+ a f9ancial h>d%ip dur+ !       
,,covid-#ai em]g5cy may reque/ =be>ance 
f any mortgage obligation1 reg>dless (  
del9qu5cy /atus1 by submitt+ a reque/ to
 ! borr[]'s s]vic]1 ei!r orally or 9    
writ+1 affirm+ t ! borr[] is exp]i5c+   
h>d%ip dur+ ! ,,covid-#ai em]g5cy4 ,a   
borr[ %all n be requir$ to provide any  

additional docum5tation to receive su*  
=be>ance4  7,b7 ,l5g? ( =be>ance2       
ext5sion ,a =be>ance reque/$ pursuant to
 subp>agraph 7,a7 %all be provid$ = a   
p]iod ( #ahj days1 & may be ext5d$ ^u   
reque/ ( ! borr[] = an additional #ahj  
days4  7,c7 ,treatm5t ( t5ants ,a borr[]
 receiv+ a =be>ance "u ?is subsection ) 
respect to a mortgage secur$ by a dwell+
 t has t5ants1 :e!r or n ! borr[] also  
lives 9 ! dwell+1 %all provide ! t5ants 
) r5t relief = a p]iod n less ?an !     
p]iod cov]$ by ! =be>ance4  7#b7        
,automatic =be>ance = del9qu5t borr[]s  
7,a7 ,9 g5]al ,not)/&+ any o!r law      
gov]n+ =be>ance relief1 dur+ !          
,,covid-#ai em]g5cy1 any borr[] :o is or
 becomes #fj days or m del9qu5t on a    
mortgage obligation %all automatically  
be grant$ a #ahj-;day =be>ance1 :i* may 
be ext5d$ ^u reque/ ( ! borr[] = an     
additional #ahj days4 ,su* a borr[] may 
elect to cont9ue mak+ regul> paym5ts by 
notify+ ! s]vic] ( ! mortgage obligation
 ( su* election4  7,b7 ,notice to borr[]

 ,! s]vic] ( a mortgage obligation plac$
 9 =be>ance pursuant to subp>agraph 7,a7
 %all provide ! borr[] writt5           
notification ( ! =be>ance & its duration
 z well z in=mation ab\t available loss 
mitigation options & ! "r to end !      
=be>ance & resume mak+ regul> paym5ts4  
7,c7 ,treatm5t ( paym5ts dur+ =be>ance  
,any paym5ts made by ! borr[] dur+ !    
=be>ance p]iod %all be cr$it$ to !      
borr[]'s acc\nt 9 accordance ) section  
#abi;,f ( ! ,tru? 9 ,l5d+ ,act 7#ae     
,u4,s4,c4 #afci;f7 or z ! borr[] may    
o!rwise in/ruct t is consi/5t ) ! t]ms (
 ! mortgage loan contract4  7#c7        
,requirem5ts = s]vic]s  7,a7            
,notification  7i7 ,9 g5]al ,ea* s]vic] 
( a f$]ally relat$ mortgage loan %all   
notify ! borr[] ( _! "r to reque/       
=be>ance "u p>agraph 7#a7-- 7,i7 n lat] 
?an #ad days aft] ! date ( enactm5t (   
?is subsection2 &  7,,ii7 until ! end ( 
,,covid-#ai em]g5cy-- 7aa7 on ea*       
p]iodic /atem5t provid$ to ! borr[]2 &  
7bb7 9 any oral or writt5 communication 

by ! s]vic] ) or to ! borr[]4  7ii7     
,mann] ( notification  7,i7 ,writt5     
notification ,any writt5 notification   
requir$ "u ?is section-- 7aa7 %all be   
provid$-- 7,,aa7 9 ,engli% & ,spani% & 9
 any additional languages 9 :i* ! s]vic]
 communicates1 includ+ ! language 9 :i* 
! loan 0 negotiat$1 to ! ext5t kn[n by !
 s]vic]2 & 7,,bb7 at lea/ z cle>ly &    
conspicu\sly z ! mo/ cle> & conspicu\s  
disclosure on ! docum5t2  7bb7 %all     
include ! notification ( ! availability 
( language assi/ance & h\s+ c\nsel+     
produc$ by ! ,f$]al ,h\s+ ,f9ance ,ag5cy
 "u subsection 7o72 &  7cc7 may be      
provid$ by fir/-class mail or           
electronically1 if ! borr[] has o!rwise 
cons5t$ to electronic communication ) ! 
s]vic] & has n revok$ su* cons5t4       
7,,ii7 ,oral notification ,any oral     
notification requir$ "u clause 7i7 %all 
be provid$ 9 ! language ! s]vic] o!rwise
 uses to communicate ) ! borr[]4        
7,,iii7 ,writt5 translations ,9 provid+ 
writt5 notifications 9 languages o!r ?an

 ,engli% "u subclause 7,i71 a s]vic] may
 rely on writt5 translations develop$ by
 ! ,f$]al ,h\s+ ,f9ance ,ag5cy or !     
,bureau4  7,b7 ,o!r requirem5ts  7i7    
,=be>ance requir$ ,^u receiv+ a reque/ =
 =be>ance f a consum] "u p>agraph 7#a7  
or plac+ a borr[] 9 automatic =be>ance  
"u p>agraph 7#b71 a s]vic] %all provide 
! =be>ance = n less ?an #ahj days1 & an 
additional #ahj days at ! reque/ ( !    
borr[]1 provid$ t ! borr[] w h ! option 
to discont9ue ! =be>ance at any "t4     
7ii7 ,prohibition on fees1 p5alties1 &  
int]e/ ,dur+ ! p]iod ( a =be>ance "u ?is
 subsection1 no fees1 p5alties or       
additional int]e/ beyond ! am\nts s*$ul$
 or calculat$ z if ! borr[] made all    
contractual paym5ts on "t & 9 full "u ! 
t]ms ( ! mortgage contract 9 effect at !
 "t ! borr[] ent]s into ! =be>ance %all 
accrue4  7iii7 ,treatm5t ( escr[ paym5ts
 ,if a borr[] 9 =be>ance "u ?is         
subsection is requir$ to make paym5ts to
 an escr[ acc\nt1 ! s]vic] %all pay or  
advance ! escr[ disbursem5ts 9 a timely 

mann] 7def9$ z on or be=e ! deadl9e to  
avoid a p5alty71 reg>dless ( ! /atus ( !
 borr[]'s paym5ts4 ,! s]vic] may collect
 any result+ escr[ %ortage or defici5cy 
f ! borr[] aft] ! =be>ance p]iod ends1 9
 a lump sum paym5t1 spread ov] #fj      
mon?s1 or capitaliz$ into ! loan1 at !  
borr[]'s election4  4  7d7 ,notification
 ( language assi/ance & h\s+ c\nsel+    
,section #f ( ! ,real ,e/ate ,settlem5t 
,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4  
#bfje71 z am5d$ by subsection 7c71 is   
fur!r am5d$ by add+ at ! end ! foll[+3  
7o7 ,notification ( language assi/ance &
 h\s+ c\nsel+  7#a7 ,9 g5]al ,! ,f$]al  
,h\s+ ,f9ance ,ag5cy %all1 )9 #cj days (
 ! date ( enactm5t ( ?is ,act1 make     
available a docum5t provid+ notice ( !  
availability ( language assi/ance & h\s+
 c\nsel+ 9 sub/antially ! same =m1 & 9  
at lea/ ! same languages1 z ! exi/+     
,language ,translation ,disclosure4     
7#b7 ,m9imum requirem5t ,! docum5t      
describ$ "u subsection 7a7 %all include 
! notice 9 at lea/ all ! languages = :i*

 ,f$]al ,h\s+ ,f9ance ,ag5cy curr5tly   
has translations on its exi/+ ,language 
,translation ,disclosure available4     
7#c7 ,provision to s]vic]s ,! ,f$]al    
,h\s+ ,f9ance ,ag5cy %all make ?is      
docum5t available to s]vic]s to fulfill 
_! requirem5ts "u subsection 7n74  4    
7e7 ,unit$ ,/ates ,dep>tm5t (           
,agriculture ,direct ,loan ,program     
,section #eje ( ! ,h\s+ ,act ( #aidi    
7#db ,u4,s4,c4 #adge7 is am5d$-- 7#a7 by
 r$esignat+ subsection 7b7 z subsection 
7c72 &  7#b7 by ins]t+ aft] subsection  
7a7 ! foll[+3  7b7 ,loan modification   
7#a7 ,9 g5]al ,! ,secret>y %all implem5t
 a loan modification program to modify !
 t]ms ( out/&+ loans = borr[]s :o face  
f9ancial h>d%ip4  7#b7 ,af=dable paym5ts
 ,! ,secret>y's loan modification       
program "u p>agraph 7#a7 %all be design$
 s z to provide af=dable paym5ts =      
borr[]s4 ,9 def9+ af=dable paym5ts !    
,secret>y %all consult def9itions (     
af=dability promulgat$ by ! ,f$]al ,h\s+
 ,f9ance ,au?ority1 ! ,dep>tm5t ( ,h\s+ 

& ,urban ,developm5t1 & ! ,bureau (     
,consum] ,f9ancial ,protection4  7#c7   
,additional program requirem5ts ,!      
,secret>y's loan modification program "u
 p>agraph 7#a7 %all all[ = measures     
includ+ ext5sion ( ! rema9+ loan t]m to 
up to #dhj mon?s & a r$uction 9 int]e/  
rate to ! m>ket int]e/ rate z def9$ by  
regulations ( ! ,secret>y4 ,!           
modification program %all be available =
 borr[]s 9 a moratorium & = borr[]s n   
already 9 a moratorium :o qualify "u !  
t]ms e/abli%$ by ! ,secret>y4 ,!        
,secret>y may also e/abli% reasonable   
additional measures = provid+ af=dable  
loan modifications to borr[]s4  2  7#c7 
9 subsection 7c71 z s r$esignat$1 by    
add+ at ! end ! foll[+3 ,accel]ation ( !
 promissory note & initiation (         
=eclosure proce$+s %all n t]m9ate a     
borr[]'s eligibility = a moratorium1    
loan reamortization1 special s]vic+1 or 
o!r =eclosure alt]native42 &  7#d7 by   
add+ at ! end ! foll[+3  7d7 ,requirem5t
 ,! ,secret>y %all comply ) subsections 

7k77#a71 7n71 & 7o7 ( section #f ( !    
,real ,e/ate ,settlem5t ,proc$ures ,act 
( #aigd ) respect to any s+le-family    
loans x holds or s]vices4  4  7f7       
,=be>ance ( resid5tial mortgage loan    
paym5ts = multifamily prop]ties 7#e     
units7  7#a7 ,9 g5]al ,dur+ !           
,,covid-#ai em]g5cy1 a multifamily      
borr[] exp]i5c+ a f9ancial h>d%ip due1  
directly or indirectly1 to ! ,,covid-#ai
 em]g5cy may reque/ a =be>ance "u ! t]ms
 set =? 9 ?is section4  7#b7 ,reque/ =  
relief ,a multifamily borr[] may submit 
a reque/ = =be>ance "u p>agraph 7#a7 to 
! borr[]'s s]vic]1 ei!r orally or 9     
writ+1 affirm+ t ! multifamily borr[] is
 exp]i5c+ h>d%ip dur+ ! ,,covid-#ai     
em]g5cy4  7#c7 ,=be>ance p]iod  7,a7 ,9 
g5]al ,^u receipt ( an oral or writt5   
reque/ = =be>ance f a multifamily       
borr[]1 a s]vic] %all-- 7i7 docum5t !   
f9ancial h>d%ip2  7ii7 provide !        
=be>ance = n less ?an #ahj days2 &      
7iii7 provide ! =be>ance = an additional
 #ahj days ^u ! reque/ ( ! borr[] at    

lea/ #cj days prior to ! end ( !        
=be>ance p]iod describ$ "u subp>agraph  
7,a74  7,b7 ,"r to discont9ue ,a        
multifamily borr[] %all h ! option to   
discont9ue ! =be>ance at any "t4  7#d7  
,r5t] protections ,dur+ ! t]m ( a       
=be>ance "u ?is section1 a multifamily  
borr[] may n-- 7,a7 evict a t5ant =     
nonpaym5t ( r5t2 or  7,b7 apply or      
accrue any fees or o!r p5alties on r5t]s
 = nonpaym5t ( r5t4  7#e7 ,obligation to
 br+ ! loan curr5t ,a multifamily borr[]
 %all br+ a loan plac$ 9 =be>ance "u ?is
 section curr5t )9 ! e>li] (-- 7,a7 #ab 
mon?s aft] ! conclusion ( ! =be>ance    
p]iod2 or  7,b7 receipt ( any bus9ess   
int]ruption insurance proce$s by !      
multifamily borr[]4  7#f7 ,def9ition ,= 
! purposes ( ?is subsection1 ! t]m      
multifamily borr[] means a borr[] ( a   
resid5tial mortgage loan t is secur$ by 
a li5 aga9/ a prop]ty compris+ five or m
 dwell+ units4  7g7 ,f$]al ,res]ve cr$it
 facility = mortgage s]vic]s  7#a7 ,9   
g5]al ,! ,bo>d ( ,gov]nors ( ! ,f$]al   

,res]ve ,sy/em & ! ,secret>y ( !        
,treasury1 pursuant to ! au?ority grant$
 "u section #ac7c7 ( ! ,f$]al ,res]ve   
,act1 directly 7or indirectly ?r\gh an  
int]m$i>y1 su* z ! ,f$]al ,national     
,mortgage ,association1 ! ,f$]al ,home  
,loan ,mortgage ,corporation1 !         
,gov]nm5t ,national ,mortgage           
,association1 an insur$ depository      
in/itution1 non-depository l5d+         
in/itution1 or a special purpose        
vehicle7-- 7,a7 %all ext5d cr$it to     
mortgage s]vic]s & o!r obligat$ advanc+ 
p>ties t 9 ea* case h liquidity ne$s due
 to ! ,,covid-#ai em]g5cy or compliance 
) ?is ,act ) respect to mortgage loans  
7! affect$ mortgages72 &  7,b7 may ext5d
 fur!r cr$it to mortgage s]vic]s = o!r  
liquidity ne$s due to ! actual or imm95t
 del9qu5cy or default on mortgage loans 
due to ! ,,covid-#ai em]g5cy4  7#b7     
,non-compliant s]vic]s ,a mortgage      
s]vic] %all n be eligible = assi/ance "u
 p>agraph 7#a7 if ! provid] is 9        
violation ( any requirem5t "u ?is ,act1 

& fails to promptly cure any su*        
violation ^u notice or discov]y !re(4   
7#c7 ,paym5ts & pur*ases ,cr$it ext5d$  
"u p>agraph 7#a77;,a7 %all be 9 an am\nt
 suffici5t to-- 7,a7 cov]-- 7i7 !       
pass-?r\gh paym5t ( pr9cipal & int]e/ to
 mortgage-back$ securities hold]s2  7ii7
 ! paym5t ( taxes & insurance to ?ird   
p>ties2 &  7iii7 ! tempor>y reimbursem5t
 ( modification co/s & fees due to      
s]vic]s t w be def]r$ until su* "t z a  
=be>ance p]iod t]m9ates1 due 9 ea* case 
on1 or 9 respect (1 su* affect$ mortgage
 loans or relat$ mortgage-back$         
securities2 &  7,b7 pur*ase affect$     
mortgages f pools ( securitiz$          
mortgages4  7#d7 ,collat]al ,! cr$it    
au?oriz$ by ?is section %all be secur$  
by ! pl$gor's int]e/ 9 acc\nts          
receivable1 loans1 or relat$ int]e/s    
result+ f ! paym5t advances made on !   
affect$ mortgages by ! mortgage s]vic]s4
  7#e7 ,cr$it support ,! ,secret>y ( !  
,treasury %all provide cr$it support to 
! ,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve  

,sy/em = ! program requir$ by ?is       
section4  7#f7 ,conflict ) o!r laws     
,not)/&+ any ,f$]al or ,/ate law to !   
contr>y1 ! ,f$]al ,national ,mortgage   
,association1 ! ,f$]al ,home ,loan      
,mortgage ,corporation1 & ! ,gov]nm5t   
,national ,mortgage ,association may    
p]mit ! pl$ge or grant ( a security     
int]e/ 9 ! pl$gor's int]e/ 9 su* acc\nts
 receivable or loans or relat$ int]e/s &
 honor or p]mit ! en=cem5t ( su* pl$ge  
or grant 9 accordance ) its t]ms4  7#g7 
,duration ,! ext5sion ( cr$it by ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em &
 cr$it support f ! ,secret>y ( !        
,treasury "u ?is section %all be        
available until ! lat] (-- 7,a7 #f mon?s
 aft] ! end ( ! ,,covid-#ai em]g5cy2 &  
7,b7 ! date on :i* on ! ,bo>d (         
,gov]nors ( ! ,f$]al ,res]ve ,sy/em & ! 
,secret>y ( ! ,treasury det]m9e su*     
cr$it & cr$it support %\ld no long] be  
available to address ! liquidity conc]n 
address$ by ?is section4  7#h7 ,am5dm5ts
 to ,national ,h\s+ ,act ,section       

#cjf7;g77#a7 ( ! ,national ,h\s+ ,act   
7#ab ,u4,s4,c4 #agba7;g77#a77 is am5d$--
 7,a7 by ins]t+ ! foll[+ new s5t5ce aft]
 ! f\r? s5t5ce 9 ! p>agraph3 ,9 any case
 9 :i* 7,i7 ! ,presid5t decl>es a major 
disa/] or em]g5cy = ! nation or any area
 t 9 ei!r case has be5 affect$ by damage
 or o!r adv]se effects ( suffici5t      
sev]ity & magnitude to w>rant major     
disa/] assi/ance "u ! ,rob]t ,t4 ,/af=d 
,disa/] ,relief & ,em]g5cy ,assi/ance   
,act or o!r ,f$]al law1 7,,ii7 ^u reque/
 ( an ,issu] ( any security1 !          
,association elects to ext5d to ! ,issu]
 "o or m ( ! disa/] assi/ance or em]g5cy
 programs t ! ,association det]m9es to  
be available to acc\nt = ! ,issu]'s     
failure or anticipat$ failure to receive
 f ! mortgagor ! full am\nt ( pr9cipal &
 int]e/ due1 !n 7,,iii7 ! ,association  
may elect n to decl>e ! ,issu] to be 9  
default because ( su* reque/ = su*      
disa/] or em]g5cy assi/ance42  7,b7 by  
ins]t+ aft] ! ^w issu$ 9 ! six? s5t5ce1 
z r$esignat$1 ! foll[+3 subject to any  

pl$ge or grant ( security int]e/ ( !    
pl$gor's int]e/ 9 & to any su* mortgage 
or mortgages or any int]e/ !re9 & !     
proce$s !reon1 :i* ! ,association may   
elect to approve22 &  7,c7 by ins]t+    
aft] ! ^w issu$ 9 ! sev5? s5t5ce1 z     
r$esignat$1 ! foll[+3 1 or 7,d7 its     
approval & honor+ ( any pl$ge or grant (
 security int]e/ ( ! pl$gor's int]e/ 9 &
 to any su* mortgage or mortgages or any
 int]e/ !re9 & proce$s !reon44  7h7     
,safe h>bor  7#a7 ,9 g5]al ,not)/&+ any 
o!r provision ( law1 :5ev] a s]vic] (   
resid5tial mortgages ( resid5tial       
mortgage-back$ securities-- 7,a7 grants 
a borr[] relief "u section #f7n7 & #f7p7
 ( ! ,real ,e/ate ,settlem5t ,proc$ures 
,act ( #aigd ) respect to a resid5tial  
mortgage orig9at$ be=e ,april #a1 #bjbj1
 includ+ a mortgage held 9 a            
securitization or o!r inve/m5t vehicle2 
&  7,b7 ! s]vic] or tru/ee or issu] owes
 a duty to inve/ors or o!r p>ties reg>d+
 ! /&>d = s]vic+ su* mortgage1  ! s]vic]
 %all be deem$ to h satisfi$ su* a duty1

 & ! s]vic] %all n be liable to any p>ty
 :o is ow$ su* a duty & %all n be       
subject to any injunction1 /ay1 or o!r  
equitable relief to su* p>ty1 bas$ ^u   
its good fai? compliance ) ! provisions 
( #f7n7 & #f7p7 ( ! ,real ,e/ate        
,settlem5t ,proc$ures ,act ( #aigd4 ,any
 p]son1 includ+ a tru/ee or issu]1 :o   
coop]ates ) a s]vic] :5 su* coop]ation  
is necess>y = ! s]vic] to implem5t !    
provisions ( #f7n7 & #f7p7 ( ! ,real    
,e/ate ,settlem5t ,proc$ures ,act (     
#aigd %all be protect$ f liability 9 !  
same mann]4  7#b7 ,/&>d indu/ry practice
 ,compliance ) #f7n7 & #f7p7 ( ! ,real  
,e/ate ,settlem5t ,proc$ures ,act (     
#aigd dur+ ! ,,covid-#ai em]g5cy %all   
con/itute /&>d indu/ry practice =       
purposes ( all ,f$]al & ,/ate laws4     
7#c7 ,def9itions ,z us$ 9 ?is           
subsection-- 7,a7 ! t]m s]vic] has !    
mean+ giv5 t t]m "u section #f7;i77#b7 (
 ! ,real ,e/ate ,settlem5t ,proc$ures   
,act ( #aigd 7#ab ,u4,s4,c4             
#bfje7;i77#b772 &  7,b7 ! t]m           

securitization vehicle has ! mean+ giv5 
t t]m "u section #abi;,a7f77#c7 ( !     
,tru? 9 ,l5d+ ,act 7#ae ,u4,s4,c4       
#afci;a7f77#c774  7#d7 ,rule (          
con/ruction ,no provision ( p>agraph    
7#a7 or 7#b7 %all be con/ru$ z affect+ !
 liability ( any s]vic] or p]son =      
actual fraud 9 s]vic+ ( a loan or = !   
violation ( a ,/ate or ,f$]al law4  7i7 
,po/-,p&emic mortgage repaym5t options  
,section #f ( ! ,real ,e/ate ,settlem5t 
,proc$ures ,act ( #aigd 7#ab ,u4,s4,c4  
#bfje71 z am5d$ by subsection 7d71 is   
fur!r am5d$ by add+ at ! end ! foll[+3  
7p7 ,po/-,p&emic mortgage repaym5t      
options ,) respect to a f$]ally relat$  
resid5tial mortgage loan1 be=e ! end (  
any =be>ance provid$ "u subsection 7n71 
s]vic]s %all-- 7#a7 evaluate ! borr[]'s 
ability to return to mak+ regul>        
mortgage paym5ts2  7#b7 if ! borr[] is  
able to return to mak+ regul> mortgage  
paym5ts at ! end ( ! =be>ance p]iod--   
7,a7 modify ! borr[]'s loan to ext5d !  
t]m = ! same p]iod z ! l5g? ( !         

=be>ance1 ) all paym5ts t 7 n made dur+ 
! =be>ance di/ribut$ at ! same int]vals 
z ! borr[]'s exi/+ paym5t s*$ule & ev5ly
 di/ribut$ across ^? int]vals1 ) no     
p5alties1 late fees1 additional int]e/  
accru$ beyond ! am\nts s*$ul$ or        
calculat$ z if ! borr[] made all        
contractual paym5ts on "t & 9 full "u ! 
t]ms ( ! mortgage contract 9 effect at !
 "t ! borr[] ent]$ into ! =be>ance1 & ) 
no modification fee *>g$ to ! borr[]2   
7,b7 if ! borr[] elects to modify ! loan
 to capitalize a result+ escr[ %ortage  
or defici5cy1 ! s]vic] may modify !     
borr[]'s loan by re-amortiz+ ! pr9cipal 
balance & ext5d+ ! t]m ( ! loan         
suffici5t to ma9ta9 ! regul> mortgage   
paym5ts2 &  7,c7 notify ! borr[] 9 writ+
 ( ! ext5sion1 includ+ provision ( a new
 paym5t s*$ule & date ( maturity1 & t ! 
borr[] %all h ! election ( prepay+ !    
susp5d$ paym5ts at any "t1 9 a lump sum 
or o!rwise2  7#c7 if ! borr[] is        
f9ancially unable to return to mak+     
p]iodic mortgage paym5ts z provid$ = 9 !

 mortgage contract at ! end ( !         
,,covid-#ai em]g5cy-- 7,a7 evaluate !   
borr[] = all loan modification options1 
)\t reg>d to :e!r ! borr[] has previ\sly
 reque/$1 be5 (f]$1 or provid$ a loan   
modification or o!r loss mitigation     
option & )\t any requirem5t t ! borr[]  
come curr5t be=e su* evaluation or z a  
condition ( eligibility = su*           
modification1 includ+-- 7i7 fur!r ext5d+
 ! borr[]'s repaym5t p]iod2  7ii7 r$uc+ 
! pr9cipal balance ( ! loan2 or  7iii7  
o!r modification or loss mitigation     
options available to ! s]vic] "u ! t]ms 
( any inve/or requirem5ts & exi/+ laws &
 policies2 &  7,b7 if ! borr[] qualifies
 = su* a modification1 ! s]vice %all (f]
 a loan ) su* t]ms z to provide a loan )
 su* t]ms z to provide an af=dable      
paym5t1 ) no p5alties1 late fees1       
additional int]e/ beyond ! am\nts s*$ul$
 or calculat$ z if ! borr[] made all    
contractual paym5ts on "t & 9 full "u ! 
t]ms ( ! mortgage contract 9 effect at !
 "t ! borr[] ent]$ into ! =be>ance1 & ) 

no modification fees *>g$ to ! borr[]2 &
  7#d7 if a borr[] is grant$ a =be>ance 
on paym5ts t w\ld be ow$ pursuant to a  
trial loan modification plan-- 7,a7 any 
=be>ance ( paym5ts %all n be treat$ z   
miss$ or del9qu5t paym5ts or o!rwise    
negatively affect ! borr[]'s ability to 
complete _! trial plan2  7,b7 any pa/   
due am\nts z ( ! end ( ! trial p]iod1   
includ+ unpaid int]e/1 real e/ate taxes1
 insurance premiums1 & assessm5ts paid  
on ! borr[]'s behalf1 w be add$ to !    
mortgage loan balance1 b only to ! ext5t
 t su* *>ges are n fees associat$ ) !   
grant+ ( ! =be>ance1 su* z late fees1   
modification fees1 or unpaid int]e/ f ! 
p]iod ( ! =be>ance beyond ! am\nts      
s*$ul$ or calculat$ z if ! borr[] made  
all contractual paym5ts on "t & 9 full  
"u ! t]ms ( ! mortgage contract 9 effect
 at ! "t ! borr[] ent]$ into ! =be>ance2
 &  7,c7 if ! borr[] is unable to resume
 paym5ts on ! trial modification at !   
end ( ! =be>ance p]iod1 re-evaluate !   
borr[] = all available loan             

modifications "u p>agraph #c1 )\t any   
requirem5t t ! borr[] become curr5t be=e
 su* evaluation or z a condition (      
eligibility = su* modification4  4  7j7 
,claims ( affect$ inve/ors & o!r p>ties 
,any action ass]t+ a tak+ "u ! ,fif?    
,am5dm5t to ! ,con/itution ( ! ,unit$   
,/ates z a result ( ?is subsection %all 
be br\ght n lat] ?an #ahj days aft] !   
end ( ! ,,covid-#ai em]g5cy4  7k7       
,ext5sion ( ! ,,gse ,pat* ,! ,director (
 ! ,bureau ( ,consum] ,f9ancial         
,protection %all revise section         
#ajbf4dc7;e77#d77;iii77,b7 ( title #ab1 
,code ( ,f$]al ,regulations1 to ext5d ! 
sunset ( ! special rule provid$ "u su*  
section #ajbf4dc7;e77#d7 until ,janu>y  
#a1 #bjbb1 or su* lat] date z may be    
det]m9$ by ! ,bureau4  7l7 ,def9itions  
,9 ?is section3 7#a7 ,,covid-#ai em]g5cy
 ,! t]m ,,covid-#ai em]g5cy means !     
p]iod t beg9s ^u ! date ( ! enactm5t (  
?is ,act & ends on ! date ( ! t]m9ation 
by ! ,f$]al ,em]g5cy ,managem5t ,ag5cy (
 ! em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by

 ! ,presid5t "u ! ,rob]t ,t4 ,/af=d     
,disa/] ,relief & ,em]g5cy ,assi/ance   
,act 7#db ,u4,s4,c4 #daba et seq47      
relat+ to ! ,coronavirus ,disease #bjai 
7,,covid-#ai7 p&emic4  7#b7 ,manufactur$
 home ,! t]m manufactur$ home has !     
mean+ giv5 t t]m "u section #fjc ( !    
,national ,manufactur$ ,h\s+            
,con/ruction & ,safety ,/&>ds ,act (    
#aigd 7#db ,u4,s4,c4 #edjb74  7#c7      
,motor vehicle ,! t]m motor vehicle has 
! mean+ giv5 t t]m "u ,section #ajbi7;f7
 ( ! ,consum] ,f9ancial ,protection ,act
 ( #bjaj 7#ab ,u4,s4,c4 #eeai7;f774     
7#d7 ,resid5tial mortgage loan ,! t]m   
resid5tial mortgage loan means any      
consum] cr$it transaction t is secur$ by
 a mortgage1 de$ ( tru/1 or o!r         
equival5t cons5sual security int]e/ on  
resid5ce consi/+ ( a s+le dwell+ unit t 
is occupi$ by ! mortgagor4  #aaj4       
,bankruptcy protections  7a7 ,increas+ !
 home/ead exemption  7#a7 ,home/ead     
exemption ,section #ebb ( title #aa1    
,unit$ ,/ates ,code1 is am5d$-- 7,a7 9  

subsection 7d77#a71 by /rik+ #ae1jjj &  
ins]t+ #ajj1jjj2 &  7,b7 by add+ at !   
end ! foll[+3  7r7 ,not)/&+ any o!r     
provision ( applicable nonbankruptcy    
law1 a debtor 9 any ,/ate may exempt f  
prop]ty ( ! e/ate ! prop]ty describ$ 9  
subsection 7d77#a7 n to exce$ ! value 9 
subsection 7d77#a7 if ! exemption = su* 
prop]ty p]mitt$ by applicable           
nonbankruptcy law is l[] ?an t am\nt4  4
  7b7 ,effect ( miss$ mortgage paym5ts  
on dis*>ge ,section #acbh ( title #aa1  
,unit$ ,/ates ,code1 is am5d$ by add+ at
 ! end ! foll[+3  7i7 ,a debtor %all n  
be d5i$ a dis*>ge "u ?is section        
because1 z ( ! date ( dis*>ge1 ! debtor 
did n make #f or few] paym5ts directly  
to ! hold] ( a debt secur$ by real      
prop]ty4  7j7 ,not)/&+ subsections 7a7 &
 7b71 ^u ! debtor's reque/1 ! c\rt %all 
grant a dis*>ge ( all debts provid$ = 9 
! plan t are dis*>geable "u subsection  
7a7 if ! debtor-- 7#a7 has made paym5ts 
"u a confirm$ plan = at lea/ #a ye>2 &  
7#b7 is exp]i5c+ a loss ( income or     

increase 9 exp5ses due1 directly or     
indirectly1 to ! coronavirus disease    
#bjai 7,,covid-#ai7 p&emic4  4  7c7     
,modification ( *apt] #ac plan due to   
h>d%ip caus$ by ,,covid-#ai p&emic      
,section #acbi ( title #aa1 ,unit$      
,/ates ,code1 is am5d$ by add+ at end ! 
foll[+3  7d7 7#a7 ,subject to p>agraph  
7#c71 = cases confirm$ prior to ! date (
 enactm5t ( ?is subsection1 ! plan may  
be modifi$ ^u ! reque/ ( ! debtor if--  
7,a7 ! debtor is exp]i5c+ or has        
exp]i5c$ a mat]ial f9ancial h>d%ip due1 
directly or indirectly1 to ! coronavirus
 disease #bjai 7,,covid-#ai7 p&emic2 &  
7,b7 ! modification is approv$ aft]     
notice & a he>+4  7#b7 ,a modification  
"u p>agraph 7#a7 may include ext5d+ !   
p]iod ( "t = paym5ts on claims n lat]   
?an #g ye>s aft] ! date on :i* ! fir/   
paym5t "u ! orig9al confirm$ plan 0 due4
  7#c7 ,sections #acbb7;a71 #acbb7;b71  
#acbc7;c71 & ! requirem5ts ( section    
#acbe7;a7 %all apply to any modification
 "u p>agraph 7#a74  4  7d7              

,applicability  7#a7 ,! am5dm5ts made by
 subsections 7a7 & 7b7 %all apply to any
 case comm5c$ be=e1 on1 or aft] ! date (
 enactm5t ( ?is ,act4  7#b7 ,! am5dm5t  
made by subsection 7c7 %all apply to any
 case = :i* a plan has be5 confirm$ "u  
section #acbe ( title #aa1 ,unit$ ,/ates
 ,code1 be=e ! date ( enactm5t ( ?is    
,act4  #aaa4 ,debt collection  7a7      
,tempor>y debt collection moratorium    
dur+ ! ,,covid-#ai em]g5cy p]iod  7#a7  
,9 g5]al ,! ,fair ,debt ,collection     
,practices ,act 7#ae ,u4,s4,c4 #afib et 
seq47 is am5d$ by ins]t+ aft] section   
#hab ! foll[+3  #hab;,a4 ,tempor>y debt 
collection moratorium dur+ ! ,,covid-#ai
 em]g5cy p]iod  7a7 ,def9itions ,9 ?is  
section3 7#a7 ,consum] ,! t]m consum]   
means any natural p]son obligat$ or     
alleg$ly obligat$ to pay any debt4  7#b7
 ,,covid-#ai em]g5cy p]iod ,! t]m       
,,covid-#ai em]g5cy p]iod means ! p]iod 
t beg9s ^u ! date ( ! enactm5t ( ?is    
,act & ends ^u ! date ( ! t]m9ation by !
 ,f$]al ,em]g5cy ,managem5t             

,adm9i/ration ( ! em]g5cy decl>$ on ,m>*
 #ac1 #bjbj1 by ! ,presid5t "u ! ,rob]t 
,t4 ,/af=d ,disa/] ,relief & ,em]g5cy   
,assi/ance ,act 7#db ,u4,s4,c4 #daba et 
seq47 relat+ to ! ,coronavirus ,disease 
#bjai 7,,covid-#ai7 p&emic4  7#c7       
,cr$itor ,! t]m cr$itor means any p]son 
:o (f]s or ext5ds cr$it creat+ a debt or
 to :om a debt is ow$ or o!r obligation 
( paym5t4  7#d7 ,debt ,! t]m debt-- 7,a7
 means any pa/ due obligation or alleg$ 
obligation ( a consum]1 non-pr(it       
organization1 or small bus9ess to pay   
money-- 7i7 aris+ out ( a transaction 9 
:i* ! money1 prop]ty1 insurance1 or     
s]vices :i* are ! subject ( !           
transaction are prim>ily = p]sonal1     
family1 bus9ess1 non-pr(it1 or h\sehold 
purposes1 :e!r or n su* obligation has  
be5 r$uc$ to judgm5t2 or  7ii7 ow$ to a 
local1 ,/ate1 or ,f$]al gov]nm5t2 &     
7,b7 does n include f$]ally relat$      
mortgages 7z def9$ "u section #c ( !    
,real ,e/ate ,settlem5t ,proc$ures ,act 
( #aigd7 unless a defici5cy judgm5t has 

be5 made ) respect to su* f$]ally relat$
 mortgage4  7#e7 ,debt collector ,! t]m 
debt collector includes a cr$itor & any 
p]son or entity t engages 9 ! collection
 ( debt 7includ+ ! ,f$]al ,gov]nm5t or a
 ,/ate gov]nm5t7 :e!r or n ! debt is    
alleg$ly ow$ to or assign$ to t p]son or
 entity4  7#f7 ,depository in/itution ,!
 t]m depository in/itution-- 7,a7 has ! 
mean+ giv5 t t]m "u section #c ( !      
,f$]al ,deposit ,insurance ,act2 &  7,b7
 means a ,f$]al or ,/ate cr$it union 7z 
su* t]ms are def9$1 respectively1 "u    
section #aja ( ! ,f$]al ,cr$it ,union   
,act47  7#g7 ,non-pr(it organization ,! 
t]m non-pr(it organization means an     
organization describ$ 9 section         
#eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code 
( #aihf & exempt f taxation "u          
subsection 7a7 ( su* section4  7#h7     
,small bus9ess ,! t]m small bus9ess has 
! mean+ giv5 ! t]m small bus9ess conc]n 
"u section #c ( ! ,small ,bus9ess ,act  
7#ae ,u4,s4,c4 #fcb74  7b7 ,prohibitions
 ,not)/&+ any o!r provision ( law1 dur+ 

,,covid-#ai em]g5cy p]iod & ! #abj-;day 
p]iod imm$iately foll[+1 a debt         
collector is prohibit$ f-- 7#a7         
capitaliz+ or add+ extra int]e/ or fees 
trigg]$ by ! non-paym5t ( an obligation 
by a consum]1 small bus9ess1 or         
non-pr(it organization to ! balance ( an
 acc\nt2  7#b7 su+ or ?reat5+ to sue a  
consum]1 small bus9ess1 or non-pr(it = a
 pa/-due debt2  7#c7 cont9u+ litigation 
initiat$ be=e ! date ( enactm5t ( ?is   
section to collect a debt f a consum]1  
small bus9ess1 or non-pr(it             
organization2  7#d7 en=c+ a security    
int]e/1 includ+ ?r\gh repossession or   
=eclosure1 aga9/ a consum]1 small       
bus9ess1 or non-pr(it organization2     
7#e7 report+ a pa/-due debt ( a consum]1
 small bus9ess1 or non-pr(it            
organization to a consum] report+ ag5cy2
  7#f7 tak+ or ?reat5+ to take any      
action to en=ce collection1 or any      
adv]se action aga9/ a consum]1 small    
bus9ess1 or non-pr(it organization =    
non-paym5t or = non-appe>ance at any    

he>+s relat$ to a debt2  7#g7 except )  
respect to en=c+ an ord] = *ild support 
or sp\sal support1 initiat+ or cont9u+  
any action to cause or to seek to cause 
! collection ( a debt f wages1 ,f$]al   
b5efits1 or o!r am\nts due to a consum]1
 small bus9ess1 or non-pr(it            
organization1 by way ( g>ni%m5t1        
d$uction1 (fset1 or o!r seizure1 or to  
cause or seek to cause ! collection ( a 
debt by seiz+ funds f a bank acc\nt or  
any o!r assets held by su* consum]1     
small bus9ess1 or non-pr(it             
organization2  7#h7 9 ! case ( action or
 collection describ$ "u p>agraph 7#g7 t 
0 initiat$ prior to ! beg9n+ ( ! date ( 
su* disa/] or em]g5cy1 fail+ to susp5d !
 action or collection until #abj days   
aft] ! end ( ! ,,covid-#ai em]g5cy      
p]iod2  7#i7 ^u ! t]m9ation ( ! incid5t 
p]iod = su* disa/] or em]g5cy1 fail+ to 
ext5d ! "t p]iod to pay an obligation by
 "o paym5t p]iod = ea* paym5t t a       
consum]1 small bus9ess1 or non-pr(it    
organization miss$ dur+ ! incid5t p]iod1

 ) ! paym5ts due 9 ! same am\nts & at ! 
same int]vals z ! pre-exi/+ paym5t      
s*$ule ( ! consum]1 small bus9ess1 or   
non-pr(it organization 7z applicable7   
or1 if ! debt has no paym5t p]iods1 all[
 ! consum]1 small bus9ess1 or non-pr(it 
a reasonable "t 9 :i* to repay ! debt 9 
af=dable paym5ts2  7#aj7 disconnect+ a  
consum]1 small bus9ess1 or non-pr(it    
organization f a utility prepaid or     
po/-paid electricity1 natural gas1      
telecommunications1 broadb&1 wat]1 or   
sew] s]vice2 or  7#aa7 ex]cis+ a "r to  
set (f provision conta9$ 9 any consum]1 
small bus9ess1 or non-pr(it organization
 acc\nt agreem5t ) a depository         
in/itution4  7c7 ,violation ,any p]son  
:o violates a provision ( ?is section   
%all-- 7#a7 be treat$ z a debt collector
 = purposes ( section #hac2 &  7#b7 be  
liable to ! consum]1 small bus9ess1 or  
non-pr(it organization an am\nt equal to
 #aj times ! damages all[$ "u section   
#hac = ea* su* violation4  4  7#b7      
,table ( cont5ts am5dm5t ,! table (     

cont5ts at ! beg9n+ ( ! ,fair ,debt     
,collection ,practices ,act 7#ae        
,u4,s4,c4 #afib et seq47 is am5d$ by    
ins]t+ aft] ! item relat+ to section    
#hab ! foll[+ new item3  #hab;,a4       
,tempor>y debt collection moratorium    
dur+ ! ,,covid-#ai em]g5cy p]iod4  4    
7b7 ,confessions ( judgm5t prohibition  
7#a7 ,9 g5]al ,*apt] #b ( ! ,tru? 9     
,l5d+ ,act 7#ae ,u4,s4,c4 #afca et seq47
 is am5d$-- 7,a7 by add+ at ! end !     
foll[+3  #adj;,b4 ,confessions ( judgm5t
 prohibition  7a7 ,9 g5]al ,dur+ a p]iod
 describ$ "u section #hab;,a7b7 ( !     
,fair ,debt ,collection ,practices ,act1
 no p]son may directly or indirectly    
take or receive f ano!r p]son or seek to
 en=ce an obligation t con/itutes or    
conta9s a cognovit or confession (      
judgm5t 7= purposes o!r ?an executory   
process 9 ! ,/ate ( ,l\isiana71 w>rant (
 attorney1 or o!r waiv] ( ! "r to notice
 & ! opportunity to be he>d 9 ! ev5t (  
suit or process !reon4  7b7 ,exemption  
,! exemption 9 section #ajd7a7 %all n   

apply to ?is section4  7c7 ,debt def9$  
,9 ?is section1 ! t]m debt means any    
obligation ( a p]son to pay to ano!r    
p]son money-- 7#a7 reg>dless ( :e!r !   
obligation is absolute or cont+5t1 if ! 
und]/&+ betwe5 ! p>ties is t any "p ( ! 
money %all be or may be return$2  7#b7 t
 includes ! "r ( ! p]son provid+ ! money
 to an equitable rem$y = brea* (        
p]=mance if ! brea* gives rise to a "r  
to paym5t2 &  7#c7 reg>dless ( :e!r !   
obligation or "r to an equitable rem$y  
describ$ 9 p>agraph 7#b7 has be5 r$uc$  
to judgm5t or is fix$1 cont+5t1 matur$1 
unmatur$1 disput$1 undisput$1 secur$1 or
 unsecur$4  2 &  7,b7 9 ! table (       
cont5ts = su* *apt]1 by add+ at ! end ! 
foll[+3  #adj;,b4 ,confessions ( judgm5t
 prohibition4  4  7#b7 ,con=m+ am5dm5t  
,section #acj7;a7 ( ! ,tru? 9 ,l5d+ ,act
 7#ae ,u4,s4,c4 #afdj7;a77 is am5d$ by  
add+ at ! end ! foll[+3 ,= purposes (   
?is section1 ! t]m cr$itor ref]s to any 
p]son *>g$ ) compliance44  #aab4 ,disa/]
 protection = work]s' cr$it  7a7        

,purpose ,! purpose ( ?is section1 & !  
am5dm5ts made by ?is section1 is to     
protect consum]s' cr$it f negative      
impacts z a result ( f9ancial h>d%ip due
 to ! coronavirus disease 7,,covid-#ai7 
outbreak & future major disa/]s4  7b7   
,report+ ( in=mation dur+ major disa/]s 
7#a7 ,9 g5]al ,! ,fair ,cr$it ,report+  
,act is am5d$ by ins]t+ aft] section    
#fje;,b ! foll[+3  #fje;,c4 ,report+ (  
in=mation dur+ major disa/]s  7a7       
,def9itions ,9 ?is section3 7#a7        
,,covid-#ai em]g5cy p]iod ,! t]m        
,,covid-#ai em]g5cy p]iod means ! p]iod 
beg9n+ on ! date ( enactm5t ( ?is       
section & end+ on ! lat] (-- 7,a7 #abj  
days aft] ! date ( enactm5t ( ?is       
section2 or  7,b7 #abj days aft] ! date 
( t]m9ation by ! ,f$]al ,em]g5cy        
,managem5t ,adm9i/ration ( ! em]g5cy    
decl>$ on ,m>* #ac1 #bjbj1 by !         
,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,assi/ance ,act 7#db
 ,u4,s4,c4 #daba et seq47 relat+ to !   
,coronavirus ,disease #bjai             

7,,covid-#ai7 p&emic4  7#b7 ,cov]$ major
 disa/] p]iod ,! t]m cov]$ major disa/] 
p]iod means-- 7,a7 ! p]iod beg9n+ on !  
date on :i* a major disa/] is decl>$ by 
! ,presid5t "u section #dja ( ! ,rob]t  
,t4 ,/af=d ,disa/] ,relief & ,em]g5cy   
,assi/ance ,act 7#db ,u4,s4,c4 #eagj71  
"u :i* assi/ance is au?oriz$ "u section 
#djh ( su* ,act 7#db ,u4,s4,c4 #eagd71 &
 end+ on ! date t is #abj days aft] !   
end ( ! incid5t p]iod designat$ 9 su*   
decl>ation2 or  7,b7 ! p]iod end+ #abj  
days aft] ! date ( t]m9ation by ! ,f$]al
 ,em]g5cy ,managem5t ,adm9i/ration ( !  
em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by ! 
,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,assi/ance ,act 7#db
 ,u4,s4,c4 #daba et seq47 relat+ to !   
,coronavirus ,disease #bjai             
7,,covid-#ai7 p&emic4  7#c7 ,major      
disa/] ,! t]m major disa/] means a major
 disa/] decl>$ by ! ,presid5t "u section
 #dja ( ! ,rob]t ,t4 ,/af=d ,disa/]     
,relief & ,em]g5cy ,assi/ance ,act 7#db 
,u4,s4,c4 #eagj71 "u :i* assi/ance is   

au?oriz$ "u section #djh ( su* ,act 7#db
 ,u4,s4,c4 #eagd74  7b7 ,moratorium on  
furni%+ adv]se in=mation dur+           
,,covid-#ai em]g5cy p]iod ,no p]son may 
furni% any adv]se item ( in=mation      
7except in=mation relat$ to a felony    
crim9al conviction7 relat+ to a consum] 
t 0 ! result ( any action or inaction t 
occurr$ dur+ ! ,,covid-#ai em]g5cy      
p]iod4  7c7 ,moratorium on furni%+      
adv]se in=mation dur+ cov]$ major disa/]
 p]iod ,no p]son may furni% any adv]se  
item ( in=mation 7except in=mation      
relat$ to a felony crim9al conviction7  
relat+ to a consum] t 0 ! result ( any  
action or inaction t occurr$ dur+ a     
cov]$ major disa/] p]iod if ! consum] is
 a resid5t ( ! affect$ area cov]$ by a  
decl>ation made by ! ,presid5t "u       
section #dja ( ! ,rob]t ,t4 ,/af=d      
,disa/] ,relief & ,em]g5cy ,assi/ance   
,act 7#db ,u4,s4,c4 #eagj71 "u :i*      
assi/ance is au?oriz$ "u section #djh ( 
su* ,act 7#db ,u4,s4,c4 #eagd74  7d7    
,in=mation exclud$ f consum] reports ,9 

addition to ! in=mation describ$ 9      
section #fje7;a71 no consum] report+    
ag5cy may make any consum] report       
conta9+ an adv]se item ( in=mation      
7except in=mation relat$ to a felony    
crim9al conviction7 report$ relat+ to a 
consum] t 0 ! result ( any action or    
inaction t occurr$ dur+ ! ,,covid-#ai   
em]g5cy p]iod or a cov]$ major disa/]   
p]iod1 & z applicable "u subsection     
7f77#c71 = #bgj days aft] ! expiration (
 ! applicable p]iod4  7e7 ,summ>y (     
rights ,n lat] ?an #fj days aft] ! date 
( enactm5t ( ?is subsection1 ! ,bureau  
%all update ! model summ>y ( rights "u  
section #fji7;c77#a7 to include a       
description ( ! "r ( a consum] to-- 7#a7
 reque/ ! deletion ( adv]se items (     
in=mation "u subsection 7f72 &  7#b7    
reque/ a consum] report or score1 )\t   
*>ge to ! consum]1 "u subsection 7g74   
7f7 ,deletion ( adv]se items ( in=mation
 result+ f ! coronavirus disease        
7,,covid-#ai7 outbreak & major disa/]s  
7#a7 ,report+  7,a7 ,9 g5]al ,n lat] ?an

 #fj days aft] ! date ( enactm5t ( ?is  
subsection1 ! ,bureau %all create a     
website = consum]s to report1 "u p5alty 
( p]jury1 economic h>d%ip z a result ( !
 coronavirus disease 7,,covid-#ai7      
outbreak or a major disa/] 7if ! consum]
 is a resid5t ( ! affect$ area cov]$ by 
su* major disa/]7 = ! purpose ( ext5d+  
cr$it report protection = an additional 
#bgj days aft] ! end ( ! ,,covid-#ai    
em]g5cy p]iod or cov]$ major disa/]     
p]iod1 z applicable4  7,b7 ,docum5tation
 ,! ,bureau %all-- 7i7 n require any    
docum5tation f a consum] to sub/antiate 
! economic h>d%ip2 &  7ii7 provide      
notice to ! consum] t a report "u       
subp>agraph 7,a7 is "u p5alty ( p]jury4 
7,c7 ,report+ p]iod ,a consum] may      
report economic h>d%ip "u subp>agraph   
7,a7 dur+ ! ,,covid-#ai em]g5cy p]iod or
 a cov]$ major disa/] p]iod1 z          
applicable1 & = #fj days !reaft]4  7#b7 
,database ,! ,bureau %all e/abli% &     
ma9ta9 a secure database t-- 7,a7 is    
accessible to ea* consum] report+ ag5cy 

describ$ 9 section #fjc7p7 & nationwide 
specialty consum] report+ ag5cy =       
purposes ( fulfill+ _! duties "u        
p>agraph 7#c7 to *eck & automatically   
delete any adv]se item ( in=mation      
7except in=mation relat$ to a felony    
crim9al conviction7 report$ t occurr$   
dur+ ! ,,covid-#ai em]g5cy p]iod or a   
cov]$ major disa/] p]iod ) respect to a 
consum]2 &  7,b7 conta9s ! in=mation    
report$ "u p>agraph 7#a74  7#c7         
,deletion ( adv]se items ( in=mation by 
nationwide consum] report+ & nationwide 
specialty consum] report+ ag5cies  7,a7 
,9 g5]al ,ea* consum] report+ ag5cy     
describ$ 9 section #fjc7p7 & ea*        
nationwide specialty consum] report+    
ag5cy %all1 us+ ! in=mation conta9$ 9 ! 
database e/abli%$ "u p>agraph 7#b71     
delete f ! file ( ea* consum] nam$ 9 !  
database ea* adv]se item ( in=mation    
7except in=mation relat$ to a felony    
crim9al conviction7 t 0 a result ( an   
action or inaction t occurr$ dur+ !     
,,covid-#ai em]g5cy p]iod or a cov]$    

major disa/] p]iod up to #bgj days      
foll[+ ! end ( ! su* p]iod4  7,b7       
,timel9e ,ea* consum] report+ ag5cy     
describ$ 9 section #fjc7p7 & ea*        
nationwide specialty consum] report+    
ag5cy %all *eck ! database at lea/      
weekly & delete adv]se items ( in=mation
 z soon z practicable aft] in=mation t  
is report$ "u p>agraph 7#a7 appe>s 9 !  
database e/abli%$ "u p>agraph 7#b74     
7#d7 ,reque/ = deletion ( adv]se items (
 in=mation  7,a7 ,9 g5]al ,a consum] :o 
has fil$ a report ( economic h>d%ip ) ! 
,bureau may submit a reque/1 )\t *>ge to
 ! consum]1 to a consum] report+ ag5cy  
to delete f ! consum]'s file an adv]se  
item ( in=mation 7except in=mation      
relat$ to a felony crim9al conviction7 t
 0 a result ( an action or inaction t   
occurr$ dur+ ! ,,covid-#ai em]g5cy p]iod
 or a cov]$ major disa/] p]iod up to    
#bgj days foll[+ ! end ( ! su* p]iod4   
7,b7 ,tim+ ,a consum] may submit a      
reque/ "u subp>agraph 7,a71 n lat] ?an  
#bgj-;day p]iod describ$ 9 t            

subp>agraph4  7,c7 ,removal &           
notification ,^u receiv+ a reque/ "u ?is
 p>agraph to delete an adv]se item (    
in=mation1 a consum] report+ ag5cy      
%all-- 7i7 delete ! adv]se item (       
in=mation 7except in=mation relat$ to a 
felony crim9al conviction7 f ! consum]'s
 file2 &  7ii7 notify ! consum] & !     
furni%] ( ! adv]se item ( in=mation ( ! 
deletion4  7g7 ,free cr$it report &     
scores  7#a7 ,9 g5]al ,dur+ !           
,,covid-#ai em]g5cy p]iod or a cov]$    
major disa/] p]iod & end+ #ab mon?s aft]
 ! expiration ( ! ,,covid-#ai em]g5cy   
p]iod or cov]$ major disa/] p]iod1 z    
applicable1 ea* consum] report+ ag5cy z 
describ$ "u #fjc7p7 & nationwide        
specialty consum] report+ ag5cy %all    
make all disclosures describ$ "u section
 #fji ^u reque/ by a consum]1 by mail or
 onl9e1 )\t *>ge to ! consum] & )\t     
limitation z to ! numb] ( reque/s4 ,a   
consum] report+ ag5cy %all also supply a
 consum]1 ^u reque/ & )\t *>ge1 ) a     
cr$it score t-- 7,a7 is d]iv$ f a cr$it 

scor+ model t is widely di/ribut$ to    
us]s by ! consum] report+ ag5cy = !     
purpose ( any ext5sion ( cr$it or o!r   
transaction designat$ by ! consum] :o is
 reque/+ ! cr$it score2 or  7,b7 is     
widely di/ribut$ to l5d]s ( common      
consum] loan products & pr$icts ! future
 cr$it behavior ( ! consum]4  7#b7 ,tim+
 ,a file disclosure or cr$it score "u   
p>agraph 7#a7 %all be provid$ to !      
consum] n lat] ?an-- 7,a7 #g days aft] !
 date on :i* ! reque/ is receiv$ if !   
reque/ is made by mail2 &  7,b7 n lat]  
?an #ae m9utes if ! reque/ is made      
onl9e4  7#c7 ,additional reports ,a file
 disclosure provid$ "u p>agraph 7#a7    
%all be 9 addition to any disclosure    
reque/$ by ! consum] "u section         
#fab7;a74  7#d7 ,prohibition ,a consum] 
report+ ag5cy t receives a reque/ "u    
p>agraph 7#a7 may n reque/ or require   
any docum5tation f ! consum] t          
demon/rates t ! consum] 0 impact$ by !  
coronavirus disease 7,,covid-#ai7       
outbreak or a major disa/] 7except to   

v]ify t ! consum] resides 9 an area     
cov]$ by ! major disa/]7 z a condition (
 receiv+ ! file disclosure or score4    
7h7 ,po/+ ( rights ,n lat] ?an #cj days 
aft] ! date ( enactm5t ( ?is section1   
ea* consum] report+ ag5cy %all prom95tly
 po/ & ma9ta9 a direct l9k on ! homepage
 ( ! public website ( ! consum] report+ 
ag5cy in=mation relat+ to ! "r (        
consum]s to-- 7#a7 reque/ ! deletion (  
adv]se items ( in=mation 7except        
in=mation relat$ to a felony crim9al    
conviction7 "u subsection 7f72 &  7#b7  
reque/ consum] file disclosures &       
scores1 )\t *>ge to ! consum]1 "u       
subsection 7g74  7i7 ,ban on report+    
m$ical debt in=mation relat$ to         
,,covid-#ai or a major disa/]  7#a7     
,furni%+ ban ,no p]son %all furni%      
adv]se in=mation to a consum] report+   
ag5cy relat$ to m$ical debt if su*      
m$ical debt is ) respect to m$ical      
exp5ses relat$ to treatm5ts aris+ f     
,,covid-#ai or a major disa/] 7:e!r or n
 ! exp5ses 7 incurr$ dur+ ! ,,covid-#ai 

em]g5cy p]iod or cov]$ major disa/]     
p]iod74  7#b7 ,consum] report ban ,no   
consum] report+ ag5cy may make a consum]
 report conta9+ adv]se in=mation relat$ 
to m$ical debt if su* m$ical debt is )  
respect to m$ical exp5ses relat$ to     
treatm5ts aris+ f ,,covid-#ai or a major
 disa/] 7:e!r or n ! exp5ses 7 incurr$  
dur+ ! ,,covid-#ai em]g5cy p]iod or     
cov]$ major disa/] p]iod74  7j7 ,cr$it  
scor+ models ,a p]son t creates &       
implem5ts cr$it scor+ models may n treat
 ! abs5ce1 omission1 or deletion ( any  
in=mation pursuant to ?is section z a   
negative factor or negative value 9     
cr$it scor+ models creat$ or implem5t$  
by su* p]son4  4  7#b7 ,te*nical &      
con=m+ am5dm5t ,! table ( cont5ts = !   
,fair ,cr$it ,report+ ,act is am5d$ by  
ins]t+ aft] ! item relat+ to section    
#fje;,b ! foll[+3  #fje;,c4 ,report+ (  
in=mation dur+ major disa/]s4  4  7c7   
,limitations on new cr$it scor+ models  
dur+ ! ,,covid-#ai em]g5cy & major      
disa/]s ,! ,fair ,cr$it ,report+ ,act   

7#ae ,u4,s4,c4 #afha et seq47 is am5d$--
 7#a7 by add+ at ! end ! foll[+3  #fcj4 
,limitations on new cr$it scor+ models  
dur+ ! ,,covid-#ai em]g5cy & major      
disa/]s ,) respect to a p]son t creates 
& implem5ts cr$it scor+ models1 su*     
p]son may n1 dur+ ! ,,covid-#ai em]g5cy 
p]iod or a cov]$ major disa/] p]iod 7z  
su* t]ms are def9$ "u section #fje;,c71 
create or implem5t a new cr$it scor+    
model 7includ+ a revision to an exi/+   
scor+ model7 if ! new cr$it scor+ model 
w\ld id5tify a significant p]c5tage (   
consum]s z be+ less cr$itwor?y :5 comp>$
 to ! previ\s cr$it scor+ models creat$ 
or implem5t$ by su* p]son4  2 &  7#b7 9 
! table ( cont5ts = su* ,act1 by add+ at
 ! end ! foll[+ new item3  #fcj4        
,limitations on new cr$it scor+ models  
dur+ ! ,,covid-#ai em]g5cy & major      
disa/]s4  4  #aac4 ,/ud5t loans  7a7    
,paym5ts = ,f$]al /ud5t loan borr[]s z a
 result ( a national em]g5cy  7#a7 ,9   
g5]al ,"p ,g ( title ,,iv ( ! ,high]    
,education ,act ( #aife 7#bj ,u4,s4,c4  

#ajhh et seq47 is am5d$ by ins]t+ aft]  
section #dic;,d ! foll[+3  #dic;,e4     
,paym5ts = /ud5t loan borr[]s dur+ !    
,,covid-#ai national em]g5cy  7a7       
,def9itions ,9 ?is section3 7#a7        
,coronavirus ,! t]m coronavirus has !   
mean+ giv5 ! t]m 9 section #ejf ( !     
,coronavirus ,prep>$ness & ,response    
,supplem5tal ,appropriations ,act1 #bjbj
 7,public ,law #aaf-abc74  7#b7         
,income-driv5 repaym5t ,! t]m           
income-driv5 repaym5t means-- 7,a7      
income-bas$ repaym5t au?oriz$ "u section
 #dic;,c = loans made1 insur$1 or       
gu>ante$ "u "p ,b or "p ,d2 or  7,b7    
income cont+5t repaym5t au?oriz$ "u     
section #dee7;e7 = loans made "u "p ,d4 
7#c7 ,involunt>y collection ,! t]m      
involunt>y collection means-- 7,a7 a    
wage g>ni%m5t au?oriz$ "u section       
#dhh;,a ( ?is ,act or section #cgbj;,d (
 title #ca1 ,unit$ ,/ates ,code2  7,b7 a
 r$uction ( tax refund by am\nt ( debt  
au?oriz$ "u section #cgbj;,a ( title    
#ca1 ,unit$ ,/ates ,code2  7,c7 a       

r$uction ( any o!r ,f$]al b5efit paym5t 
by adm9i/rative (fset au?oriz$ "u       
section #cgaf ( title #ca1 ,unit$ ,/ates
 ,code 7includ+ a b5efit paym5t due to  
an individual "u ! ,social ,security    
,act or any o!r provision describ$ 9    
subsection 7c77#c77;,a77i7 ( su*        
section72 &  7,d7 any o!r involunt>y    
collection activity1 includ+ any        
collection activity ?r\gh :i* a borr[]  
is compell$ to make paym5ts on a private
 /ud5t loan4  7#d7 ,,covid-#ai em]g5cy  
p]iod ,= purposes ( ?is ,act1 ! t]m     
,,covid-#ai em]g5cy p]iod means ! p]iod 
t beg9s ^u ! date ( ! enactm5t ( ?is    
,act & ends ^u ! date ( ! t]m9ation by !
 ,f$]al ,em]g5cy ,managem5t             
,adm9i/ration ( ! em]g5cy decl>$ on ,m>*
 #ac1 #bjbj1 by ! ,presid5t "u ! ,rob]t 
,t4 ,/af=d ,disa/] ,relief & ,em]g5cy   
,assi/ance ,act 7#db ,u4,s4,c4 #daba et 
seq47 relat+ to ! ,coronavirus ,disease 
#bjai 7,,covid-#ai7 p&emic4  7b7        
,,covid-#ai national em]g5cy /ud5t loan 
repaym5t assi/ance  7#a7 ,au?ority      

,effective on ! date ( ! enactm5t ( ?is 
section1 dur+ ! ,,covid-#ai em]g5cy     
p]iod & ! #f-mon? p]iod imm$iately      
foll[+1 ! ,secret>y ( ,education %all = 
ea* borr[] ( a loan made1 insur$1 or    
gu>ante$ "u "p ,b1 ,d1 or ,e1 pay !     
total am\nt due = su* mon? on ! loan1   
bas$ on ! paym5t plan select$ by !      
borr[] or ! borr[]'s loan /atus4  7#b7  
,no capitalization ( int]e/ ,) respect  
to any loan 9 repaym5t dur+ !           
,,covid-#ai national em]g5cy p]iod & !  
#f-mon? p]iod imm$iately foll[+1 int]e/ 
due on loans made1 insur$1 or gu>ante$  
"u "p ,b1 ,d1 or ,e dur+ su* p]iod %all 
n be capitaliz$ at any "t dur+ !        
,,covid-#ai national em]g5cy p]iod & !  
#f-mon? p]iod imm$iately foll[+4  7#c7  
,applicability ( paym5ts ,any paym5t    
made by ! ,secret>y ( ,education "u ?is 
section %all be consid]$ by ! ,secret>y 
( ,education1 or by a l5d] ) respect to 
a loan made1 insur$1 or gu>ante$ "u "p  
,b-- 7,a7 z a qualify+ paym5t "u !      
public s]vice loan =giv5ess program "u  

section #dee7m71 if ! borr[] w\ld       
o!rwise qualify "u su* section2  7,b7 9 
! case ( a borr[] enroll$ 9 an          
income-driv5 repaym5t plan1 z a qualify+
 paym5t = ! purpose ( calculat+         
eligibility = loan =giv5ess = ! borr[] 9
 accordance ) section #dic;,c7b77#g7 or 
section #dee7;d77#a77;,d71 z ! case may 
be2 &  7,c7 9 ! case ( a borr[] 9       
default1 z an on-"t mon?ly paym5t =     
purposes ( loan rehabilitation pursuant 
to section #dbh;,f7a74  7#d7 ,report+ to
 consum] report+ ag5cies ,dur+ ! p]iod 9
 :i* ! ,secret>y ( ,education is mak+   
paym5ts on a loan "u p>agraph 7#a71 !   
,secret>y %all ensure t1 = ! purpose (  
report+ in=mation ab\t ! loan to a      
consum] report+ ag5cy1 any paym5t made  
by ! ,secret>y is treat$ z if x 7 a     
regul>ly s*$ul$ paym5t made by a borr[]4
  7#e7 ,notice ( paym5ts & program ,n   
lat] ?an #ae days foll[+ ! date (       
enactm5t ( ?is section1 & mon?ly !reaft]
 dur+ ! ,,covid-#ai national em]g5cy    
p]iod & ! #f-mon? p]iod imm$iately      

foll[+1 ! ,secret>y ( ,education %all   
provide a notice to all borr[]s ( loans 
made1 insur$1 or gu>ante$ "u "p ,b1 ,d1 
or ,e-- 7,a7 in=m+ borr[]s ( ! actions  
tak5 "u ?is section2  7,b7 provid+      
borr[]s ) an easily accessible me?od to 
opt out ( ! b5efits provid$ "u ?is      
section2 &  7,c7 notify+ ! borr[] t !   
program "u ?is section is a tempor>y    
program & w end #f mon?s aft] !         
,,covid-#ai national em]g5cy p]iod ends4
  7#f7 ,susp5sion ( involunt>y          
collection ,dur+ ! ,,covid-#ai national 
em]g5cy p]iod & ! #f-mon? p]iod         
imm$iately foll[+1 ! ,secret>y (        
,education1 or o!r hold] ( a loan made1 
insur$1 or gu>ante$ "u "p ,b1 ,d1 or ,e1
 %all imm$iately take action to halt all
 involunt>y collection relat$ to ! loan4
  7#g7 ,m&atory =be>ance ,dur+ ! p]iod 9
 :i* ! ,secret>y ( ,education is mak+   
paym5ts on a loan "u p>agraph 7#a71 !   
,secret>y1 or a l5d] or gu>anty ag5cy = 
a loan made "u "p ,b1 %all grant !      
borr[] =be>ance z foll[s3 7,a7 ,a       

tempor>y cessation ( all paym5ts on !   
loan o!r ?an ! paym5ts ( int]e/ &       
pr9cipal on ! loan t are made "u        
p>agraph 7#a74  7,b7 ,= borr[]s :o are  
del9qu5t b :o are n yet 9 default be=e !
 date on :i* ! ,secret>y beg9s mak+     
paym5ts "u p>agraph 7#a71 ! retroactive 
application ( =be>ance to address any   
del9qu5cy4  4  7#b7 ,,ffel am5dm5t      
,section #dbh7;c77#h7 ( ! ,high]        
,education ,act ( #aife 7#bj ,u4,s4,c4  
#ajgh7;c77#h77 is am5d$ by /rik+ & = :i*
 & all t foll[s ?r\gh ?is subsection4   
7b7 ,paym5ts = private education loan   
borr[]s z a result ( ! ,,covid-#ai      
national em]g5cy ,section #adj ( ! ,tru?
 9 ,l5d+ ,act 7#ae ,u4,s4,c4 #afej7 is  
am5d$ by add+ at ! end ! foll[+ new     
subsection3  7h7 ,,covid-#ai national   
em]g5cy private education loan repaym5t 
assi/ance  7#a7 ,au?ority ,effective on 
! date ( ! enactm5t ( ?is section1 = !  
duration ( ! ,,covid-#ai em]g5cy p]iod &
 ! #f-mon? p]iod imm$iately foll[+1 !   
,secret>y ( ! ,treasury %all1 = ea*     

borr[] ( a private education loan1 pay !
 total am\nt due = su* mon? on ! loan1  
bas$ on ! paym5t plan select$ by !      
borr[] or ! borr[]'s loan /atus4  7#b7  
,no capitalization ( int]e/ ,) respect  
to any loan 9 repaym5t dur+ !           
,,covid-#ai national em]g5cy p]iod & !  
#f-mon? p]iod imm$iately foll[+1 int]e/ 
due on a private education loan dur+ su*
 p]iod %all n be capitaliz$ at any "t   
dur+ ! ,,covid-#ai national em]g5cy     
p]iod & ! #f-mon? p]iod imm$iately      
foll[+4  7#c7 ,report+ to consum]       
report+ ag5cies ,dur+ ! p]iod 9 :i* !   
,secret>y ( ! ,treasury is mak+ paym5ts 
on a loan "u p>agraph 7#a71 ! ,secret>y 
%all ensure t1 = ! purpose ( report+    
in=mation ab\t ! loan to a consum]      
report+ ag5cy1 any paym5t made by !     
,secret>y is treat$ z if x 7 a regul>ly 
s*$ul$ paym5t made by a borr[]4  7#d7   
,notice ( paym5ts & program ,n lat] ?an 
#ae days foll[+ ! date ( enactm5t ( ?is 
subsection1 & mon?ly !reaft] dur+ !     
,,covid-#ai national em]g5cy p]iod & !  

#f-mon? p]iod imm$iately foll[+1 !      
,secret>y ( ! ,treasury %all provide a  
notice to all borr[]s ( private         
education loans-- 7,a7 in=m+ borr[]s ( !
 actions tak5 "u ?is subsection2  7,b7  
provid+ borr[]s ) an easily accessible  
me?od to opt out ( ! b5efits provid$ "u 
?is subsection2 &  7,c7 notify+ ! borr[]
 t ! program "u ?is subsection is a     
tempor>y program & w end #f mon?s aft] !
 ,,covid-#ai national em]g5cy p]iod     
ends4  7#e7 ,susp5sion ( involunt>y     
collection ,dur+ ! ,,covid-#ai national 
em]g5cy p]iod & ! #f-mon? p]iod         
imm$iately foll[+1 ! hold] ( a private  
education loan %all imm$iately take     
action to halt all involunt>y collection
 relat$ to ! loan4  7#f7 ,m&atory       
=be>ance ,dur+ ! p]iod 9 :i* ! ,secret>y
 ( ! ,treasury is mak+ paym5ts on a loan
 "u p>agraph 7#a71 ! s]vic] ( su* loan  
%all grant ! borr[] =be>ance z foll[s3  
7,a7 ,a tempor>y cessation ( all paym5ts
 on ! loan o!r ?an ! paym5ts ( int]e/ & 
pr9cipal on ! loan t are made "u        

p>agraph 7#a74  7,b7 ,= borr[]s :o are  
del9qu5t b :o are n yet 9 default be=e !
 date on :i* ! ,secret>y beg9s mak+     
paym5ts "u p>agraph 7#a71 ! retroactive 
application ( =be>ance to address any   
del9qu5cy4  7#g7 ,data to implem5t      
,hold]s & s]vic]s ( private education   
loans %all report1 to ! satisfaction ( !
 ,secret>y ( ! ,treasury1 ! in=mation   
necess>y to calculate ! am\nt to be paid
 "u ?is section4  7#h7 ,,covid-#ai      
em]g5cy p]iod def9$ ,9 ?is subsection1 !
 t]m ,,covid-#ai em]g5cy p]iod means !  
p]iod t beg9s ^u ! date ( ! enactm5t (  
?is ,act & ends ^u ! date ( ! t]m9ation 
by ! ,f$]al ,em]g5cy ,managem5t         
,adm9i/ration ( ! em]g5cy decl>$ on ,m>*
 #ac1 #bjbj1 by ! ,presid5t "u ! ,rob]t 
,t4 ,/af=d ,disa/] ,relief & ,em]g5cy   
,assi/ance ,act 7#db ,u4,s4,c4 #daba et 
seq47 relat+ to ! ,coronavirus ,disease 
#bjai 7,,covid-#ai7 p&emic4  4  7c7     
,m9imum relief = ,f$]al & private /ud5t 
loan borr[]s z a result ( ! ,,covid-#ai 
national em]g5cy  7#a7 ,m9imum /ud5t    

loan relief z a result ( ! ,,covid-#ai  
national em]g5cy ,n lat] ?an #bgj days  
aft] ! la/ day ( ! ,,covid-#ai em]g5cy  
p]iod1 ! ,secret>ies conc]n$ %all jo9tly
 c>ry out a program "u :i* a qualifi$   
borr[]1 ) respect to ! cov]$ loans &    
private education ( loans ( su* qualifi$
 borr[]1 %all receive 9 accordance )    
p>agraph 7#c7 an am\nt equal to ! less] 
( ! foll[+3 7,a7 ,! total am\nt ( ea*   
cov]$ loan & ea* private education loan 
( ! borr[]2 or  7,b7 #aj1jjj4  7#b7     
,notification ( borr[]s ,n lat] ?an #bgj
 days aft] ! la/ day ( ! ,,covid-#ai    
em]g5cy p]iod1 ! ,secret>ies conc]n$    
%all notify ea* qualifi$ borr[] (-- 7,a7
 ! requirem5ts to provide loan relief to
 su* borr[] "u ?is section2 &  7,b7 !   
opportunity = su* borr[] to make an     
election "u p>agraph 7#c77;,a7 ) respect
 to ! application ( su* loan relief to !
 cov]$ loans & private education loans (
 su* borr[]4  7#c7 ,di/ribution ( fund+ 
7,a7 ,election by borr[] ,n lat] ?an #de
 days aft] a notice is s5t "u p>agraph  

7#b71 a qualifi$ borr[] may elect to    
apply ! am\nt det]m9$ ) respect to su*  
borr[] "u p>agraph 7#a7 to-- 7i7 any    
cov]$ loan ( ! borr[]2  7ii7 any private
 education loan ( ! borr[]2 &  7iii7 any
 comb9ation ( ! loans describ$ 9 clauses
 7i7 & 7ii74  7,b7 ,automatic paym5t    
7i7 ,9 g5]al ,9 ! case ( a qualifi$     
borr[] :o does n make an election "u    
subp>agraph 7,a7 be=e ! date describ$ 9 
su* p>agraph1 ! ,secret>ies conc]n$ %all
 apply ! am\nt det]m9$ ) respect to su* 
borr[] "u p>agraph 7#a7 9 ord] ( ! cov]$
 loan or private education loan ( !     
qualifi$ borr[] ) ! highe/ int]e/ rate4 
7ii7 ,equal int]e/ rates ,9 case ( two  
or m cov]$ loans or private education   
loans describ$ 9 clause 7i7 ) equal     
int]e/ rates1 ! ,secret>ies conc]n$ %all
 apply ! am\nt det]m9$ ) respect to su* 
borr[] "u p>agraph 7#a7 fir/ to ! loan )
 ! highe/ pr9cipal4  7#d7 ,data to      
implem5t  7,a7 ,secret>y ( education    
,contractors ( ! ,secret>y ( ,education 
& l5d]s & gu>anty ag5cies hold+ loans   

made1 insur$1 or gu>ante$ "u "p ,b %all 
report1 to ! satisfaction ( ! ,secret>y 
( ,education1 ! in=mation necess>y to   
calculate ! am\nt to be appli$ "u       
p>agraph 7#a74  7,b7 ,secret>y (        
treasury ,hold]s & s]vic]s ( private    
education loans %all report1 to !       
satisfaction ( ! ,secret>y ( !          
,treasury1 ! in=mation necess>y to      
calculate ! am\nt to be appli$ "u       
p>agraph 7#a74  7#e7 ,memor&um ( und]/&+
 ,! ,secret>ies conc]n$ %all ent] into a
 memor&um ( und]/&+ to c>ry out ?is     
subsection4  7#f7 ,def9itions ,9 ?is    
subsection3 7,a7 ,cov]$ loan ,! t]m     
cov]$ loan means-- 7i7 a loan made1     
insur$1 or gu>ante$ "u "p ,b ( title    
,,iv ( ! ,high] ,education ,act ( #aife 
7#bj ,u4,s4,c4 #ajga et seq472  7ii7 a  
loan made "u "p ,d ( title ,,iv ( !     
,high] ,education ,act ( #aife 7#bj     
,u4,s4,c4 #ajhg;a et seq472 &  7iii7 a  
,f$]al ,p]k9s ,loan made pursuant to "p 
,e ( title ,,iv ( ! ,high] ,education   
,act ( #aife 7#bj ,u4,s4,c4 #ajhg;aa et 

seq474  7,b7 ,,covid-#ai em]g5cy p]iod  
,! t]m ,,covid-#ai em]g5cy p]iod means !
 p]iod t beg9s ^u ! date ( ! enactm5t ( 
?is ,act & ends ^u ! date ( ! t]m9ation 
by ! ,f$]al ,em]g5cy ,managem5t         
,adm9i/ration ( ! em]g5cy decl>$ on ,m>*
 #ac1 #bjbj1 by ! ,presid5t "u ! ,rob]t 
,t4 ,/af=d ,disa/] ,relief & ,em]g5cy   
,assi/ance ,act 7#db ,u4,s4,c4 #daba et 
seq47 relat+ to ! ,coronavirus ,disease 
#bjai 7,,covid-#ai7 p&emic4  7,c7       
,private education loan ,! t]m private  
education loan has ! mean+ giv5 ! t]m 9 
section #adj ( ! ,tru? 9 ,l5d+ ,act 7#ae
 ,u4,s4,c4 #afej74  7,d7 ,qualifi$      
borr[] ,! t]m qualifi$ borr[] means a   
borr[] ( a cov]$ loan or a private      
education loan4  7,e7 ,secret>ies       
conc]n$ ,! t]m ,secret>ies conc]n$      
means-- 7i7 ! ,secret>y ( ,education1 ) 
respect to cov]$ loans & borr[]s ( su*  
cov]$ loans2 &  7ii7 ! ,secret>y ( !    
,treasury1 ) respect to private         
education loans & borr[]s ( su* private 
education loans4  7d7 ,income %>e       

agreem5ts  7#a7 ,9 g5]al ,an individual 
:o ent]$ into an income %>e agreem5t to 
pay = education exp5ses ( ! individual  
%all n be requir$ to make paym5ts "u su*
 income %>e agreem5t = ! duration ( !   
,,covid-#ai em]g5cy p]iod & ! #f-mon?   
p]iod imm$iately foll[+4  7#b7          
,,covid-#ai em]g5cy p]iod ,9 ?is        
subsection1 ! t]m ,,covid-#ai em]g5cy   
p]iod means ! p]iod t beg9s ^u ! date ( 
! enactm5t ( ?is ,act & ends ^u ! date (
 ! t]m9ation by ! ,f$]al ,em]g5cy       
,managem5t ,adm9i/ration ( ! em]g5cy    
decl>$ on ,m>* #ac1 #bjbj1 by !         
,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,assi/ance ,act 7#db
 ,u4,s4,c4 #daba et seq47 relat+ to !   
,coronavirus ,disease #bjai             
7,,covid-#ai7 p&emic4  7e7 ,exclusion f 
gross income  7#a7 ,9 g5]al ,"p ,,iii ( 
sub*apt] ,b ( *apt] #a ( ! ,int]nal     
,rev5ue ,code ( #aihf is am5d$ by ins]t+
 aft] section #aci;,h ! foll[+ new      
section3  #aci;,i4 ,/ud5t loan paym5ts  
result+ f ! ,,covid-#ai national em]g5cy

 ,gross income %all n include any paym5t
 made on behalf ( ! taxpay] "u section  
#dic;,e7b77#a7 ( ! ,high] ,education    
,act ( #aife1 section #adj7;h7 ( ! ,tru?
 9 ,l5d+ ,act1 or section #aad7;c7 ( !  
,f9ancial ,protections & ,assi/ance =   
,am]ica's ,consum]s1 ,/ates1 ,bus9esses1
 & ,vuln]able ,populations4  4  7#b7    
,cl]ical am5dm5t ,! table ( sections =  
"p ,,iii ( sub*apt] ,b ( *apt] #a ( !   
,int]nal ,rev5ue ,code ( #aihf is am5d$ 
by ins]t+ aft] ! item relat+ to section 
#aci;,h ! foll[+ new item3  ,sec4       
#aci;,i4 ,/ud5t loan paym5ts result+ f !
 ,,covid-#ai national em]g5cy4  4  7#c7 
,effective date ,! am5dm5ts made by ?is 
subsection %all apply to taxable ye>s   
beg9n+ aft] ,decemb] #ca1 #bjai4  #aad4 
,waiv] ( 9-p]son appraisal requirem5ts  
7a7 ,f9d+ ,! ,congress f9ds t z ! c\ntry
 cont9ues to grapple ) ! impact ( !     
spread ( ,,covid-#ai1 sev]al adju/m5ts  
are ne$$ to ensure t mortgage process+ c
 cont9ue to function )\t significant    
delays1 despite requirem5ts t w\ld      

o!rwise require 9-p]son int]actions4    
7b7 ,waiv]  7#a7 ,9 g5]al ,until ! end (
 ! ,,covid-#ai em]g5cy1 any appraisal t 
is conduct$ = a loan ) respect to :i*   
applicable law w\ld o!rwise require !   
p]=mance ( an int]ior inspection may be 
p]=m$ )\t an int]ior inspection1 if--   
7,a7 an ext]ior inspection is p]=m$ 9   
conjunction ) o!r me?ods to maximize    
cr$ibility1 includ+ v]ifiable           
contemporane\s video or photographic    
docum5tation by ! borr[] & borr[]       
obs]vations2 &  7,b7 ! applicable l5d]1 
gu>antor1 regulat+ ag5cy1 or insur] may 
ord] additional s]vices to include an   
int]ior inspection at a lat] date4  7#b7
 ,/ipulation ,an apprais] conduct+ an   
appraisal )\t an int]ior inspection     
pursuant to ?is section %all /ipulate an
 extraord9>y assumption t ! prop]ty's   
int]ior quality1 condition1 & physical  
*>act]i/ics are z describ$ & consi/5t ) 
! ext]ior view1 & %all employ all       
available me?ods to maximize accuracy   
:ile ma9ta9+ safety4  7c7 ,rulemak+ ,n  

lat] ?an ! end ( ! #a-week p]iod beg9n+ 
on ! date ( enactm5t ( ?is ,act1 !      
,f$]al ,h\s+ ,commission] ( ! ,f$]al    
,h\s+ ,ag5cy & ! ,director ( ! ,f$]al   
,h\s+ ,f9ance ,ag5cy %all issue su*     
rules or guidance z may be necess>y to  
ensure t su* ag5cies1 ! ,f$]al ,home    
,loan ,mortgage ,corporation1 ! ,f$]al  
,national ,mortgage ,association1 & !   
,f$]al home loan banks make any         
adju/m5ts to mortgage process+          
requirem5ts t may be necess>y to provide
 flexibility to avoid 9-p]son           
int]actions :ile pres]v+ ! goals ( !    
programs & consum] protection4  7d7     
,,covid-#ai em]g5cy def9$ ,9 ?is        
section1 ! t]m ,,covid-#ai em]g5cy means
 ! p]iod t beg9s ^u ! date ( ! enactm5t 
( ?is ,act & ends on ! date ( !         
t]m9ation by ! ,f$]al ,em]g5cy          
,managem5t ,ag5cy ( ! em]g5cy decl>$ on 
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 

,disease #bjai 7,,covid-#ai7 p&emic4    
#aae4 ,supplem5tal fund+ = community    
developm5t block grants  7a7 ,fund+ &   
allocations  7#a7 ,au?orization (       
appropriations ,!re is au?oriz$ to be   
appropriat$ #ab1jjj1jjj1jjj = assi/ance 
9 accordance ) ?is section "u !         
community developm5t block grant program
 "u title ,i ( ! ,h\s+ & ,community     
,developm5t ,act ( #aigd 7#db ,u4,s4,c4 
#ecja et seq474  7#b7 ,initial          
allocation #f1jjj1jjj1jjj ( ! am\nt made
 available pursuant to p>agraph 7#a7    
%all be di/ribut$ pursuant to section   
#ajf ( su* ,act 7#db ,u4,s4,c4 #ecjf7 to
 grantees & su* allocations %all be made
 )9 #cj days aft] ! date ( ! enactm5t ( 
?is ,act4  7#c7 ,subsequ5t allocation   
7,a7 ,9 g5]al ,! #f1jjj1jjj1jjj made    
available pursuant to p>agraph 7#a7 t   
rema9s aft] allocation pursuant to      
p>agraph 7#b7 %all be allocat$1 n lat]  
?an #de days aft] ! date ( ! enactm5t ( 
?is ,act1 directly to ,/ates to prev5t1 
prep>e =1 & respond to coronavirus )9 ! 

,/ate1 includ+ activities )9 entitlem5t 
& non5titlem5t communities1 bas$ on     
public heal? ne$s1 risk ( transmission (
 coronavirus1 numb] ( coronavirus cases 
comp>$ to ! national av]age1 & economic 
& h\s+ m>ket disruptions1 & o!r factors1
 z det]m9$ by ! ,secret>y1 us+ be/      
available data4  7,b7 ,te*nical         
assi/ance ,( ! am\nt ref]r$ to 9        
subp>agraph 7,a71 #aj1jjj1jjj %all be   
made available = capacity build+ &      
te*nical assi/ance to support ! use (   
su* am\nts to exp$ite or facilitate     
infecti\s disease response4  7#d7       
,direct di/ribution ,( ! am\nt made     
available pursuant to p>agraph 7#a71    
#c1jjj1jjj1jjj %all be di/ribut$        
directly to ,/ates & units ( g5]al local
 gov]nm5t1 at ! discretion ( ! ,secret>y
 ( ,h\s+ & ,urban ,developm5t 79 ?is    
section ref]r$ to z ! ,secret>y71       
accord+ to a =mula bas$ on factors to be
 det]m9$ by ! ,secret>y1 prioritiz+ risk
 ( transmission ( coronavirus1 numb] (  
coronavirus cases comp>$ to ! national  

av]age1 & economic & h\s+ m>ket         
disruptions result+ f coronavirus4  7#e7
 ,roll+ allocations ,allocations "u ?is 
subsection may be made on a roll+ basis 
z additional ne$s develop & data becomes
 available4  7#f7 ,be/ available data ,!
 ,secret>y %all make all allocations "u 
?is subsection bas$ on ! be/ available  
data at ! "t ( allocation4  7b7         
,eligible activities ,am\nts made       
available pursuant to subsection 7a7 may
 be us$ only =-- 7#a7 eligible          
activities describ$ 9 #aje7;a7 ( ! ,h\s+
 & ,community ,developm5t ,act ( #aigd  
7#db ,u4,s4,c4 #ecje7;a77 relat+ to     
prev5t+1 prep>+ =1 or respond+ to !     
public heal? em]g5cy relat+ to          
,coronavirus ,disease #bjai             
7,,covid-#ai72 &  7#b7 reimbursem5t (   
co/s = su* eligible activities relat+ to
 prev5t+1 prep>+ =1 or respond+ to      
,coronavirus ,disease #bjai             
7,,covid-#ai7 t 7 accru$ be=e ! date ( !
 enactm5t ( ?is ,act4  7c7              
,inapplicability ( public s]vices cap ,!

 limitation "u p>agraph 7#h7 ( section  
#aje7;a7 ( ! ,h\s+ & ,community         
,developm5t ,act ( #aigd 7#db ,u4,s4,c4 
#ecje7;a77#h77 on ! am\nt t may be us$ =
 activities "u su* p>agraph %all n apply
 ) respect to-- 7#a7 am\nts made        
available pursuant to subsection 7a72 & 
7#b7 am\nts made available 9 prec$+     
appropriation ,acts = fiscal ye>s #bjai 
& #bjbj = c>ry+ out title ,i ( ! ,h\s+ &
 ,community ,developm5t ,act ( #aigd1 to
 ! ext5t su* am\nts are us$ = activities
 describ$ 9 subsection 7b7 ( ?is        
section4  7d7 ,waiv]s  7#a7 ,9 g5]al ,! 
,secret>y may waive1 or specify         
alt]native requirem5ts =1 any provision 
( any /atute or regulation t ! ,secret>y
 adm9i/]s 9 connection ) ! use ( am\nts 
made available pursuant to subsection   
7a77#a7 & = fiscal ye>s #bjai & #bjbj   
7except = requirem5ts relat$ to fair    
h\s+1 nondiscrim9ation1 labor /&>ds1 & !
 environm5t71 if ! ,secret>y f9ds t good
 cause exi/s = ! waiv] or alt]native    
requirem5t & su* waiv] or alt]native    

requirem5t w\ld n be inconsi/5t ) !     
ov]all purpose ( title ,i ( ! ,h\s+ &   
,community ,developm5t ,act ( #aigd1    
includ+ = ! purposes ( address+ ! impact
 ( coronavirus4  7#b7 ,notice ,!        
,secret>y %all notify ! public ?r\gh !  
,f$]al ,regi/] or o!r appropriate means 
#e days be=e ! effective date ( any su* 
waiv] or alt]native requirem5t 9 ord] = 
su* waiv] or alt]native requirem5t to   
take effect4 ,su* public notice may be  
provid$ on ! int]net at ! appropriate   
,gov]nm5t website or ?r\gh o!r          
electronic m$ia1 z det]m9$ by !         
,secret>y4  7e7 ,/atem5ts ( activities2 
compreh5sive h\s+ af=dability /rategies 
7#a7 ,inapplicability ( requirem5ts     
,section #aaf7;b7 ( su* ,act 7#db       
,u4,s4,c4 #ecaf7;b72 relat+ to          
submission ( f9al /atem5ts ( activities 
n lat] ?an ,augu/ #af ( a giv5 fiscal   
ye>7 & any implem5t+ regulations %all n 
apply to f9al /atem5ts submitt$ 9       
accordance ) p>agraphs 7#b7 & 7#c7 (    
section #ajd ( su* ,act 7#db ,u4,s4,c4  

#ecjd7;a77 & compreh5sive h\s+          
af=dability /rategies submitt$ 9        
accordance ) section #aje ( !           
,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act 7#db ,u4,s4,c4 #abgje7 =     
fiscal ye>s #bjai & #bjbj4  7#b7 ,new   
requirem5ts ,f9al /atem5ts &            
compreh5sive h\s+ af=dability /rategies 
%all in/ead be submitt$ n lat] ?an      
,augu/ #af1 #bjba4  7#c7 ,am5dm5ts      
,not)/&+ subsections 7a77#b71 7a77#c71 &
 7c7 ( section #ajd ( ! ,h\s+ &         
,community ,developm5t ,act ( #aigd 7#db
 ,u4,s4,c4 #ecjd7 & section #aje ( !    
,cran/on-,gonzalez ,national ,af=dable  
,h\s+ ,act 7#db ,u4,s4,c4 #abgje71 a    
grantee may n be requir$ to am5d its    
/atem5t ( activities 9 ord] to engage 9 
activities to prev5t1 prep>e1 & respond 
to coronavirus or ! economic & h\s+     
disruption caus$ by x1 b %all make      
public a report )9 #ahj days ( ! end ( !
 crisis :i* fully acc\nts = su*         
activities4  7f7 ,public he>+s  7#a7    
,inapplicability ( 9-p]son he>+         

requirem5ts ,a grantee may n be requir$ 
to hold 9-p]son public he>+s 9          
connection ) its citiz5 p>ticipation    
plan1 b %all provide citiz5s ) notice & 
a reasonable opportunity to comm5t ( n  
less ?an #ae days4  7#b7 ,virtual public
 he>+s ,dur+ ! p]iod t national or local
 heal? au?orities recomm5d social       
di/anc+ & limit+ public ga!r+s = public 
heal? reasons1 a grantee may fulfill    
applicable public he>+ requirem5ts = all
 grants f funds made available pursuant 
to subsection 7a77#a7 & "u ! head+      
,dep>tm5t ( ,h\s+ & ,urban              
,developm5t--,community ,plann+ &       
,developm5t--,community ,developm5t     
,fund 9 appropriation ,acts = fiscal    
ye>s #bjai & #bjbj by c>ry+ out virtual 
public he>+s4 ,any su* virtual he>+s    
%all provide reasonable notification &  
access = citiz5s 9 accordance ) !       
grantee's c]tifications1 timely         
responses f local (ficials to all citiz5
 que/ions & issues1 & public access to  
all que/ions & responses4  7g7          

,duplication ( b5efits ,! ,secret>y %all
 ensure !re are adequate proc$ures 9    
place to prev5t any duplication (       
b5efits z def9$ by section #cab ( !     
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#eaee7 & act 9 accordance ) section     
#abaj ( ! ,disa/] ,recov]y ,re=m ,act ( 
#bjah 7division ,d ( ,public ,law       
#aae-bed2 #acb ,/at4 #cddb7 & section   
#cab ( ! ,rob]t ,t4 ,/af=d ,disa/]      
,relief & ,em]g5cy ,assi/ance ,act 7#db 
,u4,s4,c4 #eaee74  #aaf4 ,,covid-#ai    
,em]g5cy ,h\s+ ,relief  7a7 ,def9ition (
 ,,covid-#ai em]g5cy p]iod ,= purposes (
 ?is section1 ! t]m ,,covid-#ai em]g5cy 
p]iod means ! p]iod t beg9s ^u ! date ( 
! enactm5t ( ?is ,act & ends ^u ! date (
 ! t]m9ation by ! ,f$]al ,em]g5cy       
,managem5t ,ag5cy ( ! em]g5cy decl>$ on 
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai7 p&emic4    

7b7 ,susp5sion ( community s]vice1 "w1  
pres5ce 9 unit1 & m9imum r5t requirem5ts
 & "t limits on assi/ance  7#a7         
,susp5sion ,not)/&+ any o!r provision ( 
law1 dur+ ! ,,covid-#ai em]g5cy p]iod1 !
 foll[+ provisions ( law & requirem5ts  
%all n apply3 7,a7 ,section #ab7;c7 ( ! 
,unit$ ,/ates ,h\s+ ,act ( #aicg 7#db   
,u4,s4,c4 #adcg;j7c72 relat+ to         
community s]vice74  7,b7 ,any "w        
requirem5t or "t limitation on assi/ance
 e/abli%$ by a public h\s+ ag5cy        
p>ticipat+ 9 ! ,mov+ to ,"w demon/ration
 program au?oriz$ "u section #bjd ( !   
,dep>tm5ts ( ,vet]ans ,affairs & ,h\s+ &
 ,urban ,developm5t & ,indep5d5t        
,ag5cies ,appropriations ,act1 #aiif    
7,public ,law #ajd-acd2 #aaj ,/at4      
#acba74  7,c7 ,p>agraph 7#c7 ( section  
#c7;a7 ( ! ,unit$ ,/ates ,h\s+ ,act (   
#aicg 7#db ,u4,s4,c4 #adcg;a7a77#c72    
relat+ to m9imum r5tal am\nt74  7,d7    
,section #ihb4cab ( ! regulations ( !   
,secret>y ( ,h\s+ & ,urban ,developm5t  
7#bd ,c4,f4,r4 #ihb4cab2 relat+ to      

abs5ce f unit74  7#b7 ,prohibition ,no  
p5alty may be impos$ nor any adv]se     
action tak5 = failure on ! "p ( any     
t5ant ( public h\s+ or a dwell+ unit    
assi/$ "u section #h ( ! ,unit$ ,/ates  
,h\s+ ,act ( #aicg 7#db ,u4,s4,c4       
#adcg;f7 to comply ) ! laws &           
requirem5ts specifi$ 9 p>agraph 7#a7    
dur+ ! p]iod specifi$ 9 p>agraph 7#a74  
7c7 ,h\s+ *oice v\*]s  7#a7 ,section #h 
v\*]s ,not)/&+ any o!r provision ( law1 
! ,secret>y ( ,h\s+ & ,urban ,developm5t
 %all provide t-- 7,a7 dur+ !           
,,covid-#ai em]g5cy p]iod1 a public h\s+
 ag5cy may n t]m9ate ! availability to  
an eligible h\sehold ( a h\s+ *oice v\*]
 "u section #h7o7 ( ! ,unit$ ,/ates     
,h\s+ ,act ( #aicg 7#db ,u4,s4,c4       
#adcg;f7o77 = failure to ent] into a    
lease = an assi/$ dwell+ unit2  7,b7 9 !
 case ( any eligible h\sehold on ^:     
behalf su* a h\s+ *oice v\*] has be5    
made available1 if z ( ! t]m9ation ( !  
,,covid-#ai em]g5cy p]iod su*           
availability has n t]m9at$ 7includ+ by  

reason ( subp>agraph 7,a77 & su* v\*]   
has n be5 us$ to ent] into a lease = an 
assi/$ dwell+ unit1 ! public h\s+ ag5cy 
mak+ su* v\*] available may n t]m9ate   
su* availability until ! expiration ( ! 
#fj-;day p]iod beg9n+ ^u ! t]m9ation ( !
 ,,covid-#ai em]g5cy p]iod2 &  7,c7 dur+
 ! ,,covid-#ai em]g5cy p]iod1 clause 7i7
 ( section #h7o77#h77;,a7 ( ! ,unit$    
,/ates ,h\s+ ,act ( #aicg 7#db ,u4,s4,c4
 #adcg;f7o77#h7;,a77i72 relat+ to       
initial inspection ( dwell+ units7 %all 
n apply1 except t 9 any case 9 :i* an   
inspection ( a dwell+ unit = :i* a h\s+ 
assi/ance paym5t is e/abli%$ is n       
conduct$ be=e an assi/ance paym5t is    
made = su* dwell+ unit-- 7i7 su* clause 
%all be appli$ by sub/itut+ ! expiration
 ( ! #ij-;day p]iod beg9n+ on !         
t]m9ation ( ! ,,covid-#ai em]g5cy p]iod 
7z su* t]m is def9$ 9 section #aag7;a7 (
 ! ,f9ancial ,protections & ,assi/ance =
 ,am]ica's ,consum]s1 ,/ates1           
,bus9esses1 & ,vuln]able ,populations   
,act7 = any assi/ance paym5t is made2 & 

7ii7 ! public h\s+ ag5cy %all in=m !    
t5ant h\sehold & ! own] ( su* dwell+    
unit ( ! inspection requirem5t          
applicable to su* dwell+ unit pursuant  
to clause 7i74  7#b7 ,rural h\s+ v\*]s  
,not)/&+ any o!r provision ( law1 !     
,secret>y ( ,agriculture %all provide t 
! same re/rictions & requirem5ts        
applicable "u p>agraph 7#a7 to v\*]     
assi/ance "u section #h7o7 ( ! ,unit$   
,/ates ,h\s+ ,act ( #aicg %all apply )  
respect to v\*] assi/ance "u section    
#edb ( ! ,h\s+ ,act ( #aidi 7#db        
,u4,s4,c4 #adijr74 ,9 apply+ su*        
re/rictions & requirem5ts1 ! ,secret>y  
may take into consid]ation & provide =  
any diff]5ces betwe5 su* programs :ile  
ensur+ t ! program "u su* section #edb  
is c>ri$ out 9 accordance ) ! purposes (
 su* re/rictions & requirem5ts4  7d7    
,susp5sion ( income reviews ,dur+ !     
,,covid-#ai em]g5cy p]iod1 ! ,secret>y (
 ,h\s+ & ,urban ,developm5t & !         
,secret>y ( ,agriculture %all waive any 
requirem5ts "u law or regulation requir+

 review ( ! income ( an individual or   
h\sehold = purposes ( assi/ance "u a    
h\s+ assi/ance program adm9i/]$ by su*  
,secret>y1 except-- 7#a7 9 ! case (     
review ( income ^u ! initial provision (
 h\s+ assi/ance2 or  7#b7 if su* review 
is reque/$ by an individual or h\sehold 
due to a loss ( income4  7e7 ,au?ority  
,to susp5d or delay deadl9es ,dur+ !    
,,covid-#ai em]g5cy p]iod1 ! ,secret>y (
 ,h\s+ & ,urban ,developm5t & !         
,secret>y ( ,agriculture may susp5d or  
delay any deadl9e relat+ to public h\s+ 
ag5cies or own]s ( h\s+ assi/$ "u a     
program adm9i/]$ by su* ,secret>y1      
except any deadl9e relat+ to respond+ to
 exig5t conditions relat$ to heal? &    
safety or em]g5cy physical conditions4  
7f7 ,susp5sion ( assi/$ h\s+ scor+      
activities ,! ,secret>y ( ,h\s+ & ,urban
 ,developm5t %all susp5d scor+ "u !     
,section #h ,managem5t ,assessm5t       
,program & ! ,public ,h\s+ ,assessm5t   
,sy/em dur+ ! p]iod beg9n+ ^u ! date ( !
 enactm5t ( ?is ,act & end+ ^u          

expiration ( ! #ij-;day p]iod t beg9s ^u
 ! t]m9ation ( ! ,,covid-#ai em]g5cy    
p]iod4  7g7 ,requirem5ts reg>d+ residual
 receipts & res]ve funds  7#a7          
,susp5sion ( requirem5t to submit       
residual receipts to ,,hud ,dur+ !      
,,covid-#ai em]g5cy p]iod1 any          
requirem5ts = own]s ( f$]ally assi/$    
multifamily h\s+ to remit residual      
receipts to ! ,secret>y ( ,h\s+ & ,urban
 ,developm5t %all n apply4  7#b7        
,eligible uses ( res]ve funds ,dur+ !   
,,covid-#ai em]g5cy p]iod1 any co/s ( an
 own] ( f$]ally assi/$ multifamily h\s+ 
= items1 activities1 & s]vices relat$ to
 respond+ to coronavirus or ,,covid-#ai 
%all be consid]$ eligible uses = !      
res]ve fund = replacem5ts = su* h\s+4   
#aag4 ,supplem5tal fund+ = s]vice       
coord9ators to assi/ eld]ly h\seholds   
7a7 ,9 g5]al ,!re is au?oriz$ to be     
appropriat$ #cjj1jjj1jjj = grants "u    
section #fgf ( ! ,h\s+ & ,community     
,developm5t ,act ( #aiib 7#db ,u4,s4,c4 
#acfcb7 = co/s ( provid+ s]vice         

coord9ators = purposes ( coord9at+      
s]vices to prev5t1 prep>e =1 or respond 
to ! public heal? em]g5cy relat+ to     
,coronavirus ,disease #bjai             
7,,covid-#ai74  7b7 ,hir+ ,9 ! hir+ (   
/aff us+ am\nts made available pursuant 
to ?is section1 grantees %all consid] & 
hire1 at all levels ( employm5t & to !  
greate/ ext5t possible1 a div]se /aff1  
includ+ by race1 e?nicity1 g5d]1 &      
disability /atus4 ,ea* grantee %all     
submit a report to ! ,secret>y ( ,h\s+ &
 ,urban ,developm5t describ+ compliance 
) ! prec$+ s5t5ce n lat] ?an !          
expiration ( ! #abj-;day p]iod t beg9s  
^u ! t]m9ation ( ! em]g5cy decl>$ on    
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai7 p&emic4    
7c7 ,"o-,"t grants ,grants made us+     
am\nts made available pursuant to       
subsection 7a7 %all n be r5ewable4  7d7 
,"o-,ye> availability ,any am\nts made  

available pursuant to ?is section t are 
allocat$ = a grantee & rema9+ unexp5d$  
^u ! expiration ( ! #ab-mon? p]iod      
beg9n+ ^u su* allocation %all be        
recaptur$ by ! ,secret>y4  #aah4 ,fair  
h\s+  7a7 ,def9ition ( ,,covid-#ai      
em]g5cy p]iod ,= purposes ( ?is section1
 ! t]m ,,covid-#ai em]g5cy p]iod means !
 p]iod t beg9s ^u ! date ( ! enactm5t ( 
?is ,act & ends ^u ! date ( ! t]m9ation 
by ! ,f$]al ,em]g5cy ,managem5t ,ag5cy (
 ! em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by
 ! ,presid5t "u ! ,rob]t ,t4 ,/af=d     
,disa/] ,relief & ,em]g5cy ,assi/ance   
,act 7#db ,u4,s4,c4 #daba et seq47      
relat+ to ! ,coronavirus ,disease #bjai 
7,,covid-#ai7 p&emic4  7b7 ,fair h\s+   
activities  7#a7 ,,fhip2 ,,fhap  7,a7   
,au?orization ( appropriations ,to      
ensure t fair h\s+ organizations & ,/ate
 & local civil rights ag5cies h         
suffici5t res\rces to deal ) expect$    
increases 9 fair h\s+ compla9ts1 to     
inve/igate h\s+ discrim9ation1 includ+  
f9ancial scams t t>get protect$ classes 

associat$ ) or result+ f ! ,,covid-#ai  
p&emic1 & dur+ su* p&emic1 !re is       
au?oriz$ to be appropriat$ = contracts1 
grants1 & o!r assi/ance-- 7i7           
#ee1jjj1jjj = ! ,fair ,h\s+ ,initiatives
 ,program "u section #efa ( ! ,h\s+ &   
,community ,developm5t ,act ( #aihg 7#db
 ,u4,s4,c4 #cfaf;a72 &  7ii7 #ce1jjj1jjj
 = ! ,fair ,h\s+ ,assi/ance ,program "u 
! ,fair ,h\s+ ,act 7#db ,u4,s4,c4 #cfja 
et seq474  ,am\nts made available       
pursuant to ?is subp>agraph may be us$  
by su* organizations & ag5cies to       
e/abli% ! capacity to & to c>ry out     
activities & s]vices by telephone &     
onl9e means1 includ+ = individuals )    
limit$ ,engli% pr(ici5cy & individuals )
 a disability 9 accordance ) requirem5ts
 "u ! ,am]icans ,) ,disabilities ,act ( 
#aiij4  7,b7 ,private en=cem5t          
initiative ,9 ent]+ into contracts =    
private en=cem5t initiatives "u #efa7;b7
 ( ! ,h\s+ & ,community ,developm5t ,act
 ( #aihg 7#db ,u4,s4,c4 #cfaf;a7b77 us+ 
am\nts made available pursuant to       

subp>agraph 7,a77i7 ( ?is subsection1 ! 
,secret>y ( ,h\s+ & ,urban ,developm5t  
%all give priority to applications f    
qualifi$ fair h\s+ en=cem5t             
organizations t h at lea/ #b ye>s ( fair
 h\s+ te/+ exp]i5ce4  7,c7 #c-ye>       
availability ,any am\nts made available 
pursuant subp>agraph 7,a7 t are allocat$
 = a grantee & rema9 unexp5d$ ^u !      
expiration ( ! #c-ye> p]iod beg9n+ ^u   
su* allocation %all be recaptur$ by !   
,secret>y4  7#b7 ,(fice ( ,fair ,h\s+ & 
,equal ,opportunity ,!re is au?oriz$ to 
be appropriat$ #bjj1jjj1jjj = ! ,(fice (
 ,fair ,h\s+ & ,equal ,opportunity ( !  
,dep>tm5t ( ,h\s+ & ,urban ,developm5t =
 co/s ( fully /aff+ su* ,(fice to ensure
 robu/ en=cem5t ( ! ,fair ,h\s+ ,act    
dur+ ! ,,covid-#ai p&emic1 includ+      
ensur+ t-- 7,a7 assi/ance provid$ "u ?is
 ,act is provid$ & adm9i/]$ 9 a mann] t 
affirmatively fur!rs fair h\s+ 9        
accordance ) ! ,fair ,h\s+ ,act2  7,b7  
su* ,(fice has suffici5t capacity =     
intake ( h\s+ discrim9ation compla9ts by

 telephone & onl9e me*anisms1 includ+ = 
individuals ) limit$ ,engli% pr(ici5cy &
 individuals ) a disability 9 accordance
 ) requirem5ts "u ! ,am]icans ,)        
,disabilities ,act ( #aiij & section    
#ejd ( ! ,rehabilitation ,act ( #aigc   
7#bi ,u4,s4,c4 #gid72 &  7,c7 su* ,(fice
 has ! capacity to respond to all h\s+  
discrim9ation compla9ts made dur+ !     
,,covid-#ai p&emic )9 "t limitations    
requir$ "u law4  ,9 ! hir+ ( /aff us+   
am\nts made available pursuant to ?is   
subsection1 ! ,secret>y ( ,h\s+ & ,urban
 ,developm5t %all consid] & hire1 at all
 levels ( employm5t & to ! greate/ ext5t
 possible1 a div]se /aff1 includ+ by    
race1 e?nicity1 g5d]1 & disability      
/atus4 ,! ,secret>y %all submit a report
 to ! ,congress describ+ compliance ) ! 
prec$+ s5t5ce on a qu>t]ly basis1 = ea* 
( ! fir/ #d cal5d> qu>t]s end+ aft] !   
date ( ! enactm5t ( ?is ,act4  7c7 ,fair
 h\s+ guidance & education  7#a7        
,prohibition ( %[+s ,n lat] ?an !       
expiration ( ! #cj-;day p]iod beg9n+ on 

! date ( ! enactm5t ( ?is ,act1 !       
,secret>y ( ,h\s+ & ,urban ,developm5t  
%all issue guidance = own]s ( dwell+    
units assi/$ "u h\s+ assi/ance programs 
( ! ,dep>tm5t prohibit+1 dur+ !         
,,covid-#ai em]g5cy p]iod1 ( any %[+s ( 
occupi$ assi/$ dwell+ units to          
prospective t5ants4  7#b7 ,education    
,!re is au?oriz$ to be appropriat$      
#aj1jjj1jjj = ! ,(fice ( ,fair ,h\s+ &  
,equal ,opportunity ( ! ,dep>tm5t (     
,h\s+ & ,urban ,developm5t to c>ry out a
 national m$ia campaign to educate !    
public ( increas$ h\s+ rights dur+      
,,covid-#ai em]g5cy p]iod1 t provides t 
in=mation & mat]ials us$ 9 su* campaign 
are available-- 7,a7 9 ! languages us$  
by communities ) limit$ ,engli%         
pr(ici5cy2 &  7,b7 to p]sons )          
disabilities4  #aai4 ,,hud c\nsel+      
program au?orization  7a7 ,f9d+s ,!     
,congress f9ds ! foll[+3 7#a7 ,! spread 
( ,,covid-#ai1 :i* is n[ consid]$ a     
global p&emic1 is expect$ to negatively 
impact ! incomes ( pot5tially millions (

 home[n]s1 mak+ x difficult = !m to pay 
_! mortgages on "t4  7#b7 ,h\s+ c\nsel+ 
is critical to ensur+ t home[n]s h !    
res\rces !y ne$ to navigate ! loss      
mitigation options available to !m :ile 
!y are exp]i5c+ f9ancial h>d%ip4  7b7   
,au?orization ,!re is au?oriz$ to be    
appropriat$ ! ,secret>y ( ,h\s+ & ,urban
 ,developm5t #gjj1jjj1jjj to c>ry out   
c\nsel+ s]vices describ$ "u section #ajf
 ( ! ,h\s+ & ,urban ,developm5t ,act (  
#aifh 7#ab ,u4,s4,c4 #agjax74  #abj4    
,def5se ,production ,act ( #aiej  7a7   
,increase 9 au?orizations  7#a7         
,au?orizations ,9 addition to am\nts    
o!rwise au?oriz$ to be appropriat$1 !re 
is au?oriz$ to be appropriat$ 9 !       
aggregate #c1jjj1jjj1jjj = fiscal ye>   
#bjbj & #bjba to c>ry out titles ,i &   
,,iii ( ! ,def5se ,production ,act (    
#aiej to produce m$ical v5tilators1     
p]sonal protection equipm5t1 & o!r      
critically ne$$ m$ical supplies & to    
c>ry out any o!r actions necess>y to    
respond to ! ,,covid-#ai em]g5cy4  7#b7 

,c>ryov] funds ,section #cjd7;e7 ( !    
,def5se ,production ,act ( #aiej %all n 
apply at ! close ( fiscal ye> #bjbj4    
7#c7 ,,covid-#ai em]g5cy ,9 ?is section1
 ! t]m ,,covid-#ai em]g5cy means !      
em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by ! 
,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,assi/ance ,act 7#db
 ,u4,s4,c4 #daba et seq47 relat+ to !   
,coronavirus ,disease #bjai             
7,,covid-#ai7 p&emic4  7b7 ,/r5g!n+     
congressional ov]sight2 public portal   
7#a7 ,9 g5]al ,n lat] ?an ?ree mon?s    
aft] ! date ( enactm5t ( ?is ,act1 & e  
?ree mon?s !reaft]1 ! ,secret>y (       
,comm]ce1 9 coord9ation ) ! ,secret>y ( 
,heal? & ,human ,s]vices1 ! ,secret>y ( 
,def5se1 & any o!r ,f$]al dep>tm5t or   
ag5cy t has utiliz$ au?ority "u title ,i
 or title ,,iii ( ! ,def5se ,production 
,act ( #aiej to respond to ! ,,covid-#ai
 em]g5cy1 %all submit a report to !     
,committee on ,f9ancial ,s]vices ( !    
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 

,s5ate-- 7,a7 on ! use ( su* au?ority & 
! exp5diture ( any funds 9 connection ) 
su* au?ority2 &  7,b7 t includes details
 ( ea* pur*ase ord] made us+ su*        
au?orities1 includ+ ! product & am\nt ( 
product ord]$ & ! entity t fulfill$ !   
contract4  7#b7 ,public availability ,! 
,secret>y ( ,comm]ce %all place all     
reports submitt$ "u p>agraph 7#a7 on an 
appropriate website available to !      
public1 9 an easily se>*able =mat4  7#c7
 ,sunset ,! requirem5ts "u ?is section  
%all t]m9ate aft] ! exp5diture ( all    
funds appropriat$ pursuant to !         
au?orizations "u subsection 7a74  ,,ii  
,assi/+ ,small ,bus9esses & ,community  
,f9ancial ,in/itutions  #bja4 ,small    
,bus9ess ,cr$it ,facility  7a7          
,e/abli%m5t ,! ,bo>d ( ,gov]nors ( !    
,f$]al ,res]ve ,sy/em %all e/abli% a    
cr$it facility to provide loans to small
 bus9esses dur+ ! ,,covid-#ai em]g5cy4  
7b7 ,def9itions ,9 ?is section3 7#a7    
,,covid-#ai em]g5cy ,! t]m ,,covid-#ai  
em]g5cy means ! p]iod t beg9s ^u ! date 

( ! enactm5t ( ?is ,act & ends on ! date
 ( ! t]m9ation by ! ,f$]al ,em]g5cy     
,managem5t ,ag5cy ( ! em]g5cy decl>$ on 
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai7 p&emic4    
7#b7 ,small bus9ess ,! t]m small bus9ess
 means-- 7,a7 a small bus9ess conc]n 7z 
def9$ "u section #c ( ! ,small ,bus9ess 
,act 7#ae ,u4,s4,c4 #fcb772  7,b7 a     
family f>m2  7,c7 an indep5d5t          
contractor2 &  7,d7 any o!r class (     
bus9esses to :i* ! ,bo>d ( ,gov]nors    
det]m9es loans w\ld promote full        
employm5t & price /ability4  #bjb4      
,small ,bus9ess ,f9ancial ,assi/ance    
,program  7a7 ,9 g5]al ,! ,secret>y ( ! 
,treasury %all e/abli% a ,small ,bus9ess
 ,f9ancial ,assi/ance ,program "u :i* ! 
,secret>y %all provide loans & loan     
gu>antees to small bus9esses4  7b7      
,application ,9 mak+ loans & loan       
gu>antees "u ?is section1 ! ,secret>y   

%all-- 7#a7 provide a simple application
 process = borr[]s2 &  7#b7 e/abli% cle>
 & easy to und]/& und]writ+ /&>ds = su* 
loans4  7c7 ,z]o-,int]e/ loans ,loans   
made by or gu>ante$ by ! ,secret>y "u   
?is section %all be z]o-int]e/ loans1 if
 ! small bus9ess receiv+ su* loan does n
 involunt>ily t]m9ate any employee ( !  
small bus9ess dur+ ! ,,covid-#ai        
em]g5cy4  7d7 ,advance  7#a7 ,9 g5]al   
,^u reque/ f an applicant = a loan "u   
?is section1 ! ,secret>y may provide to 
su* applicant an advance1 9 ca%1 to su* 
applicant4  7#b7 ,am\nt ,an advance     
provid$ "u p>agraph 7#a7 %all be 9 an   
am\nt equal to ! rev5ue ( ! applicant = 
! p]iod beg9n+ ,janu>y #a1 #bjbj1 & end+
 ,janu>y #ca1 #bjbj4  7#c7 ,proc$ures   
7,a7 ,review ,! ,secret>y %all h #a week
 f ! receipt ( a reque/ = an advance "u 
p>agraph 7#a7 to conduct a risk         
assessm5t ( ! applicant to det]m9e :e!r 
to approve or d5y su* reque/4  7,b7     
,approval ,if ! ,secret>y does n d5y a  
reque/ "u subp>agraph 7,a71 ! advance   

%all be directly deposit$ into ! acc\nt 
id5tifi$ by ! applicant4  7,c7 ,rema9+  
funds ,n lat] ?an #d weeks aft] approv+ 
a reque/ ( an applicant "u subp>agraph  
7,a71 ! ,secret>y %all disburse ! rema9+
 funds to su* applicant4  7e7 ,=giv5ess 
,if small bus9ess t receives a loan or  
loan gu>antee "u ?is section demon/rates
 to ! ,secret>y t ! numb] ( full-"t     
employees ( su* small bus9ess on ! date 
su* small bus9ess submitt$ an           
application "u ?is section is great] ?an
 or equal to ! numb] ( full-"t employees
 ( su* small bus9ess on ! date t is #a  
ye> aft] ! date ( su* submission1 !     
,secret>y %all =give ! rema9+ out/&+    
pr9cipal & int]e/ on su* loan or loan   
gu>antee4  7f7 ,fund+ ,! ,secret>y %all 
use #ej1jjj1jjj1jjj f ! ,ex*ange        
,/abilization ,fund1 )\t fur!r          
appropriation1 to c>ry out ?is section4 
7g7 ,def9itions ,9 ?is section3 7#a7    
,,covid-#ai em]g5cy ,! t]m ,,covid-#ai  
em]g5cy means ! p]iod t-- 7,a7 beg9s on 
! decl>ation ( ! em]g5cy decl>$ on ,m>* 

#ac1 #bjbj1 by ! ,presid5t "u ! ,rob]t  
,t4 ,/af=d ,disa/] ,relief & ,em]g5cy   
,assi/ance ,act 7#db ,u4,s4,c4 #daba et 
seq47 relat+ to ! ,coronavirus ,disease 
#bjai 7,,covid-#ai7 p&emic2 &  7,b7 ends
 on ! t]m9ation by ! ,f$]al ,em]g5cy    
,managem5t ,ag5cy ( su* em]g5cy4  7#b7  
,small bus9ess ,! t]m small bus9ess     
means-- 7,a7 a small bus9ess conc]n 7z  
def9$ "u section #c ( ! ,small ,bus9ess 
,act 7#ae ,u4,s4,c4 #fcb772  7,b7 a     
family f>m2 &  7,c7 an indep5d5t        
contractor4  #bjc4 ,loan & obligation   
paym5t relief = affect$ small bus9esses 
& non-pr(its  7a7 ,9 g5]al  7#a7 ,9     
g5]al ,dur+ ! ,,covid-#ai em]g5cy1 a    
debt collector may n1 ) respect to a    
debt ( a small bus9ess or non-pr(it 7o!r
 ?an debt relat$ to a f$]ally relat$    
mortgage loan7-- 7,a7 capitalize unpaid 
int]e/2  7,b7 apply a high] int]e/ rate 
trigg]$ by ! nonpaym5t ( a debt to !    
debt balance2  7,c7 *>ge a fee trigg]$  
by ! nonpaym5t ( a debt2  7,d7 sue or   
?reat5 to sue = nonpaym5t ( a debt2     

7,e7 cont9ue litigation to collect a    
debt t 0 initiat$ be=e ! date ( enactm5t
 ( ?is section2  7,f7 submit or cause to
 be submitt$ a confession ( judgm5t to  
any c\rt2  7,g7 en=ce a security int]e/ 
?r\gh repossession1 limitation ( use1 or
 =eclosure2  7,h7 take or ?reat5 to take
 any action to en=ce collection1 or any 
adv]se action = nonpaym5t ( a debt1 or =
 nonappe>ance at any he>+ relat+ to a   
debt2  7,i7 comm5ce or cont9ue any      
action to cause or to seek to cause !   
collection ( a debt1 includ+ pursuant to
 a c\rt ord] issu$ be=e ! end ( !       
#abj-;day p]iod foll[+ ! end ( !        
,,covid-#ai em]g5cy1 f wages1 ,f$]al    
b5efits1 or o!r am\nts due to a small   
bus9ess or by way ( g>ni%m5t1 d$uction1 
(fset1 or o!r seizure2  7,j7 cause or   
non-pr(it seek to cause ! collection ( a
 debt1 includ+ pursuant to a c\rt ord]  
issu$ be=e ! end ( ! #abj-;day p]iod    
foll[+ ! end ( ! ,,covid-#ai em]g5cy1 by
 levy+ on funds f a bank acc\nt or seiz+
 any o!r assets ( a small bus9ess or    

non-pr(it2  7,k7 comm5ce or cont9ue an  
action to evict a small bus9ess or      
non-pr(it f real or p]sonal prop]ty2 or 
7,l7 disconnect or t]m9ate s]vice f     
utility s]vice1 includ+ electricity1    
natural gas1 telecommunications or      
broadb&1 wat]1 or sew]4  7#b7 ,rule (   
con/ruction ,no?+ 9 ?is subsection may  
be con/ru$ to prohibit a small bus9ess  
or non-pr(it f volunt>ily pay+1 9 :ole  
or 9 "p1 a debt4  7#c7 ,repaym5t p]iod  
,aft] ! expiration ( ! ,,covid-#ai      
em]g5cy1 ) respect to a debt describ$ "u
 p>agraph 7#a71 a debt collector-- 7,a7 
may n add to ! debt balance any int]e/  
or fee prohibit$ by p>agraph 7#a72  7,b7
 %all1 = cr$it ) a def9$ t]m or paym5t  
p]iod1 ext5d ! "t p]iod to repay ! debt 
balance by #a paym5t p]iod = ea* paym5t 
t a small bus9ess or non-pr(it miss$    
dur+ ! ,,covid-#ai em]g5cy1 ) ! paym5ts 
due 9 ! same am\nts & at ! same int]vals
 z ! pre-exi/+ paym5t s*$ule2  7,c7     
%all1 = an op5 end cr$it plan 7z def9$  
"u section #ajc ( ! ,tru? 9 ,l5d+ ,act7 

or o!r cr$it )\t a def9$ t]m1 all[ !    
small bus9ess or non-pr(it to repay !   
debt balance 9 a mann] t does n exce$ ! 
am\nts p]mitt$ by =mulas "u section     
#agj7;c7 ( ! ,tru? 9 ,l5d+ ,act &       
regulations promulgat$ !reund]2 &  7,d7 
%all1 :5 ! small bus9ess or non-pr(it   
notifies ! debt collector1 (f]          
reasonable & af=dable repaym5t plans1   
loan modifications1 ref9anc+1 options ) 
a reasonable "t 9 :i* to repay ! debt4  
7#d7 ,communications 9 connection ) !   
collection ( a debt  7,a7 ,9 g5]al ,dur+
 ! ,,covid-#ai em]g5cy1 )\t prior cons5t
 ( a small bus9ess or non-pr(it giv5    
directly to a debt collector dur+ !     
,,covid-#ai em]g5cy1 or ! express       
p]mission ( a c\rt ( compet5t           
jurisdiction1 a debt collector may only 
communicate 9 writ+ 9 connection ) !    
collection ( any debt 7o!r ?an debt     
relat$ to a f$]ally relat$ mortgage     
loan74  7,b7 ,requir$ disclosures  7i7  
,9 g5]al ,all writt5 communications     
describ$ "u subp>agraph 7,a7 %all in=m !

 small bus9ess or non-pr(it t !         
communication is = in=mational purposes 
& is n an attempt to collect a debt4    
7ii7 ,requirem5ts ,! disclosure requir$ 
"u clause 7i7 %all be made-- 7,i7 9 type
 or lett]+ n small] ?an #ad-po9t bold   
type2  7,,ii7 sep>ate f any o!r         
disclosure2  7,,iii7 9 a mann] design$  
to ensure t ! recipi5t sees ! disclosure
 cle>ly2  7,,iv7 9 ,engli% & ,spani% & 9
 any additional languages 9 :i* ! debt  
collector communicates1 includ+ !       
language 9 :i* ! loan 0 negotiat$1 to ! 
ext5t kn[n by ! debt collector2 &  7,v7 
may be provid$ by fir/-class mail or    
electronically1 if ! borr[] has o!rwise 
cons5t$ to electronic communication ) ! 
debt collector & has n revok$ su*       
cons5t4  7iii7 ,oral notification ,any  
oral notification %all be provid$ 9 !   
language ! debt collector o!rwise uses  
to communicate ) ! borr[]4  7iv7 ,writt5
 translations ,9 provid+ writt5         
notifications 9 languages o!r ?an       
,engli% 9 ?is ,section1 a debt collector

 may rely on writt5 translations        
develop$ by ! ,bureau ( ,consum]        
,f9ancial ,protection4  7#e7 ,violations
  7,a7 ,9 g5]al ,any p]son :o violates  
?is section %all be subject to civil    
liability 9 accordance ) section #hac ( 
! ,fair ,debt ,collection ,practices    
,act1 z if ! p]son is a debt collector =
 purposes ( t section4  7,b7 ,pr$ispute 
arbitration agreem5ts ,not)/&+ any o!r  
provision ( law1 no pr$ispute           
arbitration agreem5t or pr$ispute       
jo9t-action waiv] %all be valid or      
en=ceable ) respect to a dispute br\ght 
"u ?is section1 includ+ a dispute z to !
 applicability ( ?is section1 :i* %all  
be det]m9$ "u ,f$]al law4  7#f7 ,toll+  
,except z provid$ 9 p>agraph 7#g77;,d71 
any applicable "t limitations1 includ+  
/atutes ( limitations1 relat$ to a debt 
"u ,f$]al or ,/ate law %all be toll$    
dur+ ! ,,covid-#ai em]g5cy4  7#g7       
,claims ( affect$ cr$itors & debt       
collectors  7,a7 ,valuation ( prop]ty ,)
 respect to any action ass]t+ a tak+ "u 

! ,fif? ,am5dm5t ( ! ,con/itution ( !   
,unit$ ,/ates z a result ( ?is section  
or seek+ a decl>atory judgm5t reg>d+ !  
con/itutionality ( ?is section1 ! value 
( ! prop]ty alleg$ to h be5 tak5 )\t j  
comp5sation %all be evaluat$-- 7i7 )    
consid]ation ( ! likelihood ( full &    
timely paym5t ( ! obligation )\t !      
actions tak5 pursuant to ?is section2 & 
7ii7 )\t consid]ation ( any assi/ance   
provid$ directly or indirectly to !     
small bus9ess or non-pr(it f o!r ,f$]al1
 ,/ate1 & local gov]nm5t programs       
in/itut$ or legislation enact$ 9        
response to ! ,,covid-#ai em]g5cy4  7,b7
 ,scope ( j comp5sation ,9 an action    
describ$ 9 subp>agraph 7,a71 any        
assi/ance or b5efit provid$ directly or 
indirectly to ! p]son f o!r ,f$]al1     
,/ate1 & local gov]nm5t programs        
in/itut$ 9 or legislation enact$        
response to ! ,,covid-#ai em]g5cy1 %all 
be deem$ to be comp5sation = ! prop]ty  
tak51 ev5 if su* assi/ance or b5efit is 
n specifically provid$ z comp5sation =  

prop]ty tak5 by ?is section4  7,c7      
,appeals ,any appeal f an action "u ?is 
section %all be treat$ "u section #aeh (
 title #bh1 ,unit$ ,/ates ,code1 z if x 
7 an appeal 9 a case "u title #aa1      
,unit$ ,/ates ,code4  7,d7 ,repose ,any 
action ass]t+ a tak+ "u ! ,fif? ,am5dm5t
 to ! ,con/itution ( ! ,unit$ ,/ates z a
 result ( ?is section %all be br\ght )9 
n lat] ?an #ahj days aft] ! end ( !     
,,covid-#ai em]g5cy4  7#h7 ,def9itions  
,9 ?is section3 7,a7 ,,covid-#ai em]g5cy
 ,! t]m ,,covid-#ai em]g5cy means !     
p]iod t beg9s ^u ! date ( ! enactm5t (  
?is ,act & ends on ! date ( ! t]m9ation 
by ! ,f$]al ,em]g5cy ,managem5t ,ag5cy (
 ! em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by
 ! ,presid5t "u ! ,rob]t ,t4 ,/af=d     
,disa/] ,relief & ,em]g5cy ,assi/ance   
,act 7#db ,u4,s4,c4 #daba et seq47      
relat+ to ! ,coronavirus ,disease #bjai 
7,,covid-#ai7 p&emic4  7,b7 ,cr$itor ,! 
t]m cr$itor means-- 7i7 any p]son :o    
(f]s or ext5ds cr$it creat+ a debt or to
 :om a debt is ow$ or o!r obligation =  

paym5t2  7ii7 any lessor ( real or      
p]sonal prop]ty2 or  7iii7 any provid] (
 utility s]vices4  7,c7 ,debt ,! t]m    
debt-- 7i7 means any obligation or      
alleg$ obligation-- 7,i7 = :i* ! orig9al
 agreem5t1 or if !re is no agreem5t1 !  
orig9al obligation to pay 0 creat$ be=e 
or dur+ ! ,,covid-#ai em]g5cy1 :e!r or n
 su* obligation has be5 r$uc$ to        
judgm5t2 &  7,,ii7 t arises out ( a     
transaction ) a small bus9ess or        
non-pr(it2 &  7ii7 does n include a     
f$]ally relat$ mortgage loan4  7,d7     
,debt collector ,! t]m debt collector   
means a cr$itor1 & any p]son or entity t
 engages 9 ! collection ( debt1 includ+ 
! ,f$]al ,gov]nm5t & a ,/ate gov]nm5t1  
irrespective ( :e!r ! debt is alleg$ly  
ow$ to or assign$ to t p]son or to !    
entity4  7,e7 ,f$]ally relat$ mortgage  
loan ,! t]m f$]ally relat$ mortgage loan
 has ! mean+ giv5 t t]m "u section #c ( 
! ,real ,e/ate ,settlem5t ,proc$ures    
,act ( #aigd 7#ab ,u4,s4,c4 #bfjb74     
7,f7 ,non-pr(it ,! t]m non-pr(it means  

an organization describ$ 9 section      
#eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code 
( #aihf & exempt f taxation "u section  
#eja7;a7 ( su* ,code4  7,g7 ,small      
bus9ess ,! t]m small bus9ess has ! mean+
 giv5 ! t]m small bus9ess conc]n "u     
section #c ( ! ,small ,bus9ess ,act4    
7b7 ,cr$it facility = o!r purposes ,!   
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em %all e/abli% a facility t ! ,bo>d
 ( ,gov]nors %all use to make paym5ts to
 hold]s ( loans or obligations to       
comp5sate su* hold]s = docum5t$ f9ancial
 losses-- 7#a7 ) respect to a loan or   
obligation made to an individual1 small 
bus9ess1 or non-pr(it2 &  7#b7 :]e su*  
losses 7 caus$ by a susp5sion ( paym5ts 
requir$ "u ,f$]al law 9 connection ) !  
,,covid-#ai em]g5cy4  #bjd4             
,reau?orization ( ! ,/ate ,small        
,bus9ess ,cr$it ,initiative ,act ( #bjaj
 ,! ,/ate ,small ,bus9ess ,cr$it        
,initiative ,act ( #bjaj 7#ae ,u4,s4,c4 
#egja et seq47 is am5d$-- 7#a7 by /rik+ 
#bjji allocation ea* place su* t]m      

appe>s & ins]t+ #bjai allocation2  7#b7 
by /rik+ #bjaj allocation ea* place su* 
t]m appe>s & ins]t+ #bjbj allocation2   
7#c7 by /rik+ date ( enactm5t ( ?is ,act
 ea* place x appe>s & ins]t+ date ( !   
enactm5t ( ! ,small ,bus9ess ,support & 
,access to ,capital ,act ( #bjbj2  7#d7 
by /rik+ date ( ! enactm5t ( ?is ,act   
ea* place x appe>s & ins]t+ date ( !    
enactm5t ( ! ,small ,bus9ess ,support & 
,access to ,capital ,act ( #bjbj2  7#e7 
9 section #cjjc7;b77#b7-- 7,a7 9 !      
section head+1 by /rik+ #bjji allocation
 =mula & ins]t+ /rik+ #bjai allocation  
=mula2  7,b7 by /rik+ #bjjh ,/ate       
employm5t decl9e ea* place su* t]m      
appe>s & ins]t+ #bjah ,/ate employm5t   
decl9e2  7,c7 9 subp>agraph 7,a71 by    
/rik+ #bjji allocation & ins]t+ #bjai   
allocation2 &  7,d7 9 subp>agraph 7,c7--
 7i7 9 ! subp>agraph head+1 by /rik+    
#bjjh ,/ate employm5t decl9e def9$ &    
ins]t+ #bjah ,/ate employm5t decl9e     
def9$2  7ii7 9 clause 7i71 by /rik+     
,decemb] #bjjg & ins]t+ ,decemb] #bjag2 

&  7iii7 9 clause 7ii71 by /rik+        
,decemb] #bjjh & ins]t+ ,decemb] #bjah2 
7#f7 9 section #cjjc7;b77#c7-- 7,a7 9 ! 
section head+1 by /rik+ #bjaj allocation
 =mula & ins]t+ /rik+ #bjbj allocation  
=mula2  7,b7 by /rik+ #bjji unemploym5t 
numb] ea* place su* t]m appe>s & ins]t+ 
#bjai unemploym5t numb]2 &  7,c7 9      
subp>agraph 7,c7-- 7i7 9 ! subp>agraph  
head+1 by /rik+ #bjji unemploym5t numb] 
def9$ & ins]t+ #bjai unemploym5t numb]  
def9$2 &  7ii7 by /rik+ ,decemb] #bjji &
 ins]t+ ,decemb] #bjai2  7#g7 9 section 
#cjje7;e71 by /rik+ to ! ,secret>y a    
report & ins]t+ to ! ,secret>y &        
,congress a report2  7#h7 9 section     
#cjjg-- 7,a7 9 subsection 7a77#a71 by   
/rik+ to ! ,secret>y a report & ins]t+  
to ! ,secret>y & ,congress a report2 &  
7,b7 9 subsection 7b7-- 7i7 by /rik+    
,m>* #ca1 #bjaa & ins]t+ ,m>* #ca1      
#bjba2 &  7ii7 by /rik+ to ! ,secret>y &
 ins]t+ to ! ,secret>y & ,congress2 &   
7#i7 9 section #cjji-- 7,a7 9 subsection
 7b71 by /rik+ #a1ejj1jjj1jjj & ins]t+  

#aj1jjj1jjj1jjj2 &  7,b7 9 subsection   
7c71 by add+ at ! end ! foll[+ new      
s5t5ce3 ,at ! end ( su* p]iod1 any      
am\nts t rema9 unexp5d$ or unobligat$   
%all be transf]r$ to ! ,community       
,developm5t ,f9ancial ,in/itutions ,fund
 e/abli%$ "u section #ajd7;a7 ( !       
,riegle ,community ,developm5t &        
,regulatory ,improvem5t ,act ( #aiid44  
#bje4 ,fund+ ( ! ,initiative to ,build  
,gr[? ,equity ,funds = ,m9ority         
,bus9esses  7a7 ,grant ,! ,m9ority      
,bus9ess ,developm5t ,ag5cy %all provide
 a grant ( #c1jjj1jjj1jjj to fully      
implem5t ! ,initiative to ,build ,gr[?  
,equity ,funds = ,m9ority ,bus9esses 7! 
,initiative2 aw>d numb]                 
,,mb#ai,,obd#hjbjaac71 includ+ to use   
su* am\nts z capital = ! ,equity ,funds4
  7b7 ,adm9i/rative exp5ses ,( ! am\nts 
provid$ "u subsection 7a71 ! grant      
recipi5t may use n m ?an #b4be p]c5t (  
su* am\nt = adm9i/rative exp5ses1 (     
:i*-- 7#a7 n m ?an #a4e p]c5t p] annum  
may be us$ = fees to be paid to inve/m5t

 manag]s = fund inve/m5t activities1    
includ+ deal s\rc+1 due dilig5ce1       
inve/m5t monitor+1 & inve/m5t report+2 &
  7#b7 n m ?an #j4ge p]c5t p] annum may 
be us$ = fund adm9i/ration activities by
 ! grant recipi5t1 includ+ fund manag]  
evaluation1 selection1 monitor+1 &      
ov]all fund program managem5t4  7c7     
,treatm5t ( int]e/ ,not)/&+ any o!r     
provision ( law1 ) ! approval ( !       
,m9ority ,bus9ess ,developm5t ,ag5cy1   
grant funds made available "u subsection
 7a7 may be deposit$ 9 int]e/-be>+      
acc\nts p5d+ disbursem5t1 & any int]e/  
:i* accrues may be reta9$ )\t return+   
su* int]e/ to ! ,treasury ( ! ,unit$    
,/ates & int]e/ e>n$ may be obligat$ &  
exp5d$ = ! purposes = :i* ! grant 0 made
 available )\t fur!r appropriation4  7d7
 ,report+ & audit requirem5ts  7#a7     
,report+ by recipi5t ,! grant recipi5t  
"u ?is section %all issue a report to ! 
,m9ority ,bus9ess ,developm5t ,ag5cy e  
#f mon?s detail+ ! use ( grant funds    
receiv$ "u ?is section & any o!r        

in=mation t ! ,m9ority ,bus9ess         
,developm5t ,ag5cy may require4  7#b7   
,annual report to ,congress ,! ,m9ority 
,bus9ess ,developm5t ,ag5cy %all issue  
an annual report to ! ,congress conta9+ 
! in=mation receiv$ "u p>agraph 7#a7 &  
an analysis ( ! implem5tation ( !       
,initiative4  7#c7 ,,gao audit ,!       
,comptroll] ,g5]al ( ! ,unit$ ,/ates    
%all1 e #b ye>s1 c>ry out an audit ( !  
,initiative & issue a report to !       
,congress & ! ,m9ority ,bus9ess         
,developm5t ,ag5cy conta9+ ! results (  
su* audit4  7#d7 ,fund manag]s ,fund    
manag]s %all annually report on _! fund 
managem5t activities1 includ+-- 7,a7    
fund p]=mance2  7,b7 impacts ( capital  
inve/m5ts by indu/ry & geography2  7,c7 
racial1 e?nic1 & g5d] demographics (    
m9ority bus9esses receiv+ capital f !   
,initiative2 &  7,d7 any o!r ancill>y & 
economic b5efits ( capital inve/m5ts f !
 ,initiative4  7e7 ,fund+ ,!re is       
au?oriz$ to be appropriat$ to ! ,m9ority
 ,bus9ess ,developm5t ,ag5cy            

#c1jjj1jjj1jjj to make ! grant describ$ 
"u subsection 7a74  #bjf4 ,community    
,developm5t ,f9ancial ,in/itutions ,fund
 supplem5tal appropriation au?orization 
,!re is au?oriz$ to be appropriat$      
#a1jjj1jjj1jjj = fiscal ye> #bjbj1 =    
provid+ f9ancial assi/ance & te*nical   
assi/ance "u subp>agraphs 7,a7 & 7,b7 ( 
section #ajh7;a77#a7 ( ! ,community     
,developm5t ,bank+ & ,f9ancial          
,in/itutions ,act ( #aiid 7#ab ,u4,s4,c4
 #dgjg7;a77#a771 except t subsections   
7d7 & 7e7 ( su* section #ajh %all n     
apply to ! provision ( su* assi/ance4   
#bjg4 ,m9ority depository in/itution    
7a7 ,s5se ( ,congress on fund+ !        
loan-,loss res]ve fund = small doll>    
loans ,! s5se ( ,congress is ! foll[+3  
7#a7 ,! ,community ,developm5t ,f9ancial
 ,in/itutions ,fund 7! ,,cdfi ,fund7 is 
an ag5cy ( ! ,dep>tm5t ( ! ,treasury1 & 
0 e/abli%$ by ! ,riegle ,community      
,developm5t & ,regulatory ,improvem5t   
,act ( #aiid4 ,! mission ( ! ,,cdfi     
,fund is to exp& economic opportunity = 

und]s]v$ p & communities by support+ !  
gr[? & capacity ( a national network (  
community developm5t l5d]s1 inve/ors1 & 
f9ancial s]vice provid]s4 ,a community  
developm5t f9ancial in/itution 7a       
,,cdfi7 is a specializ$ f9ancial        
in/itution s]v+ l[-income communities & 
a ,community ,developm5t ,entity 7a     
,,cde7 is a dome/ic corporation or      
p>tn]%ip t is an int]m$i>y vehicle = !  
provision ( loans1 inve/m5ts1 or        
f9ancial c\nsel+ 9 l[-income            
communities4 ,! ,,cdfi ,fund c]tifies   
,c,d,f,is & ,c,d,es4 ,becom+ a c]tifi$  
,,cdfi or ,,cde all[s organizations to  
p>ticipate 9 v>i\s ,,cdfi ,fund programs
 z foll[s3 7,a7 ,! ,bank ,ent]prise     
,aw>d ,program1 :i* provides            
,,fdic-insur$ depository in/itutions    
aw>ds = a demon/rat$ increase 9 l5d+ &  
inve/m5ts 9 di/ress$ communities &      
,c,d,f,is4  7,b7 ,! ,,cdfi ,program1 :i*
 provides ,f9ancial & ,te*nical         
,assi/ance aw>ds to ,c,d,f,is to re9ve/ 
9 ! ,,cdfi1 & to build ! capacity ( !   

,,cdfi1 includ+ f9anc+ product          
developm5t & loan loss res]ves4  7,c7 ,!
 ,native ,am]ican ,,cdfi ,assi/ance     
,program1 :i* provides ,c,d,f,is &      
sponsor+ entities ,f9ancial & ,te*nical 
,assi/ance aw>ds to increase l5d+ & gr[ 
! numb] ( ,c,d,f,is own$ by ,native     
,am]icans to help build capacity ( su*  
,c,d,f,is4  7,d7 ,! ,new ,m>ket ,tax    
,cr$it ,program1 :i* provides tax cr$its
 = mak+ equity inve/m5ts 9 ,c,d,es t    
/imulate capital inve/m5ts 9 l[-income  
communities4  7,e7 ,! ,capital ,magnet  
,fund1 :i* provides aw>ds to ,c,d,f,is &
 non-pr(it af=dable h\s+ organizations  
to f9ance af=dable h\s+ solutions &     
relat$ economic developm5t activities4  
7,f7 ,! ,bond ,gu>antee ,program1 a     
s\rce ( long-t]m1 pati5t capital =      
,c,d,f,is to exp& l5d+ & inve/m5t       
capacity = community & economic         
developm5t purposes4  7#b7 ,! ,dep>tm5t 
( ! ,treasury is au?oriz$ to create     
multi-ye> grant programs design$ to     
enc\rage l[-to-mod]ate income           

individuals to e/abli% acc\nts at       
f$]ally insur$ banks1 & to improve      
l[-to-mod]ate income individuals' access
 to su* acc\nts on reasonable t]ms4     
7#c7 ,"u ?is au?ority1 grants to        
p>ticipants 9 ,,cdfi ,fund programs may 
be us$ = loan-loss res]ves & to e/abli% 
small-doll> loan programs by subsidiz+  
relat$ losses4 ,^! grants also all[ = ! 
provid+ recipi5ts ) ! f9ancial c\nsel+ &
 education necess>y to conduct          
transactions & manage _! acc\nts4 ,^!   
loans provide l[-co/ alt]natives to     
payday loans & o!r nontraditional =ms ( 
f9anc+ t (t5 impose excessive int]e/    
rates & fees on borr[]s1 & lead millions
 ( ,am]icans to fall into debt traps4   
,small-doll> loans c only be made       
pursuant to t]ms1 conditions1 &         
practices t are reasonable = !          
individual consum] obta9+ ! loan4  7#d7 
,program p>ticipation is re/rict$ to    
eligible in/itutions1 :i* are limit$ to 
organizations li/$ 9 section            
#eja7;c77#c7 ( ! ,int]nal ,rev5ue ,code 

& exempt f tax "u #eja7;a7 ( su* ,code1 
f$]ally insur$ depository in/itutions1  
community developm5t f9ancial           
in/itutions & ,/ate1 local1 or ,tribal  
gov]nm5t entities4  7#e7 ,s9ce its      
f\nd+1 ! ,,cdfi ,fund has aw>d$ ov]     
#c1cjj1jjj1jjj to ,c,d,f,is & ,c,d,es1  
allocat$ #ed1jjj1jjj1jjj 9 tax cr$its1 &
 #a1eaj1jjj1jjj 9 bond gu>antees4       
,accord+ to ! ,,cdfi ,fund1 "s programs 
attract z mu* z #aj 9 private capital = 
e #a inve/$ by ! ,,cdfi ,fund4 ,!       
,adm9i/ration & ! ,congress %\ld        
prioritize appropriation ( funds = !    
loan loss res]ve fund & te*nical        
assi/ance programs adm9i/]$ by !        
,community ,developm5t ,f9ancial        
,in/itution ,fund1 z includ$ 9 ! v]sion 
( ! ,f9ancial ,s]vices & ,g5]al         
,gov]nm5t ,appropriations ,act1 #bjbj   
7,h4,r4 #ccea7 t pass$ ! ,h\se (        
,repres5tatives on ,june #bf1 #bjai4    
7b7 ,def9itions ,9 ?is section3 7#a7    
,community developm5t f9ancial          
in/itution ,! t]m community developm5t  

f9ancial in/itution has ! mean+ giv5 "u 
section #ajc ( ! ,riegle ,community     
,developm5t & ,regulatory ,improvem5t   
,act ( #aiid 7#ab ,u4,s4,c4 #dgjb74     
7#b7 ,m9ority depository in/itution ,!  
t]m m9ority depository in/itution has ! 
mean+ giv5 "u section #cjh ( ! ,f9ancial
 ,in/itutions ,re=m1 ,recov]y1 &        
,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4   
#adfc note71 z am5d$ by ?is ,act4  7c7  
,inclusion ( wom5's banks 9 ! def9ition 
( m9ority depository in/itution ,section
 #cjh7;b77#a7 ( ! ,f9ancial ,in/itutions
 ,re=m1 ,recov]y1 & ,en=cem5t ,act (    
#aihi 7#ab ,u4,s4,c4 #adfc note7 is     
am5d$-- 7#a7 by r$esignat+ subp>agraphs 
7,a71 7,b71 & 7,c7 z clauses 7i71 7ii71 
& 7iii71 respectively2  7#b7 by /rik+   
means any & ins]t+ ! foll[+3 means--    
7,a7 any  2  7#c7 9 clause 7iii7 7z s   
r$esignat$71 by /rik+ ! p]iod at ! end &
 ins]t+ 2 or2 &  7#d7 by ins]t+ at ! end
 ! foll[+ new subp>agraph3  7,b7 any    
bank describ$ 9 clause 7i71 7ii71 or    
7iii7 ( section #ai7;b77#a77;,a7 ( !    

,f$]al ,res]ve ,act-- 7i7 m ?an #ej     
p]c5t ( ! out/&+ %>es ( :i* are held by 
#a or m wom52 &  7ii7 ! majority ( !    
directors on ! bo>d ( directors ( :i*   
are wom54  4  7d7 ,e/abli%m5t ( impact  
bank designation  7#a7 ,9 g5]al ,ea*    
appropriate ,f$]al bank+ ag5cy %all     
e/abli% a program "u :i* a depository   
in/itution ) total consolidat$ assets ( 
less ?an #aj1jjj1jjj1jjj may elect to be
 designat$ z an impact bank if #ej p]c5t
 or m ( ! loans ext5d$ by su* cov]$ bank
 are ext5d$ to l[-income borr[]s4  7#b7 
,designation ,bas$ on data obta9$ ?r\gh 
exam9ations1 an appropriate ,f$]al bank+
 ag5cy %all submit a notification to a  
depository in/itution /at+ t !          
depository in/itution qualifies =       
designation z an impact bank4  7#c7     
,application ,a depository in/itution t 
does n receive a notification describ$ 9
 p>agraph 7#b7 may submit an application
 to ! appropriate ,f$]al bank+ ag5cy    
demon/rat+ t ! depository in/itution    
qualifies = designation z an impact     

bank4  7#d7 ,additional data or ov]sight
 ,a depository in/itution is n requir$  
to submit additional data to an         
appropriate ,f$]al bank+ ag5cy or be    
subject to additional ov]sight f su* an 
ag5cy if su* data or ov]sight is relat$ 
specifically & solely = consid]ation = a
 designation z an impact bank4  7#e7    
,removal ( designation ,if an           
appropriate ,f$]al bank+ ag5cy det]m9es 
t a depository in/itution designat$ z an
 impact bank no long] meets ! crit]ia = 
su* designation1 ! appropriate ,f$]al   
bank+ ag5cy %all resc9d ! designation & 
notify ! depository in/itution ( su*    
rescission4  7#f7 ,reconsid]ation (     
designation2 appeals ,a depository      
in/itution may-- 7,a7 submit to !       
appropriate ,f$]al bank+ ag5cy a reque/ 
to reconsid] a det]m9ation t su*        
depository in/itution no long] meets !  
crit]ia = ! designation2 or  7,b7 file  
an appeal 9 accordance ) proc$ures      
e/abli%$ by ! appropriate ,f$]al bank+  
ag5cy4  7#g7 ,rulemak+ ,n lat] ?an #a   

ye> aft] ! date ( ! enactm5t ( ?is ,act1
 ! appropriate ,f$]al bank+ ag5cies %all
 jo9tly issue rules to c>ry out !       
requirem5ts ( ?is subsection1 includ+ by
 provid+ a def9ition ( a l[-income      
borr[]4  7#h7 ,f$]al ,deposit ,insurance
 ,act def9itions ,9 ?is subsection1 !   
t]ms depository in/itution & appropriate
 ,f$]al bank+ ag5cy h ! mean+s giv5 su* 
t]ms1 respectively1 9 section #c ( !    
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac74  7e7 ,m9ority         
,depository ,in/itutions ,advisory      
,committees  7#a7 ,e/abli%m5t ,ea* cov]$
 regulator %all e/abli% an advisory     
committee to be call$ ! ,m9ority        
,depository ,in/itutions ,advisory      
,committee4  7#b7 ,duties ,ea* ,m9ority 
,depository ,in/itutions ,advisory      
,committee %all provide advice to !     
respective cov]$ regulator on meet+ !   
goals e/abli%$ by section #cjh ( !      
,f9ancial ,in/itutions ,re=m1 ,recov]y1 
& ,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4 
#adfc note7 to pres]ve ! pres5t numb] ( 

cov]$ m9ority in/itutions1 pres]ve !    
m9ority "* ( m9ority-own$ in/itutions 9 
cases involv+ m]g]s or acquisitions1    
provide te*nical assi/ance1 & enc\rage !
 creation ( new cov]$ m9ority           
in/itutions4 ,! scope ( ! "w ( ea* su*  
,m9ority ,depository ,in/itutions       
,advisory ,committee %all include an    
assessm5t ( ! curr5t condition ( cov]$  
m9ority in/itutions1 :at regulatory     
*anges or o!r /eps ! respective ag5cies 
may be able to take to fulfill !        
requirem5ts ( su* section #cjh1 & o!r   
issues ( conc]n to m9ority depository   
in/itutions4  7#c7 ,memb]%ip  7,a7 ,9   
g5]al ,ea* ,m9ority ,depository         
,in/itutions ,advisory ,committee %all  
consi/ ( no m ?an #aj memb]s1 :o-- 7i7  
%all s]ve = "o two-ye> t]m2  7ii7 %all  
s]ve z a repres5tative ( a depository   
in/itution or an insur$ cr$it union )   
respect to :i* ! respective cov]$       
regulator is ! cov]$ regulator ( su*    
depository in/itution or insur$ cr$it   
union2 &  7iii7 %all n receive pay by   

reason ( _! s]vice on ! advisory        
committee1 b may receive travel or      
transportation exp5ses 9 accordance )   
section #egjc ( title #e1 ,unit$ ,/ates 
,code4  7,b7 ,div]sity ,to ! ext5t      
practicable1 ea* cov]$ regulator %all   
ensure t ! memb]s ( ,m9ority ,depository
 ,in/itutions ,advisory ,committee ( su*
 ag5cy reflect ! div]sity ( depository  
in/itutions4  7#d7 ,meet+s  7,a7 ,9     
g5]al ,ea* ,m9ority ,depository         
,in/itutions ,advisory ,committee %all  
meet n less frequ5tly ?an twice ea* ye>4
  7,b7 ,invitations ,ea* ,m9ority       
,depository ,in/itutions ,advisory      
,committee %all invite ! att5dance at   
ea* meet+ ( ! ,m9ority ,depository      
,in/itutions ,advisory ,committee (--   
7i7 "o memb] ( ! majority p>ty & "o     
memb] ( ! m9ority p>ty ( ! ,committee on
 ,f9ancial ,s]vices ( ! ,h\se (         
,repres5tatives & ! ,committee on       
,bank+1 ,h\s+1 & ,urban ,affairs ( !    
,s5ate2 &  7ii7 "o memb] ( ! majority   
p>ty & "o memb] ( ! m9ority p>ty ( any  

relevant subcommittees ( su* committees4
  7#e7 ,no t]m9ation ( advisory         
committees ,! t]m9ation requirem5ts "u  
section #ad ( ! ,f$]al ,advisory        
,committee ,act 7#e ,u4,s4,c4 app47 %all
 n apply to a ,m9ority ,depository      
,in/itutions ,advisory ,committee       
e/abli%$ pursuant to ?is subsection4    
7#f7 ,def9itions ,9 ?is subsection3 7,a7
 ,cov]$ regulator ,! t]m cov]$ regulator
 means ! ,comptroll] ( ! ,curr5cy1 !    
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em1 ! ,f$]al ,deposit ,insurance    
,corporation1 & ! ,national ,cr$it      
,union ,adm9i/ration4  7,b7 ,cov]$      
m9ority in/itution ,! t]m cov]$ m9ority 
in/itution means a m9ority depository   
in/itution 7z def9$ 9 section #cjh7;b7 (
 ! ,f9ancial ,in/itutions ,re=m1        
,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab 
,u4,s4,c4 #adfc note77 or a m9ority     
cr$it union 7z def9$ 9 section #abjd7;c7
 ( ! ,f9ancial ,in/itutions ,re=m1      
,recov]y1 & ,en=cem5t ,act ( #aihi1 z   
am5d$ by ?is ,act74  7,c7 ,depository   

in/itution ,! t]m depository in/itution 
has ! mean+ giv5 "u section #c ( !      
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac74  7,d7 ,insur$ cr$it   
union ,! t]m insur$ cr$it union has !   
mean+ giv5 9 section #aja ( ! ,f$]al    
,cr$it ,union ,act 7#ab ,u4,s4,c4       
#ageb74  7#g7 ,te*nical am5dm5t ,section
 #cjh7;b7 ( ! ,f9ancial ,in/itutions    
,re=m1 ,recov]y1 & ,en=cem5t ,act (     
#aihi 7#ab ,u4,s4,c4 #adfc note7 is     
am5d$ by add+ at ! end ! foll[+ new     
p>agraph3  7#c7 ,depository in/itution  
,! t]m depository in/itution means an   
insur$ depository in/itution 7z def9$ 9 
section #c ( ! ,f$]al ,deposit          
,insurance ,act 7#ab ,u4,s4,c4 #ahac77 &
 an insur$ cr$it union 7z def9$ 9       
section #aja ( ! ,f$]al ,cr$it ,union   
,act 7#ab ,u4,s4,c4 #ageb774  4  7f7    
,f$]al deposits 9 m9ority depository    
in/itutions  7#a7 ,9 g5]al ,section #cjh
 ( ! ,f9ancial ,in/itutions ,re=m1      
,recov]y1 & ,en=cem5t ,act ( #aihi 7#ab 
,u4,s4,c4 #adfc note7 is am5d$-- 7,a7 by

 add+ at ! end ! foll[+ new subsection3 
7d7 ,f$]al deposits ,! ,secret>y ( !    
,treasury %all ensure t deposits made by
 ,f$]al ag5cies 9 m9ority depository    
in/itutions & impact banks are fully    
collat]aliz$ or fully insur$1 z det]m9$ 
by ! ,secret>y4 ,su* deposits %all      
include reciprocal deposits z def9$ 9   
section #ccg4f7;e77#b77v7 ( title #ab1  
,code ( ,f$]al ,regulations 7z 9 effect 
on ,m>* #f1 #bjai74  2 &  7,b7 9        
subsection 7b71 z am5d$ by section      
#f7;g71 by add+ at ! end ! foll[+ new   
p>agraph3  7#d7 ,impact bank ,! t]m     
impact bank means a depository          
in/itution designat$ by an appropriate  
,f$]al bank+ ag5cy pursuant to section  
#e ( ! ,ensur+ ,div]sity 9 ,community   
,bank+ ,act ( #bjbj4  4  7#b7 ,te*nical 
am5dm5ts ,section #cjh ( ! ,f9ancial    
,in/itutions ,re=m1 ,recov]y1 &         
,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4   
#adfc note7 is am5d$-- 7,a7 9 ! matt]   
prec$+ p>agraph 7#a71 by /rik+ section--
 & ins]t+ section32 &  7,b7 9 ! p>agraph

 head+ = p>agraph 7#a71 by /rik+        
f9ancial & ins]t+ depository4  7g7      
,m9ority ,bank ,deposit ,program  7#a7  
,9 g5]al ,section #abjd ( ! ,f9ancial   
,in/itutions ,re=m1 ,recov]y1 &         
,en=cem5t ,act ( #aihi 7#ab ,u4,s4,c4   
#ahaa note7 is am5d$ to read z foll[s3  
#abjd4 ,expansion ( use ( m9ority banks 
& m9ority cr$it unions  7a7 ,m9ority    
,bank ,deposit ,program  7#a7           
,e/abli%m5t ,!re is e/abli%$ a program  
to be kn[n z ! ,m9ority ,bank ,deposit  
,program to exp& ! use ( m9ority banks &
 m9ority cr$it unions4  7#b7            
,adm9i/ration ,! ,secret>y ( !          
,treasury1 act+ ?r\gh ! ,fiscal ,s]vice1
 %all-- 7,a7 on application by a        
depository in/itution or cr$it union1   
c]tify :e!r su* depository in/itution or
 cr$it union is a m9ority bank or       
m9ority cr$it union2  7,b7 ma9ta9 &     
publi% a li/ ( all depository           
in/itutions & cr$it unions t h be5      
c]tifi$ pursuant to subp>agraph 7,a72 & 
7,c7 p]iodically di/ribute ! li/        

describ$ 9 subp>agraph 7,b7 to-- 7i7 all
 ,f$]al dep>tm5ts & ag5cies2  7ii7      
int]e/$ ,/ate & local gov]nm5ts2 &      
7iii7 int]e/$ private sector companies4 
7#c7 ,inclusion ( c]ta9 entities on li/ 
,a depository in/itution or cr$it union 
t1 on ! date ( ! enactm5t ( ?is section1
 has a curr5t c]tification f ! ,secret>y
 ( ! ,treasury /at+ t su* depository    
in/itution or cr$it union is a m9ority  
bank or m9ority cr$it union %all be     
includ$ on ! li/ describ$ "u p>agraph   
7#b77;,b74  7b7 ,exp&$ ,use ,among      
,f$]al ,dep>tm5ts & ,ag5cies  7#a7 ,9   
g5]al ,n lat] ?an #a ye> aft] !         
e/abli%m5t ( ! program describ$ 9       
subsection 7a71 ! head ( ea* ,f$]al     
dep>tm5t or ag5cy %all develop &        
implem5t /&>ds & proc$ures to ensure1 to
 ! maximum ext5t possible z p]mitt$ by  
law1 ! use ( m9ority banks & m9ority    
cr$it unions to s]ve ! f9ancial ne$s (  
ea* su* dep>tm5t or ag5cy4  7#b7 ,report
 to ,congress ,n lat] ?an #b ye>s aft] !
 e/abli%m5t ( ! program describ$ 9      

subsection 7a71 & annually !reaft]1 !   
head ( ea* ,f$]al dep>tm5t or ag5cy %all
 submit to ,congress a report on !      
actions tak5 to increase ! use ( m9ority
 banks & m9ority cr$it unions to s]ve ! 
f9ancial ne$s ( ea* su* dep>tm5t or     
ag5cy4  7c7 ,def9itions ,= purposes (   
?is section3 7#a7 ,cr$it union ,! t]m   
cr$it union has ! mean+ giv5 ! t]m      
insur$ cr$it union 9 section #aja ( !   
,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4
 #ageb74  7#b7 ,depository in/itution ,!
 t]m depository in/itution has ! mean+  
giv5 ! t]m insur$ depository in/itution 
9 section #c ( ! ,f$]al ,deposit        
,insurance ,act 7#ab ,u4,s4,c4 #ahac74  
7#c7 ,m9ority ,! t]m m9ority means any  
,black ,am]ican1 ,native ,am]ican1      
,hispanic ,am]ican1 or ,asian ,am]ican4 
7#d7 ,m9ority bank ,! t]m m9ority bank  
means a m9ority depository in/itution z 
def9$ 9 section #cjh ( ?is ,act4  7#e7  
,m9ority cr$it union ,! t]m m9ority     
cr$it union means any cr$it union = :i* 
m ?an #ej p]c5t ( ! memb]%ip 7includ+   

bo>d memb]s7 ( su* cr$it union are      
m9ority individuals1 z det]m9$ by !     
,national ,cr$it ,union ,adm9i/ration   
pursuant to section #cjh ( ?is ,act4  4 
7#b7 ,con=m+ ,am5dm5ts ,! foll[+        
provisions are am5d$ by /rik+           
#abjd7;c77#c7 & ins]t+ #abjd7;c73 7,a7  
,section #hjh7;b77#c7 ( ! ,community    
,re9ve/m5t ,act ( #aigg 7#ab ,u4,s4,c4  
#bijg7;b77#c774  7,b7 ,section          
#dj7;g77#a77;,b7 ( ! ,f$]al ,deposit    
,insurance ,act 7#ab ,u4,s4,c4          
#ahcaq7g77#a77;,b774  7,c7 ,section     
#gjd;,b7h77#d7 ( ! ,equal ,cr$it        
,opportunity ,act 7#ae ,u4,s4,c4        
#afia;c-#b7;h77#d774  7h7 ,div]sity     
report & be/ practices  7#a7 ,annual    
report ,ea* cov]$ regulator %all submit 
to ,congress an annual report on        
div]sity includ+ ! foll[+3 7,a7 ,data1  
bas$ on volunt>y self-id5tification1 on 
! racial1 e?nic1 & g5d] composition ( ! 
exam9]s ( ea* cov]$ regulator1          
disaggregat$ by l5g? ( "t s]v$ z an     
exam9]4  7,b7 ,! /atus ( any exam9]s (  

cov]$ regulators1 bas$ on volunt>y      
self-id5tification1 z a vet]an4  7,c7   
,:e!r any cov]$ regulator1 z ( ! date on
 :i* ! report requir$ "u ?is subsection 
is submitt$1 has adopt$ a policy1 plan1 
or /rategy to promote racial1 e?nic1 &  
g5d] div]sity among exam9]s ( ! cov]$   
regulator4  7,d7 ,:e!r any special tra9+
 is develop$ & provid$ = exam9]s relat$ 
specifically to work+ ) banks t s]ve    
communities t are pr$om9antly m9orities1
 l[ income1 or rural1 & ! key focus (   
su* tra9+4  7#b7 ,be/ practices ,ea*    
,(fice ( ,m9ority & ,wom5 ,inclusion ( a
 cov]$ regulator %all develop1 provide  
to ! head ( ! cov]$ regulator1 & make   
publicly available be/ practices-- 7,a7 
= increas+ ! div]sity ( c&idates apply+ 
= exam9] positions1 includ+ ?r\gh       
outrea* ef=ts to recruit div]se c&idate 
to apply = entry-level exam9] positions2
 &  7,b7 = reta9+ & provid+ fair        
consid]ation = promotions )9 ! exam9]   
/aff = purposes ( a*iev+ div]sity among 
exam9]s4  7#c7 ,cov]$ regulator def9$ ,9

 ?is subsection1 ! t]m cov]$ regulator  
means ! ,comptroll] ( ! ,curr5cy1 !     
,bo>d ( ,gov]nors ( ! ,f$]al ,res]ve    
,sy/em1 ! ,f$]al ,deposit ,insurance    
,corporation1 & ! ,national ,cr$it      
,union ,adm9i/ration4  7i7 ,inve/m5ts 9 
m9ority depository in/itutions & impact 
banks  7#a7 ,control = c]ta9 in/itutions
 ,section #g7;j77#h77;,b7 ( ! ,f$]al    
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahag7;j77#h77;,b77 is am5d$ to read z  
foll[s3  7,b7 control means ! p[]1      
directly or indirectly-- 7i7 to direct !
 managem5t or policies ( an insur$      
depository in/itution2 or  7ii7 7,i7 )  
respect to an insur$ depository         
in/itution1 ( a p]son to vote #be p]    
c5tum or m ( any class ( vot+ securities
 ( su* in/itution2 or  7,,ii7 ) respect 
to an insur$ depository in/itution t is 
an impact bank 7z designat$ pursuant to 
section #e ( ! ,ensur+ ,div]sity 9      
,community ,bank+ ,act ( #bjbj7 or a    
m9ority depository in/itution 7z def9$ 9
 section #cjh7;b7 ( ! ,f9ancial         

,in/itutions ,re=m1 ,recov]y1 &         
,en=cem5t ,act ( #aihi71 ( an individual
 to vote #cj p]c5t ( m ( any class (    
vot+ securities ( su* an impact bank or 
a m9ority depository in/itution4  4     
7#b7 ,rulemak+ ,! appropriate ,f$]al    
bank+ ag5cy 7z def9$ 9 section #c ( !   
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac77 %all jo9tly issue     
rules = de novo m9ority depository      
in/itutions & de novo impact banks 7z   
designat$ pursuant to section #e7 to    
all[ #c ye>s to meet ! capital          
requirem5ts o!rwise applicable to       
m9ority depository in/itutions & impact 
banks4  7#c7 ,report ,n lat] ?an #a ye> 
aft] ! date ( ! enactm5t ( ?is ,act1 !  
appropriate ,f$]al bank+ ag5cies %all   
jo9tly submit to ,congress a report on--
 7,a7 ! pr9cipal causes = ! l[ numb] (  
de novo m9ority depository in/itutions  
dur+ ! #aj-ye> p]iod prec$+ ! date ( !  
report2  7,b7 ! ma9 *all5ges to !       
creation ( de novo m9ority depository   
in/itutions & de novo impact banks2 &   

7,c7 regulatory & legislative           
consid]ations to promote ! e/abli%m5t ( 
de novo m9ority depository in/itutions &
 de novo impact banks4  7j7 ,requirem5t 
,to m5tor m9ority depository in/itutions
 or community developm5t f9ancial       
in/itutions ,to s]ve z a deposit>y or   
f9ancial ag5t  7#a7 ,9 g5]al ,be=e a    
l>ge f9ancial in/itution may be employ$ 
z a f9ancial ag5t ( ! ,dep>tm5t ( !     
,treasury or p]=m any reasonable duties 
z deposit>y ( public moneys ( !         
,dep>tm5t ( ! ,treasury1 ! l>ge f9ancial
 in/itution %all demon/rate p>ticipation
 z a m5tor 9 a cov]$ m5tor-protege      
program to a protege firm t is a m9ority
 depository in/itution or a community   
developm5t f9ancial in/itution4  7#b7   
,report ,n lat] ?an #f mon?s aft] ! date
 ( ! enactm5t ( ?is ,act & annually     
!reaft]1 ! ,secret>y ( ! ,treasury %all 
submit to ,congress a report on         
p>ticipants 9 a cov]$ m5tor-protege     
program1 includ+ an analysis ( outcomes 
( su* program4  7#c7 ,proc$ures ,!      

,secret>y ( ! ,treasury %all publi%     
proc$ures = compliance ) ! requirem5ts (
 ?is subsection = l>ge f9ancial         
in/itutions4  7#d7 ,def9itions ,9 ?is   
subsection3 7,a7 ,cov]$ m5tor-protege   
program ,! t]m cov]$ m5tor-protege      
program means a m5tor-protege program   
e/abli%$ by ! ,secret>y ( ! ,treasury   
pursuant to section #de ( ! ,small      
,bus9ess ,act 7#ae ,u4,s4,c4 #fegr74    
7,b7 ,l>ge f9ancial in/itution ,! t]m   
l>ge f9ancial in/itution means any      
entity-- 7i7 regulat$ by ! ,comptroll] (
 ! ,curr5cy1 ! ,bo>d ( ,gov]nors ( !    
,f$]al ,res]ve ,sy/em1 ! ,f$]al ,deposit
 ,insurance ,corporation1 or ! ,national
 ,cr$it ,union ,adm9i/ration2 &  7ii7 t 
has total consolidat$ assets great] ?an 
or equal to #ej1jjj1jjj1jjj4  7k7       
,cu/odial deposit program = cov]$       
m9ority depository in/itutions & impact 
banks  7#a7 ,e/abli%m5t ,! ,secret>y ( !
 ,treasury %all e/abli% a cu/odial      
deposit program 79 ?is subsection ref]r$
 to z ! ,program7 "u :i* a cov]$ bank   

%all receive mon?ly deposits f a        
qualify+ acc\nt4  7#b7 ,application ,a  
cov]$ bank %all submit to ! ,secret>y an
 application to p>ticipate 9 ! ,program 
at su* "t1 9 su* mann]1 & conta9+ su*   
in=mation z ! ,secret>y may det]m9e4    
7#c7 ,program op]ations  7,a7           
,designation ( cu/odial entities ,!     
,secret>y %all designate eligible       
cu/odial entities to make mon?ly        
deposits ) cov]$ banks select$ =        
p>ticipation 9 ! ,program on behalf ( a 
qualify+ acc\nt4  7,b7 ,cu/odial acc\nts
  7i7 ,9 g5]al ,! ,secret>y %all e/abli%
 a cu/odial deposit acc\nt = ea*        
qualify+ acc\nt ) ! eligible cu/odial   
entity designat$ to make deposits )     
cov]$ banks = ea* su* qualify+ acc\nt4  
7ii7 ,am\nt ,! ,secret>y %all deposit a 
total am\nt n great] ?an #e p]c5t ( a   
qualify+ acc\nt into any cu/odial       
deposit acc\nts e/abli%$ "u subp>agraph 
7,a74  7iii7 ,deposits ) ,program       
p>ticipants  7,i7 ,mon?ly deposits ,ea* 
mon?1 ea* eligible cu/odial entity      

designat$ by ! ,secret>y %all deposit an
 am\nt n great] ?an ! insur$ am\nt1 9 ! 
aggregate1 f ea* cu/odial deposit       
acc\nt1 9 a s+le cov]$ bank4  7,,ii7    
,limitation ,) respect to ! funds ( an  
individual qualify+ acc\nt1 ! eligible  
cu/odial entity may n deposit an am\nt  
great] ?an ! insur$ am\nt 9 a s+le cov]$
 bank4  7,,iii7 ,insur$ am\nt def9$ ,9  
?is clause1 ! t]m insur$ am\nt means !  
am\nt t is ! great] (-- 7aa7 ! /&>d     
maximum deposit insurance am\nt 7z def9$
 9 section #aa7;a77#a77;,e7 ( ! ,f$]al  
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahba7;a77#a77;,e7772 or  7bb7 su* high]
 am\nt negotiat$ betwe5 ! ,secret>y & ! 
,corporation "u :i* ! ,corporation w    
insure all deposits ( su* high] am\nt4  
7iv7 ,limitations ,! total am\nt ( funds
 deposit$ "u ! ,program 9 a cov]$ bank  
may n exce$ ! less] (-- 7,i7 #aj p]c5t (
 ! av]age am\nt ( deposits held by su*  
cov]$ bank 9 ! previ\s qu>t]2 or  7,,ii7
 #ajj1jjj1jjj4  7,c7 ,int]e/  7i7 ,9    
g5]al ,ea* eligible cu/odial entity     

designat$ by ! ,secret>y %all-- 7,i7    
collect int]e/ f ea* cov]$ bank 9 :i*   
su* cu/odial entity deposits funds      
pursuant to subp>agraph 7,b72 &  7,,ii7 
disburse su* int]e/ to ! ,secret>y ea*  
mon?4  7ii7 ,int]e/ rate ,! rate ( any  
int]e/ collect$ "u ?is subp>agraph may n
 exce$ #ej p]c5t ( ! disc\nt w9d[ prim>y
 cr$it int]e/ rate mo/ rec5tly publi%$  
on ! ,f$]al ,res]ve ,/ati/ical ,release 
on select$ int]e/ rates 7daily or       
weekly71 commonly ref]r$ to z ! ,h4#ae  
release 7commonly kn[n z ! ,f$]al funds 
rate74  7,d7 ,/atem5ts ,ea* eligible    
cu/odial entity designat$ by ! ,secret>y
 %all submit to ! ,secret>y mon?ly      
/atem5ts t include ! total am\nt ( funds
 deposit$ )1 & int]e/ rate receiv$ f1   
ea* cov]$ bank by ! eligible cu/odial   
entity on behalf ( qualify+ entities4   
7,e7 ,records ,! ,secret>y %all issue a 
qu>t]ly report to ,congress & make      
publicly available a record id5tify+ all
 cov]$ banks p>ticipat+ 9 ! ,program &  
am\nts deposit$ "u ! ,program 9 cov]$   

banks4  7#d7 ,requirem5ts relat+ to     
deposits ,deposits made ) cov]$ banks "u
 ?is subsection may n-- 7,a7 be consid]$
 by ! ,corporation to be funds obta9$1  
directly or indirectly1 by or ?r\gh any 
deposit brok] = deposit into #a or m    
deposit acc\nts 7z describ$ "u section  
#bi ( ! ,f$]al ,deposit ,insurance ,act 
7#ab ,u4,s4,c4 #ahca;f772 or  7,b7 be   
subject to insurance fees f !           
,corporation t are great] ?an insurance 
fees = typical dem& deposits n obta9$1  
directly or indirectly1 by or ?r\gh any 
deposit brok] 7commonly kn[n z core     
deposits74  7#e7 ,modifications  7,a7 ,9
 g5]al ,! ,secret>y %all provide a      
#c-mon? p]iod = public notice & comm5t  
be=e mak+ any mat]ial *ange to !        
op]ation ( ! ,program4  7,b7 ,exception 
,! requirem5ts ( subp>agraph 7,a7 %all n
 apply if ! ,secret>y makes a mat]ial   
*ange to ! ,program to comply ) safety &
 s\ndness /&>ds or o!r law4  7#f7       
,t]m9ation  7,a7 ,by cov]$ bank ,a cov]$
 bank select$ = p>ticipation 9 !        

,program pursuant to p>agraph 7#c7 may  
t]m9ate p>ticipation 9 ! ,program by    
provid+ ! ,secret>y a notification #fj  
days prior to t]m9ation4  7,b7 ,by      
,secret>y ,! ,secret>y may t]m9ate !    
p>ticipation ( a cov]$ bank 9 ! ,program
 if ! ,secret>y det]m9es ! cov]$ bank-- 
7i7 violat$ any t]ms ( p>ticipation 9 ! 
,program2  7ii7 fail$ to comply ) ,f$]al
 bank secrecy laws1 z docum5t$ 9 writ+  
by ! prim>y regulator ( ! cov]$ bank2   
7iii7 fail$ to rema9 well capitaliz$2 or
  7iv7 fail$ comply ) safety & s\ndness 
/&>ds1 z docum5t$ 9 writ+ by ! prim>y   
regulator ( ! cov]$ bank4  7#g7         
,def9itions ,9 ?is subsection3 7,a7     
,corporation ,! t]m ,corporation means !
 ,f$]al ,deposit ,insurance             
,corporation4  7,b7 ,cov]$ bank ,! t]m  
cov]$ bank means-- 7i7 a m9ority        
depository in/itution t is regulat$ by !
 ,corporation or ! ,national ,cr$it     
,union ,adm9i/ration t is well          
capitaliz$ 7z def9$ 9 section #ch7;b7 ( 
! ,f$]al ,deposit ,insurance ,act 7#ab  

,u4,s4,c4 #ahcao7b7772 or  7ii7 a       
depository in/itution designat$ pursuant
 to section #e ( ! ,ensur+ ,div]sity 9  
,community ,bank+ ,act ( #bjbj t is well
 capitaliz$ 7z def9$ 9 section #ch7;b7 (
 ! ,f$]al ,deposit ,insurance ,act 7#ab 
,u4,s4,c4 #ahcao7b7774  7,c7 ,eligible  
cu/odial entity ,! t]m eligible cu/odial
 entity means-- 7i7 an insur$ depository
 in/itution 7z def9$ 9 section #c ( !   
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahac772  7ii7 an insur$ cr$it
 union 7z def9$ 9 section #aja ( !      
,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4
 #ageb772 or  7iii7 or a well capitaliz$
 ,/ate-*>t]$ tru/ company1  designat$ by
 ! ,secret>y "u subsection 7k77#c77;,a74
  7,d7 ,f$]al bank secrecy laws ,! t]m  
,f$]al bank secrecy laws means-- 7i7    
section #ba ( ! ,f$]al ,deposit         
,insurance ,act 7#ab ,u4,s4,c4 #ahbi;b72
  7ii7 section #abc ( ,public ,law      
#ia-ejh2 &  7iii7 sub*apt] ,,ii ( *apt] 
#ec ( title #ca1 ,unit$ ,/ates ,code4   
7,e7 ,qualify+ acc\nt ,! t]m qualify+   

acc\nt means any acc\nt e/abli%$ 9 !    
,dep>tm5t ( ! ,treasury t-- 7i7 is      
controll$ by ! ,secret>y2 &  7ii7 is    
expect$ to ma9ta9 a balance great] ?an  
#bjj1jjj1jjj = ! foll[+ cal5d> mon?4    
7,f7 ,secret>y ,! t]m ,secret>y means ! 
,secret>y ( ! ,treasury4  7,g7 ,well    
capitaliz$ ,! t]m well capitaliz$ has ! 
mean+ giv5 9 section #ch ( ! ,f$]al     
,deposit ,insurance ,act 7#ab ,u4,s4,c4 
#ahcao74  7l7 ,/reaml9$ community       
developm5t f9ancial in/itution          
applications & report+  7#a7            
,application processes ,n lat] ?an #ab  
mon?s aft] ! date ( ! enactm5t ( ?is    
,act & ) respect to any p]son hav+      
assets "u #c1jjj1jjj1jjj t submits an   
application = deposit insurance ) !     
,f$]al ,deposit ,insurance ,corporation 
t c\ld also become a community          
developm5t f9ancial in/itution1 ! ,f$]al
 ,deposit ,insurance ,corporation1 9    
consultation ) ! ,adm9i/rator ( !       
,community ,developm5t ,f9ancial        
,in/itutions ,fund1 %all-- 7,a7 develop 

sy/ems & proc$ures to record necess>y   
in=mation to all[ ! ,adm9i/rator to     
conduct prelim9>y analysis = su* p]son  
to also become a community developm5t   
f9ancial in/itution2 &  7,b7 develop    
proc$ures to /reaml9e ! application &   
annual c]tification processes & to r$uce
 co/s = su* p]son to become1 & ma9ta9   
c]tification z1 a community developm5t  
f9ancial in/itution t s]ves l[- &       
mod]ate-income neighborhoods 7z def9$ "u
 ! ,community ,re9ve/m5t ,act ( #aigg   
7#ab ,u4,s4,c4 #bija et seq4774  7#b7   
,report on implem5tation ,n lat] ?an #ah
 mon?s aft] ! date ( ! enactm5t ( ?is   
,act1 ! ,f$]al ,deposit ,insurance      
,corporation %all submit to ,congress a 
report describ+ ! sy/ems & proc$ures    
requir$ "u p>agraph 7#a74  7#c7 ,annual 
report  7,a7 ,9 g5]al ,section          
#ag7;a77#a7 ( ! ,f$]al ,deposit         
,insurance ,act 7#ab ,u4,s4,c4          
#ahbg7;a77#a77 is am5d$-- 7i7 9         
subp>agraph 7,e71 by /rik+ & at ! end2  
7ii7 by r$esignat+ subp>agraph 7,f7 z   

subp>agraph 7,g72 &  7iii7 by ins]t+    
aft] subp>agraph 7,e7 ! foll[+ new      
subp>agraph3  7,f7 applicants = deposit 
insurance t c\ld also become a community
 developm5t f9ancial in/itution 7z def9$
 9 section #ajc ( ! ,riegle ,community  
,developm5t & ,regulatory ,improvem5t   
,act ( #aiid71 a m9ority depository     
in/itution 7z def9$ 9 section #cjh ( !  
,f9ancial ,in/itutions ,re=m1 ,recov]y1 
& ,en=cem5t ,act ( #aihi71 or an impact 
bank 7z designat$ pursuant to section #e
 ( ! ,ensur+ ,div]sity 9 ,community     
,bank+ ,act ( #bjbj72 &  4  7,b7        
,application ,! am5dm5t made by ?is     
p>agraph %all apply ) respect to ! fir/ 
report to be submitt$ aft] ! date t is  
#b ye>s aft] ! date ( ! enactm5t ( ?is  
,act4  7m7 ,task =ce on l5d+ to small   
bus9ess conc]ns  7#a7 ,9 g5]al ,n lat]  
?an #f mon?s aft] ! date ( ! enactm5t ( 
?is ,act1 ! ,adm9i/rator ( ! ,small     
,bus9ess ,adm9i/ration %all e/abli% a   
task =ce to exam9e me?ods = improv+     
relation%ips betwe5 ! ,small ,bus9ess   

,adm9i/ration & community developm5t    
f9ancial in/itutions1 m9ority depository
 in/itutions1 & impact bank 7z designat$
 pursuant to section #e ( ! ,ensur+     
,div]sity 9 ,community ,bank+ ,act (    
#bjbj7 to increase ! volume ( loans     
provid$ by su* in/itutions to small     
bus9ess conc]ns 7z def9$ "u section #c (
 ! ,small ,bus9ess ,act 7#ae ,u4,s4,c4  
#fcb774  7#b7 ,report to ,congress ,n   
lat] ?an #ah mon?s aft] ! e/abli%m5t ( !
 task =ce describ$ 9 p>agraph 7#a71 !   
,adm9i/rator ( ! ,small ,bus9ess        
,adm9i/ration %all submit to ,congress a
 report on ! f9d+s ( su* task =ce4  7n7 
,assi/ance to m9ority depository        
in/itutions & impact banks ,! ,secret>y 
( ! ,treasury %all e/abli% a program to 
provide assi/ance to a m9ority          
depository in/itution or an impact bank 
7z designat$ pursuant to section #e ( ! 
,ensur+ ,div]sity 9 ,community ,bank+   
,act ( #bjbj7 to support gr[? &         
developm5t ( su* m9ority depository     
in/itutions & impact banks1 includ+ by  

provid+ assi/ance ) obta9+ or conv]t+ a 
*>t]1 bylaw am5dm5ts1 field-(-memb]%ip  
expansion reque/s1 & onl9e tra9+ &      
res\rces4  #bjh4 ,loans to ,m,d,is &    
,c,d,f,is  7a7 ,9 g5]al ,dur+ !         
,,covid-#ai em]g5cy p]iod1 ! ,bo>d (    
,gov]nors ( ! ,f$]al ,res]ve ,sy/em %all
 provide z]o-int]e/ loans to m9ority    
depository in/itutions & community      
developm5t f9ancial in/itutions to help 
mitigate ! economic impact ( ,,covid-#ai
 9 l[-income1 und]s]v$ communities4  7b7
 ,asset limitation ,subsection 7a7 %all 
only apply to m9ority depository        
in/itutions & community developm5t      
f9ancial in/itutions ) less ?an         
#a1jjj1jjj1jjj 9 assets4  7c7 ,int]e/   
,to resume #ah mon?s aft] p&emic        
,not)/&+ subsection 7a71 ! ,bo>d (      
,gov]nors %all *>ge int]e/ on loans made
 pursuant to subsection 7a7 aft] ! end (
 ! #ah-mon? p]iod beg9n+ at ! end ( !   
,,covid-#ai em]g5cy p]iod1 at a rate to 
be det]m9$ by ! ,bo>d ( ,gov]nors bas$  
on ! int]e/ am\nt *>g$ "u ! disc\nt w9d[

 l5d+ programs4  7d7 ,,covid-#ai p&emic 
def9$ ,9 ?is section1 ! t]m ,,covid-#ai 
em]g5cy p]iod means ! p]iod t beg9s ^u !
 date ( ! enactm5t ( ?is ,act & ends ^u 
! date ( ! t]m9ation by ! ,f$]al        
,em]g5cy ,managem5t ,adm9i/ration ( !   
em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by ! 
,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,assi/ance ,act 7#db
 ,u4,s4,c4 #daba et seq47 relat+ to !   
,coronavirus ,disease #bjai             
7,,covid-#ai7 p&emic4  #bji4 ,insurance 
( transaction acc\nts  7a7 ,banks &     
sav+s associations  7#a7 ,am5dm5ts      
,section #aa7;a77#a7 ( ! ,f$]al ,deposit
 ,insurance ,act 7#ab ,u4,s4,c4         
#ahba7;a77#a77 is am5d$-- 7,a7 9        
subp>agraph 7,b7-- 7i7 by /rik+ ,! net  
am\nt & ins]t+ ! foll[+3  7i7 ,9 g5]al  
,subject to clause 7ii71 ! net am\nt  2 
&  7ii7 by add+ at ! end ! foll[+ new   
clauses3  7ii7 ,au?orization = insurance
 = transaction acc\nts ,not)/&+ clause  
7i71 ! ,corporation may fully insure !  
net am\nt t any depositor at an insur$  

depository in/itution ma9ta9s 9 a       
transaction acc\nt4 ,su* am\nt %all n be
 tak5 into acc\nt :5 comput+ ! net am\nt
 due to su* depositor "u clause 7i74    
7iii7 ,transaction acc\nt def9$ ,=      
purposes ( ?is subp>agraph1 ! t]m       
transaction acc\nt has ! mean+ giv5 t   
t]m "u section #ai ( ! ,f$]al ,res]ve   
,act 7#ab ,u4,s4,c4 #dfa74  2 &  7,b7 9 
subp>agraph 7,c71 by /rik+ subp>agraph  
7,b7 & ins]t+ subp>agraph 7,b77i74  7#b7
 ,prospective repeal ,effective ,janu>y 
#a1 #bjbb1 section #aa7;a77#a7 ( !      
,f$]al ,deposit ,insurance ,act 7#ab    
,u4,s4,c4 #ahba7;a77#a771 z am5d$ by    
p>agraph 7#a71 is am5d$-- 7,a7 9        
subp>agraph 7,b7-- 7i7 by /rik+         
deposit4-- & all t foll[s ?r\gh clause  
7ii71 ! net am\nt & ins]t deposit4--,!  
net am\nt2 &  7ii7 by /rik+ clauses 7ii7
 & 7iii72 &  7,b7 9 subp>agraph 7,c71 by
 /rik+ subp>agraph 7,b77i7 & ins]t+     
subp>agraph 7,b74  7b7 ,cr$it unions    
7#a7 ,am5dm5ts ,section #bjg7k77#a7 ( ! 
,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4

 #aghg7k77#a77 is am5d$-- 7,a7 9        
subp>agraph 7,a7-- 7i7 by /rik+ ,subject
 to ! provisions ( p>agraph 7#b71 ! net 
am\nt & ins]t+ ! foll[+3  7i7 ,net am\nt
 ( insurance payable ,subject to clause 
7ii7 & ! provisions ( p>agraph 7#b71 !  
net am\nt  2 &  7ii7 by add+ at ! end ! 
foll[+ new clauses3  7ii7 ,au?orization 
= insurance = transaction acc\nts       
,not)/&+ clause 7i71 ! ,bo>d may fully  
insure ! net am\nt t any memb] or       
depositor at an insur$ cr$it union      
ma9ta9s 9 a transaction acc\nt4 ,su*    
am\nt %all n be tak5 into acc\nt :5     
comput+ ! net am\nt due to su* memb] or 
depositor "u clause 7i74  7iii7         
,transaction acc\nt def9$ ,= purposes ( 
?is subp>agraph1 ! t]m transaction      
acc\nt has ! mean+ giv5 t t]m "u section
 #ai ( ! ,f$]al ,res]ve ,act 7#ab       
,u4,s4,c4 #dfa74  2 &  7,b7 9           
subp>agraph 7,b71 by /rik+ subp>agraph  
7,a7 & ins]t+ subp>agraph 7,a77i74  7#b7
 ,prospective repeal ,effective ,janu>y 
#a1 #bjbb1 section #bjg7k77#a7 ( !      

,f$]al ,cr$it ,union ,act 7#ab ,u4,s4,c4
 #aghg7k77#a771 z am5d$ by p>agraph     
7#a71 is am5d$-- 7,a7 9 subp>agraph     
7,a7-- 7i7 by /rik+ 7i7 ,net am\nt (    
insurance payable4-- & all t foll[s     
?r\gh p>agraph 7#b71 ! net am\nt &      
ins]t+ ,subject to ! provisions (       
p>agraph 7#b71 ! net am\nt2 &  7ii7 by  
/rik+ clauses 7ii7 & 7iii72 &  7,b7 9   
subp>agraph 7,b71 by /rik+ subp>agraph  
7,a77i7 & ins]t+ subp>agraph 7,a74  7c7 
,,covid-#ai em]g5cy def9$ ,9 ?is        
section1 ! t]m ,,covid-#ai em]g5cy means
 ! p]iod t beg9s ^u ! date ( ! enactm5t 
( ?is ,act & ends ^u ! date ( !         
t]m9ation by ! ,f$]al ,em]g5cy          
,managem5t ,ag5cy ( ! em]g5cy decl>$ on 
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai7 p&emic4    
,,iii ,support+ ,/ate1 ,t]ritory1 &     
,local ,gov]nm5ts  #cja4 ,muni ,facility
  7a7 ,am5dm5t to au?ority ,to buy &    

sell bonds & notes ,section #ad7;b7 ( ! 
,f$]al ,res]ve ,act 7#ab ,u4,s4,c4 #cee7
 is am5d$-- 7#a7 9 p>agraph 7#a7-- 7,a7 
by ins]t+ & dur+ unusual & exig5t       
circum/ances1 be=e bonds issu$2 &  7,b7 
by /rik+ ( #aicc & all t foll[s ?r\gh   
assur$ rev5ues2 &  7#b7 by add+ at ! end
 ! foll[+3  7#c7 ,/ate def9$ ,9 ?is     
section1 ! t]m ,/ate means ea* ( !      
sev]al ,/ates1 ! ,di/rict ( ,columbia1  
ea* t]ritory & possession ( ! ,unit$    
,/ates1 & ea* f$]ally recogniz$ ,indian 
,tribe4  4  7b7 ,f$]al ,res]ve          
au?orization ,to pur*ase ,,covid-#ai    
relat$ municipal issuances  7#a7        
,au?ority ,)9 sev5 days aft] ! date (   
enactm5t ( ?is subsection1 ! ,f$]al     
,res]ve ,bo>d ( ,gov]nors %all e/abli% a
 facility to buy & sell1 at home or     
abroad1 bills1 notes1 bonds1 & w>rants t
 are issu$ by any ,/ate or political    
subdivision !re( betwe5 ,m>* #a1 #bjbj1 
& ,july #a1 #bjba1 9 ord] to fund a     
public heal? or public s]vice response  
to ! ,,covid-#ai p&emic4 ,! ,bo>d (     

,gov]nors ( ! ,f$]al ,res]ve ,sy/em may 
ext5d ! au?ority "u ?is subsection if ! 
,bo>d det]m9es necess>y4  7#b7 ,requir$ 
pur*ases ,! ,bo>d ( ,gov]nors ( ! ,f$]al
 ,res]ve ,sy/em %all e/abli% policies & 
proc$ures to require ! direct placem5t (
 bills1 notes1 bonds1 & w>rants describ$
 9 p>agraph 7#a7 ) ! ,bo>d at an int]e/ 
co/ t does n exce$ ! ,f$]al funds rate  
t>get = %ort-t]m int]bank l5d+1 )9 sev5 
days aft] ! date ( enactm5t ( ?is       
section4  7#c7 ,review ( sp5d+ ,dur+ !  
#c-ye> p]iod beg9n+ on ! date on :i* all
 pur*ases "u ?is section are complet$1  
relevant ,f$]al au?orities %all review  
su* pur*ases to det]m9e if funds 7      
div]t$ f legitimate public heal? or     
public s]vices responses to !           
,,covid-#ai p&emic to make su* pur*ase4 
,! relevant ,f$]al au?orities %all take 
appropriate action bas$ on f9d+s ( su*  
review4  7#d7 ,def9itions ,9 ?is        
subsection3 7,a7 ,public heal? or public
 s]vice response to ! ,,covid-#ai p&emic
 ,! t]m public heal? or public s]vice   

response to ! ,,covid-#ai p&emic means--
 7i7 ! pur*ase1 manufacture1 or deliv]y 
( m$ical equipm5t1 facilities1 or       
s]vices-- 7,i7 to treat or qu>ant9e     
,,covid-#ai pati5ts2  7,,ii7 to protect 
fir/ respond]s int]act+ ) su* pati5ts2  
or  7,,iii7 to te/ = ,,covid-#ai        
infections & track social contacts (    
pati5ts :o h te/$ positive = ! virus2   
7ii7 ! pur*ase1 manufacture1 or deliv]y 
( basic liv+ supports = individuals :o  
are n ,,covid-#ai pati5ts dur+ p]iods ( 
volunt>y or m&atory social di/anc+ or   
qu>ant9e design$ to prev5t ! spread (   
,,covid-#ai2 or  7iii7 ! ma9t5ance &    
deliv]y ( basic public s]vices to       
communities respond+ to ! public heal?  
or economic effects ( ! ,,covid-#ai     
p&emic4  7,b7 ,/ate ,! t]m ,/ate means  
ea* ( ! sev]al ,/ates1 ! ,di/rict (     
,columbia1 ea* t]ritory & possession ( !
 ,unit$ ,/ates1 & ea* f$]ally recogniz$ 
,indian ,tribe4  #cjb4 ,tempor>y waiv] &
 reprogramm+ au?ority  7a7 ,waiv]       
au?ority  7#a7 ,9 g5]al ,) respect to a 

cov]$ grant aw>d$ to a ,/ate1 t]ritory1 
or local gov]nm5t by a ,f$]al f9ancial  
regulator1 ! ,f$]al f9ancial regulator  
may1 ^u reque/1 waive any mat*+ or      
co/-%>+ requirem5ts ) respect to su*    
grant until ,janu>y #a1 #bjbc4  7#b7    
,requirem5ts = waiv] recipi5ts ,a ,/ate1
 t]ritory1 or local gov]nm5t grant$ a   
waiv] ) respect to a grant "u subsection
 7a7 %all waive any mat*+ or co/-%>+    
requirem5ts t su* gov]nm5t imposes on   
sub-grantees on su* grant until ,janu>y 
#a1 #bjbc4  7b7 ,reprogramm+ au?ority   
7#a7 ,9 g5]al ,) respect to a cov]$     
grant aw>d$ to a ,/ate1 t]ritory1 or    
local gov]nm5t by a ,f$]al f9ancial     
regulator1 ! ,f$]al f9ancial regulator  
may1 ^u reque/1 p]mit ! ,/ate1 t]ritory1
 or local gov]nm5t to reprogram aw>d$   
grant funds = purposes relat$ to        
unemploym5t1 *ildc>e1 & heal?c>e1 if !  
majority ( normally fund$ activities "u 
su* grant are n 9 areas relat$ to       
unemploym5t1 *ildc>e1 & heal?c>e4  7#b7 
,consid]ation = future grants ,any      

grantee 7or sub-grantee7 ) respect to   
:i* a ,f$]al f9ancial regulator all[s to
 reprogram funds "u p>agraph 7#a7 %all  
be giv5 priority by su* ,f$]al f9ancial 
regulator = future aw>ds ( ! type       
reprogramm$4  7c7 ,def9itions ,9 ?is    
section3 7#a7 ,cov]$ grants ,! t]m cov]$
 aw>d means a grant-- 7,a7 t 0 aw>d$ to 
a ,/ate1 t]ritory1 or local gov]nm5t    
be=e ! date ( enactm5t ( ?is ,act & "u  
:i* ! ,/ate1 t]ritory1 or local gov]nm5t
 may /ill receive additional grant      
am\nts2 or  7,b7 ) respect to :i* !     
p]iod ( p]=mance does n expire be=e     
,janu>y #a1 #bjbc4  7#b7 ,f$]al f9ancial
 regulator ,! t]m ,f$]al f9ancial       
regulator means ! ,bo>d ( ,gov]nors ( ! 
,f$]al ,res]ve ,sy/em1 ! ,bureau (      
,consum] ,f9ancial ,protection1 !       
,dep>tm5t ( ,h\s+ & ,urban ,developm5t1 
! ,dep>tm5t ( ! ,treasury 7o!r ?an !    
,int]nal ,rev5ue ,s]vice71 ! ,f$]al     
,deposit ,insurance ,corporation1 !     
,(fice ( ! ,comptroll] ( ! ,curr5cy1 !  
,national ,cr$it ,union ,adm9i/ration1 &

 ! ,securities & ,ex*ange ,commission4  
,,iv ,promot+ ,f9ancial ,/ability &     
,transp>5t ,m>kets  #dja4 ,tempor>y halt
 to rulemak+s unrelat$ to ,,covid-#ai   
7a7 ,9 g5]al ,until ! end ( ! #cj-;day  
p]iod foll[+ ! end ( ! ,,covid-#ai      
em]g5cy p]iod1 ! ,f$]al f9ancial        
regulators-- 7#a7 may n adopt or am5d   
any rule1 regulation1 guidance1 or ord] 
unless su* rule1 regulation1 guidance1  
or ord] is directly relat$ to respond+  
to ! ,,covid-#ai em]g5cy2 &  7#b7 %all  
keep op5 & ext5d any ongo+ public comm5t
 p]iod relat$ to a propos$ or f9al rule1
 unless su* rule is relat$ to respond+  
to ! ,,covid-#ai em]g5cy4  7b7 ,notice &
 sunset ( em]g5cy actions ,! ,f$]al     
f9ancial regulators %all-- 7#a7 provide 
! ,committee on ,f9ancial ,s]vices ( !  
,h\se ( ,repres5tatives & ! ,committee  
on ,bank+1 ,h\s+1 & ,urban ,affairs ( ! 
,s5ate ) a notice ( any regulatory      
actions tak5 dur+ ! ,,covid-#ai em]g5cy 
p]iod1 along ) an explanation ( h[ su*  
action 0 necess>y & appropriate 9       

response to ! ,,covid-#ai em]g5cy2 &    
7#b7 limit ! p]iod ( effectiv5ess ( any 
action tak5 9 response to ! ,,covid-#ai 
em]g5cy to be n long] ?an #ab-mon?s     
foll[+ ! end ( ! ,,covid-#ai em]g5cy    
p]iod4  7c7 ,vot+ by regulators ,any    
action tak5 pursuant to ?is section by a
 ,f$]al f9ancial regulator head$ by a   
multi-p]son entity may only be tak5 by  
unanim\s vote4  7d7 ,def9itions ,9 ?is  
section3 7#a7 ,,covid-#ai em]g5cy p]iod 
,= purposes ( ?is ,act1 ! t]m           
,,covid-#ai em]g5cy p]iod means ! p]iod 
t beg9s ^u ! date ( ! enactm5t ( ?is    
,act & ends ^u ! date ( ! t]m9ation by !
 ,f$]al ,em]g5cy ,managem5t ,ag5cy ( !  
em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by ! 
,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,assi/ance ,act 7#db
 ,u4,s4,c4 #daba et seq47 relat+ to !   
,coronavirus ,disease #bjai             
7,,covid-#ai7 p&emic4  7#b7 ,f$]al      
f9ancial regulator ,9 ?is section1 ! t]m
 ,f$]al f9ancial regulator means ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 

! ,bureau ( ,consum] ,f9ancial          
,protection1 ! ,dep>tm5t ( ,h\s+ &      
,urban ,developm5t1 ! ,dep>tm5t ( !     
,treasury 7o!r ?an ! ,int]nal ,rev5ue   
,s]vice71 ! ,f$]al ,deposit ,insurance  
,corporation1 ! ,f$]al ,h\s+ ,f9ance    
,ag5cy1 ! ,(fice ( ! ,comptroll] ( !    
,curr5cy1 ! ,national ,cr$it ,union     
,adm9i/ration1 & ! ,securities &        
,ex*ange ,commission4  #djb4 ,tempor>y  
ban on /ock buybacks  7a7 ,9 g5]al ,x   
%all be unlawful = any issu]1 !         
securities ( :i* are trad$ on a national
 securities ex*ange1 to pur*ase         
securities ( ! issu] dur+ ! p]iod beg9n+
 on ! date ( enactm5t ( ?is section &   
end+ #abj days aft] ! end ( !           
,,covid-#ai em]g5cy p]iod4  7b7 ,e>ly   
t]m9ation ,! ,securities & ,ex*ange     
,commission may t]m9ate ! prohibition "u
 subsection 7a7 aft] ! end ( !          
,,covid-#ai em]g5cy p]iod & be=e ! end (
 ! #abj-;day p]iod describ$ "u          
subsection 7a71 if-- 7#a7 ! ,commission 
det]m9es su* t]m9ation is 9 ! public    

int]e/2 &  7#b7 imm$iately notifies !   
,congress & ! public ( su* det]m9ation &
 ! reason = su* det]m9ation1 includ+ on 
! website ( ! ,commission4  7c7         
,en=cem5t2 rulemak+  7#a7 ,9 g5]al ,!   
,securities & ,ex*ange ,commission %all 
h ! au?ority to en=ce ?is ,act & may    
issue su* rules z may be necess>y to    
c>ry out ?is ,act4  7#b7 ,commission    
vot+ ,any action tak5 by ! ,commission  
pursuant to ?is section may only be tak5
 ^u a unanim\s vote ( ! commission]s4   
7d7 ,def9itions ,9 ?is section3 7#a7    
,,covid-#ai em]g5cy p]iod ,! t]m        
,,covid-#ai em]g5cy p]iod means ! p]iod 
t beg9s ^u ! date ( ! enactm5t ( ?is    
,act & ends ^u ! date ( ! t]m9ation by !
 ,f$]al ,em]g5cy ,managem5t ,ag5cy ( !  
em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by ! 
,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,assi/ance ,act 7#db
 ,u4,s4,c4 #daba et seq47 relat+ to !   
,coronavirus ,disease #bjai             
7,,covid-#ai7 p&emic4  7#b7 ,o!r        
def9itions ,! t]ms issu]1 national      

securities ex*ange1 & security h ! mean+
 giv5 ^? t]ms1 respectively1 "u section 
#c ( ! ,securities ,ex*ange ,act (      
#aicd4  #djc4 ,disclosures relat$ to    
supply *a9 disruption risk ,section #ac 
( ! ,securities ,ex*ange ,act ( #aicd   
7#ae ,u4,s4,c4 #ghm7 is am5d$ by add+ at
 ! end ! foll[+3  7s7 ,disclosures      
relat$ to supply *a9 disruption risk    
7#a7 ,9 g5]al ,ea* issu] requir$ to file
 an annual report "u subsection 7a7 %all
 disclose 9 t report-- 7,a7 an          
id5tification (-- 7i7 ! risks 9 !       
issu]'s s\rc+ ( goods1 labor1 s]vices1 &
 o!r supply *a9 relat$ matt]s1 includ+--
 7,i7 risks ( dep5d5cy ^u sole s\rc+    
arrangem5ts or s\rc+ conc5trat$ 9 "o    
geographic locality2  7,,ii7 %ipp+      
risks2 &  7,,iii7 risks aris+ f natural 
disa/]s1 p&emics1 extreme wea!r1 arm$   
conflicts1 refugee & relat$ disruptions1
 trade conflicts or disruptions1 & labor
 wage1 safety1 & heal? c>e practices2 & 
7ii7 ! impacts any risk or disruption   
id5tifi$ 9 clause 7i7 w\ld h on !       

issu]'s work=ce1 suppli]s1 & cu/om]s2   
7,b7 ! issu]'s bus9ess cont9uity or o!r 
cont+5cy plans t w be implem5t$ 9 ! case
 ( a supply *a9 disruption 9 ord] to    
mitigate su* risks & impacts2 &  7,c7   
all o!r mat]ial in=mation4  7#b7        
,updates ,disclosures requir$ "u ?is    
subsection %all be updat$ :5 !re are    
mat]ial *anges4  4  #djd4 ,disclosures  
relat$ to global p&emic risk  7a7 ,9    
g5]al ,section #ac ( ! ,securities      
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#ghm71 z am5d$ by section #djc1 is fur!r
 am5d$ by add+ at ! end ! foll[+3  7t7  
,disclosures relat$ to global p&emic    
risk  7#a7 ,9 g5]al ,ea* issu] requir$  
to file curr5t reports "u subsection 7a7
 %all1 9 ! ev5t ! ,_w ,heal?            
,organization decl>es a p&emic1 file a  
report ) ! ,commission conta9+ a        
description (-- 7,a7 ! risks & exposures
 to ! issu] relat$ to ! p&emic1 includ+ 
risks to heal? & work] safety fac$ by ! 
issu]'s employees & indep5d5t           
contractors2  7,b7 ! /eps ! issu] is    

tak+ to mitigate su* risks & exposures1 
includ+ measures to protect ! work=ce1  
includ+ in=mation relat$ to wages1      
heal?c>e1 & leave2  7,c7 a prelim9>y    
view on ! effect ! p&emic may h on !    
issu]'s bus9ess1 solv5cy1 & work=ce2 &  
7,d7 all o!r mat]ial in=mation4  7#b7   
,updates ,disclosures requir$ "u ?is    
subsection %all be updat$ :5 !re are    
mat]ial *anges4  7#c7 ,public           
availability ( reports ,! ,commission   
%all make ea* report fil$ to !          
,commission "u p>agraph 7#a7 available  
to ! public1 includ+ on ! website ( !   
,commission4  4  7b7 ,application       
,section #ac7t7 ( ! ,securities ,ex*ange
 ,act ( #aicd1 z add$ by subsection 7a71
 %all apply to a p&emic decl>$ by ! ,_w 
,heal? ,organization t is 9 exi/5ce on !
 date ( enactm5t ( ?is ,act or t is     
decl>$ aft] ! date ( enactm5t ( ?is     
,act4  #dje4 ,ov]sight ( ,f$]al aid     
relat$ to ,,covid-#ai  7a7              
,congressional ,,covid-#ai ,aid         
,ov]sight ,panel  7#a7 ,e/abli%m5t ,!re 

is h]eby e/abli%$ ! ,congressional      
,,covid-#ai ,aid ,ov]sight ,panel       
7h]eaft] 9 ?is subsection ref]r$ to z ! 
,ov]sight ,panel7 z an e/abli%m5t 9 !   
legislative bran*4  7#b7 ,duties ,!     
,ov]sight ,panel %all review ! curr5t   
/ate ( ! f9ancial m>kets & ! regulatory 
sy/em & submit regul> reports to        
,congress on ! foll[+3 7,a7 ,! use (    
,f$]al aid provid$ dur+ ! ,,covid-#ai   
em]g5cy4  7,b7 ,! impact ( ,f$]al aid   
relat$ to ,,covid-#ai on ! f9ancial     
m>kets & f9ancial in/itutions4  7#c7    
,memb]%ip  7,a7 ,9 g5]al ,! ,ov]sight   
,panel %all consi/ ( #e memb]s1 z       
foll[s3 7i7 ,"o memb] appo9t$ by !      
,speak] ( ! ,h\se ( ,repres5tatives4    
7ii7 ,"o memb] appo9t$ by ! m9ority     
lead] ( ! ,h\se ( ,repres5tatives4      
7iii7 ,"o memb] appo9t$ by ! majority   
lead] ( ! ,s5ate4  7iv7 ,"o memb]       
appo9t$ by ! m9ority lead] ( ! ,s5ate4  
7v7 ,"o memb] appo9t$ by ! ,speak] ( !  
,h\se ( ,repres5tatives & ! majority    
lead] ( ! ,s5ate1 aft] consultation ) ! 

m9ority lead] ( ! ,s5ate & ! m9ority    
lead] ( ! ,h\se ( ,repres5tatives4  7,b7
 ,pay ,ea* memb] ( ! ,ov]sight ,panel   
%all ea* be paid at a rate equal to !   
daily equival5t ( ! annual rate ( basic 
pay = level ,i ( ! ,executive ,s*$ule = 
ea* day 7includ+ travel "t7 dur+ :i* su*
 memb] is engag$ 9 ! actual p]=mance (  
duties ve/$ 9 ! ,commission4  7,c7      
,prohibition ( comp5sation ( ,f$]al     
employees ,memb]s ( ! ,ov]sight ,panel  
:o are full-"t (fic]s or employees ( !  
,unit$ ,/ates or ,memb]s ( ,congress may
 n receive additional pay1 all[ances1 or
 b5efits by reason ( _! s]vice on !     
,ov]sight ,panel4  7,d7 ,travel exp5ses 
,ea* memb] %all receive travel exp5ses1 
includ+ p] diem 9 lieu ( subsi/5ce1 9   
accordance ) applicable provisions "u   
sub*apt] ,i ( *apt] #eg ( title #e1     
,unit$ ,/ates ,code4  7,e7 ,quorum ,f\r 
memb]s ( ! ,ov]sight ,panel %all        
con/itute a quorum b a less] numb] may  
hold he>+s4  7,f7 ,vacancies ,a vacancy 
on ! ,ov]sight ,panel %all be fill$ 9 ! 

mann] 9 :i* ! orig9al appo9tm5t 0 made4 
7,g7 ,meet+s ,! ,ov]sight ,panel %all   
meet at ! call ( ! ,*airp]son or a      
majority ( its memb]s4  7#d7 ,/aff  7,a7
 ,9 g5]al ,! ,ov]sight ,panel may appo9t
 & fix ! pay ( any p]sonnel z !         
,ov]sight ,panel consid]s appropriate4  
7,b7 ,exp]ts & consultants ,! ,ov]sight 
,panel may procure tempor>y & int]mitt5t
 s]vices "u section #caji7;b7 ( title   
#e1 ,unit$ ,/ates ,code4  7,c7 ,/aff (  
ag5cies ,^u reque/ ( ! ,ov]sight ,panel1
 ! head ( any ,f$]al dep>tm5t or ag5cy  
may detail1 on a reimbursable basis1 any
 ( ! p]sonnel ( t dep>tm5t or ag5cy to !
 ,ov]sight ,panel to assi/ x 9 c>ry+ out
 its duties "u ?is section4  7#e7 ,p[]s 
7,a7 ,he>+s & sessions ,! ,ov]sight     
,panel may1 = ! purpose ( c>ry+ out ?is 
section1 hold he>+s1 sit & act at times 
& places1 take te/imony1 & receive      
evid5ce z ! ,panel consid]s appropriate 
& may adm9i/] oa?s or affirmations to   
witnesses appe>+ be=e x4  7,b7 ,p[]s (  
memb]s & ag5ts ,any memb] or ag5t ( !   

,ov]sight ,panel may1 if au?oriz$ by !  
,ov]sight ,panel1 take any action :i* ! 
,ov]sight ,panel is au?oriz$ to take by 
?is section4  7,c7 ,obta9+ ,(ficial     
,data ,! ,ov]sight ,panel may secure    
directly f any dep>tm5t or ag5cy ( !    
,unit$ ,/ates in=mation necess>y to     
enable x to c>ry out ?is section4 ,^u   
reque/ ( ! ,*airp]son ( ! ,ov]sight     
,panel1 ! head ( t dep>tm5t or ag5cy    
%all furni% t in=mation to ! ,ov]sight  
,panel4  7,d7 ,reports ,! ,ov]sight     
,panel %all receive & consid] all       
reports requir$ to be submitt$ to !     
,ov]sight ,panel "u ?is section4  7#f7  
,au?orization ( appropriations ,!re is  
au?oriz$ to be appropriat$ to !         
,ov]sight ,panel su* sums z may be      
necess>y = any fiscal ye>1 half ( :i*   
%all be d]iv$ f ! applicable acc\nt ( ! 
,h\se ( ,repres5tatives1 & half ( :i*   
%all be d]iv$ f ! cont+5t fund ( !      
,s5ate4  7#g7 ,sunset ,! ,ov]sight      
,panel e/abli%$ by ?is subsection %all  
t]m9ate on ! date t is two ye>s foll[+ !

 t]m9ation by ! ,f$]al ,em]g5cy         
,managem5t ,ag5cy ( ! em]g5cy decl>$ on 
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,act 7#db ,u4,s4,c4 #daba et   
seq47 relat+ to ! ,coronavirus ,disease 
#bjai 7,,covid-#ai7 p&emic4  7#h7       
,def9itions ,9 ?is subsection3 7,a7     
,,covid-#ai em]g5cy ,! t]m ,,covid-#ai  
em]g5cy means ! p]iod t beg9s ^u ! date 
( ! enactm5t ( ?is ,act & ends "o ye>   
aft] ! t]m9ation by ! ,f$]al ,em]g5cy   
,managem5t ,ag5cy ( ! em]g5cy decl>$ on 
,m>* #ac1 #bjbj1 by ! ,presid5t "u !    
,rob]t ,t4 ,/af=d ,disa/] ,relief &     
,em]g5cy ,act 7#db ,u4,s4,c4 #daba et   
seq47 relat+ to ! ,coronavirus ,disease 
#bjai 7,,covid-#ai7 p&emic4  7,b7 ,f$]al
 aid ,! t]m ,f$]al aid means any em]g5cy
 l5d+ provid$ "u section #ac7c7 ( !     
,f$]al ,res]ve ,act or any ,f$]al       
f9ancial support 9 ! =m ( a grant1 loan1
 or loan gu>antee4  7b7 ,special        
,inspector ,g5]al au?ority ov] ,f$]al   
aid relat$ to ,,covid-#ai ,section #aba 

( ! ,em]g5cy ,economic ,/abilization    
,act ( #bjjh 7#ab ,u4,s4,c4 #ebca7 is   
am5d$-- 7#a7 9 subsection 7k7-- 7,a7 9  
p>agraph 7#a71 by /rik+ or at ! end2    
7,b7 9 p>agraph 7#b71 by /rik+ ! p]iod  
at ! end & ins]t+ 2 or2 &  7,c7 by add+ 
at ! end ! foll[+3  7#c7 ! date on :i*  
all ,f$]al aid relat$ to ! ,,covid-#ai  
em]g5cy is repaid4  2 &  7#b7 by add+ at
 ! end ! foll[+3  7l7 ,responsibility ) 
respect to ,f$]al aid relat$ to         
,,covid-#ai  7#a7 ,9 g5]al ,! ,special  
,inspector ,g5]al %all h ! same au?ority
 & responsibilities ) respect to ,f$]al 
aid provid$ dur+ ! ,,covid-#ai em]g5cy z
 ! ,special ,inspector ,g5]al has )     
respect to f9ancial assi/ance 7includ+ !
 pur*ase ( tr\bl$ assets7 provid$ "u ?is
 title4  7#b7 ,def9itions ,9 ?is        
section3 7,a7 ,,covid-#ai em]g5cy ,! t]m
 ,,covid-#ai em]g5cy means ! p]iod t    
beg9s ^u ! date ( ! enactm5t ( ?is ,act 
& ends "o ye> aft] ! t]m9ation by !     
,f$]al ,em]g5cy ,managem5t ,ag5cy ( !   
em]g5cy decl>$ on ,m>* #ac1 #bjbj1 by ! 

,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai7 p&emic4    
7,b7 ,f$]al aid ,! t]m ,f$]al aid means 
any em]g5cy l5d+ provid$ "u section     
#ac7c7 ( ! ,f$]al ,res]ve ,act or any   
,f$]al f9ancial support 9 ! =m ( a      
grant1 loan1 or loan gu>antee4  4  #djf4
 ,int]national f9ancial in/itutions  7a7
 ,unit$ ,/ates p>ticipation 91 &        
contributions to1 ! n9ete5? repl5i%m5t (
 ! res\rces ( ! ,int]national           
,developm5t ,association ,!             
,int]national ,developm5t ,association  
,act 7#bb ,u4,s4,c4 #bhd et seq47 is    
am5d$ by add+ at ! end ! foll[+3  #ca4  
,n9ete5? repl5i%m5t  7a7 ,! ,unit$      
,/ates ,gov]nor ( ! ,int]national       
,developm5t ,association is au?oriz$ to 
contribute on behalf ( ! ,unit$ ,/ates  
#c1jjd1bjj1jjj to ! n9ete5? repl5i%m5t (
 ! res\rces ( ! ,association1 subject to
 obta9+ ! necess>y appropriations4  7b7 
,9 ord] to pay = ! ,unit$ ,/ates        

contribution provid$ = 9 subsection 7a71
 !re are au?oriz$ to be appropriat$1 )\t
 fiscal ye> limitation1 #c1jjd1bjj1jjj =
 paym5t by ! ,secret>y ( ! ,treasury4  4
  7b7 ,unit$ ,/ates p>ticipation 91 &   
contributions to1 ! fifte5? repl5i%m5t (
 ! res\rces ( ! ,african ,developm5t    
,fund ,! ,african ,developm5t ,fund ,act
 7#bb ,u4,s4,c4 #bij;g et seq47 is am5d$
 by add+ at ! end ! foll[+3  #bbf4      
,fifte5? repl5i%m5t  7a7 ,! ,unit$      
,/ates ,gov]nor ( ! ,fund is au?oriz$ to
 contribute on behalf ( ! ,unit$ ,/ates 
#eac1ijj1jjj to ! fifte5? repl5i%m5t ( !
 res\rces ( ! ,fund1 subject to obta9+ !
 necess>y appropriations4  7b7 ,9 ord]  
to pay = ! ,unit$ ,/ates contribution   
provid$ = 9 subsection 7a71 !re are     
au?oriz$ to be appropriat$1 )\t fiscal  
ye> limitation1 #eac1ijj1jjj = paym5t by
 ! ,secret>y ( ! ,treasury4  4  7c7     
,unit$ ,/ates p>ticipation 91 &         
contributions to1 ! sev5? capital       
increase = ! ,african ,developm5t ,bank 
,! ,african ,developm5t ,bank ,act 7#bb 

,u4,s4,c4 #bij;i et seq47 is am5d$ by   
add+ at ! end ! foll[+3  #acde4 ,sev5?  
capital increase  7a7 ,subscription     
au?oriz$  7#a7 ,! ,unit$ ,/ates ,gov]nor
 ( ! ,bank may subscribe on behalf ( !  
,unit$ ,/ates to #ecb1jbc additional    
%>es ( ! capital /ock ( ! ,bank4  7#b7  
,any subscription by ! ,unit$ ,/ates to 
! capital /ock ( ! ,bank %all be        
effective only to su* ext5t & 9 su*     
am\nts z are provid$ 9 advance 9        
appropriations ,acts4  7b7 ,limitations 
on au?orization ( appropriations  7#a7  
,9 ord] to pay = ! increase 9 ! ,unit$  
,/ates subscription to ! ,bank "u       
subsection 7a71 !re are au?oriz$ to be  
appropriat$1 )\t fiscal ye> limitation1 
#g1bhf1ehg1jjh = paym5t by ! ,secret>y (
 ! ,treasury4  7#b7 ,( ! am\nt au?oriz$ 
to be appropriat$ "u p>agraph 7#a7--    
7,a7 #dcg1aij1jaf %all be = paid 9 %>es 
( ! ,bank2 &  7,b7 #f1hdi1cif1iib %all  
be = callable %>es ( ! ,bank4  4  #djg4 
,conditions on ,f$]al aid to            
corporations  7a7 ,requirem5ts on all   

corporations until ,f$]al aid relat$ to 
,,covid-#ai is repaid ,any corporation t
 receives ,f$]al aid relat$ to          
,,covid-#ai %all1 until ! date on :i*   
all su* ,f$]al aid is repaid by !       
corporation to ! ,f$]al ,gov]nm5t1      
comply ) ! foll[+3 7#a7 ,re/rictions on 
executive bonuses ,! corporation may n  
pay a bonus to any executive ( !        
corporation4  7#b7 ,ban on executive    
gold5 p>a*utes ,! corporation may n pay 
any type ( comp5sation 7:e!r pres5t1    
def]r$1 or cont+5t7 to an executive ( ! 
corporation1 if su* comp5sation is 9    
connection ) ! t]m9ation ( employm5t ( !
 executive4  7#c7 ,ban on /ock buybacks 
,! corporation may n pur*ase securities 
( ! corporation4  7#d7 ,ban on divid5ds 
,! corporation may n pay divid5ds on    
securities ( ! corporation4  7#e7 ,ban  
on ,f$]al lobby+ ,! corporation may n   
c>ry out any ,f$]al lobby+ activities4  
7b7 ,p]man5t requirem5ts on accel]at$   
fil]s receiv+ ,f$]al aid relat$ to      
,,covid-#ai  7#a7 ,9 g5]al ,an accel]at$

 fil] t receives ,f$]al aid relat$ to   
,,covid-#ai %all p]man5tly comply ) !   
foll[+3 7,a7 ,work] bo>d repres5tation  
7i7 ,9 g5]al ,at lea/ #ac ( ! memb]s ( !
 accel]at$ fil]'s directors are *os5 by 
! employees ( ! accel]at$ fil] 9 a      
"o-employee-"o-vote election process4   
7ii7 ,compliance date ,an accel]at$ fil]
 %all comply ) ! requirem5ts "u clause  
7i7 n lat] ?an ! end ( ! #b-ye> p]iod   
beg9n+ on ! date ( enactm5t ( ?is ,act4 
7iii7 ,def9itions ,9 ?is subp>agraph--  
7,i7 ! t]m director has ! mean+ giv5 !  
t]m 9 section #c ( ! ,securities        
,ex*ange ,act ( #aicd 7#ae ,u4,s4,c4    
#gh;c72 &  7,,ii7 ! t]m employee has !  
mean+ giv5 ! t]m 9 section #b ( !       
,national ,labor ,relations ,act 7#bi   
,u4,s4,c4 #aeb74  7,b7 ,additional      
disclosures ,if ! securities ( !        
corporation are trad$ on a national     
securities ex*ange1 ! corporation %all  
issue ! foll[+ disclosures to !         
,securities & ,ex*ange ,commission on a 
qu>t]ly basis 7& make su* disclosures   

available to %>ehold]s ( ! corporation &
 ! public73 7i7 ,! political sp5d+      
disclosures requir$ "u p>agraph 7#b74   
7ii7 ,! human capital managem5t         
disclosures requir$ "u p>agraph 7#c74   
7iii7 ,! environm5tal1 social1 &        
gov]nance disclosures requir$ "u        
p>agraph 7#d74  7iv7 ,! ,f$]al aid      
disclosures requir$ "u p>agraph 7#e74   
7v7 ,! disclosures ( f9ancial p]=mance  
on a c\ntry-by-c\ntry basis requir$ "u  
p>agraph 7#f74  7#b7 ,political sp5d+   
disclosures  7,a7 ,9 g5]al ,) respect to
 an accel]at$ fil]1 ! disclosures       
requir$ "u ?is p>agraph are-- 7i7 a     
description ( any exp5diture = political
 activities made dur+ ! prec$+ qu>t]2   
7ii7 ! date ( ea* exp5diture = political
 activities2  7iii7 ! am\nt ( ea*       
exp5diture = political activities2  7iv7
 if ! exp5diture = political activities 
0 made 9 support ( or oppos$ to a       
c&idate1 ! "n ( ! c&idate & ! (fice     
s\ght by1 & ! political p>ty affiliation
 (1 ! c&idate2  7v7 ! "n or id5tity (   

trade associations or organizations     
describ$ 9 section #eja7;c7 ( ! ,int]nal
 ,rev5ue ,code ( #aihf & exempt f tax "u
 section #eja7;a7 ( su* ,code :i*       
receive dues or o!r paym5ts z describ$ 9
 p>agraph 7#a77;,a77i77,,iii72  7vi7 a  
summ>y ( ea* exp5diture = political     
activities made dur+ ! prec$+ ye> 9     
excess ( #aj1jjj1 & ea* exp5diture =    
political activities = a p>ticul>       
election if ! total am\nt ( su*         
exp5ditures = t election is 9 excess (  
#aj1jjj2  7vii7 a description ( !       
specific nature ( any exp5diture =      
political activities ! corporation      
int5ds to make = ! =?com+ fiscal ye>1 to
 ! ext5t ! specific nature is kn[n to ! 
corporation2 &  7viii7 ! total am\nt (  
exp5ditures = political activities      
int5d$ to be made by ! corporation = !  
=?com+ fiscal ye>4  7,b7 ,def9itions ,9 
?is p>agraph3 7i7 ,exp5diture =         
political activities ,! t]m exp5diture =
 political activities-- 7,i7 means--    
7aa7 an indep5d5t exp5diture 7z def9$ 9 

section #cja7ag7 ( ! ,f$]al ,election   
,campaign ,act ( #aiga 7#eb ,u4,s4,c4   
#cjaja7ag7772  7bb7 an electione]+      
communication 7z def9$ 9 section        
#cjd7;f77#c7 ( t ,act 7#eb ,u4,s4,c4    
#cjajd7;f77#c777 & any o!r public       
communication 7z def9$ 9 section        
#cja7bb7 ( t ,act 7#eb ,u4,s4,c4        
#cjaja7bb777 t w\ld be an electione]+   
communication if x 7 a broadca/1 cable1 
or satellite communication2 or  7cc7    
dues or o!r paym5ts to trade            
associations or organizations describ$ 9
 section #eja7;c7 ( ! ,int]nal ,rev5ue  
,code ( #aihf & exempt f tax "u section 
#eja7;a7 ( t ,code t are1 or c\ld       
reasonably be anticipat$ to be1 us$ or  
transf]r$ to ano!r association or       
organization = ! purposes describ$ 9    
item 7aa7 or 7bb72 &  7,,ii7 does n     
include-- 7aa7 direct lobby+ ef=ts ?r\gh
 regi/]$ lobbyi/s employ$ or hir$ by !  
corporation2  7bb7 communications by a  
corporation to its %>ehold]s & executive
 or adm9i/rative p]sonnel & _! families2

 or  7cc7 ! e/abli%m5t & adm9i/ration ( 
contributions to a sep>ate segregat$    
fund to be utiliz$ = political purposes 
by a corporation4  7ii7 ,exception ,!   
t]m corporation does n include an       
inve/m5t company regi/]$ "u section #h (
 ! ,inve/m5t ,company ,act ( #aidj 7#ae 
,u4,s4,c4 #hj;a-#h74  7#c7 ,human       
capital managem5t disclosures ,) respect
 to an accel]at$ fil]1 ! disclosures    
requir$ "u ?is p>agraph are ! foll[+3   
7,a7 ,work=ce demographic in=mation1    
includ+ ! numb] ( full-"t employees1 !  
numb] ( "p-"t employees1 ! numb] (      
cont+5t work]s 7includ+ tempor>y &      
contract work]s71 & any policies or     
practices relat+ to subcontract+1       
outs\rc+1 & ins\rc+4  7,b7 ,work=ce     
/ability in=mation1 includ+ in=mation   
ab\t ! volunt>y turnov] or ret5tion     
rate1 ! involunt>y turnov] rate1 !      
int]nal hir+ rate1 & ! int]nal promotion
 rate4  7,c7 ,work=ce composition1      
includ+ data on div]sity 7includ+ racial
 & g5d] composition7 & any policies &   

audits relat$ to div]sity4  7,d7        
,work=ce skills & capabilities1 includ+ 
in=mation ab\t tra9+ ( employees        
7includ+ ! av]age numb] ( h\rs ( tra9+ &
 sp5d+ on tra9+ p] employee p] ye>71    
skills gaps1 & alignm5t ( skills &      
capabilities ) bus9ess /rategy4  7,e7   
,work=ce culture & emp[]m5t1 includ+    
in=mation ab\t-- 7i7 policies &         
practices ( ! corporation relat+ to     
fre$om ( association & "w-life balance  
initiatives2  7ii7 any incid5ts ( v]ifi$
 workplace h>assm5t 9 ! previ\s #e      
fiscal ye>s ( ! corporation2  7iii7     
policies & practices ( ! corporation    
relat+ to employee engagem5t &          
psy*ological wellbe+1 includ+ managem5t 
discussion reg>d+-- 7,i7 ! creation ( an
 autonom\s "w environm5t2  7,,ii7 fo/]+ 
a s5se ( purpose 9 ! work=ce2  7,,iii7  
tru/ 9 managem5t2 &  7,,iv7 a           
supportive1 fair1 & con/ructive         
workplace4  7,f7 ,work=ce heal? &       
safety1 includ+ in=mation ab\t-- 7i7 !  
frequ5cy1 sev]ity1 & lo/ "t due to      

injuries1 illness1 & fatalities2  7ii7 !
 total doll> value ( assess$ f9es "u !  
,occupational ,safety & ,heal? ,act (   
#aigj2  7iii7 ! total numb] ( actions   
br\ght "u section #ac ( ! ,occupational 
,safety & ,heal? ,act ( #aigj to prev5t 
imm95t dang]s2 &  7iv7 ! total numb] (  
actions br\ght aga9/ ! corporation "u   
section #aa7;c7 ( ! ,occupational       
,safety & ,heal? ,act ( #aigj4  7,g7    
,work=ce comp5sation & inc5tives1       
includ+ in=mation ab\t-- 7i7 total      
work=ce comp5sation1 includ+            
disaggregat$ in=mation ab\t comp5sation 
= full-"t1 "p-"t1 & cont+5t work]s2     
7ii7 policies & practices ab\t h[       
p]=mance1 productivity1 & su/a9ability  
are consid]$ :5 sett+ pay & mak+        
promotion decisions2 &  7iii7 policies &
 practices relat+ to any inc5tives &    
bonuses provid$ to employees bel[ ! nam$
 executive level & any policies or      
practices design$ to c\nt] any risks    
create by su* inc5tives & bonuses4  7,h7
 ,work=ce recruit+1 includ+ in=mation   

ab\t ! quality ( hire1 new hire         
engagem5t rate1 & new hire ret5tion     
rate4  7#d7 ,environm5tal1 social1 &    
gov]nance disclosures ,) respect to an  
accel]at$ fil]1 ! disclosures requir$ "u
 ?is p>agraph are disclosures t satisfy 
! recomm5dations ( ! ,task ,=ce on      
,climate-relat$ ,f9ancial ,disclosures (
 ! ,f9ancial ,/ability ,bo>d z report$ 9
 ,june1 #bjag4  7#e7 ,f$]al aid         
disclosures ,) respect to an accel]at$  
fil]1 ! disclosure requir$ "u ?is       
p>agraph is a description ( h[ ! ,f$]al 
aid relat$ to ,,covid-#ai receiv$ by !  
corporation is be+ us$ to support !     
corporation's employees4  7#f7          
,disclosures ( f9ancial p]=mance on a   
c\ntry-by-c\ntry basis  7,a7 ,9 g5]al ,)
 respect to an accel]at$ fil]1 !        
disclosures requir$ "u ?is p>agraph are 
! foll[+3 7i7 ,con/itu5t entity         
in=mation ,in=mation on any con/itu5t   
entity ( ! corporation1 includ+ !       
foll[+3 7,i7 ,! complete legal "n ( !   
con/itu5t entity4  7,,ii7 ,! tax        

jurisdiction1 if any1 9 :i* ! con/itu5t 
entity is resid5t = tax purposes4       
7,,iii7 ,! tax jurisdiction 9 :i* !     
con/itu5t entity is organiz$ or         
incorporat$ 7if diff]5t f ! tax         
jurisdiction ( resid5ce74  7,,iv7 ,! tax
 id5tification numb]1 if any1 us$ = !   
con/itu5t entity by ! tax adm9i/ration (
 ! con/itu5t entity's tax jurisdiction (
 resid5ce4  7,v7 ,! ma9 bus9ess activity
 or activities ( ! con/itu5t entity4    
7ii7 ,tax jurisdiction ,in=mation on ea*
 tax jurisdiction 9 :i* "o or m         
con/itu5t entities is resid5t1 pres5t$ z
 an aggregat$ or consolidat$ =m ( !     
in=mation = ! con/itu5t entities resid5t
 9 ea* tax jurisdiction1 includ+ !      
foll[+3 7,i7 ,rev5ues g5]at$ f          
transactions ) o!r con/itu5t entities4  
7,,ii7 ,rev5ues n g5]at$ f transactions 
) o!r con/itu5t entities4  7,,iii7      
,pr(it or loss be=e income tax4  7,,iv7 
,total income tax paid on a ca% basis to
 all tax jurisdictions4  7,v7 ,total    
accru$ tax exp5se record$ on taxable    

pr(its or losses4  7,,vi7 ,/at$ capital4
  7,,vii7 ,total accumulat$ e>n+s4      
7,,viii7 ,total numb] ( employees on a  
full-"t equival5t basis4  7,,ix7 ,net   
book value ( tangible assets1 :i*1 =    
purposes ( ?is section1 does n include  
ca% or ca% equival5ts1 intangibles1 or  
f9ancial assets4  7iii7 ,special rules  
,! in=mation li/$ 9 clause 7ii7 %all be 
provid$1 9 aggregat$ or consolidat$ =m1 
= any con/itu5t entity or entities t h  
no tax jurisdiction ( resid5ce4 ,9      
addition1 if a con/itu5t entity is an   
own] ( a con/itu5t entity t does n h a  
jurisdiction ( tax resid5ce1 !n ! own]'s
 %>e ( su* entity's rev5ues & pr(its w  
be aggregat$ or consolidat$ ) !         
in=mation = ! own]'s tax jurisdiction ( 
resid5ce4  7,b7 ,def9itions ,9 ?is      
p>agraph-- 7i7 ! t]m con/itu5t entity   
means1 ) respect to an accel]at$ fil]1  
any sep>ate bus9ess entity ( ! accel]at$
 fil]2  7ii7 ! t]m tax jurisdiction--   
7,i7 means a c\ntry or a jurisdiction t 
is n a c\ntry b t has fiscal autonomy2 &

  7,,ii7 includes a t]ritory or         
possession ( ! ,unit$ ,/ates t has      
fiscal autonomy4  7c7 ,p]man5t          
requirem5ts on all corporations receiv+ 
,f$]al aid relat$ to ,,covid-#ai ,any   
corporation t receives ,f$]al aid relat$
 to ,,covid-#ai %all p]man5tly comply ) 
! foll[+3 7#a7 ,paid leave = work]s ,!  
corporation %all provide at lea/ #ad    
days ( paid leave to work]s 7employees &
 contractors1 full-"t & "p-"t7 :o-- 7,a7
 are unable to telework2  7,b7 ne$ to be
 isolat$ or qu>ant9$ to prev5t ! spread 
( ,,covid-#ai2 or  7,c7 ne$ "t (f to c>e
 = ! ne$s ( family memb]s4  7#b7 ,m9imum
 wage ,! corporation %all pay ea*       
employee 7full-"t & "p-"t7 ( !          
corporation a wage ( n less ?an #ae an  
h\r1 beg9n+ n lat] ?an ,janu>y #a1      
#bjba4  7#c7 ,limitation on ,,ceo &     
executive pay ,! corporation may n h a  
,,ceo to m$ian work] pay ratio ( great] 
?an #ej to #a & no (fic] or employee ( !
 corporation may receiv$ high]          
comp5sation ?an ! *ief executive (fic]  

7or any equival5t position74  7d7       
,requirem5ts on all corporations receiv+
 ,f$]al aid relat$ to ,,covid-#ai until 
! end ( ! em]g5cy ,any corporation t    
receives ,f$]al aid relat$ to           
,,covid-#ai %all1 until ! ,,covid-#ai   
em]g5cy ends1 comply ) ! foll[+3 7#a7   
,work=ce levels & b5efits ,! corporation
 %all ma9ta9 at lea/ ! same work=ce     
levels & b5efits t exi/$ be=e !         
,,covid-#ai em]g5cy4  7#b7 ,ma9t5ance ( 
work] pay ,! corporation %all ma9ta9    
work] 7employee or contractor1 full-"t &
 "p-"t7 pay ?r\gh\t ! entire duration ( 
! ,,covid-#ai em]g5cy at or above ! pay 
level ! work] 0 e>n+ be=e ! em]g5cy4    
7#c7 ,ma9t5ance ( collective b>ga9+     
agreem5ts ,! corporation may n alt] any 
collective b>ga9+ agreem5t t 0 9 place  
at ! beg9n+ ( ! ,,covid-#ai em]g5cy4    
7e7 ,en=cem5t2 rulemak+ ,! ,securities &
 ,ex*ange ,commission & ! ,secret>y ( ! 
,treasury %all h ! au?ority to en=ce ?is
 section & may issue su* rules z may be 
necess>y to c>ry out ?is section4  7f7  

,def9itions ,9 ?is section3 7#a7        
,accel]at$ fil] ,! ,securities &        
,ex*ange ,commission %all def9e ! t]m   
accel]at$ fil] = purposes ( ?is section4
  7#b7 ,,ceo to m$ian work] pay ratio ,)
 respect to an accel]at$ fil]1 ! t]m    
,,ceo to m$ian work] pay ratio means !  
ratio (-- 7,a7 ! annual total           
comp5sation ( ! *ief executive (fic] 7or
 any equival5t position7 ( !            
corporation2 &  7,b7 ! m$ian ( ! annual 
total comp5sation ( all employees ( !   
corporation1 except ! *ief executive    
(fic] 7or any equival5t position7 ( !   
corporation4  7#c7 ,,covid-#ai em]g5cy  
,! t]m ,,covid-#ai em]g5cy means ! p]iod
 t beg9s ^u ! date ( ! enactm5t ( ?is   
,act & ends ^u ! t]m9ation by ! ,f$]al  
,em]g5cy ,managem5t ,ag5cy ( ! em]g5cy  
decl>$ on ,m>* #ac1 #bjbj1 by !         
,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,act 7#db ,u4,s4,c4 
#daba et seq47 relat+ to ! ,coronavirus 
,disease #bjai 7,,covid-#ai74  7#d7     
,f$]al aid ,! t]m ,f$]al aid means any  

em]g5cy l5d+ provid$ "u section #ac7c7 (
 ! ,f$]al ,res]ve ,act or any ,f$]al    
f9ancial support 9 ! =m ( a grant1 loan1
 or loan gu>antee4  7#e7 ,s corporation 
,! t]m ,s corporation has ! mean+ giv5 t
 t]m "u section #acfa7;a7 ( ! ,int]nal  
,rev5ue ,code ( #aihf4  7#f7 ,securities
 t]ms ,! t]ms national securities       
ex*ange & security h ! mean+ giv5 ^?    
t]ms1 respectively1 "u section #c ( !   
,securities ,ex*ange ,act ( #aicd4      
#djh4 ,au?ority = w>rants & debt        
in/rum5ts  7a7 ,def9itions ,9 ?is       
section3 7#a7 ,asset ,! t]m asset means 
any f9ancial in/rum5t t ! ,secret>y1    
aft] consultation ) ! ,*airman ( ! ,bo>d
 ( ,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 
det]m9es ! pur*ase ( :i* or ! gu>antee (
 :i* is necess>y to promote economic    
/ability4  7#b7 ,company ,! t]m company 
means any entity t is n subject to !    
prohibitions 9 subsection 7e74  7#c7    
,secret>y ,! t]m ,secret>y means !      
,secret>y ( ! ,treasury4  7b7 ,w>rant or
 s5ior debt in/rum5t ,! ,secret>y may n 

pur*ase1 or make any commitm5t to       
pur*ase1 or gu>antee1 or make any       
commitm5t to gu>antee1 any asset 9      
response to ! coronavirus disease       
7,,covid-#ai7 outbreak1 unless !        
,secret>y receives f ! company f :i* su*
 assets are to be pur*as$ or are to be  
gu>ante$-- 7#a7 9 ! case ( a company1 ! 
securities ( :i* are trad$ on a national
 securities ex*ange1 a w>rant giv+ ! "r 
to ! ,secret>y to receive pref]r$ vot+  
/ock2 or  7#b7 9 ! case ( any company   
o!r ?an "o describ$ 9 p>agraph 7#a71 a  
w>rant = pref]r$ vot+ /ock1 or a s5ior  
debt in/rum5t f su* company4  7c7 ,t]ms 
& conditions ,! t]ms & conditions ( any 
w>rant or s5ior debt in/rum5t requir$ "u
 subsection 7b7 %all meet ! foll[+      
requirem5ts3 7#a7 ,purposes ,su* t]ms & 
conditions %all1 at a m9imum1 be        
design$-- 7,a7 to provide = reasonable  
p>ticipation by ! ,secret>y1 = ! b5efit 
( taxpay]s1 9 equity appreciation 9 !   
case ( a w>rant or o!r equity security1 
or a reasonable int]e/ rate premium1 9 !

 case ( a debt in/rum5t2 &  7,b7 to     
provide additional protection = !       
taxpay] aga9/ losses f sale ( assets by 
! ,secret>y & any associat$ adm9i/rative
 exp5ses4  7#b7 ,t]ms ( pref]r$ vot+    
/ock ,any pref]r$ vot+ /ock receiv$ f a 
company %\ld include ! foll[+ t]ms3 7,a7
 ,vot+ rights ,! ,secret>y %all h ! "r  
to vote on matt]s br\ght be=e !         
/ockhold]s g5]ally4 ,! ,secret>y %all   
control a p]c5tage ( votes equal to !   
p]c5tage ( ! total value ( ! company !  
gov]nm5t's %>e w repres5t aft] !        
inve/m5t4  7,b7 ,bankruptcy immunity ,! 
rights associat$ ) ! pref]r$ vot+ /ock  
%all n be subject to modification1      
am5dm5t1 or any *ange by ! bankruptcy   
laws ( ! ,unit$ ,/ates or any o!r /ate4 
7#c7 ,au?ority to sell1 ex]cise1 or     
surr5d]  7,a7 ,9 g5]al ,= ! prim>y      
b5efit ( taxpay]s1 ! ,secret>y may sell1
 ex]cise1 or surr5d] a w>rant or any    
s5ior debt in/rum5t receiv$ "u ?is      
section1 bas$ on ! conditions e/abli%$  
"u p>agraph 7#a74  7,b7 ,proce$s ,( any 

proce$s receiv$ ?r\gh ! sale1 ex]cise1  
or surr5d] ( any w>rant or any s5ior    
debt in/rum5t-- 7i7 #fe p]c5t %all be   
transf]r$ or cr$it$ to ! ,h\s+ ,tru/    
,fund e/abli%$ "u section #acch ( !     
,f$]al ,h\s+ ,ent]prises ,f9ancial      
,safety & ,s\ndness ,act ( #aiib 7#ab   
,u4,s4,c4 #defh72 &  7ii7 #ce p]c5t %all
 be transf]r$ or cr$it$ to ! ,capital   
,magnet ,fund "u section #acci ( !      
,f$]al ,h\s+ ,ent]prises ,f9ancial      
,safety & ,s\ndness ,act ( #aiib 7#ab   
,u4,s4,c4 #defi74  7#d7 ,conv]sion ,!   
w>rant %all provide t if1 aft] ! w>rant 
is receiv$ by ! ,secret>y "u ?is        
section1 ! company t issu$ ! w>rant is  
no long] li/$ or trad$ on a national    
securities ex*ange or securities        
association1 z describ$ 9 subsection    
7b77#a71 ! ,secret>y w h an option to   
conv]t ! w>rants to s5ior debt to ensure
 t ! ,treasury is appropriately         
comp5sat$ = ! value ( ! w>rant1 9 an    
am\nt det]m9$ by ! ,secret>y = ! prim>y 
b5efit ( taxpay]s4  7#e7 ,protections   

,any w>rant repres5t+ securities to be  
receiv$ by ! ,secret>y "u ?is section   
%all conta9 anti-dilution provisions ( !
 type employ$ 9 capital m>ket           
transactions1 z det]m9$ by ! ,secret>y =
 ! prim>y b5efit ( taxpay]s4 ,su*       
provisions %all protect ! value ( !     
securities f m>ket transactions su* z   
/ock splits1 /ock di/ributions1         
divid5ds1 & o!r di/ributions1 m]g]s1 &  
o!r =ms ( reorganization or             
recapitalization4  7#f7 ,ex]cise price  
,! ex]cise price = any w>rant issu$     
pursuant to ?is section %all be set by !
 ,secret>y1 = ! prim>y b5efit (         
taxpay]s4  7#g7 ,suffici5cy ,! company  
%all gu>antee to ! ,secret>y t x has    
au?oriz$ %>es ( /ock available to       
fulfill its obligations "u ?is section4 
,%\ld ! company n h suffici5t au?oriz$  
%>es1 includ+ pref]r$ %>es t may c>ry   
divid5d rights equal to a multiple numb]
 ( common %>es1 ! ,secret>y may1 to !   
ext5t necess>y = ! prim>y b5efit (      
taxpay]s1 accept a s5ior debt note 9 an 

am\nt1 & on su* t]ms z w comp5sate !    
,secret>y ) equival5t value1 9 ! ev5t t 
a suffici5t %>ehold] vote to au?orize ! 
necess>y additional %>es _c be obta9$4  
7d7 ,exceptions ,! ,secret>y may e/abli%
 an exception to ! requirem5ts ( ?is    
section & appropriate alt]native        
requirem5ts = any p>ticipat+ company t  
is legally prohibit$ f issu+ securities 
& debt in/rum5ts1 s z n to all[         
circumv5tion ( ! requirem5ts ( ?is      
section4  7e7 ,prohibitions ( ,=eign    
,companies  7#a7 ,9 g5]al ,! ,secret>y  
may n pur*ase1 or make any commitm5t to 
pur*ase1 or gu>antee1 or make any       
commitm5t to gu>antee1 any asset 9      
response to ! coronavirus disease       
7,,covid-#ai7 outbreak f-- 7,a7 any     
=eign incorporat$ entity t ! ,secret>y  
has det]m9$ is an inv]t$ dome/ic        
corporation or any subsidi>y ( su*      
entity2 or  7,b7 any jo9t v5ture if m   
?an #aj p]c5t ( ! jo9t v5ture 7by vote  
or value7 is held by a =eign incorporat$
 entity t ! ,secret>y has det]m9$ is an 

inv]t$ dome/ic corporation or any       
subsidi>y ( su* entity4  7#b7 ,inv]t$   
dome/ic corporation  7,a7 ,9 g5]al ,=   
purposes ( ?is subsection1 a =eign      
incorporat$ entity %all be treat$ z an  
inv]t$ dome/ic corporation if1 pursuant 
to a plan 7or a s]ies ( relat$          
transactions7-- 7i7 ! entity completes  
on or aft] ,may #h1 #bjad1 ! direct or  
indirect acquisition (-- 7,i7           
sub/antially all ( ! prop]ties held     
directly or indirectly by a dome/ic     
corporation2 or  7,,ii7 sub/antially all
 ( ! assets (1 or sub/antially all ( !  
prop]ties con/itut+ a trade or bus9ess  
(1 a dome/ic p>tn]%ip2 &  7ii7 aft] !   
acquisition1 ei!r-- 7,i7 m ?an #ej p]c5t
 ( ! /ock 7by vote or value7 ( ! entity 
is held-- 7aa7 9 ! case ( an acquisition
 ) respect to a dome/ic corporation1 by 
=m] %>ehold]s ( ! dome/ic corporation by
 reason ( hold+ /ock 9 ! dome/ic        
corporation2 or  7bb7 9 ! case ( an     
acquisition ) respect to a dome/ic      
p>tn]%ip1 by =m] p>tn]s ( ! dome/ic     

p>tn]%ip by reason ( hold+ a capital or 
pr(its int]e/ 9 ! dome/ic p>tn]%ip2 or  
7,,ii7 ! managem5t & control ( ! exp&$  
affiliat$ gr\p :i* includes ! entity    
occurs1 directly or indirectly1 prim>ily
 )9 ! ,unit$ ,/ates1 z det]m9$ pursuant 
to regulations prescrib$ by ! ,secret>y1
 & su* exp&$ affiliat$ gr\p has         
significant dome/ic bus9ess activities4 
7,b7 ,exception = corporations )        
sub/antial bus9ess activities 9 =eign   
c\ntry ( organization  7i7 ,9 g5]al ,a  
=eign incorporat$ entity describ$ 9     
subp>agraph 7,a7 %all n be treat$ z an  
inv]t$ dome/ic corporation if aft] !    
acquisition ! exp&$ affiliat$ gr\p :i*  
includes ! entity has sub/antial bus9ess
 activities 9 ! =eign c\ntry 9 :i* or "u
 ! law ( :i* ! entity is creat$ or      
organiz$ :5 comp>$ to ! total bus9ess   
activities ( su* exp&$ affiliat$ gr\p4  
7ii7 ,sub/antial bus9ess activities ,!  
,secret>y %all e/abli% regulations =    
det]m9+ :e!r an affiliat$ gr\p has      
sub/antial bus9ess activities = purposes

 ( clause 7i71 except t su* regulations 
may n treat any gr\p z hav+ sub/antial  
bus9ess activities if su* gr\p w\ld n be
 consid]$ to h sub/antial bus9ess       
activities "u ! regulations prescrib$ "u
 section #ghgd ( ! ,int]nal ,rev5ue     
,code ( #aihf1 z 9 effect on ,janu>y    
#ah1 #bjag4  7,c7 ,significant dome/ic  
bus9ess activities  7i7 ,9 g5]al ,=     
purposes ( subp>agraph 7,a77ii77,,ii71  
an exp&$ affiliat$ gr\p has significant 
dome/ic bus9ess activities if at lea/   
#be p]c5t (-- 7,i7 ! employees ( ! gr\p 
are bas$ 9 ! ,unit$ ,/ates2  7,,ii7 !   
employee comp5sation incurr$ by ! gr\p  
is incurr$ ) respect to employees bas$ 9
 ! ,unit$ ,/ates2  7,,iii7 ! assets ( ! 
gr\p are locat$ 9 ! ,unit$ ,/ates2 or   
7,,iv7 ! income ( ! gr\p is d]iv$ 9 !   
,unit$ ,/ates4  7ii7 ,det]m9ation       
,det]m9ations pursuant to clause 7i7    
%all be made 9 ! same mann] z su*       
det]m9ations are made = purposes (      
det]m9+ sub/antial bus9ess activities "u
 regulations ref]r$ to 9 subp>agraph    

7,b7 z 9 effect on ,janu>y #ah1 #bjag1 b
 appli$ by treat+ all ref]5ces 9 su*    
regulations to 8=eign c\ntry0 &         
8relevant =eign c\ntry0 z ref]5ces to 8!
 ,unit$ ,/ates04 ,! ,secret>y may issue 
regulations decreas+ ! ?re%old p]c5t 9  
any ( ! te/s "u su* regulations =       
det]m9+ if bus9ess activities con/itute 
significant dome/ic bus9ess activities =
 purposes ( ?is subp>agraph4  7#c7      
,waiv]  7,a7 ,9 g5]al ,! ,secret>y may  
waive p>agraph 7#a7 if ! ,secret>y      
det]m9es t ! waiv] is-- 7i7 requir$ 9 ! 
int]e/ ( national security2 or  7ii7    
necess>y = ! effici5t or effective      
adm9i/ration ( ,f$]al or f$]ally fund$--
 7,i7 programs t provide heal? b5efits  
to individuals2 or  7,,ii7 public heal? 
programs4  7,b7 ,report to ,congress ,! 
,secret>y %all1 n lat] ?an #ad days aft]
 issu+ su* waiv]1 submit a writt5       
notification ( ! waiv] to ! relevant    
au?oriz+ committees ( ,congress & !     
,committees on ,appropriations ( !      
,s5ate & ! ,h\se ( ,repres5tatives4     

7#d7 ,def9itions & special rules  7,a7  
,def9itions ,9 ?is subsection1 ! t]ms   
8exp&$ affiliat$ gr\p01 8=eign          
incorporat$ entity01 8dome/ic01 &       
8=eign0 h ! mean+ giv5 ^? t]ms 9 section
 #hce7;c7 ( ! ,homel& ,security ,act (  
#bjjb 7#f ,u4,s4,c4 #cie7;c774  7,b7    
,special rules ,9 apply+ p>agraph 7#b7 (
 ?is subsection = purposes ( p>agraph   
7#a7 ( ?is subsection1 ! rules describ$ 
"u #hce7;c77#a7 ( ! ,homel& ,security   
,act ( #bjjb 7#f ,u4,s4,c4 #cie7;c77#a77
 %all apply4  7#e7 ,regulations reg>d+  
managem5t & control  7,a7 ,9 g5]al ,!   
,secret>y %all1 = purposes ( ?is        
subsection1 prescribe regulations =     
purposes ( det]m9+ cases 9 :i* !        
managem5t & control ( an exp&$ affiliat$
 gr\p is to be treat$ z occurr+1        
directly or indirectly1 prim>ily )9 !   
,unit$ ,/ates4 ,! regulations prescrib$ 
"u ! prec$+ s5t5ce %all apply to p]iods 
aft] ,may #h1 #bjad4  7,b7 ,executive   
(fic]s & s5ior managem5t ,! regulations 
prescrib$ "u subp>agraph 7,a7 %all      

provide t ! managem5t & control ( an    
exp&$ affiliat$ gr\p %all be treat$ z   
occurr+1 directly or indirectly1        
prim>ily )9 ! ,unit$ ,/ates if          
sub/antially all ( ! executive (fic]s & 
s5ior managem5t ( ! exp&$ affiliat$ gr\p
 :o ex]cise day-to-day responsibility = 
mak+ decisions involv+ /rategic1        
f9ancial1 & op]ational policies ( !     
exp&$ affiliat$ gr\p are bas$ or        
prim>ily locat$ )9 ! ,unit$ ,/ates4     
,individuals :o 9 fact ex]cise su*      
day-to-day responsibilities %all be     
treat$ z executive (fic]s & s5ior       
managem5t reg>dless ( _! title4  7f7    
,preemption ,any ,/ate or ,f$]al laws t 
prohibit ! transactions au?oriz$ by ?is 
/atute1 includ+ ,/ate or ,f$]al laws t  
prohibit company directors f agree+ to !
 transactions au?oriz$ by ?is /atute1   
are preempt$ & sup]s$$ by ?is /atute4   
#dji4 ,au?orization to p>ticipate 9 !   
,new ,arrangem5ts to ,borr[ ( !         
,int]national ,monet>y ,fund ,section   
#ag ( ! ,bretton ,woods ,agreem5ts ,act 

7#bb ,u4,s4,c4 #bhf;e-#b7 is am5d$--    
7#a7 9 subsection 7a7-- 7,a7 by         
r$esignat+ p>agraphs 7#c7 ?r\gh 7#e7 z  
p>agraphs 7#d7 ?r\gh 7#f7 & ins]t+ aft] 
p>agraph 7#b7 ! foll[+3  7#c7 ,9 ord] to
 c>ry out ! purposes ( a "o-"t decision 
( ! ,executive ,directors ( !           
,int]national ,monet>y ,fund 7! ,fund7  
to exp& ! res\rces ( ! ,new ,arrangem5ts
 to ,borr[1 e/abli%$ pursuant to !      
decision ( ,janu>y #bg1 #aiig1 ref]r$ to
 9 p>agraph 7#a7 above1 ! ,secret>y ( ! 
,treasury is au?oriz$ to make loans1 9  
an am\nt n to exce$ ! doll> equival5t ( 
#bh1bjb1dgj1jjj ( ,special ,draw+       
,rights1 9 addition to any am\nts       
previ\sly au?oriz$ "u ?is section2      
except t prior to activation ( ! ,new   
,arrangem5ts to ,borr[1 ! ,secret>y %all
 report to ,congress on :e!r supplem5t>y
 res\rces are ne$$ to =e/all or cope )  
an impairm5t ( ! int]national monet>y   
sy/em & :e!r ! ,fund has fully explor$  
o!r means ( fund+ to ! ,fund4  2 &  7,b7
 9 p>agraph 7#f7 7z s r$esignat$ by     

subp>agraph 7,a7 ( ?is p>agraph71 by    
/rik+ ,decemb] #af1 #bjbb & ins]t+      
,decemb] #ca1 #bjbe2 &  7#b7 9          
subsection 7e77#a71 by ins]t+ 7a77#c71  
aft] 7a77#b714  #daj4 ,int]national     
,f9ance ,corporation ,! ,int]national   
,f9ance ,corporation ,act 7#bb ,u4,s4,c4
 #bhb et seq47 is am5d$ by add+ at ! end
 ! foll[+3  #ah4 ,capital increases &   
am5dm5t to ! ,articles ( ,agreem5t  7a7 
,votes au?oriz$ ,! ,unit$ ,/ates        
,gov]nor ( ! ,corporation is au?oriz$ to
 vote 9 favor (-- 7#a7 a resolution to  
increase ! au?oriz$ capital /ock ( !    
,corporation by #af1iii1iih %>es1 to    
implem5t ! conv]sion ( a portion ( !    
reta9$ e>n+s ( ! ,corporation into      
paid-9 capital1 :i* w result 9 ! ,unit$ 
,/ates be+ issu$ an additional          
#c1gga1hii %>es ( capital /ock1 )\t any 
ca% contribution2  7#b7 a resolution to 
increase ! au?oriz$ capital /ock ( !    
,corporation on a g5]al basis by        
#d1egi1iie %>es2 &  7#c7 a resolution to
 increase ! au?oriz$ capital /ock ( !   

,corporation on a selective basis by    
#iai1iih %>es4  7b7 ,am5dm5t ( !        
,articles ( ,agreem5t ,! ,unit$ ,/ates  
,gov]nor ( ! ,corporation is au?oriz$ to
 agree to & accept an am5dm5t to        
,article ,,ii1 ,section #b7;c77ii7 ( !  
,articles ( ,agreem5t ( ! ,corporation t
 w\ld increase ! vote by :i* ! ,bo>d (  
,gov]nors ( ! ,corporation may increase 
! capital /ock ( ! ,corporation f a     
f\r-fif?s majority to an #he p]c5t      
majority4  4  #daa4 ,ov]sight & ,reports
  7a7 ,ov]sight  7#a7 ,,sigt>p ,z       
provid$ = "u section #dje1 ! ,special   
,inspector ,g5]al = ! ,tr\bl$ ,asset    
,relief ,program 7,,sigt>p7 %all h      
ov]sight ( ! ,secret>y's adm9i/ration ( 
! loans & loan gu>antees provid$ "u     
section #daj1 ! use ( ! funds by        
eligible bus9esses1 & compliance ) !    
requirem5ts ( section #djg4  7#b7       
,ov]sight ,panel ,z provid$ = "u section
 #dje1 ! ,congressional ,,covid-#ai ,aid
 ,ov]sight ,panel %all h ov]sight ( !   
,secret>y's adm9i/ration ( ! loans &    

loan gu>antees provid$ "u section #daj1 
! use ( ! funds by eligible bus9esses1 &
 compliance ) ! requirem5ts ( section   
#djg4  7b7 ,secret>y ,! ,secret>y %all1 
) respect to ! loans & loan gu>antees   
provid$ "u section #daj1 make su*       
reports z are requir$ "u section #ecjb (
 title #ca1 ,unit$ ,/ates ,code4  7c7   
,gov]nm5t ,acc\ntability ,(fice  7#a7   
,/udy ,! ,comptroll] ,g5]al ( ! ,unit$  
,/ates %all conduct a /udy on ! loans & 
loan gu>antees provid$ "u section #daj4 
7#b7 ,report ,n lat] ?an #i mon?s aft] !
 date ( enactm5t ( ?is ,act1 & annually 
!reaft] ?r\gh ! ye> succe$+ ! la/ ye> = 
:i* loans or loan gu>antees provid$ "u  
section #daj are 9 effect1 ! ,comptroll]
 ,g5]al %all submit to ! ,committee on  
,f9ancial ,s]vices1 ! ,committee on     
,appropriations1 & ! ,committee on !    
,budget ( ! ,h\se ( ,repres5tatives & ! 
,committee on ,bank+1 ,h\s+1 & ,urban   
,affairs1 ! ,committee on               
,appropriations1 & ! ,committee on !    
,budget ( ! ,s5ate a report on ! loans &

 loan gu>antees provid$ "u section #daj4
  7d7 ,div]sity ,report ,!              
,congressional ,,covid-#ai ,aid         
,ov]sight ,panel1 9 conjunction ) !     
,,sigt>p1 %all collect div]sity data f  
any corporation t receives ,f$]al aid   
relat$ to ,,covid-#ai1 & issue a report 
t w be made publicly available no lat]  
?an "o ye> aft] ! disbursem5t ( funds4  
,9 addition to any o!r data1 ! report   
%all include ! foll[+3 7#a7 ,employee   
demographics ,! g5d]1 race1 & e?nic     
id5tity 7& to ! ext5t possible1 results 
disaggregat$ by e?nic gr\p7 ( !         
corporation's employees1 z o!rwise kn[n 
or provid$ volunt>ily = ! total numb] ( 
employees 7full- & "p-"t7 & ! c>e] level
 ( employees 7executive & manag] v]sus  
employees 9 o!r roles74  7#b7 ,suppli]  
div]sity ,! numb] & doll> value inve/$ )
 m9ority- & wom5-own$ suppli]s 7& to !  
ext5t possible1 results disaggregat$ by 
e?nic gr\p71 includ+ pr(essional s]vices
 7legal & consult+7 & asset manag]s1 &  
deposits & o!r acc\nts ) m9ority        

depository in/itutions1 z comp>$ to all 
v5dor inve/m5ts4  7#c7 ,pay equity ,a   
comp>ison ( pay among/ racial & e?nic   
m9orities 7& to ! ext5t possible1       
results disaggregat$ by e?nic gr\p7 z   
comp>$ to _! ,:ite c\nt]p>ts & comp>ison
 ( pay betwe5 m5 & wom5 = simil> roles &
 assignm5ts4  7#d7 ,corporate bo>d      
div]sity ,corporate bo>d demographic    
data1 includ+ total numb] ( bo>d memb]s1
 g5d]1 race & e?nic id5tity ( bo>d      
memb]s 7& to ! ext5t possible1 results  
disaggregat$ by e?nic gr\p71 z o!rwise  
kn[n or provid$ volunt>ily1 bo>d        
position titles1 z well z any lead]%ip &
 subcommittee assignm5ts4  7#e7         
,div]sity & ,inclusion ,(fices ,!       
report+ /ructure ( lead div]sity        
(ficials1 numb] ( /aff & budget d$icat$ 
to div]sity & inclusion initiatives4    
7e7 ,div]sity & inclusion initiatives   
,any corporation t receives ,f$]al aid  
relat$ to ,,covid-#ai mu/ ma9ta9        
(ficials & budget d$icat$ to div]sity & 
inclusion initiatives = no less ?an #e  

ye>s aft] disbursem5t ( funds4  #dab4   
,te*nical corrections  7a7 ,environm5t  
coop]ation commissions2 ,nor? ,am]ican  
,developm5t ,bank ,section #fja ( !     
,unit$ ,/ates-,mexico-,canada ,agreem5t 
,implem5tation ,act 7,public ,law       
#aaf-aac2 #acd ,/at4 #gh7 is am5d$ by   
ins]t+ 1 o!r ?an sections #ecb & #ecc ( 
su* ,act & "p #b ( subtitle ,d ( title  
,v ( su* ,act 7z am5d$ by section #hca (
 ?is ,act71 be=e is repeal$4  7b7       
,protective ord]s ,section #dbb ( !     
,unit$ ,/ates-,mexico-,canada ,agreem5t 
,implem5tation ,act 7#acd ,/at4 #fd7 is 
am5d$ 9 subsection 7a77#b77;,a7 by /rik+
 all t foll[s ?r\gh 1 ! adm9i/]+        
au?ority & ins]t+ all t foll[s ?r\gh    
,agreem5t1 ! adm9i/]+ au?ority4  7c7    
,dispute settlem5t ,subsection 7j7 (    
section #ejd ( ! ,unit$                 
,/ates-,mexico-,canada ,agreem5t        
,implem5tation ,act 7#acd ,/at4 #gf7 is 
am5d$ 9 ! item propos$ to be ins]t$ into
 ! table ( cont5ts ( su* ,act relat+ to 
section #dad by /rik+ det]m9ation &     

ins]t+ det]m9ations4  7d7 ,effective    
date ,ea* am5dm5t made by ?is section   
%all take effect z if includ$ 9 !       
enactm5t ( ! ,unit$                     
,/ates-,mexico-,canada ,agreem5t        
,implem5tation ,act4  7e7 ,nor? ,am]ican
 ,developm5t ,bank3 limitation on       
callable capital subscriptions ,!       
,secret>y ( ! ,treasury may subscribe   
)\t fiscal ye> limitation to ! callable 
capital portion ( ! ,unit$ ,/ates %>e ( 
capital /ock ( ! ,nor? ,am]ican         
,developm5t ,bank 9 an am\nt n to exce$ 
#a1jbj1jjj1jjj4 ,! au?ority 9 ! prec$+  
s5t5ce %all be 9 addition to any o!r    
au?ority provid$ by previ\s ,acts4      
#dac4 ,def9itions ,9 ?is title3 7#a7    
,cov]$ loss ,! t]m cov]$ loss includes  
losses1 direct or increm5tal1 incurr$ z 
a result ( ,,covid-#ai1 z det]m9$ by !  
,secret>y4  7#b7 ,eligible bus9ess ,!   
t]m eligible bus9ess means a ,unit$     
,/ates bus9ess t has incurr$ cov]$      
losses su* t ! cont9u$ op]ations ( !    
bus9ess are jeop>diz$1 z det]m9$ by !   

,secret>y1 & t has n o!rwise appli$ = or
 receiv$ economic relief 9 ! =m ( loans 
or loan gu>antees provid$ "u any o!r    
provision ( ?is ,act4  7#c7 ,secret>y ,!
 t]m ,secret>y means ! ,secret>y ( !    
,treasury1 or ! designee ( ! ,secret>y (
 ! ,treasury4  #dad4 ,rule ( con/ruction
 ,no?+ 9 ?is title %all be con/ru$ to   
all[ ! ,secret>y to provide relief to   
eligible bus9esses except 9 ! =m (      
secur$ loans & loan gu>antees z provid$ 
9 ?is title & "u t]ms & conditions t are
 9 ! int]e/ ( ! ,f$]al ,gov]nm5t4  ,v   
,p&emic ,plann+ & ,guidance = ,consum]s 
& ,regulators  #eja4 ,f9ancial ,lit]acy 
,education ,commission ,em]g5cy         
,response  7a7 ,purpose ,! purpose ( ?is
 section is to provide f9ancial lit]acy 
education1 includ+ in=mation on access  
to bank+ s]vices & o!r f9ancial         
products1 = individuals seek+ in=mation 
& res\rces z !y recov] f any f9ancial   
di/ress caus$ by ! coronavirus disease  
7,,covid-#ai7 outbreak & future major   
disa/]s4  7b7 ,f9ancial ,lit]acy &      

,education ,commission response to !    
,,covid-#ai em]g5cy  7#a7 ,special meet+
 ,n lat] ?an ! end ( ! #fj-;day p]iod   
beg9n+ on ! date ( enactm5t ( ?is       
section1 ! ,f9ancial ,lit]acy &         
,education ,commission 7! ,commission7  
%all conv5e a special meet+ to discuss &
 plan assi/ance relat$ to ! f9ancial    
impacts ( ! ,,covid-#ai em]g5cy4  7#b7  
,update ( ! ,commission's website  7,a7 
,9 g5]al ,n lat] ?an ! end ( ! #fj-;day 
p]iod beg9n+ on ! date ( enactm5t ( ?is 
section1 ! ,commission %all update !    
website ( ! ,commission ) a full li/ (  
tools to help individuals recov] f any  
f9ancial h>d%ip z a result ( !          
,,covid-#ai em]g5cy4  7,b7 ,specific    
requirem5ts ,9 p]=m+ ! update requir$ "u
 subp>agraph 7,a71 ! ,commission %all-- 
7i7 place special emphasis on provid+ an
 additional set ( tools ge>$ t[>ds wom51
 racial & e?nic m9orities1 vet]ans1     
disabl$1 & ,,lgbtq communities2 &  7ii7 
provide in=mation 9 ,engli% & ,spani%4  
7,c7 ,in=mation f memb]s ,n lat] ?an !  

end ( ! #fj-;day p]iod beg9n+ on ! date 
( enactm5t ( ?is section1 ea* ,f$]al    
dep>tm5t or ag5cy t is a memb] ( !      
,commission %all provide an update on ! 
website ( ! ,commission disclos+ any    
tools t ! dep>tm5t or ag5cy is (f]+ to  
individuals or to employees ( ! dep>tm5t
 or ag5cy relat$ to ! ,,covid-#ai       
em]g5cy4  7#c7 ,implem5tation report to 
,congress ,! ,secret>y ( ! ,treasury & !
 ,director ( ! ,bureau ( ,consum]       
,f9ancial ,protection %all1 jo9tly & n  
lat] ?an ! end ( ! #cj-;day p]iod foll[+
 ! date on :i* ! meet+ requir$ "u       
p>agraph 7#a7 is held & all updates     
requir$ "u p>agraph 7#b7 h be5 complet$1
 report to ,congress on ! implem5tation 
( ?is section4  7#d7 ,,covid-#ai em]g5cy
 def9$ ,9 ?is subsection1 ! t]m         
,,covid-#ai em]g5cy means ! em]g5cy     
decl>$ on ,m>* #ac1 #bjbj1 by !         
,presid5t "u ! ,rob]t ,t4 ,/af=d ,disa/]
 ,relief & ,em]g5cy ,assi/ance ,act 7#db
 ,u4,s4,c4 #daba et seq47 relat+ to !   
,coronavirus ,disease #bjai             

7,,covid-#ai7 p&emic4  #ejb4 ,int]ag5cy 
p&emic guidance = consum]s  7a7         
,int]ag5cy p&emic guidance  7#a7        
,guidance ,n lat] ?an ! end ( ! #fj-;day
 p]iod beg9n+ on ! date ( enactm5t ( ?is
 section1 ! ,f$]al f9ancial regulators  
%all issue int]ag5cy regulatory guidance
 on prep>$ness1 flexibility1 & relief   
options = consum]s 9 p&emics & major    
disa/]s1 su* z def]m5t1 =be>ance1       
af=dable paym5t plan options1 & o!r     
options su* z delays on debt collections
 & wage g>ni%m5ts4  7#b7 ,updates ,!    
,f$]al f9ancial regulators %all update !
 guidance requir$ "u p>agraph 7#a7 z    
necess>y to keep su* guidance curr5t4   
7b7 ,p&emic prep>$ness te/+  7#a7 ,9    
g5]al ,n lat] ?an ! end ( ! #b-ye> p]iod
 beg9n+ on ! date ( enactm5t ( ?is      
section1 & e #e ye>s !reaft]1 ! ,f$]al  
f9ancial regulators %all c>ry out te/+  
along ) ! in/itutions regulat$ by !     
,f$]al f9ancial regulators to det]m9e h[
 effectively su* in/itutions w be able  
to respond to a p&emic or major disa/]4 

7#b7 ,report ,aft] ! end ( ea* te/      
requir$ "u p>agraph 7#a71 ! ,f$]al      
f9ancial regulators %all1 jo9tly1 issue 
a report to ,congress conta9+ ! results 
( su* te/ & any regulatory or           
legislative recomm5dations ! regulators 
may h to increase p&emic prep>$ness4    
7c7 ,def9itions ,9 ?is section3 7#a7    
,f$]al f9ancial regulators ,! t]m ,f$]al
 f9ancial regulators means ! ,bo>d (    
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 !  
,bureau ( ,consum] ,f9ancial            
,protection1 ! ,comptroll] ( ! ,curr5cy1
 ! ,director ( ! ,f$]al ,h\s+ ,f9ance   
,ag5cy1 ! ,f$]al ,deposit ,insurance    
,corporation1 ! ,national ,cr$it ,union 
,adm9i/ration1 ! ,secret>y (            
,agriculture1 & ! ,secret>y ( ,h\s+ &   
,urban ,developm5t4  7#b7 ,major disa/] 
,! t]m major disa/] means a major disa/]
 decl>$ by ! ,presid5t "u section #dja (
 ! ,rob]t ,t4 ,/af=d ,disa/] ,relief &  
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#eagj71 "u :i* assi/ance is au?oriz$ "u 
section #djh ( su* ,act 7#db ,u4,s4,c4  

#eagd71 or section #eja ( su* ,act 7#db 
,u4,s4,c4 #eaia74  #ejc4 ,,sec p&emic   
guidance = inve/ors  7a7 ,p&emic        
guidance  7#a7 ,guidance ,n lat] ?an !  
end ( ! #fj-;day p]iod beg9n+ on ! date 
( enactm5t ( ?is section1 ! ,securities 
& ,ex*ange ,commission %all issue       
regulatory guidance on prep>$ness1      
flexibility1 relief1 & inve/or          
protection = inve/ors 9 p&emics & major 
disa/]s1 includ+ relevant disclosures4  
7#b7 ,updates ,! ,commission %all update
 ! guidance requir$ "u p>agraph 7#a7 z  
necess>y to keep su* guidance curr5t4   
7b7 ,p&emic prep>$ness te/+  7#a7 ,9    
g5]al ,n lat] ?an ! end ( ! #fj-;day    
p]iod beg9n+ on ! date ( enactm5t ( ?is 
,act1 & e #e ye>s !reaft]1 ! ,securities
 & ,ex*ange ,commission %all c>ry out   
te/+ along ) ! entities regulat$ by !   
,commission to det]m9e h[ effectively   
su* entities w be able to respond to a  
p&emic or major disa/]4  7#b7 ,report   
,aft] ! end ( ea* te/ requir$ "u        
p>agraph 7#a71 ! ,commission %all issue 

a report to ,congress conta9+ ! results 
( su* te/ & any regulatory or           
legislative recomm5dations ! ,commission
 may h to increase p&emic prep>$ness4   
7c7 ,major disa/] def9$ ,9 ?is section1 
! t]m major disa/] means a major disa/] 
decl>$ by ! ,presid5t "u section #dja ( 
! ,rob]t ,t4 ,/af=d ,disa/] ,relief &   
,em]g5cy ,assi/ance ,act 7#db ,u4,s4,c4 
#eagj71 "u :i* assi/ance is au?oriz$ "u 
section #djh ( su* ,act 7#db ,u4,s4,c4  
#eagd71 or section #eja ( su* ,act 7#db 
,u4,s4,c4 #eaia74  #ejd4 ,updates ( !   
,p&emic ,influ5za ,plan & ,national     
,plann+ ,frameworks  7a7 ,9 g5]al ,n    
lat] ?an "o ye> foll[+ ! end ( !        
,decl>ation ( ! ,national ,em]g5cy1 !   
,presid5t %all ensure t ! ,p&emic       
,influ5za ,plan 7#bjag ,update7 & !     
,national ,plann+ ,frameworks are       
updat$4 ,! ,secret>y ( ! ,treasury1 9   
consultation ) ! ,f$]al f9ancial        
regulators1 %all provide to ! ,presid5t 
! foll[+3 7#a7 ,an assessm5t ( !        
effectiv5ess ( curr5t plans & /rategies 

to address ! economic1 f9ancial1 &      
monet>y issues aris+ f a p&emic or o!r  
disa/]4  7#b7 ,a description ( ! mo/    
significant *all5ges to protect+ !      
economy1 ! f9ancial sy/em1 & consum]s1  
dur+ a p&emic or o!r disa/]1 includ+ !  
specific *all5ges exp]i5c$ by wom51     
racial & e?nic m9orities1 div]se-own$   
bus9esses1 vet]ans1 & ! disabl$4  7#c7  
,actions t c\ld be c>ri$ out 9 a crisis1
 z def9$ by ! prep>$ness plans describ$ 
9 subsection 7a71 su* z ! foll[+3 7,a7  
,significant increases ( unemploym5t    
insurance b5efits 7includ+ paym5t       
am\nts7 = all work]s "u a c]ta9 income  
?re%old1 includ+ freelanc]s & !         
self-employ$1 dur+ ! crisis4  7,b7 ,loan
 def]5ce1 modification1 & =be>ance      
me*anisms ( all consum] & bus9ess       
paym5ts1 all[+ long-t]m repaym5t plans &
 exclud+ no indu/ries1 dur+ ! crisis4   
7,c7 ,susp5sion ( =eclosure & eviction  
proce$+s tak5 aga9/ individuals or      
bus9esses dur+ ! crisis4  7,d7          
,susp5sion ( all negative consum] cr$it 

report+ dur+ ! crisis4  7,e7            
,prohibition ( debt collection1         
repossession1 & g>ni%m5t ( wages dur+ ! 
crisis4  7,f7 ,provision ( em]g5cy      
homeless assi/ance dur+ ! crisis4  7,g7 
,an increase 9 ,community ,developm5t   
,block ,grants dur+ ! crisis & to       
improve community response4  7,h7       
,r$uction ( hurdles 9 ! =m ( waiv]s &   
au?orities to modify exi/+ h\s+ &       
homelessness programs to facilitate     
response to ! crisis4  7,i7 ,exp& ! size
 /&>ds = eligible bus9esses ) access to 
no-int]e/ or l[-int]e/ loans ?r\gh !    
,small ,bus9ess ,adm9i/ration dur+ !    
crisis4  7,j7 ,remove ! size /&>d limits
 on eligible bus9esses ) access to      
no-int]e/ or l[-int]e/ loans ?r\gh !    
,small ,bus9ess ,adm9i/ration dur+ !    
crisis = bus9esses t agree to ma9ta9 _! 
employm5t work=ce & pres]ve b5efits dur+
 ! crisis4  7,k7 ,support = additional  
no-int]e/ or l[-int]e/ loans = small    
bus9esses ?r\gh ! ,small ,bus9ess       
,adm9i/ration dur+ ! crisis4  7,l7      

,utilization ( ! ,community ,developm5t 
,f9ancial ,in/itutions 7,,cdfi7 ,fund to
 support small bus9esses z well z       
l[-income communities dur+ ! crisis4    
7,m7 ,support = ,/ate1 t]ritory1 & local
 gov]nm5t f9anc+ dur+ ! crisis4  7,n7   
,waiv] ( mat*+ requirem5ts = municipal  
gov]nm5ts dur+ ! crisis4  7,o7          
,susp5sion ( requirem5ts relat+ to      
m9imum di/ributions = retirem5t plans & 
individual retirem5t acc\nts = ! cal5d> 
ye>s ( :i* ! crisis is occurr+4  7b7    
,special consid]ation = div]sity ,9     
issu+ ! updates requir$ "u subsection   
7a71 ! ,presid5t %all ensure t          
consid]ation is giv5 z to h[ to m9imize 
! economic impacts ( a crisis on wom51  
m9orities1 div]se-own$ bus9esses1       
vet]ans1 & ! disabl$4  7c7 ,mak+ plans  
public ,! updat$ plans describ$ 9       
subsection 7a7 %all be made publicly    
available1 b may h classifi$ in=mation  
r$act$4  7d7 ,def9itions ,9 ?is section3
 7#a7 ,decl>ation ( ! ,national ,em]g5cy
 ,! t]m ,decl>ation ( ! ,national       

,em]g5cy means ! em]g5cy decl>$ by !    
,presid5t "u section #eja ( ! ,rob]t ,t4
 ,/af=d ,disa/] ,relief & ,em]g5cy      
,assi/ance ,act 7#db ,u4,s4,c4 #eaia7   
relat+ to ! ,,covid-#ai p&emic4  7#b7   
,f$]al f9ancial regulator ,! t]m ,f$]al 
f9ancial regulators means ! ,bureau (   
,consum] ,f9ancial ,protection1 ! ,f$]al
 ,deposit ,insurance ,corporation1 !    
,f$]al ,h\s+ ,f9ance ,ag5cy1 ! ,bo>d (  
,gov]nors ( ! ,f$]al ,res]ve ,sy/em1 !  
,(fice ( ! ,comptroll] ( ! ,curr5cy1 !  
,national ,cr$it ,union ,adm9i/ration1 &
 ! ,securities & ,ex*ange ,commission4