[Congressional Bills 114th Congress]
[From the U.S. Government Publishing Office]
[S. 1484 Placed on Calendar Senate (PCS)]
Calendar No. 103
114th CONGRESS
1st Session
S. 1484
To improve accountability and transparency in the United States
financial regulatory system, protect access to credit for consumers,
provide sensible relief to financial institutions, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
June 2, 2015
Mr. Shelby, from the Committee on Banking, Housing, and Urban Affairs,
reported the following original bill; which was read twice and placed
on the calendar
_______________________________________________________________________
A BILL
To improve accountability and transparency in the United States
financial regulatory system, protect access to credit for consumers,
provide sensible relief to financial institutions, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.
(a) Short Title.--This Act may be cited as the ``Financial
Regulatory Improvement Act of 2015''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
TITLE I--REGULATORY RELIEF AND PROTECTION OF CONSUMER ACCESS TO CREDIT
Sec. 101. Exception to annual written privacy notice requirement under
the Gramm-Leach-Bliley Act.
Sec. 102. Privately insured credit unions authorized to become members
of a Federal Home Loan Bank.
Sec. 103. Designation of rural area.
Sec. 104. Independent Examination Review.
Sec. 105. Confidentiality of information shared between State and
Federal financial services regulators.
Sec. 106. Safe harbor for certain loans held in portfolio.
Sec. 107. Protecting consumer access to mortgage credit.
Sec. 108. Protecting access to manufactured homes.
Sec. 109. Streamlining bank exams.
Sec. 110. Adjustments for changes in gross domestic product.
Sec. 111. Study on the privacy risks of government publication of
personal financial data.
Sec. 112. Ensuring the reporting of appraisal misconduct.
Sec. 113. Mutual holding company dividend waivers.
Sec. 114. Safeguarding access to habitat for humanity homes.
Sec. 115. Clarifying the applicability of section 13(h)(1) of the Bank
Holding Company Act of 1956.
Sec. 116. Study of mortgage servicing assets.
Sec. 117. No wait for lower mortgage rates.
Sec. 118. Eliminating barriers to jobs for loan originators.
Sec. 119. Short form call reports.
Sec. 120. Application of the Expedited Funds Availability Act.
Sec. 121. Application of the Federal Advisory Committee Act.
Sec. 122. Budget transparency for the NCUA.
Sec. 123. Date for determining consolidated assets.
Sec. 124. FHLB membership.
Sec. 125. Ensuring a comprehensive regulatory review.
Sec. 126. Prohibition on implementation or participation in Operation
Choke Point.
TITLE II--SYSTEMICALLY IMPORTANT BANK HOLDING COMPANIES
Sec. 201. Revisions to Council authority.
Sec. 202. Revisions to Board authority.
Sec. 203. Effective date.
Sec. 204. Sense of Congress.
Sec. 205. Preservation of authority.
TITLE III--GREATER TRANSPARENCY FOR THE FINANCIAL STABILITY OVERSIGHT
COUNCIL PROCESS FOR NONBANK FINANCIAL COMPANIES
Sec. 301. Access to Council meetings by agency members.
Sec. 302. Nonbank determination process.
Sec. 303. Rule of construction.
TITLE IV--IMPROVED ACCOUNTABILITY AND TRANSPARENCY IN THE REGULATION OF
INSURANCE
Sec. 401. Sense of Congress.
Sec. 402. Ensuring the protection of insurance policyholders.
Sec. 403. International insurance capital standards accountability.
TITLE V--IMPROVING THE FEDERAL RESERVE SYSTEM
Sec. 501. Reports to Congress.
Sec. 502. Testimony; votes; staff.
Sec. 503. Transparency at the Federal Open Market Committee.
Sec. 504. Interest rates on balances maintained at a Federal Reserve
bank by depository institutions.
Sec. 505. Commission for restructuring the Federal Reserve System.
Sec. 506. GAO study on supervision.
Sec. 507. Federal Reserve study on nonbank supervision.
Sec. 508. Federal Reserve bank governance.
TITLE VI--IMPROVED ACCESS TO CAPITAL AND TAILORED REGULATION IN THE
FINANCIAL MARKETS
Sec. 601. Holding company registration threshold equalization.
Sec. 602. Increased threshold for disclosures relating to compensatory
benefit plans.
Sec. 603. Repeal of indemnification requirements.
Sec. 604. Improving access to capital for emerging growth companies.
TITLE VII--TAXPAYER PROTECTIONS AND MARKET ACCESS FOR MORTGAGE FINANCE
Sec. 701. Definitions.
Sec. 702. Prohibiting the use of guarantee fees as an offset.
Sec. 703. Limitations on sale of preferred stock.
Sec. 704. Secondary market advisory committee.
Sec. 705. Securitization platform.
Sec. 706. Mandatory risk sharing.
TITLE VIII--DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
TECHNICAL CORRECTIONS
Sec. 801. Table of contents; definitional corrections.
Sec. 802. Antitrust savings clause corrections.
Sec. 803. Title I corrections.
Sec. 804. Title II corrections.
Sec. 805. Title III corrections.
Sec. 806. Title IV correction.
Sec. 807. Title VI corrections.
Sec. 808. Title VII corrections.
Sec. 809. Title VIII corrections.
Sec. 810. Title IX corrections.
Sec. 811. Title X corrections.
Sec. 812. Title XI correction.
Sec. 813. Title XII correction.
Sec. 814. Title XIV correction.
Sec. 815. Conforming corrections to other statutes.
Sec. 816. Rulemaking deadlines.
Sec. 817. Effective dates.
TITLE I--REGULATORY RELIEF AND PROTECTION OF CONSUMER ACCESS TO CREDIT
SEC. 101. EXCEPTION TO ANNUAL WRITTEN PRIVACY NOTICE REQUIREMENT UNDER
THE GRAMM-LEACH-BLILEY ACT.
Section 503 of the Gramm-Leach-Bliley Act (15 U.S.C. 6803) is
amended by adding at the end the following:
``(f) Exception to Annual Written Notice Requirement.--
``(1) In general.--A financial institution described in
paragraph (2) shall not be required to provide an annual
written disclosure under this section until such time as the
financial institution fails to comply with subparagraph (A),
(B), or (C) of paragraph (2).
``(2) Covered institutions.--A financial institution
described in this paragraph is a financial institution that--
``(A) provides nonpublic personal information only
in accordance with the provisions of subsection (b)(2)
or (e) of section 502 or regulations prescribed under
section 504(b);
``(B) has not changed its policies and practices
with respect to disclosing nonpublic personal
information from the policies and practices that were
disclosed in the most recent disclosure sent to
consumers in accordance with this section; and
``(C) otherwise provides customers access to such
most recent disclosure in electronic or other form
permitted by regulations prescribed under section
504.''.
SEC. 102. PRIVATELY INSURED CREDIT UNIONS AUTHORIZED TO BECOME MEMBERS
OF A FEDERAL HOME LOAN BANK.
(a) In General.--Section 4(a) of the Federal Home Loan Bank Act (12
U.S.C. 1424(a)) is amended by adding at the end the following:
``(5) Certain privately insured credit unions.--
``(A) In general.--Subject to the requirements of
subparagraph (B), a credit union that lacks insurance
of its member accounts under Federal law shall be
treated as an insured depository institution for
purposes of this Act.
``(B) Certification by appropriate state
supervisor.--For purposes of this paragraph, a credit
union that lacks insurance of its member accounts under
Federal law and that has applied for membership in a
Federal Home Loan Bank shall be treated as an insured
depository institution if the following has occurred:
``(i) Determination by state supervisor of
the credit union.--
``(I) In general.--Subject to
subclause (II), the appropriate
supervisor of the State in which the
credit union is chartered has
determined that the credit union meets
all the eligibility requirements under
section 201(a) of the Federal Credit
Union Act (12 U.S.C. 1781(a)) to apply
for insurance of its member accounts as
of the date of the application for
membership.
``(II) Certification deemed
valid.--In the case of any credit union
to which subclause (I) applies, if the
appropriate supervisor of the State in
which such credit union is chartered
fails to make the determination
required pursuant to such subclause by
the end of the 12-month period
beginning on the date on which the
application is submitted to the
supervisor, the credit union shall be
deemed to have met the requirements of
subclause (I).
``(ii) Determination by state supervisor of
the private deposit insurer.--The licensing
entity of the private deposit insurer that is
insuring the member accounts of the credit
union--
``(I) receives, on an annual basis,
an independent actuarial opinion that
the private insurer has set aside
sufficient reserves for losses; and
``(II) obtains, as frequently as
appropriate, but not less frequently
than once every 36 months, a study by
an independent actuary on the capital
adequacy of the private insurer.
``(iii) Submission of financial
information.--The credit union or the
appropriate supervisor of the State in which
the credit union is chartered makes available,
and continues to make available for such time
as the credit union is a member of a Federal
Home Loan Bank, to the Federal Housing Finance
Agency or to the Federal Home Loan Bank all
reports, records, and other information related
to any examination or inquiry performed by the
supervisor concerning the financial condition
of the credit union, as soon as is practicable.
``(C) Security interests of federal home loan bank
not avoidable.--Notwithstanding any provision of State
law authorizing a conservator or liquidating agent of a
credit union to repudiate contracts, no such provision
shall apply with respect to--
``(i) any extension of credit from any
Federal Home Loan Bank to any credit union that
is a member of any such bank pursuant to this
paragraph; or
``(ii) any security interest in the assets
of such a credit union securing any such
extension of credit.
``(D) Protection for certain federal home loan bank
advances.--Notwithstanding any State law to the
contrary, if a Bank makes an advance under section 10
to a State-chartered credit union that is not federally
insured--
``(i) the interest of the Bank in any
collateral securing the advance has the same
priority and is afforded the same standing and
rights that the security interest would have
had if the advance had been made to a federally
insured credit union; and
``(ii) the Bank has the same right to
access such collateral that the Bank would have
had if the advance had been made to a federally
insured credit union.''.
(b) Copies of Audits of Private Insurers of Certain Depository
Institutions Required to Be Provided to Supervisory Agencies.--Section
43(a)(2)(A) of the Federal Deposit Insurance Act (12 U.S.C.
1831t(a)(2)(A)) is amended--
(1) in clause (i), by striking ``; and'' and inserting a
semicolon;
(2) in clause (ii), by striking the period at the end and
inserting ``; and''; and
(3) by adding at the end the following:
``(iii) in the case of depository
institutions described in subsection (e)(2)(A),
the member accounts of which are insured by the
private deposit insurer, which are members of a
Federal home loan bank, to the Federal Housing
Finance Agency, not later than 7 days after the
audit is completed.''.
(c) GAO Report.--Not later than 18 months after the date of
enactment of this Act, the Comptroller General of the United States
shall conduct a study and submit to Congress a report on--
(1) the adequacy of insurance reserves held by any private
deposit insurer that insures the member accounts of any entity
described in section 43(e)(2)(A) of the Federal Deposit
Insurance Act (12 U.S.C. 1831t(e)(2)(A)); and
(2) for any entity described in paragraph (1), the member
accounts of which are insured by a private deposit insurer, the
level of compliance with Federal regulations relating to the
disclosure of a lack of Federal deposit insurance.
SEC. 103. DESIGNATION OF RURAL AREA.
(a) Application.--Not later than 90 days after the date of
enactment of this Act, the Bureau of Consumer Financial Protection
shall establish an application process under which a person who lives
or does business in a State may, with respect to an area identified by
the person in the State that has not been designated by the Bureau of
Consumer Financial Protection as a rural area for purposes of a Federal
consumer financial law (as defined in section 1002 of the Consumer
Financial Protection Act of 2010 (12 U.S.C. 5481)), apply for such area
to be so designated.
(b) Evaluation Criteria.--In evaluating an application submitted
under subsection (a), the Bureau of Consumer Financial Protection shall
take into consideration the following factors:
(1) Criteria used by the Director of the Bureau of the
Census for classifying geographical areas as rural or urban.
(2) Criteria used by the Director of the Office of
Management and Budget to designate counties as metropolitan,
micropolitan, or neither.
(3) Criteria used by the Secretary of Agriculture to
determine property eligibility for rural development programs.
(4) The Department of Agriculture rural-urban commuting
area codes.
(5) A written opinion provided by the State bank supervisor
(as defined in section 3 of the Federal Deposit Insurance Act
(12 U.S.C. 1813).
(6) Population density.
(c) Rule of Construction.--If, at any time before the date on which
an application is submitted under subsection (a), the area subject to
review has been designated as nonrural by any Federal agency described
in subsection (b) using any of the criteria described in that
subsection, the Bureau of Consumer Financial Protection shall not be
required to consider such designation in its evaluation.
(d) Public Comment Period.--
(1) In general.--Not later than 60 days after the date on
which an application submitted under subsection (a) is
received, the Bureau of Consumer Financial Protection shall--
(A) publish the application on the website of the
Bureau of Consumer Financial Protection; and
(B) make the application available for public
comment for not fewer than 90 days.
(2) Limitation on additional applications.--Nothing in
this section shall be construed to require the Bureau of
Consumer Financial Protection, during the public comment period
described in paragraph (1) with respect to an application
submitted under subsection (a), to accept an additional
application with respect to the area that is the subject of the
initial application.
(e) Decision on Designation.--Not later than 90 days after the end
of the public comment period described in subsection (d)(1), the Bureau
of Consumer Financial Protection shall--
(1) grant or deny such application, in whole or in part;
and
(2) publish such grant or denial in the Federal Register,
along with an explanation of the factors on which the Bureau of
Consumer Financial Protection relied in making such decision.
(f) Subsequent Applications.--A decision by the Bureau under
subsection (e) to deny an application for an area to be designated as a
rural area shall not preclude the Bureau of Consumer Financial
Protection from accepting a subsequent application submitted under
subsection (a) for the area to be so designated if the subsequent
application is submitted after the date on which the 90-day period
beginning on the date on which the Bureau of Consumer Financial
Protection denies the application under subsection (e) expires.
(g) Operations in Rural Areas.--The Truth in Lending Act (15 U.S.C.
1601 et seq.) is amended--
(1) in section 129C(b)(2)(E)(iv)(I) (15 U.S.C.
1639c(b)(2)(E)(iv)(I)), by striking ``predominantly''; and
(2) in section 129D(c)(1) (15 U.S.C. 1639d(c)(1)), by
striking ``predominantly''.
SEC. 104. INDEPENDENT EXAMINATION REVIEW.
(a) In General.--The Federal Financial Institutions Examination
Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended by adding at
the end the following:
``SEC. 1012. OFFICE OF INDEPENDENT EXAMINATION REVIEW.
``(a) Establishment.--There is established in the Council an Office
of Independent Examination Review.
``(b) Head of Office.--
``(1) Establishment.--There is established the position of
the Director as the head of the Office of Independent
Examination Review, who shall be appointed by the Council for a
term of 5 years.
``(2) Removal.--
``(A) In general.--The President may remove the
Director from office.
``(B) Congressional notification.--Not later than
30 days after the date on which the Director is removed
from office under subparagraph (A), the President shall
submit to Congress a written notification describing
the reasons for the removal.
``(c) Staffing.--The Director may hire staff to support the
activities of the Office of Independent Examination Review.
``(d) Duties.--The Director shall--
``(1) receive and, at the discretion of the Director,
investigate complaints from financial institutions,
representatives of financial institutions, or any other entity
acting on behalf of financial institutions, concerning
examinations, examination practices, or examination reports;
``(2) hold meetings, not less than once every 90 days and
in locations designed to encourage participation from all
regions of the United States, with financial institutions,
representatives of financial institutions, or any other entity
acting on behalf of financial institutions, to discuss
examination procedures, examination practices, or examination
policies;
``(3) review examination procedures of the Federal
financial institutions regulatory agencies to ensure that the
written examination policies of the agencies are being followed
in practice and adhere to the standards for consistency
established by the Council;
``(4) conduct a continuing and regular program of
examination quality assurance for all types of examinations
conducted by the Federal financial institutions regulatory
agencies; and
``(5) submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate, the Committee on Financial
Services of the House of Representatives, and the Council an
annual report on the reviews carried out pursuant to paragraphs
(3) and (4), including recommendations for improvements in
examination procedures, practices, and policies.
``(e) Confidentiality.--The Director shall keep confidential--
``(1) all meetings, discussions, and information provided
by financial institutions; and
``(2) any confidential or privileged information provided
by a Federal financial institutions regulatory agency.
``(f) Funding; Budget.--
``(1) In general.--One-fifth of the costs and expenses of
the Office of Independent Examination Review, including the
salaries of its employees, shall be paid by each of the Federal
financial institutions regulatory agencies, which shall be
based on the budget submitted under paragraph (2).
``(2) Budget.--Not later than April 15 of each fiscal year,
the Director shall submit to the Council a projected budget for
the Office of Independent Examination Review for the following
fiscal year.''.
(b) Definitions.--Section 1003 of the Federal Financial
Institutions Examination Council Act of 1978 (12 U.S.C. 3302) is
amended--
(1) by striking paragraph (1) and inserting the following:
``(1) the term `Federal financial institutions regulatory
agencies' means the Office of the Comptroller of the Currency,
the Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporation, the National Credit
Union Administration, and the Bureau of Consumer Financial
Protection;'';
(2) in paragraph (2), by striking ``; and'' and inserting a
semicolon;
(3) in paragraph (3), by striking the semicolon and
inserting ``; and''; and
(4) by adding at the end the following:
``(4) the term `Director' means the Director established
under section 1012.''.
(c) Federal Banking Agency Ombudsman.--
(1) In general.--Section 309 of the Riegle Community
Development and Regulatory Improvement Act of 1994 (12 U.S.C.
4806) is amended--
(A) in the first sentence of subsection (a), by
inserting ``, the Bureau of Consumer Financial
Protection,'' after ``Federal banking agency'';
(B) in subsection (b)--
(i) by redesignating paragraphs (1) and (2)
as subparagraphs (A) and (B), respectively, and
adjusting the margins accordingly;
(ii) in the matter preceding subparagraph
(A), as so redesignated, by striking ``In
establishing'' and inserting the following:
``(1) In general.--In establishing'';
(iii) in paragraph (1)(B), as so
redesignated, by striking ``the appellant from
retaliation by agency examiners'' and inserting
``the insured depository institution or insured
credit union from retaliation by an agency
referred to in subsection (a)''; and
(iv) by adding at the end the following:
``(2) Retaliation.--For purposes of this subsection and
subsection (e), retaliation includes delaying consideration of,
or withholding approval of, any request, notice, or application
that otherwise would have been approved, but for the exercise
of the rights of the insured depository institution or insured
credit union under this section.''; and
(C) in subsection (e)(2)--
(i) in subparagraph (B), by striking ``;
and'' and inserting a semicolon;
(ii) in subparagraph (C), by striking the
period at the end and inserting ``; and''; and
(iii) by adding at the end the following:
``(D) ensure that appropriate safeguards exist for
protecting the insured depository institution or
insured credit union from retaliation by any
appropriate Federal banking agency for exercising the
rights of the insured depository institution or insured
credit union under this subsection.''.
(2) Effect.--Nothing in this subsection shall be construed
to affect the authority of an appropriate Federal banking
agency (as defined in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813)) or the National Credit Union
Administration Board to take enforcement or other supervisory
action.
(d) Federal Credit Union Act.--Section 205(j) of the Federal Credit
Union Act (12 U.S.C. 1785(j)) is amended by inserting ``the Bureau of
Consumer Financial Protection,'' before ``the Administration'' each
place that term appears.
(e) Federal Financial Institutions Examination Council Act.--
Section 1005 of the Federal Financial Institutions Examination Council
Act of 1978 (12 U.S.C. 3304) is amended by striking ``One-fifth'' and
inserting ``One-fourth''.
SEC. 105. CONFIDENTIALITY OF INFORMATION SHARED BETWEEN STATE AND
FEDERAL FINANCIAL SERVICES REGULATORS.
Section 1512(a) of the S.A.F.E. Mortgage Licensing Act of 2008 (12
U.S.C. 5111(a)) is amended by inserting ``or financial services''
before ``industry''.
SEC. 106. SAFE HARBOR FOR CERTAIN LOANS HELD IN PORTFOLIO.
(a) In General.--Section 129C of the Truth in Lending Act (15
U.S.C. 1639c) is amended by adding at the end the following:
``(j) Safe Harbor for Certain Loans Held in Portfolio.--
``(1) Definitions.--In this section--
``(A) the term `appropriate Federal banking agency'
has the meaning given that term in section 3 of the
Federal Deposit Insurance Act (12 U.S.C. 1813);
``(B) the term `depository institution' has the
meaning given that term in section 19(b)(1) of the
Federal Reserve Act (12 U.S.C. 461(b)(1)); and
``(C) the term `financial institution regulator'
means an appropriate Federal banking agency, the
Bureau, and the National Credit Union Administration.
``(2) Safe harbor for creditors.--
``(A) In general.--A creditor shall not be subject
to suit for failure to comply with subsection (a),
(c)(1), or (f)(2) of this section or section 129H with
respect to a residential mortgage loan, and the
financial institution regulators shall treat such loan
as a qualified mortgage, if--
``(i)(I) the creditor has, since the
origination of the loan, held the loan on the
balance sheet of the creditor; or
``(II) any person acquiring the loan has
continued to hold the loan on the balance sheet
of the person;
``(ii) the loan has not been acquired through a
securitization;
``(iii) all prepayment penalties with respect to
the loan comply with the limitations described in
subsection (c)(3);
``(iv) the loan does not have--
``(I) negative amortization;
``(II) interest-only features; or
``(III) a loan term of more than 30 years;
and
``(v) the creditor has documented the consumer's--
``(I) income;
``(II) employment;
``(III) assets; and
``(IV) credit history.
``(B) Exception for certain transfers.--In the case
of a depository institution that transfers a loan
originated by that institution to another depository
institution by reason of the bankruptcy or failure of
the originating depository institution or the purchase
of the originating depository institution, the
depository institution acquiring the loan shall be
deemed to have complied with the requirement under
subparagraph (A)(i).''.
(b) Reviewing the Portfolio of Systemically Important Banks.--
Section 18(o) of the Federal Deposit Insurance Act (12 U.S.C. 1828(o))
is amended by adding at the end the following:
``(5) Systemically important bank review.--The appropriate
Federal banking agency shall periodically review the mortgage
portfolio or targeted segments of the portfolios of a bank
subject to a determination under section 113A(a) of the
Financial Stability Act of 2010 if--
``(A) there is elevated risk;
``(B) there is an increase in delinquency and loss
rates;
``(C) there are new lines of business;
``(D) there are new acquisition channels;
``(E) there is rapid growth; or
``(F) an internal audit is inadequate.''.
(c) Rule of Construction.--Nothing in the amendment made by
subsection (a) shall be construed to prevent a balloon loan from
qualifying for the safe harbor provided under section 129C(j) of the
Truth in Lending Act, as added by subsection (a), if the balloon loan
otherwise meets all of the requirements under subsection (j) of that
section, regardless of whether the balloon loan meets the requirements
described under clauses (i) through (iv) of section 129C(b)(2)(E) of
that Act (12 U.S.C. 129C(b)(2)(E)).
SEC. 107. PROTECTING CONSUMER ACCESS TO MORTGAGE CREDIT.
(a) Definition of High-cost Mortgage.--Section 103 of the Truth in
Lending Act (15 U.S.C. 1602) is amended--
(1) by redesignating subsections (aa) and (bb) as
subsections (bb) and (aa), respectively, and moving subsection
(bb), as so redesignated, after subsection (aa), as so
redesignated; and
(2) in subsection (aa)(4), as so redesignated--
(A) in the matter preceding subparagraph (A), by
striking ``paragraph (1)(B)'' and inserting ``paragraph
(1)(A) and section 129C'';
(B) in subparagraph (C)--
(i) in the matter preceding clause (i), by
inserting ``and insurance'' after ``taxes'';
and
(ii) in clause (iii), by striking ``; and''
and inserting a semicolon; and
(C) in subparagraph (D)--
(i) by striking ``accident,''; and
(ii) by striking ``or any payments'' and
inserting ``and any payments''.
(b) Rulemaking.--Not later than 90 days after the date of enactment
of this Act, the Bureau of Consumer Financial Protection shall
promulgate regulations to carry out the amendments made by subsection
(a)(2).
(c) Study and Report on Consumer Access to Mortgage Credit.--
(1) Study required.--The Comptroller General of the United
States shall conduct a study to determine the effects that the
Dodd-Frank Wall Street Reform and Consumer Protection Act (12
U.S.C. 5301 et seq.) has had on the availability and
affordability of credit for consumers, small businesses, first-
time homebuyers, and mortgage lending, including the effects--
(A) on the mortgage market for mortgages that are
not qualified mortgages;
(B) on the ability of prospective homebuyers to
obtain financing, including first-time homebuyers;
(C) on the ability of homeowners facing resets or
adjustments to refinance, including whether homeowners
have fewer refinancing options due to the
unavailability of certain loan products that were
available before the date of enactment of the Dodd-
Frank Wall Street Reform and Consumer Protection Act
(12 U.S.C. 5301 et seq.);
(D) on the ability of minorities to access
affordable credit compared with other prospective
borrowers;
(E) on home sales and construction;
(F) of extending any right of rescission on
adjustable rate loans and the impact of the right of
rescission on litigation;
(G) of any State foreclosure law and the ability of
investors to transfer a property after foreclosure;
(H) of expanding the existing provisions of the
Home Ownership and Equity Protection Act of 1994 (15
U.S.C. 1601 note and 1602 note);
(I) of prohibiting prepayment penalties on high-
cost mortgages;
(J) of establishing counseling services under the
Department of Housing and Urban Development and offered
through the Office of Housing Counseling; and
(K) on the differences in title insurance premiums
and ancillary charges paid by low- and moderate-income
consumers to affiliates of mortgage lenders to purchase
title insurance versus title insurance premiums and
ancillary charges paid by low- and moderate-income
consumers to unaffiliated title agencies or attorneys
to purchase title insurance in those markets in which
both affiliated and unaffiliated mortgage lenders
compete.
(2) Report.--Not later than 1 year after the date of
enactment of this Act, the Comptroller General of the United
States shall submit to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives a report that
includes--
(A) the findings and conclusions of the Comptroller
General with respect to the study conducted under
paragraph (1); and
(B) any recommendations for legislative or
regulatory actions that--
(i) would enhance the access of a consumer
to mortgage credit;
(ii) is consistent with consumer
protections and safe and sound banking
operations; and
(iii) would address any negative effects on
mortgage credit and mortgage availability
identified in the study.
SEC. 108. PROTECTING ACCESS TO MANUFACTURED HOMES.
(a) Mortgage Originator Definition.--Section 103 of the Truth in
Lending Act (15 U.S.C. 1602) is amended--
(1) by redesignating the second subsection designated as
subsection (cc) and subsection (dd) as subsections (dd) and
(ee), respectively; and
(2) in subsection (dd)(2)(C), as so redesignated, by
striking ``an employee of a retailer of manufactured homes who
is not described in clause (i) or (iii) of subparagraph (A) and
who does not advise a consumer on loan terms (including rates,
fees, and other costs)'' and inserting ``a retailer of
manufactured or modular homes or its employees, unless such
retailer or its employees receive compensation or gain for
engaging in activities described in subparagraph (A) that is in
excess of any compensation or gain received in a comparable
cash transaction''.
(b) High-Cost Mortgage Definition.--Section 103(aa)(1)(A) of the
Truth in Lending Act (15 U.S.C. 1602(aa)(1)(A)), as redesignated by
section 107(a)(1) of this Act, is amended--
(1) in clause (i)(I), by striking ``(8.5 percentage points,
if the dwelling is personal property and the transaction is for
less than $50,000)'' and inserting ``(10 percentage points, if
the dwelling is personal property or is a transaction that does
not include the purchase of real property on which a dwelling
is to be placed, and the transaction is for less than $75,000
(as such amount is adjusted by the Bureau to reflect the change
in the Consumer Price Index))''; and
(2) in clause (ii)--
(A) in subclause (I), by striking ``; or'' and
inserting a semicolon; and
(B) by adding at the end the following:
``(III) in the case of a
transaction for less than $75,000 (as
such amount is adjusted by the Bureau
to reflect the change in the Consumer
Price Index) in which the dwelling is
personal property (or is a consumer
credit transaction that does not
include the purchase of real property
on which a dwelling is to be placed),
the greater of 5 percent of the total
transaction amount or $3,000 (as such
amount is adjusted by the Bureau to
reflect the change in the Consumer
Price Index); or''.
SEC. 109. STREAMLINING BANK EXAMS.
Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C.
1820(d)) is amended--
(1) in paragraph (4)(A), by striking ``$500,000,000'' and
inserting ``$1,000,000,000''; and
(2) in paragraph (10), by striking ``$500,000,000'' and
inserting ``$1,000,000,000''.
SEC. 110. ADJUSTMENTS FOR CHANGES IN GROSS DOMESTIC PRODUCT.
(a) Commodity Exchange Act.--Section 2(h)(7)(C)(ii) of the
Commodity Exchange Act (7 U.S.C. 2(h)(7)(C)(ii)) is amended by
inserting ``(as such amount is adjusted annually by the Commission to
reflect the percentage change for the previous calendar year in the
gross domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)'' after
``$10,000,000,000'' each place that term appears.
(b) Consumer Financial Protection Bureau Examination and Reporting
Threshold.--
(1) Increase in the examination threshold.--Section 1025(a)
of the Consumer Financial Protection Act of 2010 (12 U.S.C.
5515(a)) is amended by striking ``$10,000,000,000'' each place
that term appears and inserting ``$50,000,000,000 (as such
amount is adjusted annually by the Commission to reflect the
percentage change for the previous calendar year in the gross
domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)''.
(2) Increase in the reporting threshold.--Section 1026(a)
of the Consumer Financial Protection Act of 2010 (12 U.S.C.
5516(a)) is amended by striking ``$10,000,000,000'' each place
that term appears and inserting ``$50,000,000,000 (as such
amount is adjusted annually by the Commission to reflect the
percentage change for the previous calendar year in the gross
domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)''.
(3) Effective date.--This subsection and the amendments
made by this subsection shall take effect on the date that is
45 days after the date of enactment of this Act.
(c) Securities Exchange Act of 1934.--Section 3C(g)(3)(B) of the
Securities Exchange Act of 1934 (15 U.S.C. 78c-3(g)(3)(B)) is amended
by inserting ``(as such amount is adjusted annually by the Commission
to reflect the percentage change for the previous calendar year in the
gross domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)'' after
``$10,000,000,000'' each place that term appears.
(d) Electronic Fund Transfer Act.--Section 920(a)(6)(A) of the
Electronic Fund Transfer Act (15 U.S.C. 1693o-2(a)(6)(A)) is amended by
inserting ``(as such amount is adjusted annually by the Board to
reflect the percentage change for the previous calendar year in the
gross domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)'' after
``$10,000,000,000''.
(e) Enhancing Financial Institution Safety and Soundness Act of
2010.--Section 334(e) of the Enhancing Financial Institution Safety and
Soundness Act of 2010 (title III of Public Law 111-203; 124 Stat. 1539)
is amended by inserting ``(as such amount is adjusted annually by the
Corporation to reflect the percentage change for the previous calendar
year in the gross domestic product of the United States, as calculated
by the Bureau of Economic Analysis of the Department of Commerce)''
after ``$10,000,000,000''.
(f) Investor Protection and Securities Reform Act of 2010.--Section
956(f) of the Investor Protection and Securities Reform Act of 2010 (15
U.S.C. 5641(f)) is amended by inserting ``(as such amount is adjusted
annually by the appropriate Federal regulator to reflect the percentage
change for the previous calendar year in the gross domestic product of
the United States, as calculated by the Bureau of Economic Analysis of
the Department of Commerce)'' after ``$1,000,000,000''.
SEC. 111. STUDY ON THE PRIVACY RISKS OF GOVERNMENT PUBLICATION OF
PERSONAL FINANCIAL DATA.
Section 304 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C.
2803) is amended--
(1) in subsection (n), by inserting ``Such data shall not
be publicly disclosed by the Bureau or a depository institution
before the date on which the report is submitted under
subsection (o)(2).'' after the period at the end; and
(2) by adding at the end the following:
``(o) Study and Report to Congress.--
``(1) Study required.--The Comptroller General of the
United States shall conduct a study to determine whether the
data published under this Act, in connection with other
publicly available data sources, could allow for or increase
the probability of--
``(A) exposure of the identity of mortgage
applicants or mortgagors through reverse engineering;
``(B) exposure of mortgage applicants or mortgagors
to identity theft or the loss of sensitive personal
financial information;
``(C) the marketing or sale of unfair, deceptive,
or abusive financial products to mortgage applicants or
mortgagors based on the data published under this Act;
``(D) personal financial loss or emotional distress
resulting from the exposure of mortgage applicants or
mortgagors to identify theft or the loss of sensitive
personal financial information; and
``(E) the potential legal liability facing the
Bureau and market participants in the event the
published data leads or contributes to identity theft
or the capture of sensitive personal financial
information.
``(2) Report.--Not later than 1 year after the date of
enactment of this subsection, the Comptroller General of the
United States shall submit to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives a report
that includes--
``(A) the findings and conclusions of the
Comptroller General with respect to the study conducted
under paragraph (1); and
``(B) any recommendations for legislative or
regulatory actions that--
``(i) would enhance the privacy of a
consumer when accessing mortgage credit; and
``(ii) are consistent with consumer
protections and safe and sound banking
operations.''.
SEC. 112. ENSURING THE REPORTING OF APPRAISAL MISCONDUCT.
Section 129E of the Truth in Lending Act (15 U.S.C. 1639e) is
amended--
(1) in subsection (e)--
(A) by striking ``Any mortgage lender'' and
inserting the following:
``(1) In general.--Any mortgage lender''; and
(B) by adding at the end the following:
``(2) Limitation on civil liability.--No person may be held
civilly liable under any provision of Federal, State, or other
law for a disclosure made in good faith pursuant to this
section.''; and
(2) in subsection (k), by adding at the end the following:
``(4) Applicability.--This subsection shall not apply to
subsection (e).''.
SEC. 113. MUTUAL HOLDING COMPANY DIVIDEND WAIVERS.
Notwithstanding the rule of the Board of Governors of the Federal
Reserve System regarding Mutual Holding Company Dividend Waivers in
section 239.63 of title 12, Code of Federal Regulations (or any
successor thereto), grandfathered mutual holding companies and all
other mutual holding companies shall be permitted to waive the receipt
of dividends declared on the common stock of their bank or mid-size
holding companies.
SEC. 114. SAFEGUARDING ACCESS TO HABITAT FOR HUMANITY HOMES.
Section 129E(i)(2) of the Truth in Lending Act (15 U.S.C.
1639e(i)(2)) is amended--
(1) by redesignating subparagraphs (A) and (B) as clauses
(i) and (ii), respectively, and adjusting the margins
accordingly;
(2) in the matter preceding clause (i), as so redesignated,
by striking ``For purposes of'' and inserting the following:
``(A) In general.--For purposes of''; and
(3) by adding at the end the following:
``(B) Rule of construction related to appraisal
donations.--In the case of an appraisal for which the
appraiser voluntarily does not receive a fee, the
appraiser is not, and shall not be construed to be,
with respect to the donated appraisal, a fee appraiser
for purposes of this section.''.
SEC. 115. CLARIFYING THE APPLICABILITY OF SECTION 13(H)(1) OF THE BANK
HOLDING COMPANY ACT OF 1956.
(a) In General.--Section 13(h)(1) of the Bank Holding Company Act
of 1956 (12 U.S.C. 1851(h)(1)) is amended--
(1) in subparagraph (D), by redesignating clauses (i) and
(ii) as subclauses (I) and (II), respectively, and adjusting
the margins accordingly;
(2) by redesignating subparagraphs (A), (B), (C), and (D)
as clauses (i), (ii), (iii), and (iv), respectively, and
adjusting the margins accordingly;
(3) by striking ``institution that functions solely in a
trust or fiduciary capacity, if--''and inserting the following:
``institution--
``(A) that functions solely in a trust or fiduciary
capacity, if--''; and
(4) by striking the period at the end and inserting the
following: ``; or
``(B) with total consolidated assets of
$10,000,000,000 or less if such institution is not
controlled by a company with total consolidated assets
of more than $10,000,000,000 (as such amounts are
adjusted annually by the Board to reflect the
percentage change for the previous calendar year in the
gross domestic product of the United States, as
calculated by the Bureau of Economic Analysis of the
Department of Commerce).''.
(b) Reservation of Authority.--Section 13 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1851) is amended by adding at the end
the following:
``(i) Reservation of Authority for Certain Insured Depository
Institutions.--
``(1) In general.--Notwithstanding subsection (h)(1)(B),
the appropriate Federal banking agency for an insured
depository institution with total consolidated assets of
$10,000,000,000 or less may apply the prohibitions and
restrictions of this section to the activities of the insured
depository institution that, but for subsection (h)(1)(B),
would be subject to the prohibitions and restrictions of this
section if the appropriate Federal banking agency determines
that those activities--
``(A) are inconsistent with traditional banking
activities; or
``(B) due to their nature or volume, pose a risk to
the safety and soundness of the insured depository
institution.
``(2) Notice and response.--Each of the appropriate Federal
banking agencies shall establish a procedure for providing
notice to an insured depository institution of a determination
under paragraph (1) and an opportunity for response.''.
SEC. 116. STUDY OF MORTGAGE SERVICING ASSETS.
(a) Definitions.--In this section:
(1) Banking institution.--The term ``banking institution''
means an insured depository institution, Federal credit union,
State credit union, bank holding company, or savings and loan
holding company.
(2) Basel iii capital requirements.--The term ``Basel III
capital requirements'' means the Global Regulatory Framework
for More Resilient Banks and Banking Systems issued by the
Basel Committee on Banking Supervision on December 16, 2010, as
revised on June 1, 2011.
(3) Federal banking agencies.--The term ``Federal banking
agencies'' means the Board of Governors of the Federal Reserve
System, the Office of the Comptroller of the Currency, the
Federal Deposit Insurance Corporation, and the National Credit
Union Administration.
(4) Mortgage servicing assets.--The term ``mortgage
servicing assets'' means those assets that result from
contracts to service loans secured by real estate, where such
loans are owned by third parties.
(5) NCUA capital requirements.--The term ``NCUA capital
requirements'' means the proposed rule of the National Credit
Union Administration entitled ``Risk-Based Capital'' (80 Fed.
Reg. 4340 (January 27, 2015)).
(6) Other definitions.--
(A) Banking definitions.--The terms ``bank holding
company'', ``insured depository institution'', and
``savings and loan holding company'' have the meanings
given those terms in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813).
(B) Credit union definitions.--The terms ``Federal
credit union'' and ``State credit union'' have the
meanings given those terms in section 101 of the
Federal Credit Union Act (12 U.S.C. 1752).
(b) Study of the Appropriate Capital for Mortgage Servicing
Assets.--
(1) In general.--The Federal banking agencies shall jointly
conduct a study of the appropriate capital requirements for
mortgage servicing assets for banking institutions.
(2) Issues to be studied.--The study required under
paragraph (1) shall include, with a specific focus on banking
institutions--
(A) the risk to banking institutions of holding
mortgage servicing assets;
(B) the history of the market for mortgage
servicing assets, including in particular the market
for those assets in the period of the financial crisis;
(C) the ability of banking institutions to
establish a value for mortgage servicing assets of the
institution through periodic sales or other means;
(D) regulatory approaches to mortgage servicing
assets and capital requirements that may be used to
address concerns about the value of and ability to sell
mortgage servicing assets;
(E) the impact of imposing the Basel III capital
requirements and the NCUA capital requirements on
banking institutions on the ability of those
institutions--
(i) to compete in the mortgage servicing
business, including the need for economies of
scale to compete in that business; and
(ii) to provide service to consumers to
whom the institutions have made mortgage loans;
(F) an analysis of what the mortgage servicing
marketplace would look like if the Basel III capital
requirements and the NCUA capital requirements on
mortgage servicing assets--
(i) were fully implemented; and
(ii) applied to both banking institutions
and nondepository residential mortgage loan
servicers;
(G) the significance of problems with mortgage
servicing assets, if any, in banking institution
failures and problem banking institutions, including
specifically identifying failed banking institutions
where mortgage servicing assets contributed to the
failure; and
(H) an analysis of the relevance of the Basel III
capital requirements and the NCUA capital requirements
on mortgage servicing assets to the banking systems of
other significantly developed countries.
(3) Report to congress.--Not later than 180 days after the
date of enactment of this Act, the Federal banking agencies
shall submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report containing--
(A) the results of the study required under
paragraph (1);
(B) any analysis on the specific issue of mortgage
servicing assets undertaken by the Federal banking
agencies before finalizing regulations implementing the
Basel III capital requirements and the NCUA capital
requirements; and
(C) any recommendations for legislative or
regulatory actions that would address concerns about
the value of and ability to sell and the ability of
banking institutions to hold mortgage servicing assets.
SEC. 117. NO WAIT FOR LOWER MORTGAGE RATES.
(a) In General.--Section 129(b) of the Truth in Lending Act (15
U.S.C. 1639(b)) is amended--
(1) by redesignating paragraph (3) as paragraph (4); and
(2) by inserting after paragraph (2) the following:
``(3) No wait for lower rate.--If a creditor extends to a
consumer a second offer of credit with a lower annual
percentage rate, the transaction may be consummated without
regard to the period specified in paragraph (1).''.
(b) Safe Harbor for Good Faith Compliance With TILA-RESPA
Integrated Disclosure Rule.--Section 1032(f) of the Consumer Financial
Protection Act of 2010 (12 U.S.C. 5532(f)) is amended--
(1) by striking ``Not later than'' and inserting the
following:
``(1) In general.--Not later than''; and
(2) by adding at the end the following:
``(2) Safe harbor for good faith compliance.--
``(A) Safe harbor.--Notwithstanding any other
provision of law, during the period described in
subparagraph (B), an entity that provides the
disclosures required under the Truth in Lending Act (15
U.S.C. 1601 et seq.) and sections 4 and 5 of the Real
Estate Settlement Procedures Act of 1974 (12 U.S.C.
2603 and 2604), as in effect on July 31, 2015, shall
not be subject to any civil, criminal, or
administrative action or penalty for failure to fully
comply with any requirement under this subsection.
``(B) Applicable period.--Subparagraph (A) shall
apply to an entity during the period beginning on the
date of enactment of this paragraph and ending on the
date that is 30 days after the date on which a
certification by the Director that the model
disclosures required under paragraph (1) are accurate
and in compliance with all State laws is published in
the Federal Register.''.
SEC. 118. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS.
(a) In General.--The S.A.F.E. Mortgage Licensing Act of 2008 (12
U.S.C. 5101 et seq.) is amended by adding at the end the following:
``SEC. 1518. EMPLOYMENT TRANSITION.
``(a) Temporary License for Persons Moving From a Financial
Institution to a Non-bank Originator.--A registered loan originator
shall be deemed to be a State-licensed loan originator for the 120-day
period beginning on the date on which a State-licensed mortgage lender,
mortgage banker, or mortgage servicer that is not a depository
institution registers with the Nationwide Mortgage Licensing System and
Registry that the registered loan originator is employed by the State-
licensed mortgage lender, mortgage banker, or mortgage servicer, as
applicable.
``(b) Temporary License for Persons Moving Interstate.--A
registered loan originator or State-licensed loan originator in 1 State
shall be deemed to be a State-licensed loan originator in another State
for the 120-day period beginning on the date on which a State-licensed
mortgage lender, mortgage banker, or mortgage servicer in that State
registers with the Nationwide Mortgage Licensing System and Registry
that the registered loan originator or State-licensed loan originator
is employed by the State-licensed mortgage lender, mortgage banker, or
mortgage servicer, as applicable.
``(c) Federal and State Recognition.--The registration provided
under subsections (a) and (b) shall fulfill any licensing or
registration requirement for a loan originator under section 1504 and
any State law or regulation.''.
(b) Technical and Conforming Amendment.--The table of contents for
the Housing and Economic Recovery Act of 2008 (Public Law 110-289; 122
Stat. 2654) is amended by inserting after the item relating to section
1517 the following:
``Sec. 1518. Employment transition.''.
SEC. 119. SHORT FORM CALL REPORTS.
Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C.
1817(a)) is amended by adding at the end the following:
``(12) Short form reporting.--
``(A) Review of reports of condition.--The
appropriate Federal banking agencies shall jointly
review the information and schedules that are required
to be filed by an insured depository institution in a
report of condition required under paragraph (3). As
part of this review, the appropriate Federal banking
agencies shall jointly--
``(i) establish guiding principles for
determining the appropriateness of information
and schedules collected in a report of
condition; and
``(ii) consistent with the principles
established under clause (i), consider and
document the need for each data item collected,
the frequency with which each data item will be
collected, and the population of insured
depository institutions from which each data
item is required.
``(B) Development of short form reports of
condition.--After completing the review required under
subparagraph (A), the appropriate Federal banking
agencies shall jointly develop, to the extent
appropriate, 1 or more report of condition forms that
reduce or eliminate information or schedules required
to be filed by an insured depository institution in a
report of condition required under paragraph (3). Such
form or forms shall, as determined by the appropriate
Federal banking agencies, be appropriate for the size
and complexity of the insured depository institution.
``(C) Reports to congress.--Not later than 180 days
after the date of enactment of this paragraph, and
every 180 days thereafter until the appropriate Federal
banking agencies have jointly completed the
requirements under subparagraphs (A) and (B), the
appropriate Federal banking agencies shall submit to
the Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Financial Services of
the House of Representatives a report describing the
progress made concerning the completion of such
responsibilities.''.
SEC. 120. APPLICATION OF THE EXPEDITED FUNDS AVAILABILITY ACT.
(a) In General.--The Expedited Funds Availability Act (12 U.S.C.
4001 et seq.) is amended--
(1) in section 602 (12 U.S.C. 4001)--
(A) in paragraph (20), by inserting ``, located in
the United States,'' after ``ATM'';
(B) in paragraph (21), by inserting ``American
Samoa, the Commonwealth of the Northern Mariana
Islands,'' after ``Puerto Rico,''; and
(C) in paragraph (23), by inserting ``American
Samoa, the Commonwealth of the Northern Mariana
Islands,'' after ``Puerto Rico,''; and
(2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by
inserting ``American Samoa, the Commonwealth of the Northern
Mariana Islands,'' after ``Puerto Rico,''.
(b) Effective Date.--The amendments made by subsection (a) shall
take effect on January 1, 2016.
SEC. 121. APPLICATION OF THE FEDERAL ADVISORY COMMITTEE ACT.
Section 1013 of the Consumer Financial Protection Act of 2010 (12
U.S.C. 5493) is amended by adding at the end the following:
``(h) Application of FACA.--Notwithstanding any provision of the
Federal Advisory Committee Act (5 U.S.C. App.), such Act shall apply to
each advisory committee of the Bureau and each subcommittee of such an
advisory committee.''.
SEC. 122. BUDGET TRANSPARENCY FOR THE NCUA.
Section 209(b) of the Federal Credit Union Act (12 U.S.C. 1789) is
amended--
(1) by redesignating paragraphs (1) and (2) as paragraphs
(2) and (3), respectively;
(2) by inserting before paragraph (2), as so redesignated,
the following:
``(1) on an annual basis and prior to the submission of the
detailed business-type budget required under paragraph (2)--
``(A) make publicly available and cause to be
printed in the Federal Register a draft of the detailed
business-type budget; and
``(B) hold a public hearing, with public notice
provided of the hearing, wherein the public may submit
comments on the draft of the detailed business-type
budget;''; and
(3) in paragraph (2), as so redesignated--
(A) by inserting ``detailed'' after ``submit a'';
and
(B) by inserting ``, which shall address any
comment submitted by the public under paragraph
(1)(B)'' after ``Control Act''.
SEC. 123. DATE FOR DETERMINING CONSOLIDATED ASSETS.
Section 171(b)(4)(C) of the Financial Stability Act of 2010 (12
U.S.C. 5371(b)(4)(C)) is amended by inserting ``or March 31, 2010,''
after ``December 31, 2009,''.
SEC. 124. FHLB MEMBERSHIP.
(a) FHLB Membership Proposed Rule.--
(1) Definitions.--In this subsection:
(A) Community development financial institution.--
The term ``community development financial
institution'' has the meaning given that term in
section 103 of the Community Development Banking and
Financial Institutions Act of 1994 (12 U.S.C. 4702).
(B) Covered proposed rule.--The term ``covered
proposed rule'' means the proposed rule of the Federal
Housing Finance Agency entitled ``Members of Federal
Home Loan Banks'' (79 Fed. Reg. 54848 (September 12,
2014)).
(C) Other terms from the federal home loan bank
act.--The terms ``community financial institution'',
``Federal Home Loan Bank'', and ``Federal Home Loan
Bank System'' have the meanings given those terms in
section 2 of the Federal Home Loan Bank Act (12 U.S.C.
1422).
(2) Withdrawal of proposed rule.--Not later than 30 days
after the date of enactment of this Act, the Federal Housing
Finance Agency shall withdraw the covered proposed rule.
(3) GAO study and report on proposed rule.--
(A) Study.--
(i) In general.--The Comptroller General of
the United States shall conduct a study on the
impact that the covered proposed rule would
have, if adopted as proposed, on--
(I) the ability of the Federal Home
Loan Banks to fulfill the mandate to
provide liquidity to support housing
finance and economic and community
development;
(II) the safety and soundness of
the Federal Home Loan Bank System;
(III) the liquidity needs of
financial intermediaries;
(IV) the stability of the Federal
Home Loan Bank System;
(V) the benefits of a diverse
membership base for Federal Home Loan
Banks; and
(VI) the ability of member
institutions to rely on access to
Federal Home Loan Bank advances.
(ii) Considerations.--In conducting the
study under clause (i), the Comptroller General
of the United States shall consider--
(I) the comment letters submitted
in response to the notice of proposed
rulemaking for the covered proposed
rule;
(II) the legislative and
administrative history of the Federal
Home Loan Bank membership rules;
(III) the burden placed on
community financial institutions and
community development financial
institutions; and
(IV) the legal authority of the
Federal Housing Finance Agency to
exclude from membership any class or
category of insurance companies.
(B) Report.--Not later than 1 year after the date
of enactment of this Act, the Comptroller General of
the United States shall submit to the Committee on
Banking, Housing, and Urban Affairs of the Senate and
the Committee on Financial Services of the House of
Representatives a report on the findings of the study
conducted under subparagraph (A)(i).
(b) Credit Union Parity for FHLB Membership Eligibility.--Section
2(10)(A)(i) of the Federal Home Loan Bank Act (12 U.S.C.
1422(10)(A)(i)) is amended to read as follows:
``(i) the deposits of which--
``(I) are insured under the Federal
Deposit Insurance Act (12 U.S.C. 1811
et seq.); or
``(II) are insured under or
eligible to be insured under the
Federal Credit Union Act (12 U.S.C.
1751 et seq.); and''.
SEC. 125. ENSURING A COMPREHENSIVE REGULATORY REVIEW.
Section 2222 of the Economic Growth and Regulatory Paperwork
Reduction Act of 1996 (12 U.S.C. 3311) is amended--
(1) in subsection (a)--
(A) by striking ``each appropriate Federal banking
agency represented on the Council'' and inserting
``each of the Office of the Comptroller of the
Currency, the Federal Deposit Insurance Corporation,
the Board of Governors of the Federal Reserve System,
the Bureau of Consumer Financial Protection, and the
National Credit Union Administration Board as the
Federal agency representatives on the Council'';
(B) by inserting ``, joint or otherwise, and
including all regulations issued pursuant to any
authority provided under the Dodd-Frank Wall Street
Reform and Consumer Protection Act (Public Law 111-203;
124 Stat. 1376),'' after ``prescribed by the Council'';
(C) by striking ``any such appropriate Federal
banking agency'' and inserting ``any such Federal
agency''; and
(D) by striking ``insured depository institutions''
and inserting ``financial institutions'';
(2) in subsections (b), (c), and (d), by striking ``the
appropriate Federal banking agency'' each place that term
appears and inserting ``the appropriate Federal agency''; and
(3) in subsection (e)--
(A) in paragraph (1), by striking ``the appropriate
Federal banking agencies'' and inserting ``the
appropriate Federal agencies''; and
(B) in paragraph (2), by striking ``the appropriate
Federal banking agency'' and inserting ``the
appropriate Federal agency''.
SEC. 126. PROHIBITION ON IMPLEMENTATION OR PARTICIPATION IN OPERATION
CHOKE POINT.
The Federal Deposit Insurance Corporation, the Office of the
Comptroller of the Currency, the Board of Governors of the Federal
Reserve System, the Bureau of Consumer Financial Protection, or the
National Credit Union Administration may not implement or participate
in the Operation Choke Point initiative of the Department of Justice.
TITLE II--SYSTEMICALLY IMPORTANT BANK HOLDING COMPANIES
SEC. 201. REVISIONS TO COUNCIL AUTHORITY.
(a) Purposes and Duties.--Section 112(a)(2)(I) of the Financial
Stability Act of 2010 (12 U.S.C. 5322(a)(2)(I)) is amended--
(1) by striking ``and large, interconnected bank holding
companies''; and
(2) by inserting ``and bank holding companies subject to a
determination under section 113A(a)'' before the semicolon at
the end.
(b) Authority to Require Supervision and Regulation of Certain Bank
Holding Companies.--The Financial Stability Act of 2010 (12 U.S.C. 5311
et seq.) is amended by adding after section 113 (12 U.S.C. 5323) the
following:
``SEC. 113A. AUTHORITY TO REQUIRE SUPERVISION AND REGULATION OF
SYSTEMICALLY IMPORTANT BANK HOLDING COMPANIES.
``(a) In General.--The Council may, in accordance with the
procedures described in subsections (c) and (d), determine that a bank
holding company shall be deemed systemically important.
``(b) Considerations.--
``(1) The Council shall, not later than 90 days after the
date of enactment of this section, issue regulations describing
with specificity the factors that the Council will use to make
a determination under subsection (a). Such factors shall
initially include the following:
``(A) The size of the bank holding company.
``(B) The interconnectedness of the bank holding
company.
``(C) The extent of readily available substitutes
or financial institution infrastructure for the
services provided by the bank holding company.
``(D) The global cross-jurisdictional activity of
the bank holding company.
``(E) The complexity of the bank holding company.
``(2) The Council may, by regulation, add to, subtract, or
modify the factors used by the Council pursuant to paragraph
(1) if the Council--
``(A) provides notice to the public and opportunity
for comment on any proposed changes;
``(B) explains, as part of the notice required in
subparagraph (A), with specificity how any proposed
changes would result in factors that more accurately
measure the threat that the material financial distress
of a bank holding company could pose to the financial
stability of the United States, in comparison with the
existing factors; and
``(C) finds, on a nondelegable basis and by a vote
of not fewer than \2/3\ of the voting members then
serving, including an affirmative vote by the
Chairperson, that such a change would result in factors
that more accurately measure the threat that the
material financial distress of a bank holding company
could pose to the financial stability of the United
States, in comparison with the existing factors.
``(c) Bank Holding Companies Deemed Systemically Important.--
``(1) In general.--With respect to a bank holding company
with total consolidated assets of not less than $50,000,000,000
and not more than $500,000,000,000 (as such amounts are
adjusted annually by the Council to reflect the percentage
change for the previous calendar year in the gross domestic
product of the United States, as calculated by the Bureau of
Economic Analysis of the Department of Commerce), the Council
may, on a nondelegable basis and by a vote of not fewer than
\2/3\ of the voting members then serving, including an
affirmative vote by the Chairperson, make a determination under
subsection (a) if the Council determines, based on the factors
considered pursuant to subsection (b), that the material
financial distress of a bank holding company could pose a
threat to the financial stability of the United States.
``(2) Requirements for proposed determination, notice and
opportunity for hearing, and final determination.--
``(A) Initial evaluation by the board of
governors.--The Board of Governors may identify a bank
holding company for an evaluation of whether, based on
the factors considered pursuant to subsection (b), the
material financial distress of the bank holding company
could pose a threat to the financial stability of the
United States. Upon identifying such bank holding
company, the Board of Governors--
``(i) shall provide the bank holding
company with--
``(I) a written notice that shall
include any quantitative analysis used
in identifying the bank holding company
and shall explain with specificity the
basis for identifying the bank holding
company;
``(II) an opportunity to submit
written materials for consideration by
the Board of Governors as part of an
evaluation by the Board of Governors
under clause (ii); and
``(III) an opportunity to meet with
representatives of the Board of
Governors to discuss the analysis
conducted by the Board of Governors to
identify the bank holding company;
``(ii) may, after fulfilling the
requirements of clause (i), evaluate whether,
based on the factors considered pursuant to
subsection (b), the material financial distress
of the bank holding company could pose a threat
to the financial stability of the United
States;
``(iii) may, at the conclusion of an
evaluation under clause (ii), make a
recommendation to the Council that the Council
perform an evaluation under subparagraph
(B)(ii)(I); and
``(iv) shall, if a recommendation is made
under clause (iii), provide written notice to
the bank holding company that a recommendation
was made, which notice shall include a detailed
explanation of the basis for the
recommendation, including how each factor
considered pursuant to subsection (b) relates
to the potential threat posed by the bank
holding company to the financial stability of
the United States.
``(B) Evaluation by the council.--
``(i) In general.--The Council may only
make a proposed determination with respect to a
bank holding company under subparagraph (C)(i)
if the Council--
``(I) has received a recommendation
under subparagraph (A)(iii) with
respect to the bank holding company; or
``(II) not earlier than the
effective date of this section, and
after consultation and coordination
with the Board of Governors, on a
nondelegable basis and by a vote of not
fewer than \2/3\ of the voting members
then serving, including an affirmative
vote by the Chairperson, decides to
evaluate the bank holding company for a
proposed determination under
subparagraph (C)(i).
``(ii) Requirements before making a
proposed determination.--Before making a
proposed determination with respect to a bank
holding company under subparagraph (C)(i), and
after receiving a recommendation under clause
(i)(I) or making a decision under clause
(i)(II), the Council shall--
``(I) perform an evaluation of the
bank holding company, including an
evaluation of--
``(aa) whether the material
financial distress of the bank
holding company could pose a
threat to the financial
stability of the United States;
and
``(bb) how each of the
factors considered pursuant to
subsection (b) relates to the
potential threat posed by the
bank holding company to the
financial stability of the
United States; and
``(II) provide the bank holding
company with--
``(aa) a written notice
that the bank holding company
is being evaluated;
``(bb) an opportunity to
meet with representatives of
the Council to discuss the
evaluation by the Council; and
``(cc) an opportunity to
submit written materials to the
Council, within such time as
the Council deems appropriate
(but not earlier than 30 days
after the date of receipt of
the notice under item (aa)).
``(C) Proposed determination.--
``(i) Voting.--After fulfilling the
requirements of subparagraph (B), the Council
may, on a nondelegable basis and by a vote of
not fewer than \2/3\ of the voting members then
serving, including an affirmative vote by the
Chairperson, propose to make a determination
under paragraph (1) with respect to a bank
holding company.
``(ii) Notice of proposed determination.--
If the Council makes a proposed determination
under clause (i), the Council shall provide a
notice to the bank holding company, which
notice shall contain the basis for the proposed
determination, including a detailed explanation
of the evaluation performed under subparagraph
(B)(ii)(I).
``(D) Requirements before final determination.--
After making a proposed determination under
subparagraph (C)(i) and prior to making a final
determination under paragraph (1), the Council shall--
``(i) not later than 30 days after the date
of receipt of any notice under subparagraph
(C)(ii), provide the bank holding company with
an opportunity to request, in writing, a
hearing before the Council to contest the
proposed determination;
``(ii) if the Council receives a timely
request under clause (i), fix a time (not
earlier than 30 days after the date of receipt
of the request) and place at which the bank
holding company may appear, personally or
through counsel, to, at the discretion of the
bank holding company--
``(I) submit a plan to modify the
business, structure, or operations of
the bank holding company in order to
address the factors and the potential
threat posed by the bank holding
company to the financial stability of
the United States identified pursuant
to subparagraph (C)(ii);
``(II) submit written materials in
addition to or separate from the plan
described in subclause (I); and
``(III) provide oral testimony and
oral argument to the members of the
Council, with not fewer than \2/3\ of
the voting members of the Council,
including the Chairperson, in
attendance; and
``(iii) in the event a plan is submitted to
the Council under clause (ii)(I)--
``(I) consider whether the plan, if
implemented, would address the factors
and the potential threat posed by the
bank holding company to the financial
stability of the United States
identified pursuant to subparagraph
(C)(ii); and
``(II) provide the bank holding
company with--
``(aa) analysis of whether
and to what extent the plan
addresses the factors and the
potential threat posed by the
bank holding company to the
financial stability of the
United States identified
pursuant to subparagraph
(C)(ii);
``(bb) an opportunity to
meet with representatives of
the Council to discuss the
analysis provided under item
(aa); and
``(cc) an opportunity to
revise the plan after
discussions with
representatives of the Council.
``(E) Final determination.--
``(i) In general.--After fulfilling the
requirements of subparagraph (D), and not later
than 90 days after the date on which a hearing
is held under subparagraph (D)(ii), the Council
may vote to make a final determination under
paragraph (1). The Council may delay the vote
up to 1 additional year after the conclusion of
the 90-day period if considering a plan under
subparagraph (D)(iii).
``(ii) Outcome of the vote.--If the Council
votes on a final determination under paragraph
(1), the Council shall promptly inform the bank
holding company of the outcome of the vote in
writing.
``(iii) Notice of final determination.--If
the Council votes to make a final determination
under paragraph (1), the Council shall, not
later than 30 days after the date of the vote,
provide a notice to the bank holding company,
which notice shall contain--
``(I) the basis for the
determination, including--
``(aa) a detailed analysis
of any plan submitted by the
bank holding company and
considered by the Council under
subparagraph (D), if
applicable, which analysis
shall, at a minimum, include--
``(AA) whether and
to what extent
successful
implementation of the
plan could address the
factors and the
potential threat posed
by the bank holding
company to the
financial stability of
the United States
identified pursuant to
subparagraph (C)(ii);
and
``(BB) a detailed
explanation of why the
plan would not address
the factors and the
potential threat posed
by the bank holding
company to the
financial stability of
the United States
identified pursuant to
subparagraph (C)(ii),
if the Council, during
its consideration of
the plan under
subparagraph
(D)(iii)(I), concluded
that the plan would not
address such factors or
potential threat;
``(bb) the reasons why the
materials and other information
submitted or provided by the
bank holding company under
subclauses (II) and (III) of
subparagraph (D)(ii) did not
address the potential threat
posed by the bank holding
company to the financial
stability of the United States;
``(cc) a detailed analysis
of how the factors, including
an explanation of how each
factor relates to the potential
threat posed by the bank
holding company to the
financial stability of the
United States, that the Council
considered pursuant to
subsection (b) resulted in the
final determination under
paragraph (1); and
``(dd) specific aspects of
the business, operations, or
structure of the bank holding
company that the Council
believes could pose a threat to
the financial stability of the
United States, including an
assessment by the Council of
the probability and magnitude
of the threat; and
``(II) an explanation of actions
the bank holding company could take in
order for the Council to rescind the
determination.
``(3) Reevaluation and rescission.--
``(A) Reevaluation requirement.--The Council shall,
in accordance with this paragraph, reevaluate a final
determination made under paragraph (1) with respect to
a bank holding company--
``(i) if, at any time, the Board of
Governors recommends that the Council do so;
and
``(ii) not less frequently than once every
5 years.
``(B) Reevaluation procedure.--The Council, in
conducting any reevaluation of a bank holding company
required under subparagraph (A), shall--
``(i) provide a written notice to the bank
holding company being reevaluated;
``(ii) afford the bank holding company an
opportunity to submit a plan, within such time
as the Council determines to be appropriate
(but which shall be not earlier than 30 days
after the date of receipt by the bank holding
company of the notice provided under clause
(i)), to modify the business, structure, or
operations of the bank holding company;
``(iii) afford the bank holding company an
opportunity to submit written materials in
addition to, or separate from, the plan
described in clause (ii), within such time as
the Council determines to be appropriate (but
which shall be not earlier than 30 days after
the date of receipt by the bank holding company
of the notice provided under clause (i)), to
contest the determination, including materials
concerning whether, in the view of the bank
holding company, the material financial
distress at the bank holding company could pose
a threat to the financial stability of the
United States;
``(iv) provide an opportunity for the bank
holding company to meet with representatives of
the Council to present the information
described in clauses (ii) and (iii);
``(v) not earlier than 30 days after the
date of receipt of any notice under clause (i),
provide the bank holding company with an
opportunity to request, in writing, a hearing
before the Council to contest its final
determination under paragraph (1); and
``(vi) if the Council receives a timely
request under clause (v), fix a time (not
earlier than 30 days after the date of receipt
of the request) and place at which the bank
holding company may appear, personally or
through counsel, to, at the discretion of the
bank holding company, provide oral testimony
and oral argument to the members of the
Council, with not fewer than \2/3\ of the
voting members of the Council, including the
Chairperson, in attendance.
``(C) Company plan.--If a bank holding company
submits a plan in accordance with subparagraph (B)(ii),
the Council shall--
``(i) consider whether the plan, if
implemented, would result in the bank holding
company no longer meeting the criteria for a
final determination under paragraph (1); and
``(ii) provide the bank holding company
with--
``(I) analysis of whether and to
what extent the plan addresses the
potential threat posed by the bank
holding company to the financial
stability of the United States;
``(II) an opportunity to meet with
representatives of the Council to
discuss the analysis provided under
subclause (I); and
``(III) an opportunity to revise
the plan after discussions with
representatives of the Council.
``(D) Voting and explanation.--
``(i) In general.--After evaluating the
materials and information provided by a bank
holding company under subparagraph (B) and
fulfilling the requirements of subparagraph
(C), and not later than 180 days after the date
of receipt by the bank holding company of the
notice provided under subparagraph (B)(i), the
Council shall, on a nondelegable basis and by a
vote of not fewer than \2/3\ of the voting
members then serving, including an affirmative
vote by the Chairperson, determine whether to
renew a final determination under paragraph
(1).
``(ii) Notice of final determination.--If
the Council votes to renew a final
determination under clause (i), the Council
shall provide a notice to the bank holding
company with the reasons for the decision by
the Council, which notice shall address with
specificity--
``(I) any changes to the basis for
the final determination decision made
under paragraph (1) since the date on
which the final determination under
paragraph (1) was made, including any
changes to the information provided to
the bank holding company under--
``(aa) paragraph
(2)(E)(iii)(I)(cc); or
``(bb) this clause, in
prior years;
``(II) any plan submitted by the
bank holding company and considered by
the Council under subparagraph (C), and
shall, at a minimum, include--
``(aa) a detailed analysis
of whether and to what extent
successful implementation of
the plan could result in the
bank holding company no longer
meeting the criteria for a
final determination under
paragraph (1); and
``(bb) a detailed
explanation of why, if the plan
were implemented, the bank
holding company would still
meet the criteria for a final
determination under paragraph
(1), if the Council, during its
consideration of the plan under
subparagraph (C), concluded
that the bank holding company
would still meet those criteria
if the plan were implemented;
``(III) aspects of the business,
operations, or structure of the bank
holding company that the Council
believes could pose a threat to the
financial stability of the United
States, including the probability and
magnitude of that threat; and
``(IV) an explanation of actions
the bank holding company could take in
order for the Council to rescind the
determination.
``(iii) No final determination.--If the
Council does not vote to renew a final
determination under clause (i), then the
existing final determination under paragraph
(1) shall be rescinded and the Council shall
inform the bank holding company in writing.
``(iv) Voting threshold for rescission of
determination.--Notwithstanding clause (iii),
the Council may, at any time, on a nondelegable
basis and by a vote of not fewer than \2/3\ of
the voting members then serving, including an
affirmative vote by the Chairperson, determine
that a bank holding company no longer meets the
criteria for a final determination under
paragraph (1), in which case the Council shall
rescind the final determination.
``(4) Emergency exception.--
``(A) In general.--The Council may waive or modify
the requirements of paragraph (2) with respect to a
bank holding company with total consolidated assets of
not less than $50,000,000,000 and not more than
$500,000,000,000 (as such amounts are adjusted annually
by the Council to reflect the percentage change for the
previous calendar year in the gross domestic product of
the United States, as calculated by the Bureau of
Economic Analysis of the Department of Commerce) if the
Council determines, on a nondelegable basis and by a
vote of not fewer than \2/3\ of the voting members then
serving, including an affirmative vote by the
Chairperson, that such waiver or modification is
necessary or appropriate to prevent or mitigate threats
posed by the bank holding company to the financial
stability of the United States.
``(B) Notice.--The Council shall provide notice of
a waiver or modification under this paragraph to the
bank holding company concerned as soon as practicable,
but not later than 24 hours after the waiver or
modification is granted.
``(C) International coordination.--In making a
determination under subparagraph (A), the Council shall
consult with the appropriate home country supervisor,
if any, of a foreign bank holding company that is being
considered for such a determination.
``(D) Opportunity for hearing.--The Council shall
allow a bank holding company to request, in writing, an
opportunity for a hearing before the Council to contest
a waiver or modification under this paragraph, not
later than 10 days after the date of receipt of the
notice of waiver or modification. Upon receipt of a
timely request, the Council shall fix a time (not later
than 15 days after the date of receipt of the request)
and place at which the bank holding company may appear,
personally or through counsel, to submit written
materials (or, at the sole discretion of the Council,
oral testimony and oral argument).
``(E) Notice of final determination.--Not later
than 30 days after the date of any hearing under
subparagraph (D), the Council shall notify the subject
bank holding company of the final determination of the
Council under this paragraph, which shall contain a
statement of the basis for the decision of the Council.
``(5) Consultation.--The Council shall consult with the
primary financial regulatory agency for each bank holding
company that is being considered by the Council under this
section from the outset of the consideration of the bank
holding company by the Council, including before the Council
makes any proposed determination under paragraph (2)(C)(i) or
final determination under paragraph (1).
``(6) Judicial review.--If the Council makes or renews a
final determination under this subsection with respect to a
bank holding company, such bank holding company may, not later
than 30 days after the date of receipt of the notice of final
determination under paragraph (2)(E)(iii) or of renewal of a
final determination under paragraph (3)(D)(ii), bring an action
in the United States district court for the judicial district
in which the home office of such bank holding company is
located, or in the United States District Court for the
District of Columbia, for an order requiring that the final
determination be rescinded, and the court shall, upon review,
dismiss such action or direct the final determination to be
rescinded. Review of such an action shall be limited to whether
the final determination made under this subsection was
arbitrary and capricious.
``(7) Public disclosure requirement.--The Council shall--
``(A) in each case that a bank holding company has
received a notice under paragraph (2)(B)(ii)(II)(aa),
and the bank holding company has publicly disclosed
that the bank holding company is being evaluated by the
Council, confirm that the bank holding company is being
evaluated by the Council, in response to a request from
a third party;
``(B) upon making a final determination under
paragraph (1) or renewing a final determination under
paragraph (3)(D)(i), publicly provide a detailed
written explanation of the basis for the final
determination with sufficient detail to provide the
public with an understanding of the specific bases of
the determination by the Council, including any
assumptions related thereof, subject to the
requirements of section 112(d)(5); and
``(C) include, in the annual report required under
section 112--
``(i) the number of bank holding companies
from the previous year that received a notice
under paragraph (2)(B)(ii)(II)(aa);
``(ii) the number of bank holding companies
from the previous year that were subject to a
proposed determination under paragraph
(2)(C)(i); and
``(iii) the number of bank holding
companies from the previous year that were
subject to a final determination under
paragraph (1).
``(d) Bank Holding Companies Automatically Deemed Systemically
Important.--
``(1) Automatic determination.--A bank holding company with
total consolidated assets of more than $500,000,000,000 (as
such amount is adjusted annually by the Council to reflect the
percentage change for the previous calendar year in the gross
domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)
shall automatically be subject to a determination under
subsection (a).
``(2) Rule of construction.--
``(A) Bank holding company increasing in size.--If,
subsequent to the effective date, a bank holding
company that was previously subject to a final
determination under subsection (c)(1) grows to have
total consolidated assets of more than $500,000,000,000
(as such amount is adjusted annually by the Council to
reflect the percentage change for the previous calendar
year in the gross domestic product of the United
States, as calculated by the Bureau of Economic
Analysis of the Department of Commerce) for a period of
180 consecutive days, the bank holding company shall be
subject to an automatic determination under paragraph
(1) and not subject to a determination under subsection
(c)(1) for the purposes of this section.
``(B) Bank holding company decreasing in size.--If
a bank holding company subject to an automatic
determination under paragraph (1) decreases in size,
such that the bank holding company no longer is a bank
holding company with total consolidated assets of more
than $500,000,000,000 (as such amount is adjusted
annually by the Council to reflect the percentage
change for the previous calendar year in the gross
domestic product of the United States, as calculated by
the Bureau of Economic Analysis of the Department of
Commerce) for a period of 180 consecutive days, the
bank holding company shall be considered subject to a
final determination under subsection (c)(1) and not
subject to an automatic determination under paragraph
(1) for the purposes of this section.
``(e) International Coordination.--In exercising its duties under
this title with respect to foreign bank holding companies, foreign-
based bank holding companies, and cross-border activities and markets,
the Council shall consult with appropriate foreign regulatory
authorities, to the extent appropriate.''.
(c) Enhanced Supervision.--Section 115 of the Financial Stability
Act of 2010 (12 U.S.C. 5325) is amended--
(1) in subsection (a)--
(A) in the matter preceding subparagraph (A) of
paragraph (1), by striking ``large, interconnected bank
holding companies'' and inserting ``bank holding
companies subject to a determination under section
113A(a)''; and
(B) in paragraph (2)--
(i) in subparagraph (A), by striking ``;
or'' and inserting a period;
(ii) by striking ``the Council may'' and
all that follows through ``differentiate'' and
inserting ``the Council may differentiate'';
and
(iii) by striking subparagraph (B); and
(2) in subsection (b)(3), by inserting ``and the factors
used by the Council pursuant to section 113A(b)'' after
``subsections (a) and (b) of section 113'' each place that term
appears.
(d) Reports.--The matter preceding paragraph (1) of section 116(a)
of the Financial Stability Act of 2010 (12 U.S.C. 5326(a)) is amended
by striking ``with total consolidated assets of $50,000,000,000 or
greater'' and inserting ``subject to a determination under section
113A(a)''.
(e) Mitigation.--Section 121 of the Financial Stability Act of 2010
(12 U.S.C. 5331) is amended--
(1) in the matter preceding paragraph (1) of subsection
(a), by striking ``with total consolidated assets of
$50,000,000,000 or more'' and inserting ``subject to a
determination under section 113A(a)''; and
(2) in subsection (c), by inserting ``in the case of a
nonbank financial company, and the factors used by the Council
pursuant to section 113A(b) in the case of a bank holding
company'' after ``as applicable,''.
(f) Office of Financial Research.--Section 155(d) of the Financial
Stability Act of 2010 (12 U.S.C. 5345(d)) is amended by striking ``with
total consolidated assets of 50,000,000,000 or greater'' and inserting
``subject to a determination under section 113A(a)''.
SEC. 202. REVISIONS TO BOARD AUTHORITY.
(a) Acquisitions.--Section 163 of the Financial Stability Act of
2010 (12 U.S.C. 5363) is amended by striking ``with total consolidated
assets equal to or greater than $50,000,000,000'' each place that term
appears and inserting ``subject to a determination under section
113A(a)''.
(b) Management Interlocks.--Section 164 of the Financial Stability
Act of 2010 (12 U.S.C. 5364) is amended by striking ``with total
consolidated assets equal to or greater than $50,000,000,000'' and
inserting ``subject to a determination under section 113A(a)''.
(c) Enhanced Supervision and Prudential Standards.--Section 165 of
the Financial Stability Act of 2010 (12 U.S.C. 5365) is amended--
(1) in subsection (a)--
(A) in paragraph (1), by striking ``with total
consolidated assets equal to or greater than
$50,000,000,000'' and inserting ``subject to a
determination under section 113A(a)''; and
(B) in paragraph (2)--
(i) by striking ``Application'' and all
that follows through ``In prescribing'' and
inserting ``Application.--In prescribing''; and
(ii) by striking subparagraph (B);
(2) in subsection (b)(3), by inserting ``and the factors
used by the Council pursuant to section 113A(b)'' after
``subsections (a) and (b) of section 113'' each place that term
appears;
(3) in subsection (h), by striking ``$10,000,000,000'' each
place that term appears and inserting ``$50,000,000,000 (as
such amount is adjusted annually by the Council to reflect the
percentage change for the previous calendar year in the gross
domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)'';
(4) in subsection (i)(2)(A), by striking
``$10,000,000,000'' and inserting ``$50,000,000,000 (as such
amount is adjusted annually by the Council to reflect the
percentage change for the previous calendar year in the gross
domestic product of the United States, as calculated by the
Bureau of Economic Analysis of the Department of Commerce)'';
and
(5) in subsection (j)--
(A) in paragraph (1), by striking ``with total
consolidated assets equal to or greater than
$50,000,000,000'' and inserting ``described in
subsection (a)''; and
(B) by striking paragraph (2) and inserting the
following:
``(2) Considerations.--In making a determination under this
subsection, the Council shall--
``(A) in the case of a nonbank financial company
supervised by the Board of Governors, consider the
factors described in subsections (a) and (b) of section
113 and any other risk-related factors that the Council
deems appropriate; and
``(B) in the case of a bank holding company
described in subsection (a), consider the factors used
by the Council pursuant to section 113A(b).''.
(d) Conforming Amendment.--The second subsection designated as
subsection (s)(2) of the Federal Reserve Act (12 U.S.C. 248(s)(2))
(relating to assessments, fees, and other charges for certain
companies) is amended--
(1) in subparagraph (A), by striking ``having total
consolidated assets of $50,000,000,000 or more;'' and inserting
``subject to a determination under section 113A(a) of the
Financial Stability Act of 2010; and'';
(2) by striking subparagraph (B); and
(3) by redesignating subparagraph (C) as subparagraph (B).
SEC. 203. EFFECTIVE DATE.
(a) In General.--The amendments made by this title shall, except as
otherwise provided, take effect on the date that is 180 days after the
date on which the regulations required under section 113A(b) of the
Financial Stability Act of 2010, as added by section 201(b) of this
Act, are issued.
(b) Rule of Construction.--Nothing in this title shall be construed
to prohibit the Financial Stability Oversight Council established under
section 111 of the Financial Stability Act of 2010 (12 U.S.C. 5321) or
the Board of Governors of the Federal Reserve System from complying
with any of the requirements of section 113A of that Act, as added by
section 201(b) of this Act, with respect to a bank holding company (as
defined in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C.
1841)) prior to the effective date described in subsection (a).
SEC. 204. SENSE OF CONGRESS.
(a) Definitions.--In this section:
(1) Appropriate federal banking agencies; bank holding
company.--The terms ``appropriate Federal banking agencies''
and ``bank holding company'' have the meanings given those
terms in section 3 of the Federal Deposit Insurance Act (12
U.S.C. 1813).
(2) Nonbank financial company.--The term ``nonbank
financial company'' has the meaning given that term in section
102(a) of the Financial Stability Act of 2010 (12 U.S.C. 5311).
(b) Sense of Congress.--It is the sense of Congress that the
appropriate Federal banking agencies should seek to properly tailor
prudential regulations and, in doing so, differentiate among bank
holding companies and among nonbank financial companies supervised by
the Board of Governors of the Federal Reserve System based on their
capital structure, riskiness, complexity, financial activities
(including the financial activities of their subsidiaries), size, and
other risk-related factors, using existing authorities, including
waiver authorities provided in statute or regulation.
SEC. 205. PRESERVATION OF AUTHORITY.
Nothing in this Act shall be construed to limit the supervisory,
regulatory, or enforcement authority of a Federal banking agency (as
defined in section 3 of the Federal Deposit Insurance Act (12 U.S.C.
1813)) to further the safe and sound operation of an institution that
the Federal banking agency supervises, except as specifically provided
in this Act.
TITLE III--GREATER TRANSPARENCY FOR THE FINANCIAL STABILITY OVERSIGHT
COUNCIL PROCESS FOR NONBANK FINANCIAL COMPANIES
SEC. 301. ACCESS TO COUNCIL MEETINGS BY AGENCY MEMBERS.
Section 111(e) of the Financial Stability Act of 2010 (12 U.S.C.
5321(e)) is amended by adding at the end the following:
``(3) Access.--Any member of the governing body of a member
agency headed by a member of the Council described in
subparagraph (B), (E), (F), (G), or (I) of paragraph (1) of
subsection (b)--
``(A) may attend a meeting of the Council,
including any meeting of representatives of the members
of the Council; and
``(B) shall have access to the same information and
materials that a member of the Council described in
subparagraph (B), (E), (F), (G), or (I) of paragraph
(1) of subsection (b) is provided or entitled to.''.
SEC. 302. NONBANK DETERMINATION PROCESS.
Section 113 of the Financial Stability Act of 2010 (12 U.S.C. 5323)
is amended--
(1) in subsection (a)(2)--
(A) in the matter preceding subparagraph (A), by
inserting ``factors, including'' after ``consider'';
(B) in subparagraph (H), by striking ``1 or more
primary financial regulatory agencies'' and inserting
``its primary financial regulatory agency, including
the appropriateness of the imposition of prudential
standards in addition to or as opposed to other forms
of regulation'';
(C) in subparagraph (J), by striking ``and'' at the
end;
(D) by redesignating subparagraph (K) as
subparagraph (L); and
(E) by inserting after subparagraph (J) the
following:
``(K) actions taken by the primary financial
regulatory agency pursuant to subsection (e)(1)(C);
and'';
(2) in subsection (b)(2)--
(A) in the matter preceding subparagraph (A), by
inserting ``factors, including'' after ``consider'';
(B) in subparagraph (H), by inserting ``, including
the appropriateness of the imposition of prudential
standards in addition to or as opposed to other forms
of regulation'' before the semicolon at the end;
(C) in subparagraph (J), by striking ``and'' at the
end;
(D) by redesignating subparagraph (K) as
subparagraph (L); and
(E) by inserting after subparagraph (J) the
following:
``(K) actions taken by the primary financial
regulatory agency pursuant to subsection (e)(1)(C);
and'';
(3) by striking subsections (d) and (e) and inserting the
following:
``(d) Annual Reevaluation and Rescission.--
``(1) Annual reevaluation.--Not less frequently than
annually, except with respect to subparagraph (E), the Council
shall reevaluate each final determination made under subsection
(a) or (b) with respect to a nonbank financial company
supervised by the Board of Governors and shall--
``(A) provide a written notice to the nonbank
financial company being reevaluated;
``(B) afford the nonbank financial company an
opportunity to submit a plan, within such time as the
Council determines to be appropriate (but which shall
be not earlier than 30 days after the date of receipt
by the nonbank financial company of the notice provided
under subparagraph (A)), to modify the business,
structure, or operations of the nonbank financial
company;
``(C) afford the nonbank financial company an
opportunity to submit written materials in addition to,
or separate from, the plan described in subparagraph
(B), within such time as the Council determines to be
appropriate (but which shall be not earlier than 30
days after the date of receipt by the nonbank financial
company of the notice provided under subparagraph (A)),
to contest the determination, including materials
concerning whether, in the view of the nonbank
financial company, the material financial distress at
the nonbank financial company, or the nature, scope,
size, scale, concentration, interconnectedness, or mix
of the activities of the nonbank financial company,
could pose a threat to the financial stability of the
United States;
``(D) provide an opportunity for the nonbank
financial company to meet with representatives of the
Council to present the information described in
subparagraphs (B) and (C); and
``(E) not less than once every 5 years and prior to
a vote under paragraph (3)(A)(ii)--
``(i) not earlier than 30 days after the
date of receipt of any notice under
subparagraph (A), provide the nonbank financial
company with an opportunity to request, in
writing, a hearing before the Council to
contest its final determination under
subsection (a) or (b); and
``(ii) if the Council receives a timely
request under clause (i), fix a time (not
earlier than 30 days after the date of receipt
of the request) and place at which the nonbank
financial company may appear, personally or
through counsel, to, at the discretion of the
nonbank financial company, provide oral
testimony and oral argument to the members of
the Council, with not fewer than \2/3\ of the
voting members of the Council, including the
Chairperson, in attendance.
``(2) Company plan.--If a nonbank financial company submits
a plan in accordance with paragraph (1)(B), the Council shall--
``(A) consider whether the plan, if implemented,
would result in the nonbank financial company no longer
meeting the criteria for a final determination under
subsection (a) or (b); and
``(B) provide the nonbank financial company with--
``(i) analysis of whether and to what
extent the plan addresses the potential threat
posed by the nonbank financial company to the
financial stability of the United States;
``(ii) an opportunity to meet with
representatives of the Council to discuss the
analysis provided under clause (i); and
``(iii) an opportunity to revise the plan,
after discussions with representatives of the
Council.
``(3) Voting and explanation.--
``(A) In general.--After evaluating the materials
and information provided by a nonbank financial company
under paragraph (1) and fulfilling the requirements of
paragraph (2), and not later than 180 days after the
date of receipt by the nonbank financial company of the
notice provided under paragraph (1)(A), the Council
shall, on a nondelegable basis and by a vote of not
fewer than \2/3\ of the voting members then serving,
including an affirmative vote by the Chairperson--
``(i) except as otherwise provided in
clause (ii), determine whether the nonbank
financial company no longer meets the criteria
for a final determination under subsection (a)
or (b), in which case the Council shall rescind
such determination; and
``(ii) not less than once every 5 years,
and following a hearing held under paragraph
(1)(E)(ii), determine whether to renew a final
determination under subsection (a) or (b).
``(B) Notice of final determination.--If the
Council does not vote to rescind a final determination
under subparagraph (A)(i) or votes to renew a final
determination under subparagraph (A)(ii), the Council
shall provide a notice to the nonbank financial company
and the primary financial regulatory agency of the
nonbank financial company with the reasons for the
decision by the Council, which notice shall address
with specificity--
``(i) any changes to the basis for the
final determination decision made under
subsection (a) or (b) since the date on which
the final determination under subsection (a) or
(b) was made, including any changes to the
information provided to the nonbank financial
company under--
``(I) subsection (e)(2)(C)(i)(IV);
``(II) this clause, in prior years;
or
``(III) subparagraph (D);
``(ii) any plan submitted by the nonbank
financial company and considered by the Council
under paragraph (2), and shall, at a minimum,
include--
``(I) a detailed analysis of
whether and to what extent successful
implementation of the plan could result
in the nonbank financial company no
longer meeting the criteria for a final
determination under subsection (a) or
(b); and
``(II) a detailed explanation of
why, if the plan were implemented, the
nonbank financial company would still
meet the criteria for a final
determination under subsection (a) or
(b), if the Council, during its
consideration of the plan under
paragraph (2), concluded that the
nonbank financial company would still
meet those criteria if the plan were
implemented;
``(iii) aspects of the business,
operations, or structure, including the nature,
scope, size, scale, concentration,
interconnectedness, or mix of the activities,
of the nonbank financial company that the
Council believes could pose a threat to the
financial stability of the United States,
including an assessment by the Council of the
probability and magnitude of the threat; and
``(iv) an explanation of actions the
nonbank financial company could take in order
for the Council to rescind the determination.
``(C) No final determination.--If the Council votes
to rescind a final determination under subparagraph
(A)(i) or does not vote to renew a final determination
under subparagraph (A)(ii), the existing final
determination under subsection (a) or (b) shall be
rescinded and the Council shall inform the nonbank
financial company in writing.
``(D) Explanation for certain companies.--With
respect to a reevaluation under this subsection in
which the final determination under subsection (a) or
(b) being reevaluated was made before the date of
enactment of this subparagraph, the Council, as part of
such reevaluation, shall provide a statement that--
``(i) explains with specificity the basis
for such determination; and
``(ii) includes the analysis required under
subsection (e)(2)(C)(i)(IV).
``(E) Voting threshold for rescission of
determination.--Notwithstanding subparagraph (A), the
Council may, at any time, on a nondelegable basis and
by a vote of not fewer than \2/3\ of the voting members
then serving, including an affirmative vote by the
Chairperson, determine that a nonbank financial company
no longer meets the criteria for a final determination
under subsection (a) or (b), in which case the Council
shall rescind the final determination.
``(e) Requirements for Proposed Determination, Notice and
Opportunity for Hearing, and Final Determination.--
``(1) In general.--Prior to making a final determination
under subsection (a) or (b) with respect to a nonbank financial
company, the Council must--
``(A) provide the nonbank financial company and its
primary financial regulatory agency with a notice that
the nonbank financial company is being evaluated, which
notice shall, at minimum--
``(i) include any quantitative analysis
used by the Council as part of its evaluation;
``(ii) identify with specificity any
factors that the Council has considered
pursuant to subsection (a)(2) or (b)(2)
relating to the nonbank financial company that
could cause the nonbank financial company to be
subject to a final determination under
subsection (a) or (b); and
``(iii) include an explanation of how each
factor identified in clause (ii) relates to the
potential threat posed by the nonbank financial
company to the financial stability of the
United States;
``(B) provide the nonbank financial company an
opportunity, not earlier than 30 days after the date of
receipt by the nonbank financial company of the notice
under subparagraph (A), to meet with representatives of
the Council, including to discuss the notice and any
analysis and factors considered by the Council;
``(C) provide the primary financial regulatory
agency of the nonbank financial company with not less
than 180 days from the date of receipt of the notice in
subparagraph (A) to--
``(i) provide a written response to the
Council that includes an assessment of--
``(I) the factors identified
pursuant to subparagraph (A)(ii);
``(II) the explanation provided
pursuant to subparagraph (A)(iii); and
``(III) the degree to which the
potential threat to the financial
stability of the United States is
currently addressed or could be
addressed by existing or pending
regulation or other regulatory action;
and
``(ii) issue proposed regulations or
undertake other regulatory action to address--
``(I) the factors identified
pursuant to subparagraph (A)(ii), as
applicable; and
``(II) the potential threat posed
by the nonbank financial company to the
financial stability of the United
States;
``(D) in the event that the primary financial
regulatory agency has provided a written response under
subparagraph (C)(i) or issued proposed regulations or
taken other regulatory actions under subparagraph
(C)(ii), find that--
``(i) taking into account the written
response by the primary financial regulatory
agency under subparagraph (C)(i), the nonbank
financial company merits a proposed
determination under subparagraph (E); and
``(ii) the primary financial regulatory
agency has not proposed regulations or taken
other regulatory actions after receipt of the
notice under subparagraph (A) that sufficiently
address the factors identified pursuant to
subparagraph (A)(ii), as applicable, and the
potential threat posed by the nonbank financial
company to the financial stability of the
United States;
``(E) after fulfilling the requirements of
subparagraphs (A), (B), (C), and (D), on a nondelegable
basis and by a vote of not fewer than \2/3\ of the
voting members then serving, including an affirmative
vote by the Chairperson, propose to make a
determination under subsection (a) or (b) with respect
to the nonbank financial company; and
``(F) subsequent to making a proposed determination
under subparagraph (E)--
``(i) provide a notice to the nonbank
financial company and its primary financial
regulatory agency, which notice shall contain
the basis for the proposed determination under
subparagraph (E), including--
``(I) the information and
explanation required under subparagraph
(A), along with any updates to such
information or explanation related to
the proposed determination under
subparagraph (E); and
``(II) an explanation and
justification for any finding under
subparagraph (D);
``(ii) not later than 30 days after the
date of receipt of any notice under clause (i),
provide the nonbank financial company with an
opportunity to request, in writing, a hearing
before the Council to contest the proposed
determination under subparagraph (E);
``(iii) if the Council receives a timely
request under clause (ii), fix a time (not
earlier than 30 days after the date of receipt
of the request) and place at which the nonbank
financial company may appear, personally or
through counsel, to, at the discretion of the
nonbank financial company--
``(I) submit a plan to modify the
business, structure, or operations of
the nonbank financial company in order
to address the factors and the
potential threat posed by the nonbank
financial company to the financial
stability of the United States
identified pursuant to clause (i)(I),
as applicable;
``(II) submit written materials in
addition to or separate from the plan
described in subclause (I); and
``(III) provide oral testimony and
oral argument to the members of the
Council, with not fewer than \2/3\ of
the voting members of the Council,
including the Chairperson, in
attendance; and
``(iv) in the event a plan is submitted to
the Council under clause (iii)(I)--
``(I) consider whether the plan, if
implemented, would address the factors
and the potential threat posed by the
nonbank financial company to the
financial stability of the United
States identified pursuant to clause
(i)(I), as applicable; and
``(II) provide the nonbank
financial company with--
``(aa) analysis of whether
and to what extent the plan
addresses the factors and the
potential threat posed by the
nonbank financial company to
the financial stability of the
United States identified
pursuant to clause (i)(I), as
applicable;
``(bb) an opportunity to
meet with representatives of
the Council to discuss the
analysis provided under item
(aa); and
``(cc) an opportunity to
revise the plan, after
discussions with
representatives of the Council.
``(2) Final determination.--
``(A) In general.--After fulfilling the
requirements of paragraph (1), and not later than 90
days after the date on which a hearing is held under
paragraph (1)(F)(iii), the Council may vote to make a
final determination under subsection (a) or (b). The
Council may delay the vote up to 1 additional year
after the conclusion of the 90-day period if
considering a plan under paragraph (1)(F)(iv)(I).
``(B) Outcome of the vote.--If the Council votes on
a final determination under subsection (a) or (b), the
Council shall promptly inform the nonbank financial
company of the outcome of the vote in writing.
``(C) Notice of final determination.--If the
Council votes to make a final determination under
subsection (a) or (b), the Council shall, not later
than 30 days after the date of the vote, provide a
notice to the nonbank financial company and its primary
financial regulatory agency, which notice shall
contain--
``(i) the basis for the determination,
including--
``(I) a detailed analysis of any
plan submitted by the nonbank financial
company and considered by the Council
under paragraph (1)(F), if applicable,
which analysis shall, at a minimum,
include--
``(aa) whether and to what
extent successful
implementation of the plan
could address the factors, as
applicable, and the potential
threat posed by the nonbank
financial company to the
financial stability of the
United States identified
pursuant to paragraph
(1)(F)(i)(I); and
``(bb) a detailed
explanation of why the plan
would not address the factors
and the potential threat posed
by the nonbank financial
company to the financial
stability of the United States
identified pursuant to
paragraph (1)(F)(i)(I), if the
Council, during its
consideration of the plan under
subparagraph (1)(F)(iv)(I),
concluded that the plan would
not address such factors or
potential threat;
``(II) the reasons why the
materials and other information
submitted or provided by the nonbank
financial company under subclauses (II)
and (III) of paragraph (1)(F)(iii) did
not address the potential threat posed
by the nonbank financial company to the
financial stability of the United
States;
``(III) a justification for any
finding under paragraph (1)(D);
``(IV) a detailed analysis of how
any factors, including an explanation
of how each factor relates to the
potential threat posed by the nonbank
financial company to the financial
stability of the United States, that
the Council considered pursuant to
subsection (a)(2) or (b)(2) resulted in
the final determination under
subsection (a) or (b); and
``(V) specific aspects of the
business, operations, or structure of
the nonbank financial company,
including the nature, scope, size,
scale, concentration,
interconnectedness, or mix of the
activities of the nonbank financial
company, that the Council believes
could pose a threat to the financial
stability of the United States,
including an assessment by the Council
of the probability and magnitude of the
threat; and
``(ii) an explanation of actions the
nonbank financial company could take in order
for the Council to rescind the
determination.'';
(4) in subsection (g), by striking ``before the Council
makes any'' and inserting ``from the outset of the
consideration of the nonbank financial company by the Council,
including before the Council makes any proposed determination
under subsection (e)(1)(E) or'';
(5) in subsection (h)--
(A) by inserting ``or renews'' after ``makes''; and
(B) by striking ``(d)(2), (e)(3), or (f)(5)'' and
inserting ``(d)(3)(B) or (f)(5) or of renewal of a
final determination under subsection (e)(2)(C)''; and
(6) by adding at the end the following:
``(j) Public Disclosure Requirement.--The Council shall--
``(1) in each case that a nonbank financial company has
received a notice under subsection (e)(1)(A), and the nonbank
financial company has publicly disclosed that the nonbank
financial company is being reviewed by the Council, confirm
that the nonbank financial company is being reviewed, in
response to a request from a third party;
``(2) upon making a final determination under subsection
(a) or (b) or renewing a final determination under paragraph
(3)(A) of subsection (d), publicly provide a detailed written
explanation of the basis for the final determination with
sufficient detail to provide the public with an understanding
of the specific bases of the determination by the Council,
including any assumptions related thereof, subject to the
requirements of section 112(d)(5);
``(3) include, in the annual report required by section
112--
``(A) the number of nonbank financial companies
from the previous year that received a notice under
subsection (e)(1)(A);
``(B) the number of nonbank financial companies
from the previous year that were subject to a proposed
determination under subsection (e)(1)(E); and
``(C) the number of nonbank financial companies
from the previous year that were subject to a final
determination under subsection (a) or (b); and
``(4) not earlier than 180 days after the date of enactment
of this subsection, publish in the Federal Register information
regarding the methodology the Council uses for calculating any
quantitative thresholds or other metrics used to consider the
factors listed in subsection (a)(2) or (b)(2).''.
SEC. 303. RULE OF CONSTRUCTION.
None of the amendments made by this title shall be construed as
limiting the emergency powers of the Financial Stability Oversight
Council under section 113(f) of the Financial Stability Act of 2010 (12
U.S.C. 5323(f)).
TITLE IV--IMPROVED ACCOUNTABILITY AND TRANSPARENCY IN THE REGULATION OF
INSURANCE
SEC. 401. SENSE OF CONGRESS.
It is the sense of Congress that the Act of March 9, 1945 (commonly
known as the ``McCarran-Ferguson Act''; 59 Stat. 33, chapter 20; 15
U.S.C. 1011 et seq.) remains the preferred approach with respect to
regulating the business of insurance.
SEC. 402. ENSURING THE PROTECTION OF INSURANCE POLICYHOLDERS.
(a) Source of Strength.--Section 38A of the Federal Deposit
Insurance Act (12 U.S.C. 1831o-1) is amended--
(1) by redesignating subsections (c), (d), and (e) as
subsections (d), (e), and (f), respectively; and
(2) by inserting after subsection (b) the following:
``(c) Authority of State Insurance Regulator.--
``(1) In general.--The provisions of section 5(g) of the
Bank Holding Company Act of 1956 (12 U.S.C. 1844(g)) shall
apply to a savings and loan holding company that is an
insurance company, an affiliate of an insured depository
institution that is an insurance company, and to any other
company that is an insurance company and that directly or
indirectly controls an insured depository institution, to the
same extent as the provisions of that section apply to a bank
holding company that is an insurance company.
``(2) Rule of construction.--Requiring a bank holding
company that is an insurance company, a savings and loan
holding company that is an insurance company, an affiliate of
an insured depository institution that is an insurance company,
or any other company that is an insurance company and that
directly or indirectly controls an insured depository
institution to serve as a source of financial strength under
this section shall be deemed an action of the Board that
requires a bank holding company to provide funds or other
assets to a subsidiary depository institution for purposes of
section 5(g) of the Bank Holding Company Act of 1956 (12 U.S.C.
1844(g)).''.
(b) Liquidation Authority.--The Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5301 et seq.) is amended--
(1) in section 203(e)(3) (12 U.S.C. 5383(e)(3)), by
inserting ``or rehabilitation'' after ``orderly liquidation''
each place that term appears; and
(2) in section 204(d)(4) (12 U.S.C. 5384(d)(4)), by
inserting before the semicolon at the end the following: ``,
except that, if the covered financial company or covered
subsidiary is an insurance company or a subsidiary of an
insurance company, the Corporation--
``(A) shall promptly notify the State insurance
authority for the insurance company of the intention to
take such lien; and
``(B) may only take such lien--
``(i) to secure repayment of funds made
available to such covered financial company or
covered subsidiary; and
``(ii) if the Corporation determines, after
consultation with the State insurance
authority, that such lien will not unduly
impede or delay the liquidation or
rehabilitation of the insurance company, or the
recovery by its policyholders''.
SEC. 403. INTERNATIONAL INSURANCE CAPITAL STANDARDS ACCOUNTABILITY.
(a) Sense of Congress.--It is the sense of Congress that--
(1) the Secretary of the Treasury, the Board of Governors
of the Federal Reserve System, and the Director of the Federal
Insurance Office should support increasing transparency at any
global insurance or international standard-setting regulatory
or supervisory forum in which they participate, including
supporting and advocating for greater public observer access at
any such forum; and
(2) to the extent that the Secretary of the Treasury, the
Board of Governors of the Federal Reserve System, and the
Director of the Federal Insurance Office take a position on an
insurance proposal by a global insurance or international
standard-setting regulatory or supervisory forum, the Board of
Governors of the Federal Reserve System and the Director of the
Federal Insurance Office should achieve consensus positions
with State insurance regulators when they are participants
representing the United States in negotiations on insurance
issues before any international forum of financial regulators
or supervisors that considers insurance regulatory issues.
(b) Insurance Policy Advisory Committee.--
(1) Establishment.--There is established the Insurance
Policy Advisory Committee on International Capital Standards
and Other Insurance Issues at the Board of Governors of the
Federal Reserve System.
(2) Membership.--The Committee established under paragraph
(1) shall be composed of not more than 21 members, all of whom
represent a diverse set of expert perspectives from the various
sectors of the United States insurance industry, including life
insurance, property and casualty insurance and reinsurance,
agents and brokers, academics, consumer advocates, or experts
on issues facing underserved insurance communities and
consumers.
(c) Reports.--
(1) Reports and testimony by secretary of the treasury and
chairman of the board of governors of the federal reserve
system.--
(A) In general.--The Secretary of the Treasury and
the Chairman of the Board of Governors of the Federal
Reserve System, or their designees, shall submit an
annual report and provide annual testimony to the
Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the
House of Representatives on the efforts of the
Secretary of the Treasury, the Chairman of the Board of
Governors of the Federal Reserve System, and State
insurance regulators with respect to global insurance
or international standard-setting regulatory or
supervisory forums, including--
(i) a description of the insurance
regulatory or supervisory standard-setting
issues under discussion at any international
insurance standard-setting bodies;
(ii) a description of the effects that
proposals discussed at international insurance
regulatory or supervisory forums of insurance
could have on consumer and insurance markets in
the United States;
(iii) a description of any position taken
by the Secretary of the Treasury, the Chairman
of the Board of Governors of the Federal
Reserve System, and the Director of the Federal
Insurance Office in international insurance
discussions; and
(iv) a description of the efforts by the
Secretary of the Treasury, the Director of the
Federal Insurance Office, and the Chairman of
the Board of Governors of the Federal Reserve
System to increase transparency at any
international standard-setting bodies with whom
they participate, including efforts to provide
additional public access to working groups and
committees of such international insurance
standard-setting bodies.
(B) Termination.--This paragraph shall cease to be
effective on December 31, 2018.
(2) Reports and testimony by state insurance regulators.--A
State insurance regulator may provide testimony to Congress on
the issues described in paragraph (1)(A).
(3) Joint report by the chairman of the federal reserve and
the director of the federal insurance office.--
(A) In general.--The Secretary of the Treasury, the
Chairman of the Board of Governors of the Federal
Reserve System, and the Director of the Federal
Insurance Office, in consultation with State insurance
regulators, shall complete a study on, and submit to
Congress a report on the results of the study, the
impact on consumers and markets in the United States
before supporting or consenting to the adoption of any
key elements in any international insurance proposal or
international insurance capital standard.
(B) Notice and comment.--
(i) Notice.--The Secretary of the Treasury,
the Chairman of the Board of Governors of the
Federal Reserve System, and the Director of the
Federal Insurance Office shall provide notice
before the date on which drafting the report
described in subparagraph (A) is commenced and
after the date on which the draft of the report
is completed.
(ii) Opportunity for comment.--There shall
be an opportunity for public comment for a
period beginning on the date on which the
report is submitted under subparagraph (A) and
ending on the date that is 60 days after the
date on which the report is submitted.
(C) Review by comptroller general.--The Secretary
of the Treasury, the Chairman of the Board of Governors
of the Federal Reserve System, and the Director of the
Federal Insurance Office shall submit to the
Comptroller General of the United States the report
described in subparagraph (A) for review.
(4) Report on promoting transparency.--Not later than 180
days after the date of enactment of this Act, the Chairman of
the Board of Governors of the Federal Reserve System and the
Secretary of the Treasury, or their designees, shall submit a
report and provide testimony to the Committee on Banking,
Housing, and Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives on the
efforts of the Secretary of the Treasury and the Chairman of
the Board of Governors of the Federal Reserve System to improve
transparency at any international insurance standard-setting
bodies in which they participate.
TITLE V--IMPROVING THE FEDERAL RESERVE SYSTEM
SEC. 501. REPORTS TO CONGRESS.
Section 2B of the Federal Reserve Act (12 U.S.C. 225b) is amended
by striking subsection (b) and inserting the following:
``(b) Quarterly Reports to Congress.--
``(1) In general.--The Federal Open Market Committee shall,
on a quarterly basis, and in such a manner that 1 report is
submitted concurrently with each semi-annual hearing required
by subsection (a), submit to the Committee on Banking, Housing,
and Urban Affairs of the Senate and the Committee on Financial
Services of the House of Representatives a report explaining
the policy decisions of the Committee over the prior quarter
and the basis for those decisions.
``(2) Contents.--The report described in paragraph (1)
shall include--
``(A) a detailed analysis of the conduct of
monetary policy and economic developments and prospects
for the future, taking into account past and
prospective developments in--
``(i) employment;
``(ii) unemployment;
``(iii) production;
``(iv) investment;
``(v) real income;
``(vi) productivity;
``(vii) exchange rates;
``(viii) international trade and payments;
``(ix) prices;
``(x) inflation expectations;
``(xi) credit conditions; and
``(xii) interest rates;
``(B) a description of any monetary policy rule or
rules used or considered by the Committee that provides
or provide the basis for monetary policy decisions,
including short-term interest rate targets set by the
Committee, open market operations authorized under
section 14, and interest rates established by the
Committee pursuant to section 19(b)(12), and such
description shall include, at a minimum, for each rule,
a mathematical formula that models how monetary policy
instruments will be adjusted based on changes in
quantitative inputs;
``(C) a description of any additional strategy or
strategies, if any such exist, used by the Committee,
separate from or supplementary to any rule or rules
described in subparagraph (B), to affect monetary
policy;
``(D) a detailed explanation of--
``(i) any deviation in the rule or rules
described in subparagraph (B) in the current
report from any rule or rules described in
subparagraph (B) in the most recent quarterly
report; and
``(ii) any deviation in the strategy or
strategies described in subparagraph (C) in the
current report from any strategy or strategies
described in subparagraph (C) in the most
recent quarterly report;
``(E) a description of any instruments used to
execute monetary policy by employees of the Federal
Reserve System at the direction of the Committee, and
how such instruments have been used;
``(F) a description of the outlook for monetary
policy over the short term, medium term, and long term;
and
``(G) projections of inflation and economic growth
over the short term, medium term, and long term.
``(3) Dissent.--A member of the Committee described in
section 12A(a) may--
``(A) dissent from the report submitted under
paragraph (1) in whole or in part;
``(B) write a dissent expressing the views of the
member, which shall be included as part of the report
submitted to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives; and
``(C) sign a dissent written by another member of
the Committee to express support for views contained in
such dissent.''.
SEC. 502. TESTIMONY; VOTES; STAFF.
(a) Testimony; Votes.--Section 10 of the Federal Reserve Act is
amended--
(1) in paragraph (11), as redesignated by section 815(v) of
this Act, by inserting at the end the following: ``In the event
that no member of the Board is serving as Vice Chairman for
Supervision at the time such appearance is required, the
Chairman of the Board of Governors shall appear before each
Committee in the place of the Vice Chairman for Supervision.'';
and
(2) by adding at the end the following:
``(12)(A) The Board of Governors of the Federal Reserve
System shall, on a nondelegable basis, vote on whether to issue
any civil money penalty assessment order or settle any other
enforcement action if the issuance of such order or settlement
of such action involves the payment of not less than $1,000,000
in compensation, penalties, fines, or other payments.
``(B) The results of the vote of each member of the Board
under subparagraph (A) shall promptly be made publicly
available on the website of the Board.''.
(b) Delegation of Authorities; Staff.--Section 11 of the Federal
Reserve Act (12 U.S.C. 248) is amended--
(1) in subsection (k), by inserting ``and except as
otherwise provided in section 10(12)(A),'' after ``credit
policies,''; and
(2) in subsection (l), by inserting ``Of amounts made
available for employees of the Board of Governors under this
subsection, each member of the Board of Governors may employ
not more than 4 individuals, with such individuals selected by
such member and the salaries of such individuals set by such
member.'' after the period at the end.
SEC. 503. TRANSPARENCY AT THE FEDERAL OPEN MARKET COMMITTEE.
Section 12A of the Federal Reserve Act (12 U.S.C. 263) is amended
by adding at the end the following:
``(d) Not later than 3 years after the date on which a meeting of
the Committee is held, the Committee shall publish the transcript of
the meeting.''.
SEC. 504. INTEREST RATES ON BALANCES MAINTAINED AT A FEDERAL RESERVE
BANK BY DEPOSITORY INSTITUTIONS.
Section 19(b)(12)(A) of the Federal Reserve Act (12 U.S.C.
461(b)(12)(A)) is amended by inserting ``established by the Federal
Open Market Committee'' after ``rate or rates''.
SEC. 505. COMMISSION FOR RESTRUCTURING THE FEDERAL RESERVE SYSTEM.
(a) Establishment.--There is established an independent commission
to be known as the ``Federal Reserve System Restructuring Commission''
(referred to in this section as the ``Commission'').
(b) Membership.--
(1) In general.--The Commission shall be composed of 7
members as follows:
(A) 2 members appointed by the Speaker of the House
of Representatives.
(B) 2 members appointed by the majority leader of
the Senate.
(C) 1 member appointed by the minority leader of
the House of Representatives.
(D) 1 member appointed by the minority leader of
the Senate.
(E) 1 member appointed by the President.
(2) Chairman.--Once the members of the Commission have been
appointed, the members shall designate 1 of the members to be
Chairman of the Commission.
(3) Vacancies.--Any vacancy in the Commission shall be
filled in the same manner as the original appointment.
(c) Duties.--
(1) Study.--
(A) In general.--The Commission shall conduct a
study on whether it is appropriate to restructure the
Federal Reserve districts, including an analysis on
potential benefits and costs of restructuring.
(B) Considerations.--In determining whether such
restructuring is appropriate, the Commission shall
specifically consider the impact of restructuring with
respect to--
(i) maximizing operational effectiveness
within the Federal Reserve System while
minimizing operational costs;
(ii) maximizing the effectiveness of
supervisory and regulatory functions while
minimizing potential for regulatory capture;
and
(iii) monetary policy decision-making.
(C) Proposals.--The Commission shall--
(i) consider various proposals to
restructure the existing Federal Reserve
districts, including proposals to--
(I) increase the number of existing
Federal Reserve districts, including a
proposal to divide the Federal Reserve
district in which the Federal Reserve
Bank of San Francisco is contained into
2 or more separate districts while
retaining the existing structure for
the remaining Federal Reserve
districts;
(II) decrease the number of
existing Federal Reserve districts;
(III) restructure the existing
Federal Reserve districts without
increasing or decreasing the number of
existing Federal Reserve districts; and
(IV) reassign specific functions
and duties, including supervisory and
regulatory functions, to different
Federal Reserve banks within the
Federal Reserve System, including
functions and duties performed by the
Board; and
(ii) determine which of the proposals
considered under clause (i) are the optimal
approaches to restructuring the existing
Federal Reserve districts pursuant to
subclauses (I), (II), (III), and (IV) of clause
(i).
(2) Recommendation.--The Commission shall, based on the
proposals considered under paragraph (1)(C), develop a
recommendation on the optimal organization of the Federal
Reserve System that--
(A) maximizes--
(i) the operational effectiveness within
the Federal Reserve System while minimizing
operational costs; and
(ii) the effectiveness of supervisory and
regulatory functions while minimizing potential
for regulatory capture; and
(B) takes into account the impact of restructuring
on monetary policy decision-making.
(3) Report.--Not later than 18 months after the date of
enactment of this Act, the Commission shall submit to the
Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of
Representatives, and also furnish copies to the President and
the Board of Governors of the Federal Reserve System, a report
that includes--
(A) the recommendation described in paragraph (2);
(B) a description of the proposals considered under
paragraph (1)(C)(i);
(C) a description of the proposals determined to be
optimal under paragraph (1)(C)(ii);
(D) an analysis of the benefits and costs of each
of the proposals described in subparagraph (B),
including, with respect to each proposal, an analysis
of--
(i) the operational benefits and costs to
the Federal Reserve System;
(ii) the impact on supervision of financial
institutions and nonbank financial institutions
supervised by the Federal Reserve banks; and
(iii) the impact on monetary policy
decision-making;
(E) an analysis of--
(i) any specific benefits and costs
resulting from the increase in total number of
Federal Reserve districts; and
(ii) any specific benefits and costs
resulting from the decrease in total number of
Federal Reserve districts, including an
evaluation of savings to the Federal Reserve
System through streamlining and elimination of
duplicated functions;
(F) a determination of--
(i) whether the benefits of restructuring
the existing Federal Reserve districts without
increasing or decreasing the number of existing
Federal Reserve districts outweigh the costs;
(ii) whether the benefits of increasing or
decreasing the number of existing Federal
Reserve districts outweigh the costs;
(iii) whether the benefits of reassigning
functions and duties to different Federal
Reserve banks within the Federal Reserve System
outweigh the costs; and
(iv) the optimal number of Federal Reserve
districts in order for the Federal Reserve
System to fulfill its statutory role in the
most efficient and cost-effective manner; and
(G) a description of the methodology used by the
Commission to reach the conclusions for the report.
(d) Powers of the Commission.--The Commission may lease space and
acquire personal property to the extent funds are available.
(e) Commission Personnel Matters.--
(1) Compensation of members.--
(A) In general.--Except as provided in subparagraph
(B), each member of the Commission who is not an
officer or employee of the Federal Government shall be
compensated at a rate equal to the daily equivalent of
the annual rate of basic pay prescribed for level IV of
the Executive Schedule under section 5315 of title 5,
United States Code, for each day (including travel
time) during which such member is engaged in the
performance of the duties of the Commission. All
members of the Commission who are officers or employees
of the United States shall serve without compensation
in addition to that received for their services as
officers or employees of the United States.
(B) Compensation of chairman.--The Chairman of the
Commission shall be compensated at a rate equal to the
daily equivalent of the minimum annual rate of basic
pay payable for level III of the Executive Schedule
under section 5314, of title 5, United States Code.
(2) Travel expenses.--The members of the Commission shall
be allowed travel expenses, including per diem in lieu of
subsistence, at rates authorized for employees of agencies
under subchapter I of chapter 57 of title 5, United States
Code, while away from their homes or regular places of business
in the performance of services for the Commission.
(3) Director and staff.--
(A) Director of staff.--The Commission shall
appoint a Director, who shall be paid at the rate of
basic pay payable for level IV of the Executive
Schedule under section 5315 of title 5, United States
Code.
(B) Staff.--
(i) In general.--Subject to clauses (ii)
and (iii), the Director, with the approval of
the Commission, may appoint and fix the pay of
additional personnel.
(ii) Applicability.--The Director may make
such appointments without regard to the
provisions of title 5, United States Code,
governing appointments in the competitive
service, and any personnel so appointed may be
paid without regard to the provisions of
chapter 51 and subchapter III of chapter 53 of
that title relating to classification and
General Schedule pay rates, except that an
individual so appointed may not receive pay in
excess of the annual rate of basic pay
prescribed for level V of the Executive
Schedule under section 5316 of that title.
(iii) Detail of government employees.--
(I) In general.--Upon request of
the Director, the head of any Federal
department or agency, including the
Comptroller General of the United
States, may detail any of the personnel
of that department or agency to the
Commission to assist the Commission in
carrying out its duties under this
section.
(II) Limitations.--
(aa) Detail of employees
from federal reserve system.--
Not more than \1/5\ of the
personnel employed by or
detailed to the Commission may
be on detail from the Federal
Reserve System.
(bb) Detail of employees
from other federal agencies.--
Not more than one-fifth of the
personnel employed by or
detailed to the Commission may
be on detail from any Federal
department or agency other than
the Federal Reserve System.
(iv) Experts and consultants.--The
Commission may procure by contract the
temporary or intermittent services of experts
or consultants pursuant to section 3109(b) of
title 5, United States Code, at rates for
individuals which do not to exceed the daily
equivalent of the annual rate of basic pay for
a comparable position paid under the General
Schedule.
(C) Rule of construction.--Any individual employed
by the Commission under this paragraph, including any
expert or consultant under contract pursuant to
subparagraph (B)(iv), shall be considered staff for the
duration of such employment of such individual for the
purposes of this section.
(f) Prohibition Against Restricting Communications.--No person may
restrict an employee of the Federal Reserve System from communicating
with a member or staff of the Commission, and no person may take (or
threaten to take) an unfavorable personnel action, or withhold (or
threaten to withhold) a favorable personnel action, as a reprisal for
such communication.
(g) Confidential Information.--No member or staff of the Commission
shall request, either in writing or verbally, that any employee of the
Federal Reserve System provide--
(1) nonpublic information or documents concerning or
related to monetary policy deliberations; or
(2) confidential supervisory information.
(h) Disclosure of Nonpublic Information.--Any member or staff of
the Commission that obtains nonpublic information from the Federal
Reserve System or any employee of the Federal Reserve System shall
maintain the confidentiality of such information.
(i) Audit.--
(1) In general.--The Comptroller General of the United
States shall annually audit the financial transactions of the
Commission in accordance with the United States generally
accepted government auditing standards, as may be prescribed by
the Comptroller General of the United States.
(2) Location of audit.--An audit under paragraph (1) shall
be conducted at any place where accounts of the Commission are
normally kept.
(3) Access.--
(A) In general.--The representatives of the
Government Accountability Office shall have access, in
accordance with section 716(c) of title 31, United
States Code, to--
(i) the Chairman of the Commission, members
of the Commission, and staff of the Commission;
and
(ii) all books, accounts, documents,
papers, records (including electronic records),
reports, files, property, or other information
belonging to or under the control of or used or
employed by the Commission pertaining to its
financial transactions and necessary to
facilitate the audit.
(B) Verification of transactions.--Representatives
of the Government Accountability Office shall be
afforded full facilities for verifying transactions
with the balances or securities held by depositories,
fiscal agents, and custodians.
(4) Custody of documents and property.--All books,
accounts, documents, papers, records, reports, files, property,
or other information described in paragraph (3)(A)(ii) shall
remain in possession and custody of the Commission.
(5) Copies.--The Comptroller General of the United States
may make copies of any books, accounts, documents, papers,
records, reports, files, property, or other information
described in paragraph (3)(A)(ii) without cost to the
Comptroller General.
(6) Services.--In conducting an audit under this
subsection, the Comptroller General of the United States may
employ by contract, without regard to section 3709 of the
Revised Statutes (41 U.S.C. 6101), professional services of
firms and organizations of certified public accountants for
temporary periods or for special purposes.
(7) Reimbursement.--
(A) In general.--Upon the request of the
Comptroller General of the United States, the Chairman
of the Commission shall transfer to the Government
Accountability Office from funds made available to the
Commission the amount requested by the Comptroller
General to cover the full costs of any audit and report
conducted by the Comptroller General.
(B) Credit.--The Comptroller General of the United
States shall credit funds transferred under
subparagraph (A) to the account established for
salaries and expenses of the Government Accountability
Office, and such amount shall be available upon receipt
and without fiscal year limitation to cover the full
costs of the audit and report.
(8) Report.--The Comptroller General of the United States
shall submit to the Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives, and also furnish copies to the
President and the Commission, a report of each annual audit
conducted under this subsection, including--
(A) the scope of the audit;
(B) the statement of assets and liabilities and
surplus or deficit;
(C) the statement of income and expenses;
(D) the statement of sources and application of
funds;
(E) such comments and information as the
Comptroller General determines is necessary to inform
the Committee on Banking, Housing, and Urban Affairs of
the Senate and the Committee on Financial Services of
the House of Representatives of the financial
operations and condition of the Commission; and
(F) such recommendations that the Comptroller
General may deem advisable.
(j) Termination.--The Commission shall terminate not later than on
December 31, 2020.
(k) Funding.--
(1) In general.--Beginning on the first quarter of the
fiscal year after the date on which the Commission is
established, and in each quarter of a fiscal year thereafter,
the Board of Governors of the Federal Reserve System shall
transfer to the Commission, from the combined earnings of the
Federal Reserve System, the amount determined by the Chairman
of the Commission to be reasonably necessary to carry out the
authorities of the Commission pursuant to this section, taking
into account such other sums made available to the Commission
in preceding quarters, to be available without fiscal year
limitation and not subject to appropriation.
(2) Reviewability.--Notwithstanding any other provision in
this section, the funds derived from the Federal Reserve System
pursuant to this subsection shall not be subject to review by
the Committee on Appropriations of the Senate or the Committee
on Appropriations of the House of Representatives.
(l) Federal Reserve Districts.--The first undesignated paragraph of
section 2 of the Federal Reserve Act (38 Stat. 251, chapter 6) is
amended by inserting ``, except as otherwise provided under section 505
of the Financial Regulatory Improvement Act of 2015'' after
``organized''.
SEC. 506. GAO STUDY ON SUPERVISION.
(a) In General.--The Comptroller General of the United States shall
conduct a study on the effectiveness of supervision by the Board of
Governors of the Federal Reserve System and each Federal Reserve bank
of--
(1) bank holding companies subject to the requirements of
section 165 of the Financial Stability Act of 2010 (12 U.S.C.
5365) on the date of enactment of this Act; and
(2) nonbank financial companies subject to a determination
under subsection (a) or (b) of section 113 of the Financial
Stability Act of 2010 (12 U.S.C. 5323).
(b) Report.--Not later than 18 months after the date of enactment
of this Act, the Comptroller General of the United States shall submit
to the Committee on Banking, Housing, and Urban Affairs of the Senate
and the Committee on Financial Services of the House of Representatives
a report based on the study required under subsection (a) that
includes--
(1) an analysis of--
(A) the effectiveness of the delegation of
functions by the Board of Governors of the Federal
Reserve System in accordance with section 11(k) of the
Federal Reserve Act (12 U.S.C. 248(k));
(B) the effectiveness of supervision delegated to
each Federal Reserve bank by the Board of Governors of
the Federal Reserve System, including whether and how
the relationships between each Federal Reserve bank and
the institutions that each Federal Reserve bank
supervises impact the effectiveness of supervision;
(C) the propriety of the relationship between each
Federal Reserve bank and the institutions that each
Federal Reserve bank supervises, including any
potential conflicts of interest, and whether and how
such relationships impact the effectiveness of
supervision;
(D) the role played by the Large Institution
Supervision Coordinating Committee of the Board of
Governors of the Federal Reserve System, the
interactions between the Committee and the Federal
Reserve banks, and the effectiveness of the Committee;
and
(E) any other factors that could negatively
influence the effectiveness of supervision by any
Federal Reserve bank or the Board of Governors of the
Federal Reserve System;
(2) an evaluation of whether additional steps should be
taken by the Board of Governors of the Federal Reserve System,
each Federal Reserve bank, or Congress to improve the
effectiveness of supervision at each Federal Reserve bank and
the Board of Governors of the Federal Reserve System; and
(3) recommendations to improve the effectiveness of
supervision at each Federal Reserve bank and the Board of
Governors of the Federal Reserve System.
(c) Evaluation.--As part of the study required under subsection
(a), the Comptroller General of the United States shall separately
evaluate the effectiveness of supervision at the Board of Governors of
the Federal Reserve System and at each Federal Reserve bank.
SEC. 507. FEDERAL RESERVE STUDY ON NONBANK SUPERVISION.
(a) In General.--Not later than 180 days after the enactment of
this Act, and not less than once every 2 years thereafter, the Board of
Governors of the Federal Reserve System shall submit to the Committee
on Banking, Housing, and Urban Affairs of the Senate and the Committee
on Financial Services of the House of Representatives a report
regarding how the Board plans to supervise and regulate nonbank
financial companies subject to a determination under subsection (a) or
(b) of section 113 of the Financial Stability Act of 2010 (12 U.S.C.
5323) that includes, with respect to nonbank financial companies--
(1) a specific supervisory and regulatory framework,
differentiating among nonbank financial companies on an
individual basis or by category, taking into consideration the
capital structure, riskiness, complexity (including the
financial activities of any subsidiaries), size, and any other
risk-related factors that the Board of Governors of the Federal
Reserve System determines is appropriate;
(2) an assessment of the relevant experience and expertise
of staff of the Federal Reserve System assigned to such
supervision and regulation;
(3) a description of--
(A) the method for evaluating safety and soundness;
(B) the frequency of examinations;
(C) the criteria that will be examined; and
(D) coordination with Federal and State regulators,
including efforts to minimize duplicative supervision
and regulation, if appropriate; and
(4) an explanation of how the approach to supervision and
regulation of nonbank financial companies differs from
supervision and regulation of bank holding companies and member
banks.
(b) Sunset.--This section shall terminate on the date that is 10
years after the date of enactment of this Act.
SEC. 508. FEDERAL RESERVE BANK GOVERNANCE.
(a) In General.--Section 4 of the Federal Reserve Act is amended--
(1) in paragraph (4) (12 U.S.C. 341)--
(A) by striking ``power--'' and inserting ``power,
except as provided in paragraph (25)--''; and
(B) by inserting ``except that the first vice
president of the Federal Reserve Bank of New York shall
be appointed by the Class B and Class C directors of
the bank, with the approval of the Board of Governors
of the Federal Reserve System, for a term of 5 years,''
after ``as the president,''; and
(2) by adding at the end the following:
``(25) Selection of the president of the federal reserve
bank of new york.--Notwithstanding any other provision of this
section, the president of the Federal Reserve Bank of New York
shall be appointed by the President, by and with the advice and
consent of the Senate, for terms of 5 years.
``(26) Testimony.--The president of the Federal Reserve
Bank of New York, on an annual basis, shall provide testimony
to the Committee on Banking, Housing, and Urban Affairs of the
Senate and the Committee on Financial Services of the House of
Representatives.''.
(b) Effective Date.--The amendments made by subsection (a) shall
take effect on the date of enactment of this Act and apply to
appointments for the president of the Federal Reserve Bank of New York
made on and after that effective date.
TITLE VI--IMPROVED ACCESS TO CAPITAL AND TAILORED REGULATION IN THE
FINANCIAL MARKETS
SEC. 601. HOLDING COMPANY REGISTRATION THRESHOLD EQUALIZATION.
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is
amended--
(1) in section 12(g) (15 U.S.C. 78l(g))--
(A) in paragraph (1)(B), by inserting ``, a savings
and loan holding company (as defined in section 10(a)
of the Home Owners' Loan Act (12 U.S.C. 1467a(a))),''
after ``is a bank''; and
(B) in paragraph (4), by inserting ``, a savings
and loan holding company (as defined in section 10(a)
of the Home Owners' Loan Act (12 U.S.C. 1467a(a))),''
after ``case of a bank''; and
(2) in section 15(d)(1) (15 U.S.C. 78o(d)(1)), by striking
``case of bank'' and inserting ``case of a bank, a savings and
loan holding company (as defined in section 10(a) of the Home
Owners' Loan Act (12 U.S.C. 1467a(a))),''.
SEC. 602. INCREASED THRESHOLD FOR DISCLOSURES RELATING TO COMPENSATORY
BENEFIT PLANS.
Not later than 60 days after the date of enactment of this Act, the
Securities and Exchange Commission shall revise section 230.701(e) of
title 17, Code of Federal Regulations, to increase from $5,000,000 to
$10,000,000 the aggregate sales price or amount of securities sold
during any consecutive 12-month period in excess of which the issuer is
required under such section to deliver an additional disclosure to
investors. The Securities and Exchange Commission shall index for
inflation such aggregate sales price or amount every 5 years to reflect
the change in the Consumer Price Index for All Urban Consumers
published by the Bureau of Labor Statistics, rounding to the nearest
$1,000,000.
SEC. 603. REPEAL OF INDEMNIFICATION REQUIREMENTS.
(a) Derivatives Clearing Organizations.--Section 5b(k)(5) of the
Commodity Exchange Act (7 U.S.C. 7a-1(k)(5)) is amended to read as
follows:
``(5) Confidentiality agreement.--Before the Commission may
share information with any entity described in paragraph (4),
the Commission shall receive a written agreement from each
entity stating that the entity shall abide by the
confidentiality requirements described in section 8 relating to
the information on swap transactions that is provided.''.
(b) Swap Data Repositories.--Section 21(d) of the Commodity
Exchange Act (7 U.S.C. 24a(d)) is amended to read as follows:
``(d) Confidentiality Agreement.--Before the swap data repository
may share information with any entity described in subsection (c)(7),
the swap data repository shall receive a written agreement from each
entity stating that the entity shall abide by the confidentiality
requirements described in section 8 relating to the information on swap
transactions that is provided.''.
(c) Security-based Swap Data Repositories.--Section 13(n)(5) of the
Securities Exchange Act of 1934 (15 U.S.C. 78m(n)(5)) is amended--
(1) in subparagraph (G)--
(A) in the matter preceding clause (i), by striking
``all'' and inserting ``security-based swap''; and
(B) in clause (v)--
(i) in subclause (II), by striking ``;
and'' and inserting a semicolon;
(ii) in subclause (III), by striking the
period at the end and inserting ``; and''; and
(iii) by adding at the end the following:
``(IV) other foreign
authorities.''; and
(2) by striking subparagraph (H) and inserting the
following:
``(H) Confidentiality agreement.--Before the
security-based swap data repository may share
information with any entity described in subparagraph
(G), the security-based swap data repository shall
receive a written agreement from each entity stating
that the entity shall abide by the confidentiality
requirements described in section 24 relating to the
information on security-based swap transactions that is
provided.''.
(d) Effective Date.--The amendments made by this section shall take
effect as if enacted as part of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (Public Law 111-203).
SEC. 604. IMPROVING ACCESS TO CAPITAL FOR EMERGING GROWTH COMPANIES.
Section 6(e)(1) of the Securities Act of 1933 (15 U.S.C. 77f(e)(1))
is amended by adding at the end the following: ``An issuer that was an
emerging growth company at the time it submitted a confidential
registration statement or, in lieu thereof, a publicly filed
registration statement for review under this subsection but ceases to
be an emerging growth company thereafter shall continue to be treated
as an emerging growth company for the purposes of this subsection
through the earlier of the date on which the issuer consummates its
initial public offering pursuant to such registration statement or the
end of the 1-year period beginning on the date on which the company
ceases to be an emerging growth company.''.
TITLE VII--TAXPAYER PROTECTIONS AND MARKET ACCESS FOR MORTGAGE FINANCE
SEC. 701. DEFINITIONS.
In this title:
(1) Agency.--The term ``Agency'' means the Federal Housing
Finance Agency.
(2) Back-end risk sharing.--The term ``back-end risk
sharing'' means any risk-sharing transaction that allows an
enterprise to share single-family mortgage credit risk that is
on the balance sheet of the enterprise with the private sector.
(3) Board of directors.--The term ``Board of Directors''
means the Board of Directors established under section
705(c)(1).
(4) Common securitization solutions.--The term ``Common
Securitization Solutions'' or ``CSS'' means Common
Securitization Solutions, LLC, the joint venture formed by the
enterprises in October 2013, or any successor to Common
Securitization Solutions, LLC, that is a joint venture of the
enterprises.
(5) Contractual and disclosure framework.--The term
``contractual and disclosure framework'' means a contractual
and disclosure framework for securitization of mortgage loans
by an entity other than an enterprise.
(6) Enterprise.--The term ``enterprise'' has the meaning
given that term in section 1303 of the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992 (12
U.S.C. 4502).
(7) First loss position; front-end risk sharing; risk-
sharing transaction.--The terms ``first loss position'',
``front-end risk sharing'', and ``risk-sharing transaction''
have the meanings given those terms in section 1328(a) of the
Federal Housing Enterprises Financial Safety and Soundness Act
of 1992, as added by section 706(b)(1).
(8) Guarantee fee.--The term ``guarantee fee''--
(A) means a fee in connection with any guarantee of
the timely payment of principal and interest on
securities, notes, and other obligations based on or
backed by mortgages on residential real properties
designed principally for occupancy of from 1 to 4
families; and
(B) includes--
(i) the guaranty fee charged by the Federal
National Mortgage Association with respect to
mortgage-backed securities; and
(ii) the management and guarantee fee
charged by the Federal Home Loan Mortgage
Corporation with respect to participation
certificates.
(9) Platform.--The term ``Platform'' means the
securitization platform first described by the paper issued by
the Agency on October 4, 2012 entitled ``Building a New
Infrastructure for the Secondary Mortgage Market'', and updated
in subsequent documents released by the Agency, including
annual strategic plans for the conservatorship of the
enterprises and annual conservatorship scorecards.
(10) Private successor.--The term ``private successor''
means the private, nonprofit entity referred to in section
705(g) to which CSS transitions the Platform and the
contractual and disclosure framework, including any associated
intellectual property, technology, systems, and infrastructure,
in accordance with this title.
(11) Second loss position.--The term ``second loss
position'' means, with respect to a risk-sharing transaction,
the position to which any credit losses on a security resulting
from the nonperformance of underlying mortgage loans will
accrue and be absorbed after a first loss position, to the full
extent of a holder's interest in such position.
(12) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(13) Senior preferred stock purchase agreement.--The term
``Senior Preferred Stock Purchase Agreement'' means--
(A) the Amended and Restated Senior Preferred Stock
Purchase Agreement, dated September 26, 2008, as such
Agreement has been amended on May 6, 2009, December 24,
2009, and August 17, 2012, respectively, and as such
Agreement may be further amended and restated, entered
into between the Department of the Treasury and each
enterprise, as applicable; and
(B) any provision of any certificate in connection
with such Agreement creating or designating the terms,
powers, preferences, privileges, limitations, or any
other conditions of the Variable Liquidation Preference
Senior Preferred Stock of an enterprise issued or sold
pursuant to such Agreement.
SEC. 702. PROHIBITING THE USE OF GUARANTEE FEES AS AN OFFSET.
(a) In General.--In the Senate and the House of Representatives,
for purposes of determining budgetary impacts to evaluate points of
order under the Congressional Budget Act of 1974, any previous budget
resolution, and any subsequent budget resolution, provisions contained
in any bill, resolution, amendment, motion, or conference report that
increase, or extend the increase of, any guarantee fee of an enterprise
shall not be scored with respect to the level of budget authority,
outlays, or revenues contained in such legislation.
(b) Exception.--The prohibition in subsection (a) shall not apply
to any legislation that--
(1) includes a specific instruction to the Secretary on the
sale, transfer, relinquishment, liquidation, divestiture, or
other disposition of senior preferred stock acquired pursuant
to the Senior Preferred Stock Purchase Agreement; and
(2) provides for an increase, or extension of an increase,
of any guarantee fee of an enterprise to be used for the
purpose of financing reforms to the secondary mortgage market.
SEC. 703. LIMITATIONS ON SALE OF PREFERRED STOCK.
Notwithstanding any other provision of law or any provision of the
Senior Preferred Stock Purchase Agreement, the Secretary may not sell,
transfer, relinquish, liquidate, divest, or otherwise dispose of any
outstanding shares of senior preferred stock acquired pursuant to the
Senior Preferred Stock Purchase Agreement, until such time as Congress
has passed and the President has signed into law legislation that
includes a specific instruction to the Secretary regarding the sale,
transfer, relinquishment, liquidation, divestiture, or other
disposition of the senior preferred stock so acquired.
SEC. 704. SECONDARY MARKET ADVISORY COMMITTEE.
Not later than 90 days after the date of enactment of this Act, the
Agency shall direct the enterprises and CSS to establish the Secondary
Market Advisory Committee, which shall--
(1) provide advice to the enterprises and CSS on decisions
relating to the development of secondary mortgage market
infrastructure; and
(2) include private market participants representing
multiple aspects of the mortgage market, including mortgage
lenders, poolers of mortgage-backed securities, and investors
of mortgage-backed securities.
SEC. 705. SECURITIZATION PLATFORM.
(a) Sense of Congress.--It is the sense of Congress that--
(1) at the direction of the Agency, the enterprises have
established a joint venture called Common Securitization
Solutions intended to facilitate the issuance of mortgage-
backed securities through the Platform;
(2) at the direction of the Agency, the development of the
Platform is currently geared toward the issuance of mortgage-
backed securities by the enterprises;
(3) as soon as practicable, the capacity and functionality
of the Platform should be expanded to facilitate the issuance
of mortgage-backed securities by issuers other than the
enterprises, and CSS should undertake to develop the
contractual and disclosure framework for issuers other than the
enterprises;
(4) the property of the enterprises, including intellectual
property, technology, systems, and infrastructure (including
technology, systems, and infrastructure developed by the
enterprises for the Platform), as well as any other legacy
systems, infrastructure, processes, and the Platform itself are
valuable assets of the enterprises; and
(5) the enterprises should receive appropriate compensation
for the transfer of any such assets.
(b) Reports to Congress.--
(1) Annual report on development.--Not later than 1 year
after the date of enactment of this Act, and every year
thereafter, the Agency shall submit to Congress a report on the
status of the development of the Platform and the contractual
and disclosure framework, which shall include--
(A) the projected timelines for--
(i) completing development of the Platform
to support the securitization needs of the
enterprises; and
(ii) completing development of the Platform
and the contractual and disclosure framework to
support the securitization needs of issuers
other than the enterprises; and
(B) the projected budget for the development of the
Platform and the contractual and disclosure framework.
(2) Report on transition.--Not later than 3 years after the
date of enactment of this Act, the Agency shall develop a plan,
and submit to the Committee on Banking, Housing and Urban
Affairs of the Senate and the Committee on Financial Services
of the House of Representatives a report on such plan, to
transition the Platform and the contractual and disclosure
framework from a joint venture owned by the enterprises into a
private, nonprofit entity that best facilitates a deep, liquid,
and resilient secondary mortgage market for mortgage-backed
securities.
(c) Board of Directors.--
(1) Establishment.--Not later than 6 months after the date
of enactment of this Act, the Agency shall direct the
enterprises and CSS to re-constitute a CSS Board of Directors
that meets the composition requirements set forth in paragraphs
(2) and (3).
(2) Composition after 1 year.--Not later than 1 year after
the date of enactment of this Act, as determined by the Agency,
the Board of Directors shall be comprised of 7 directors, 3 of
whom--
(A) shall have demonstrated knowledge of, or
experience in, financial management, financial
services, risk management, information technology, or
housing finance; and
(B) are not simultaneously employed by an
enterprise or serving as a director of an enterprise.
(3) Composition after 18 months.--Not later than 18 months
after the date of enactment of this Act, as determined by the
Agency, the Board of Directors shall be comprised of 9
directors, 5 of whom--
(A) shall have demonstrated knowledge of, or
experience in, financial management, financial
services, risk management, information technology, or
housing finance; and
(B) are not simultaneously employed by an
enterprise or serving as a director of an enterprise.
(d) Authorized and Prohibited Activities.--
(1) Authorized activities.--
(A) In general.--Not later than 2 years after the
date of enactment of this Act, CSS shall--
(i) for an entity other than an enterprise,
develop standards for--
(I) becoming an approved issuer of
securities issued through the Platform;
(II) loans that may serve as
collateral for securities issued
through the Platform; and
(III) originating, servicing,
pooling, dispute resolution,
disclosure, and securitizing
residential mortgage loans that
collateralize securities issued through
the Platform; and
(ii) operate and maintain the Platform and
establish fees for use of the Platform.
(B) Issuing securities by approved issuers.--Not
later than 3 years after the date of enactment of this
Act--
(i) CSS shall facilitate the issuance of
securities by any approved issuer other than an
enterprise through the Platform; and
(ii) issuances of securities facilitated
through the Platform shall not be limited to
those made by the enterprises.
(C) Exception.--The Director may delay the
requirement under subparagraph (B) for 2 1-year periods
if the Director and the Secretary of the Treasury--
(i) determine that facilitation of such
securities is not feasible within that period
of time and could adversely impact the housing
market; and
(ii) submit to Congress a report describing
the justification for the determination made in
clause (i).
(2) Prohibited activities.--CSS may not, through the
Platform or otherwise--
(A) guarantee any mortgage loans or mortgage-backed
securities;
(B) assume or hold mortgage loan credit risk;
(C) purchase any mortgage loans for cash on a
single loan basis for the purpose of securitization;
(D) own or hold any mortgage loans or mortgage-
backed securities for investment purposes;
(E) make or be a party to any representation and
warranty agreement on any mortgage loans; or
(F) take lender representation and warranty risk.
(3) Authorized and prohibited activities of the private
successor.--All authorized and prohibited activities of CSS
under this subsection shall transfer to the private successor
at the time of transition under subsection (g), and shall
transfer to any future successor to the private successor at
the time of any such transition.
(e) Regulation of CSS and the Private Successor.--The Agency shall
have general regulatory authority over CSS, the private successor, and
any successor to the private successor to ensure the safety and
soundness of CSS and such successors
(f) Funding by the FHFA and Transfer of Property.--
(1) Transfer of funds from the enterprises.--At a time
established by the Agency, the Agency shall transfer to CSS
such funds from the enterprises as the Agency, after
consultation with the Board of Directors, determines may be
reasonably necessary for CSS to begin carrying out the
activities and operations of the Platform.
(2) Transfer of property.--
(A) In general.--The Agency shall direct the
enterprises to transfer or sell to the Platform any
property, including intellectual property, technology,
systems, and infrastructure (including technology,
systems, and infrastructure developed by the
enterprises for the Platform), as well as any other
legacy systems, infrastructure, and processes that may
be necessary for the Platform to carry out the
functions and operations of the Platform.
(B) Contractual and other legal obligations.--As
may be necessary for the Agency and the enterprises to
comply with legal, contractual, or other obligations,
the Agency shall have the authority to require that any
transfer authorized under subparagraph (A) occurs as an
exchange for value, including through the provision of
appropriate compensation to the enterprises or other
entities responsible for creating, or contracting with,
the Platform.
(g) Transition From CSS.--
(1) In general.--Not later than 5 years after the date of
enactment of this Act, the Agency shall oversee the transition
of ownership of the Platform and the contractual and disclosure
framework from the enterprises and CSS to a private, nonprofit
entity in accordance with the plan developed under subsection
(b)(2).
(2) Board of directors.--The private successor shall
determine the structure of the Board of Directors following the
transition under paragraph (1).
(3) Repayment of cost.--Not later than 10 years after the
date of the transition described in paragraph (1), the total
cost of the property transferred in accordance with subsection
(f)(2) at the time of the transition, as determined jointly by
the Agency and the Secretary, shall be repaid to the
enterprises.
(h) Rule of Construction.--Nothing in this section shall be
construed to prohibit the Agency or CSS from first developing a common
securitization platform for use only by the enterprises, if all of the
provisions in this Act relating to the development of the Platform and
the contractual and disclosure framework are complied with in a timely
manner.
SEC. 706. MANDATORY RISK SHARING.
(a) Sense of Congress.--It is the sense of Congress that--
(1) at the direction of the Agency, the enterprises have
executed a series of transactions in which the enterprises
share credit risk with the private sector;
(2) in the risk-sharing transactions to date, the
enterprises have shared credit risk on pools of residential
mortgage loans that back securities on which an enterprise
either already guarantees or does not yet guarantee the timely
payment of principal and interest;
(3) the risk that the enterprises have shared has been
either any loss suffered on the loans in the pool or any loss
in excess of some minimal level on loans in the pool;
(4) to date, the vast majority of risk-sharing transactions
have involved either back-end risk sharing or the transfer of
the second loss position; and
(5) the Agency should direct the enterprises to--
(A) engage in more front-end risk sharing in which
the first loss position is transferred; and
(B) retain data that can help inform policymakers
and the public about the impact to consumers, the
market, and the enterprises from such transactions.
(b) Mandatory Risk Sharing.--
(1) In general.--Subpart A of part 2 of subtitle A of the
Federal Housing Enterprises Financial Safety and Soundness Act
of 1992 (12 U.S.C. 4541 et seq.) is amended by adding at the
end the following:
``SEC. 1328. MANDATORY RISK-SHARING TRANSACTIONS.
``(a) Definitions.--In this section:
``(1) First loss position.--The term `first loss position'
means, with respect to a risk-sharing transaction, the position
to which any credit loss on a security resulting from the
nonperformance of underlying mortgage loans will accrue and be
absorbed, to the full extent of the holder's interest in such
position.
``(2) Front-end risk sharing.--The term `front-end risk
sharing' means any risk-sharing transaction that provides for
an enterprise to share credit risk on a pool of single-family
residential mortgage loans that back securities on which the
enterprise guarantees the timely payment of principal and
interest with the private sector before the enterprise provides
any such guarantee.
``(3) Risk-sharing transaction.--The term `risk-sharing
transaction' means any transaction that provides for an
enterprise to share credit risk on a pool of single-family
residential mortgage loans that back securities on which the
enterprise guarantees the timely payment of principal and
interest with the private sector.
``(b) Risk-sharing Transactions.--The Director shall require each
enterprise to develop and undertake risk-sharing transactions in which
the first loss position is transferred, as provided in subsection (c).
``(c) Required Percentage of Business.--
``(1) Requirement.--The Director shall require that each
enterprise engage in significant and increasing risk-sharing
transactions, including front-end risk sharing and risk-sharing
transactions in which the first loss position is transferred,
considering market conditions and the safety and soundness of
the enterprise.
``(2) Annual reporting requirement.--Not later than 1 year
after the date of enactment of this section, and every year
thereafter, the Agency shall submit to Congress a report, which
shall include--
``(A) for the 12-month period preceding the date on
which the report is submitted, an assessment of the
market responses to the risk-sharing transactions of
each of the enterprises, in aggregate, and by credit
risk-sharing mechanism, including--
``(i) impacts on borrower costs, yield
spreads, and the economics of the operations of
the enterprises; and
``(ii) the type and characteristics of the
underlying collateral and borrowers whose loans
are involved in risk-sharing transactions; and
``(B) a 5-year plan, which shall include, for each
of the 5 years following the year in which the report
is issued--
``(i) the projected percentage of the
unpaid principal balance of each enterprise
covered under the credit risk-sharing program;
``(ii) the projected percentage of new
business for each enterprise subject to
transactions in which the first loss position
is transferred, including the types of deal
structures;
``(iii) the projected depth of front-end
risk sharing per type of transaction for each
enterprise; and
``(iv) a description of the steps that the
Agency intends to take to broaden the eligible
investor base for credit risk-sharing
programs.''.
TITLE VIII--DODD-FRANK WALL STREET REFORM AND CONSUMER PROTECTION ACT
TECHNICAL CORRECTIONS
SEC. 801. TABLE OF CONTENTS; DEFINITIONAL CORRECTIONS.
(a) Table of Contents.--The table of contents for the Dodd-Frank
Wall Street Reform and Consumer Protection Act (Public Law 111-203; 124
Stat. 1376) is amended by striking the items relating to sections 407
through 416 and inserting the following:
``Sec. 407. Exemption of and reporting by venture capital fund
advisers.
``Sec. 408. Exemption of and reporting by certain private fund
advisers.
``Sec. 409. Family offices.
``Sec. 410. State and Federal responsibilities; asset threshold for
Federal registration of investment
advisers.
``Sec. 411. Custody of client assets.
``Sec. 412. Comptroller General study on custody rule costs.
``Sec. 413. Adjusting the accredited investor standard.
``Sec. 414. Rule of construction relating to the Commodity Exchange
Act.
``Sec. 415. GAO study and report on accredited investors.
``Sec. 416. GAO study on self-regulatory organization for private
funds.
``Sec. 417. Commission study and report on short selling.
``Sec. 418. Qualified client standard.
``Sec. 419. Transition period.''.
(b) Definitions.--Section 2 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act (12 U.S.C. 5301) is amended--
(1) in paragraph (1)--
(A) by striking ``section 3'' and inserting
``section 3(w)''; and
(B) by striking ``(12 U.S.C. 1813)'' and inserting
``(12 U.S.C. 1813(w))'';
(2) in paragraph (6), by striking ``1 et seq.'' and
inserting ``1a''; and
(3) in paragraph (18)(A)--
(A) by striking ```bank holding company',''; and
(B) by inserting ```includes','' before
```including',''.
SEC. 802. ANTITRUST SAVINGS CLAUSE CORRECTIONS.
Section 6 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5303) is amended, in the second sentence--
(1) by inserting ``(15 U.S.C. 12(a))'' after ``Clayton
Act''; and
(2) by striking ``Act, to'' and inserting ``Act (15 U.S.C.
45) to''.
SEC. 803. TITLE I CORRECTIONS.
The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is
amended--
(1) in section 102(a)(6) (12 U.S.C. 5311(a)(6)), by
inserting ``(12 U.S.C. 1843(k))'' after ``of 1956'' each place
that term appears;
(2) in section 111 (12 U.S.C. 5321)--
(A) in subsection (b)--
(i) in paragraph (1)(G), by striking
``Chairperson'' and inserting ``Chairman''; and
(ii) in paragraph (2)(E), by striking
``such'' and inserting ``the''; and
(B) in subsection (c)(3), by striking ``that agency
or department head'' and inserting ``the head of that
member agency or department'';
(3) in section 112 (12 U.S.C. 5322)--
(A) in subsection (a)(2)--
(i) in subparagraph (D)--
(I) by striking ``to monitor'' and
inserting ``monitor''; and
(II) by striking ``to advise'' and
inserting ``advise'';
(ii) in subparagraph (J)--
(I) by striking ``that term is''
and inserting ``those terms are''; and
(II) by striking ``and settlement''
and inserting ``or settlement''; and
(iii) in subparagraph (L), by striking
``may''; and
(B) in subsection (d)(5)--
(i) in subparagraph (B), by striking
``subsection and'' and inserting ``subtitle
or''; and
(ii) in subparagraph (C), by striking
``subsection and'' and inserting ``subtitle
or'';
(4) in section 154(c) (12 U.S.C. 5344(c))--
(A) by striking ``Center.--'' and all that follows
through ``The Research'' and inserting ``Center.--The
Research''; and
(B) by redesignating subparagraphs (A) through (H)
as paragraphs (1) through (8), respectively, and
adjusting the margins accordingly;
(5) in section 155(a)(2) (12 U.S.C. 5345(a)(2)), by
striking ``(c),'' and inserting ``(c)'';
(6) in section 164 (12 U.S.C. 5364), by striking
``Institutions'' and inserting ``Institution'';
(7) in section 167(b)(1)(B)(ii) (12 U.S.C.
5367(b)(1)(B)(ii)), by striking ``to ensure'' and inserting
``ensure''; and
(8) in section 171(b)(4)(D) (12 U.S.C. 5371(b)(4)(D)), by
adding a period at the end.
SEC. 804. TITLE II CORRECTIONS.
Title II of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5381 et seq.) is amended--
(1) in section 210 (12 U.S.C. 5390)--
(A) in subsection (a)--
(i) in paragraph (1)(D), by striking
``wind-up'' and inserting ``wind up''; and
(ii) in paragraph (5)(C), by striking
``receiver seeking'' and inserting ``receiver)
seeking'';
(B) in subsection (b)(1), by striking ``11,725''
each place that term appears and inserting ``$11,725'';
(C) in subsection (m)(1)(B), by inserting ``of''
before ``the Bankruptcy Code''; and
(D) in subsection (o)(1)(D)(i)(I), by striking
``and (h)(5)(E)'' and inserting ``or (h)(5)(E)'';
(2) in section 211(d)(1)(C) (12 U.S.C. 5391(d)(1)(C)), by
striking ``orderly liquidation plan under section 210(n)(14)''
and inserting ``an orderly liquidation plan under section
210(n)(9)''; and
(3) in section 215(a)(5) (124 Stat. 1518), by striking
``amd'' and inserting ``and''.
SEC. 805. TITLE III CORRECTIONS.
(a) In General.--The Enhancing Financial Institution Safety and
Soundness Act of 2010 (12 U.S.C. 5401 et seq.) is amended--
(1) in section 327(b)(5) (12 U.S.C. 5437(b)(5)), by
striking ``in'' and inserting ``into'';
(2) in section 333(b)(2) (124 Stat. 1539), by inserting
``the second place that term appears'' before ``and
inserting''; and
(3) in section 369(5) (124 Stat. 1559)--
(A) in subparagraph (D)(i)--
(i) in subclause (III), by redesignating
items (aa), (bb), and (cc) as subitems (AA),
(BB), and (CC), respectively, and adjusting the
margins accordingly;
(ii) in subclause (IV), by redesignating
items (aa) and (bb) as subitems (AA) and (BB),
respectively, and adjusting the margins
accordingly;
(iii) in subclause (V), by redesignating
items (aa), (bb), and (cc) as subitems (AA),
(BB), and (CC), respectively, and adjusting the
margins accordingly; and
(iv) by redesignating subclauses (III),
(IV), and (V) as items (bb), (cc), and (dd),
respectively, and adjusting the margins
accordingly;
(B) in subparagraph (F)--
(i) in clause (ii), by adding ``and'' at
the end;
(ii) in clause (iii), by striking ``; and''
and inserting a semicolon; and
(iii) by striking clause (iv); and
(C) in subparagraph (G)(i), by inserting ``each
place such term appears'' before ``and inserting''.
(b) Effective Dates.--
(1) Section 333.--The amendment made by subsection (a)(2)
of this section shall take effect as if enacted as part of
subtitle C of the Enhancing Financial Institution Safety and
Soundness Act of 2010 (title III of Public Law 111-203; 124
Stat. 1538).
(2) Section 369.--The amendments made by subsection (a)(3)
of this section shall take effect as if enacted as part of
subtitle E of the Enhancing Financial Institution Safety and
Soundness Act of 2010 (title III of Public Law 111-203; 124
Stat. 1546).
SEC. 806. TITLE IV CORRECTION.
Section 414 of the Private Fund Investment Advisers Registration
Act of 2010 (title IV of Public Law 111-203; 124 Stat. 1578) is amended
in the section heading by striking ``commodities'' and inserting
``commodity''.
SEC. 807. TITLE VI CORRECTIONS.
(a) In General.--The Bank and Savings Association Holding Company
and Depository Institution Regulatory Improvements Act of 2010 (title
VI of Public Law 111-203; 124 Stat. 1596) is amended--
(1) in section 610 (124 Stat. 1611)--
(A) by striking subsection (b); and
(B) by redesignating subsection (c) as subsection
(b); and
(2) in section 618(a) (12 U.S.C. 1850a(a))--
(A) in paragraph (4)(B)(i), by inserting ``of
Governors'' after ``Board''; and
(B) in paragraph (6), by inserting ``(12 U.S.C.
1841)'' after ``Act of 1956''.
(b) Effective Date.--The amendments made by subsection (a)(1) of
this section shall take effect as if enacted as part of section 610 of
the Bank and Savings Association Holding Company and Depository
Institution Regulatory Improvements Act of 2010 (title VI of Public Law
111-203; 124 Stat. 1611).
SEC. 808. TITLE VII CORRECTIONS.
(a) In General.--The Wall Street Transparency and Accountability
Act of 2010 (15 U.S.C. 8301 et seq.) is amended--
(1) in section 719(c)(1)(B) (15 U.S.C. 8307(c)(1)(B)), by
adding a period at the end;
(2) in section 723(a)(1)(B) (124 Stat. 1675), by inserting
``, as added by section 107 of the Commodity Futures
Modernization Act of 2000 (Appendix E of Public Law 106-554;
114 Stat. 2763A-382),'' after ``subsection (i)'';
(3) in section 724(a) (124 Stat. 1682), by striking
``adding at the end'' and inserting ``inserting after
subsection (e)'';
(4) in section 734(b)(1) (124 Stat. 1718), by striking ``is
amended'' and all that follows through ``(B) in'' and inserting
``is amended in'';
(5) in section 741(b)(10) (124 Stat. 1732), by striking
``1a(19)(A)(iv)(II)'' each place that term appears and
inserting ``1a(18)(A)(iv)(II)''; and
(6) in section 749 (124 Stat. 1746)--
(A) in subsection (a)(2), by striking ``adding at
the end'' and inserting ``inserting after subsection
(f)''; and
(B) in subsection (h)(1)(B), by inserting ``the
second place that term appears'' before the semicolon.
(b) Effective Date.--The amendments made by paragraphs (3), (4),
(5), and (6) of subsection (a) shall take effect as if enacted as part
of part II of subtitle A of the Wall Street Transparency and
Accountability Act of 2010 (title VII of Public Law 111-203; 124 Stat.
1658).
SEC. 809. TITLE VIII CORRECTIONS.
The Payment, Clearing, and Settlement Supervision Act of 2010 (12
U.S.C. 5461 et seq.) is amended--
(1) in section 805(a)(2)(E) (12 U.S.C. 5464(a)(2)(E)), by
striking the quotation marks at the end;
(2) in section 806 (12 U.S.C. 5465)--
(A) in subsection (b), in the first sentence, by
striking ``(2)) after'' and inserting ``(2))) after'';
and
(B) in subsection (e)(1)(A)--
(i) by striking ``advance notice'' and
inserting ``advance''; and
(ii) by striking ``each Supervisory
Agency'' and inserting ``its Supervisory
Agency'';
(3) in section 807 (12 U.S.C. 5466)--
(A) in subsection (d)(1), by adding a period at the
end; and
(B) in subsection (f)(2), by inserting a comma
after ``under'' the second place that term appears;
(4) in section 808(b) (12 U.S.C. 5467(b)), by inserting a
comma after ``under'' the third place that term appears; and
(5) in section 813 (12 U.S.C. 5472), in the matter
preceding paragraph (1), by inserting ``that includes'' after
``Representatives''.
SEC. 810. TITLE IX CORRECTIONS.
Section 939(h)(1) of the Investor Protection and Securities Reform
Act of 2010 (title IX of Public Law 111-203; 124 Stat. 1887) is
amended, in the matter preceding subparagraph (A)--
(1) by inserting ``The'' before ``Commission''; and
(2) by striking ``feasability'' and inserting
``feasibility''.
SEC. 811. TITLE X CORRECTIONS.
(a) In General.--The Consumer Financial Protection Act of 2010 (12
U.S.C. 5481 et seq.) is amended--
(1) in section 1002(12)(G) (12 U.S.C. 5481(12)(G)), by
striking ``Home Owners'' and inserting ``Homeowners'';
(2) in section 1013(a)(1)(C) (12 U.S.C. 5493(a)(1)(C)), by
striking ``section 11(1) of the Federal Reserve Act (12 U.S.C.
248(1))'' and inserting ``subsection (l) of section 11 of the
Federal Reserve Act (12 U.S.C. 248(l)'';
(3) in section 1017(a)(5) (12 U.S.C. 5497(a)(5))--
(A) in subparagraph (A), in the last sentence by
striking ``716(c) of title 31, United States Code'' and
inserting ``716 of title 31, United States Code''; and
(B) in subparagraph (C), by striking ``section 3709
of the Revised Statutes of the United States (41 U.S.C.
5)'' and inserting ``section 6101 of title 41, United
States Code'';
(4) in section 1022(c)(9)(B) (12 U.S.C. 5512(c)(9)(B)), by
striking ``1978,'' and inserting ``1978'';
(5) in section 1025 (12 U.S.C. 5515)--
(A) in subsections (b), (c), and (d)--
(i) by inserting ``covered'' before
``persons'' each place that term appears; and
(ii) by inserting ``covered'' before
``person described in subsection (a)'' each
place that term appears;
(B) in subsection (d), by striking ``12 U.S.C.
1867(c)'' and inserting ``(12 U.S.C. 1867(c))''; and
(C) in subsection (e)(4)(F), by striking ``212 of
the Federal Credit Union Act (112 U.S.C. 1790a)'' and
inserting ``216 of the Federal Credit Union Act (12
U.S.C. 1790d)'';
(6) in section 1027(d)(1)(B) (12 U.S.C. 5517(d)(1)(B)), by
inserting a comma after ``(A)'';
(7) in section 1029(d) (12 U.S.C. 5519(d)), by striking the
period after ``Commission Act'';
(8) in section 1061 (12 U.S.C. 5581)--
(A) in subsection (b)(7)--
(i) by striking ``Secretary of the
Department of Housing and Urban Development''
each place that term appears and inserting
``Department of Housing and Urban
Development''; and
(ii) in subparagraph (A), by striking ``(12
U.S.C. 5102 et seq.)'' and inserting ``(12
U.S.C. 5101 et seq.)''; and
(B) in subsection (c)(2)(A), by striking
``procedures in'' and inserting ``procedures'';
(9) in section 1063 (12 U.S.C. 5583)--
(A) in subsection (f)(1)(B), by striking ``that'';
and
(B) in subsection (g)(1)(A)--
(i) by striking ``(12 U.S.C. 5102 et
seq.)'' and inserting ``(12 U.S.C. 5101 et
seq.)''; and
(ii) by striking ``seq)'' and inserting
``seq.)'';
(10) in section 1064(i)(1)(A)(iii) (12 U.S.C.
5584(i)(1)(A)(iii)), by inserting a period before ``If an'';
(11) in section 1073(c)(2) (12 U.S.C. 5601(c)(2))--
(A) in the paragraph heading, by inserting ``and
education'' after ``financial literacy''; and
(B) by striking ``its duties'' and inserting
``their duties'';
(12) in section 1076(b)(1) (12 U.S.C. 5602(b)(1)), by
inserting before the period at the end the following: ``, the
Bureau may, after notice and opportunity for comment, prescribe
regulations'';
(13) in section 1077(b)(4)(F) (124 Stat. 2076), by striking
``associates'' and inserting ``associate's'';
(14) in section 1084(1) (124 Stat. 2081)--
(A) by inserting ``paragraph (3) of section 903 (15
U.S.C. 1693a),'' before ``subsections (a) and (e) of
section 904'';
(B) by striking ``and in 918'' and inserting ``,
section 916(d) (15 U.S.C. 1693m(d)), section 918''; and
(C) by inserting a comma after ``2009)'';
(15) in section 1089 (124 Stat. 2092)--
(A) in paragraph (3)--
(i) in subparagraph (A), by striking
``and'' at the end; and
(ii) in subparagraph (B)(vi), by striking
the period at the end and inserting ``; and'';
and
(B) by redesignating paragraph (4) as subparagraph
(C) and adjusting the margins accordingly; and
(16) in section 1098(6) (124 Stat. 2104), by inserting
``the first place that term appears'' before ``and''.
(b) Effective Date.--The amendments made by paragraphs (14), (15),
and (16) of subsection (a) of this section shall take effect as if
enacted as part of subtitle H of the Consumer Financial Protection Act
of 2010 (title X of Public Law 111-203; 124 Stat. 2080).
SEC. 812. TITLE XI CORRECTION.
Section 1105(d)(1) of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5612(d)(1)) is amended by striking
``authority.--'' and all that follows through ``by the President'' and
inserting ``authority.--A request by the President''.
SEC. 813. TITLE XII CORRECTION.
Section 1208(b) of the Improving Access to Mainstream Financial
Institutions Act of 2010 (12 U.S.C. 5626(b)) is amended by striking
``Fund for each'' and inserting ``Fund (as defined in section 103(10)
of the Riegle Community Development and Regulatory Improvement Act of
1994 (12 U.S.C. 4702(10))) for each''.
SEC. 814. TITLE XIV CORRECTION.
Section 1451(c) of the Mortgage Reform and Anti-Predatory Lending
Act (12 U.S.C. 1701x-1(c)) is amended by striking ``pursuant''.
SEC. 815. CONFORMING CORRECTIONS TO OTHER STATUTES.
(a) Alternative Mortgage Transaction Parity Act of 1982.--The
Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. 3801 et
seq.) is amended--
(1) in section 802(a)(3) (12 U.S.C. 3801(a)(3)), by
striking ``the Director of the Office of Thrift Supervision''
and inserting ``the Bureau of Consumer Financial Protection'';
and
(2) in section 804(d)(1) (12 U.S.C. 3803(d)(1))--
(A) by striking ``identified'' and inserting
``issued''; and
(B) by striking the comma after ``Administration''.
(b) Bank Holding Company Acts.--
(1) Bank holding company act amendments of 1970.--Section
106(b)(1) of the Bank Holding Company Act Amendments of 1970
(12 U.S.C. 1972(1)) is amended, in the undesignated matter
following subparagraph (E)--
(A) by inserting ``Office of the'' before
``Comptroller of the''; and
(B) by striking ``Federal Deposit Insurance
Company'' and inserting ``Federal Deposit Insurance
Corporation''.
(2) Bank holding company act of 1956.--Section 13 of the
Bank Holding Company Act of 1956 (12 U.S.C. 1851) is amended--
(A) in subsection (d)(1)(E), by striking ``102 of
the Small Business Investment Act of 1958 (15 U.S.C.
662)'' and inserting ``103(3) of the Small Business
Investment Act of 1958 (15 U.S.C. 662(3))'';
(B) in subsection (f)(3)(A)(ii), by striking
``(d)(1)(g)(v)'' and inserting ``(d)(1)(G)(v)''; and
(C) in the matter preceding subparagraph (A) of
subsection (h)(1), by striking ``section 8 of the
International Banking Act of 1978'' and inserting
``section 8(a) of the International Banking Act of 1978
(12 U.S.C. 3106(a))''.
(c) Balanced Budget and Emergency Deficit Control Act.--Section
255(g)(1)(A) of the Balanced Budget and Emergency Deficit Control Act
of 1985 (2 U.S.C. 905(g)(1)(A)) is amended by striking ``Office of
Thrift Supervision (20-4108-0-3-373).''.
(d) Bretton Woods Agreements Act.--Section 68(a)(1) of the Bretton
Woods Agreements Act (22 U.S.C. 286tt(a)(1)) is amended by striking
``Fund ,'' and inserting ``Fund,''.
(e) CAN-SPAM Act of 2003.--Section 7(b)(1)(D) of the CAN-SPAM Act
of 2003 (15 U.S.C. 7706(b)(1)(D)) is amended by striking ``Director of
the Office of Thrift Supervision'' and inserting ``Comptroller of the
Currency or the Board of Directors of the Federal Deposit Insurance
Corporation, as applicable''.
(f) Children's Online Privacy Protection Act of 1998.--Section
1306(b)(2) of the Children's Online Privacy Protection Act of 1998 (15
U.S.C. 6505(b)(2)) is amended by striking ``Director of the Office of
Thrift Supervision'' and inserting ``Comptroller of the Currency or the
Board of Directors of the Federal Deposit Insurance Corporation, as
applicable''.
(g) Commodity Exchange Act.--The Commodity Exchange Act (7 U.S.C. 1
et seq.) is amended--
(1) in section 1a (7 U.S.C. 1a)--
(A) in paragraph (12)(A)(i)(II), by adding a
semicolon at the end;
(B) in paragraph (39)(A)(iv), by striking ``225''
and inserting ``25''; and
(C) in paragraph (47)(B)(viii)(II), by striking
``(15 U.S.C. 77b(a)(11))'' and inserting ``(15 U.S.C.
77b(a)(11)))'';
(2) in section 2 (7 U.S.C. 2)--
(A) in subsection (c)(2)(D)(ii)(I), by striking
``subparagraphs'' and inserting ``subparagraph''; and
(B) in subsection (h)--
(i) in paragraph (5)--
(I) in subparagraph (A)--
(aa) by striking ``Swaps''
and inserting ``Each swap'';
and
(bb) by striking ``no later
than 180 days after the
effective date of this
subsection.'' and inserting
``no later than--
``(i) 30 days after the issuance of the
interim final rule; or
``(ii) such other date as the Commission
determines appropriate.''; and
(II) in subparagraph (B), by
striking ``Swaps'' and inserting ``Each
swap'';
(ii) in paragraph (7)--
(I) in subparagraph (C)(i)(VII), by
inserting ``or a governmental plan''
after ``employee benefit plan''; and
(II) in subparagraph (D)(ii)(V), by
striking ``of that Act'' and inserting
``of that section''; and
(iii) in paragraph (8)(A)(ii), by inserting
``section'' before ``5h or'';
(3) in section 4 (7 U.S.C. 6)--
(A) in subsection (b)(1)(A), by striking
``commission'' each place that term appears and
inserting ``Commission''; and
(B) in subsection (c)(1)--
(i) in subparagraph (A)--
(I) by inserting ``the Commission
shall not grant exemptions,'' after
``grant exemptions,''; and
(II) in clause (i)--
(aa) in subclause (I)--
(AA) by striking
``5(g), 5(h),''; and
(BB) by striking
``8e,''; and
(bb) in subclause (II), by
striking ``206(e)'' and
inserting ``206''; and
(ii) in subparagraph (B), by striking
``(D))'' and inserting ``(D)'';
(4) in section 4d(f)(2)(A) (7 U.S.C. 6d(f)(2)(A)), by
striking ``though'' and inserting ``through'';
(5) in section 4s (7 U.S.C. 6s)--
(A) in subsection (e)(3)--
(i) in subparagraph (B)(i)(II), by striking
``(11))'' and inserting ``(11)))''; and
(ii) in subparagraph (D)(ii), in the matter
preceding subclause (I), by striking ``non cash
collateral'' and inserting ``noncash
collateral'';
(B) in subsection (f)(1)(B)(i), by striking
``Commission'' and inserting ``prudential regulator'';
(C) in subsection (h)--
(i) in paragraph (2)(B), by inserting ``a''
before ``swap with''; and
(ii) in paragraph (5)(A)--
(I) in clause (i)--
(aa) by striking ``section
1a(18)'' and inserting
``section 1a(18)(A)''; and
(bb) in subclause (VII), by
striking ``act of'' and
inserting ``Act of''; and
(II) in clause (ii), by inserting
``in connection with the transaction''
after ``acting''; and
(D) in subsection (k)(3)(A)(ii), by striking ``the
code'' and inserting ``any code'';
(6) in section 5(d)(19)(A) (7 U.S.C. 7(d)(19)(A)), by
striking ``taking'' and inserting ``take'';
(7) in section 5b (7 U.S.C. 7a-1), by redesignating
subsection (k) as subsection (j);
(8) in section 5c(c) (7 U.S.C. 7a-2(c))--
(A) in paragraph (4)(B), by striking ``1a(10)'' and
inserting ``1a(9)''; and
(B) in paragraph (5)--
(i) in subparagraph (A), by striking ``this
subtitle'' and inserting ``this Act''; and
(ii) in subparagraph (C)(i), by striking
``1a(2)(i)'' and inserting ``1a(9)'';
(9) in section 5h (7 U.S.C. 7b-3)--
(A) in subsection (a)(1) , by striking ``a
facility'' and inserting ``a swap execution facility'';
and
(B) in subsection (f)(11)(A), by striking
``taking'' and inserting ``take'';
(10) in section 22(a)(1)(C)(ii) (7 U.S.C. 25(a)(1)(C)(ii)),
by striking ``or'' at the end; and
(11) in section 23 (7 U.S.C. 26)--
(A) in subsection (c)--
(i) in paragraph (1)(B)(i)(III), by
striking ``the Act'' each place that term
appears and inserting ``this Act''; and
(ii) in paragraph (2)(A)(i), by striking
``a appropriate'' and inserting ``an
appropriate''; and
(B) in subsection (f)(3), by striking ``7064'' and
inserting ``706''.
(h) Community Reinvestment Act of 1977.--The Community Reinvestment
Act of 1977 (12 U.S.C. 2901 et seq.) is amended--
(1) in section 803(1)(C) (12 U.S.C. 2902(1)(C)), by
striking the period at the end and inserting a semicolon; and
(2) in section 806 (12 U.S.C. 2905), by striking
``companies,,'' and inserting ``companies,''.
(i) Credit Repair Organizations Act.--Section 403(4) of the Credit
Repair Organizations Act (15 U.S.C. 1679a(4)) is amended by striking
``103(e)'' and inserting ``103(f)''.
(j) Depository Institution Management Interlocks Act.--Section
205(9) of the Depository Institution Management Interlocks Act (12
U.S.C. 3204(9)) is amended by striking ``Director of the Office of
Thrift Supervision'' and inserting ``appropriate Federal banking
agency''.
(k) Economic Growth and Regulatory Paperwork Reduction Act of
1996.--Section 2227(a)(1) of the Economic Growth and Regulatory
Paperwork Reduction Act of 1996 (12 U.S.C. 252(a)(1)) is amended by
striking ``the Director of the Office of Thrift Supervision,''.
(l) Electronic Fund Transfer Act.--The Electronic Fund Transfer Act
(15 U.S.C. 1693 et seq.) is amended--
(1) in section 903 (15 U.S.C. 1693a)--
(A) in paragraph (2), by striking ``103(i)'' and
inserting ``103(j)''; and
(B) by redesignating the first paragraph designated
as paragraph (4) (defining the term ``Board'') as
paragraph (3);
(2) in section 904(a) (15 U.S.C. 1693b(a))--
(A) by redesignating the second paragraph
designated as paragraph (1) (relating to consultation
with other agencies), the second paragraph designated
as paragraph (2) (relating to the preparation of an
analysis of economic impact), paragraph (3), and
paragraph (4) as subparagraphs (A), (B), (C), and (D),
respectively, and adjusting the margins accordingly;
(B) by striking ``In prescribing such regulations,
the Board shall:'' and inserting the following:
``(3) Regulations.--In prescribing regulations under this
subsection, the Bureau and the Board shall--'';
(C) in paragraph (3)(C), as so redesignated, by
striking ``the Board shall'';
(D) in paragraph (3)(D), as so redesignated--
(i) by inserting ``send promptly'' before
``any''; and
(ii) by striking ``shall be sent promptly
to Congress by the Board'' and inserting ``to
Congress'';
(3) in section 909(c) (15 U.S.C. 1693g(c)), by striking
``103(e)'' and inserting ``103(f)'';
(4) in section 918(a)(4) (15 U.S.C. 1693o(a)(4), by
striking ``Act and'' and inserting ``Act; and''; and
(5) in section 920(a)(4)(C) (15 U.S.C. 1693o-2(a)(4)(C)),
by striking ``the Director of the Office of Thrift
Supervision,''.
(m) Emergency Economic Stabilization Act of 2008.--Section 101(b)
of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(b))
is amended by striking ``the Director of the Office of Thrift
Supervision,''.
(n) Equal Credit Opportunity Act.--The Equal Credit Opportunity Act
(15 U.S.C. 1691 et seq.) is amended--
(1) in section 703 (15 U.S.C. 1691b)--
(A) in each of subsections (c) and (d), by striking
``paragraph'' each place that term appears and
inserting ``subsection''; and
(B) in subsection (g), by adding a period at the
end;
(2) in section 704 (15 U.S.C. 1691c)--
(A) in subsection (a), by striking ``Consumer
Protection Financial Protection Act of 2010 with'' and
inserting ``Consumer Financial Protection Act of 2010,
compliance with''; and
(B) in subsection (c), in the second sentence, by
striking ``subchapter'' and inserting ``title'';
(3) in section 704B(e)(3) (15 U.S.C. 1691c-2(e)(3)), by
striking ``(1)(E)'' and inserting ``(2)(E)''; and
(4) in section 706(k) (15 U.S.C. 1691e(k)), by striking ``,
(2), or (3)'' and inserting ``or (2)''.
(o) Expedited Funds Availability Act.--The Expedited Funds
Availability Act (12 U.S.C. 4001 et seq.) is amended--
(1) in section 605(f)(2)(A) (12 U.S.C. 4004(f)(2)(A)), by
striking ``,,'' and inserting a semicolon; and
(2) in section 610(a)(2) (12 U.S.C. 4009(a)(2)), by
striking ``Director of the Office of Thrift Supervision'' and
inserting ``Comptroller of the Currency and the Board of
Directors of the Federal Deposit Insurance Corporation, as
appropriate,''.
(p) Fair Credit Reporting Act.--The Fair Credit Reporting Act (15
U.S.C. 1681 et seq.) is amended--
(1) in section 603 (15 U.S.C. 1681a)--
(A) in subsection (d)(2)(D), by striking ``(x)''
and inserting ``(y)'';
(B) in subsection (q)(5), by striking ``103(i)''
and inserting ``103(j)''; and
(C) in subsection (v), by striking ``Bureau'' and
inserting ``Federal Trade Commission'';
(2) in section 604 (15 U.S.C. 1681b)--
(A) in subsection (b)(2)(B)(i), by striking
``section 615(a)(3)'' and inserting ``section
615(a)(4)''; and
(B) in subsection (g)(5), by striking ``paragraph
(2).--'' and all that follows through ``The Bureau''
and inserting ``paragraph (2).--The Bureau'';
(3) in section 605(h)(2)(A) (15 U.S.C. 1681c(h)(2)(A))--
(A) by striking ``shall,,'' and inserting
``shall,''; and
(B) by striking ``Commission,,'' and inserting
``Commission,'';
(4) in paragraphs (1)(A), (1)(B)(i), (2)(A)(i), and (2)(B)
of section 605A(h) (15 U.S.C. 1681c-1(h))--
(A) by striking ``103(i)'' and inserting ``103(j)''
each place that term appears; and
(B) by striking ``open-end'' and inserting ``open
end'' each place that term appears;
(5) in section 609 (15 U.S.C. 1681g)--
(A) in subsection (c)(1)--
(i) in the paragraph heading, by striking
``commission'' and inserting ``bureau''; and
(ii) in subparagraph (B)(vi), by striking
``603(w)'' and inserting ``603(x)''; and
(B) by striking ``The Commission'' each place that
term appears and inserting ``The Bureau'';
(6) in section 611 (15 U.S.C. 1681i), by striking ``The
Commission'' each place that term appears and inserting ``The
Bureau'';
(7) in section 612 (15 U.S.C. 1681j)--
(A) in subsection (a)(1), by striking ``(w)'' and
inserting ``(x)''; and
(B) by striking ``The Commission'' each place that
term appears and inserting ``The Bureau''; and
(8) in section 621 (15 U.S.C. 1681s)--
(A) in subsection (a)(1), in the first sentence, by
striking ``, subsection (b)'';
(B) in subsection (e)(2), by inserting a period
after ``provisions of this title''; and
(C) in subsection (f)(2), by striking ``The
Commission'' and inserting ``The Bureau''.
(q) Federal Credit Union Act.--Section 206(g)(7)(D)(iv) of the
Federal Credit Union Act (12 U.S.C. 1786(g)(7)(D)(iv)) is amended by
striking the semicolon at the end and inserting a period.
(r) Federal Deposit Insurance Act.--The Federal Deposit Insurance
Act (12 U.S.C. 1811 et seq.) is amended--
(1) in section 3(q)(2)(C) (12 U.S.C. 1813(q)(2)(C)), by
adding ``and'' at the end;
(2) in section 7 (12 U.S.C. 1817)--
(A) in subsection (b)(2)--
(i) in subparagraph (A), by striking
``(D)'' and inserting ``(C)''; and
(ii) by redesignating subparagraphs (D) and
(E) as subparagraphs (C) and (D), respectively;
and
(B) in subsection (e)(2)(C), by adding a period at
the end;
(3) in section 8 (12 U.S.C. 1818)--
(A) in subsection (b)(3), by striking ``Act))'' and
inserting ``Act)''; and
(B) in subsection (t)--
(i) in paragraph (2)--
(I) in subparagraph (C), by
striking ``depositors or'' and
inserting ``depositors; or''; and
(II) in subparagraph (D), by
striking the semicolon at the end and
inserting a period; and
(ii) by redesignating the second paragraph
designated as paragraph (6), as added by
section 1090(1) of the Consumer Financial
Protection Act of 2010 (title X of Public Law
111-203; 124 Stat. 2093) (relating to referral
to the Bureau of Consumer Financial
Protection), as paragraph (7);
(4) in section 10(b)(3)(A) (12 U.S.C. 1820(b)(3)(A)), by
striking ``that Act'' and inserting ``the Dodd-Frank Wall
Street Reform and Consumer Protection Act (12 U.S.C. 5301 et
seq.)'';
(5) in section 11 (12 U.S.C. 1821)--
(A) in subsection (d)(2)(I)(ii), by striking ``and
section 21A(b)(4)''; and
(B) in subsection (m), in each of paragraphs (16)
and (18), by striking the comma after ``Comptroller of
the Currency'' each place it appears; and
(6) in section 26(a) (12 U.S.C. 1831c(a)), by striking
``Holding Company Act'' each place that term appears and
inserting ``Holding Company Act of 1956''.
(s) Federal Financial Institutions Examination Council Act of
1978.--Section 1003(1) of the Federal Financial Institutions
Examination Council Act of 1978 (12 U.S.C. 3302(1)) is amended by
striking ``the Office of Thrift Supervision,''.
(t) Federal Fire Prevention and Control Act of 1974.--Section
31(a)(5)(B) of the Federal Fire Prevention and Control Act of 1974 (15
U.S.C. 2227(a)(5)(B)) is amended by striking ``the Federal Deposit
Insurance Corporation'' and all that follows through the period and
inserting ``or the Federal Deposit Insurance Corporation under the
affordable housing program under section 40 of the Federal Deposit
Insurance Act.''.
(u) Federal Home Loan Bank Act.--The Federal Home Loan Bank Act (12
U.S.C. 1421 et seq.) is amended--
(1) in section 10(h)(1) (12 U.S.C. 1430(h)(1)), by striking
``Director of the Office of Thrift Supervision'' and inserting
``Comptroller of the Currency or the Board of Directors of the
Federal Deposit Insurance Corporation, as applicable''; and
(2) in section 22(a) (12 U.S.C. 1442(a))--
(A) in the matter preceding paragraph (1), by
striking ``Currency'' and all that follows through
``Supervision'' and inserting ``Currency, the Chairman
of the Board of Governors of the Federal Reserve
System, the Chairperson of the Federal Deposit
Insurance Corporation, and the Chairman of the National
Credit Union Administration''; and
(B) in the undesignated matter following paragraph
(2), by striking ``Currency'' and all that follows
through ``Supervision'' and inserting ``Currency, the
Chairman of the Board of Governors of the Federal
Reserve System, and the Chairman of the National Credit
Union Administration''.
(v) Federal Reserve Act.--The Federal Reserve Act (12 U.S.C. 221 et
seq.) is amended--
(1) in section 10 (12 U.S.C. 247b), by redesignating
paragraph (12) as paragraph (11); and
(2) in section 11 (12 U.S.C. 248)--
(A) by redesignating subsection (s), as added by
section 1103(b) of the Dodd-Frank Wall Street Reform
and Consumer Protection Act (124 Stat. 2118) (relating
to Federal Reserve transparency and release of
information), as subsection (t), and moving subsection
(t), as so redesignated, so it appears after subsection
(s);
(B) in subsection (s)(2)(C), by striking
``supervised by the Board'' and inserting ``subject to
a final determination''; and
(C) in subsection (t), as so redesignated, in
paragraph (8)(B), by striking ``this section'' and
inserting ``this subsection''.
(w) Financial Institutions Reform, Recovery, and Enforcement Act of
1989.--The Financial Institutions Reform, Recovery, and Enforcement Act
of 1989 (Public Law 101-73; 103 Stat. 183) is amended--
(1) in section 1121(6) (12 U.S.C. 3350(6)), by striking
``the Office of Thrift Supervision,''; and
(2) in section 1206(a) (12 U.S.C. 1833b(a)), by striking
``and the Bureau of Consumer Financial Protection,'' and
inserting ``the Bureau of Consumer Financial Protection, and''.
(x) Gramm-Leach-Bliley Act.--The Gramm-Leach-Bliley Act (Public Law
106-102; 113 Stat. 1338) is amended--
(1) in section 132(a) (12 U.S.C. 1828b(a)), by striking
``the Director of the Office of Thrift Supervision,'';
(2) in section 206(a) (15 U.S.C. 78c note), by striking
``Except as provided in subsection (e), for'' and inserting
``For'';
(3) in section 502(e)(5) (15 U.S.C. 6802(e)(5)), by
inserting a comma after ``Protection'';
(4) in section 504(a)(2) (15 U.S.C. 6804(a)(2)), by
striking ``and, as appropriate, and with'' and inserting ``and,
as appropriate, with'';
(5) in section 509(2) (15 U.S.C. 6809(2))--
(A) by striking subparagraph (D); and
(B) by redesignating subparagraphs (E) and (F) as
subparagraphs (D) and (E), respectively; and
(6) in section 522(b)(1)(A)(iv) (15 U.S.C.
6822(b)(1)(A)(iv)), by striking ``Director of the Office of
Thrift Supervision'' and inserting ``Comptroller of the
Currency and the Board of Directors of the Federal Deposit
Insurance Corporation, as appropriate''.
(y) Helping Families Save Their Homes Act of 2009.--Section 104 of
the Helping Families Save Their Homes Act of 2009 (12 U.S.C. 1715z-25)
is amended--
(1) in subsection (a)--
(A) in the matter preceding paragraph (1)--
(i) by striking ``and the Director of the
Office of Thrift Supervision, shall jointly''
and inserting ``shall'';
(ii) by striking ``Senate,'' and inserting
``Senate and'';
(iii) by striking ``and the Office of
Thrift Supervision''; and
(iv) by striking ``each such'' and
inserting ``such''; and
(B) in paragraph (1), by striking ``and the Office
of Thrift Supervision''; and
(2) in subsection (b)(1)--
(A) in subparagraph (A)--
(i) in the first sentence--
(I) by striking ``and the Director
of the Office of Thrift Supervision,'';
and
(II) by striking ``or the
Director''; and
(ii) in the second sentence, by striking
``and the Director of the Office of Thrift
Supervision''; and
(B) in subparagraph (B), by striking ``and the
Director of the Office of Thrift Supervision''.
(z) Home Mortgage Disclosure Act of 1975.--The Home Mortgage
Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) is amended--
(1) in section 304(j)(3) (12 U.S.C. 2803(j)(3)), by adding
a period at the end; and
(2) in section 305(b)(1)(A) (12 U.S.C. 2804(b)(1)(A))--
(A) in the matter preceding clause (i), by
inserting ``by'' before ``the appropriate Federal
banking agency''; and
(B) in clause (iii), by striking ``bank as,'' and
inserting ``bank, as''.
(aa) Home Owners' Loan Act.--The Home Owners' Loan Act (12 U.S.C.
1461 et seq.) is amended--
(1) in section 5 (12 U.S.C. 1464)--
(A) in subsection (d)(2)(E)(ii)--
(i) in the first sentence, by striking
``Except as provided in section 21A of the
Federal Home Loan Bank Act, the'' and inserting
``The''; and
(ii) by striking ``, at the Director's
discretion,'';
(B) in subsection (i)(6), by striking ``the Office
of Thrift Supervision or'';
(C) in subsection (m), by striking ``Director's''
each place that term appears and inserting
``appropriate Federal banking agency's'';
(D) in subsection (n)(9)(B), by striking
``Director's'' and inserting ``Comptroller's''; and
(E) in subsection (s)--
(i) in paragraph (1)--
(I) in the matter preceding
subparagraph (A), by striking ``of such
Act)'' and all that follows through
``shall require'' and inserting ``of
such Act), the appropriate Federal
banking agency shall require''; and
(II) in subparagraph (B), by
striking ``other methods'' and all that
follows through ``determines'' and
inserting ``other methods as the
appropriate Federal banking agency
determines'';
(ii) in paragraph (2)--
(I) by striking ``determined'' and
all that follows through ``may,
consistent'' and inserting ``determined
by appropriate federal banking agency
case-by-case.--The appropriate Federal
banking agency may, consistent''; and
(II) by striking ``capital-to-
assets'' and all that follows through
``determines to be necessary'' and
inserting ``capital-to-assets as the
appropriate Federal banking agency
determines to be necessary''; and
(iii) in paragraph (3)--
(I) by striking ``agency, may'' and
inserting ``agency may''; and
(II) by striking ``the
Comptroller'' and inserting ``the
appropriate Federal banking agency'';
(2) in section 6(c) (12 U.S.C. 1465(c)), by striking
``sections'' and inserting ``section'';
(3) in section 10 (12 U.S.C. 1467a)--
(A) in subsection (b)(6), by striking ``time'' and
all that follows through ``release'' and inserting
``time, upon the motion or application of the Board,
release'';
(B) in subsection (c)(2)(H)--
(i) in the matter preceding clause (i)--
(I) by striking ``1841(p))'' and
inserting ``1841(p)))''; and
(II) by inserting ``(12 U.S.C.
1843(k))'' before ``if--''; and
(ii) in clause (i), by inserting ``of 1956
(12 U.S.C. 1843(l) and (m))'' after ``Company
Act''; and
(C) in subsection (e)(7)(B)(iii)--
(i) by striking ``Board of the Office of
Thrift Supervision'' and inserting ``Director
of the Office of Thrift Supervision''; and
(ii) by inserting ``(as defined in section
2 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5301))''
after ``transfer date''; and
(4) in section 13 (12 U.S.C. 1468b), by striking ``the a''
and inserting ``a''.
(bb) Home Ownership and Equity Protection Act of 1994.--Section 158
of the Home Ownership and Equity Protection Act of 1994 (15 U.S.C. 1601
note) is amended by striking ``Bureau'' each place that term appears
and inserting ``Bureau of Consumer Financial Protection''.
(cc) Housing Act of 1948.--Section 502(c)(3) of the Housing Act of
1948 (12 U.S.C. 1701c(c)(3)) is amended by striking ``Federal Home Loan
Bank Agency'' and inserting ``Federal Housing Finance Agency''.
(dd) Housing and Urban Development Act of 1968.--Section 106(h)(5)
of the Housing and Urban Development Act of 1968 (12 U.S.C.
1701x(h)(5)) is amended by striking ``authorised'' and inserting
``authorized''.
(ee) International Banking Act of 1978.--Section 15 of the
International Banking Act of 1978 (12 U.S.C. 3109) is amended--
(1) in each of subsections (a) and (b)--
(A) by striking ``, and Director of the Office of
Thrift Supervision'' each place that term appears; and
(B) by inserting ``and'' before ``Federal Deposit''
each place that term appears;
(2) in subsection (a), by striking ``Comptroller,
Corporation, or Director'' and inserting ``Comptroller, or
Corporation''; and
(3) in subsection (c)(4)--
(A) by inserting ``and'' before ``the Federal
Deposit''; and
(B) by striking ``, and the Director of the Office
of Thrift Supervision''.
(ff) International Lending Supervision Act of 1983.--Section 912 of
the International Lending Supervision Act of 1983 (12 U.S.C. 3911) is
amended--
(1) in the section heading, by striking ``and the office of
thrift supervision'';
(2) by striking subsection (b);
(3) by striking ``(a) In General.--''; and
(4) by striking ``4'' and inserting ``3''.
(gg) Interstate Land Sales Full Disclosure Act.--The Interstate
Land Sales Full Disclosure Act (15 U.S.C. 1701 et seq.) is amended--
(1) in section 1402(1) (15 U.S.C. 1701(1)) by striking
``Bureau of'' and all that follows through the semicolon at the
end and inserting ``Bureau of Consumer Financial Protection;'';
and
(2) in each of section 1411(b) (15 U.S.C. 1710(b)) and
subsections (b)(4) and (d) of section 1418a (15 U.S.C. 1717a),
by striking ``Secretary's'' each place that term appears and
inserting ``Director's''.
(hh) Investment Advisers Act of 1940.--Section 224 of the
Investment Advisers Act of 1940 (15 U.S.C. 80b-18c) is amended in the
section heading, by striking ``commodities'' and inserting
``commodity''.
(ii) Legal Certainty for Bank Products Act of 2000.--Section
403(b)(1) of the Legal Certainty for Bank Products Act of 2000 (7
U.S.C. 27a(b)(1)) is amended by striking ``that section'' and inserting
``section''.
(jj) Omnibus Appropriations Act, 2009.--Section 626(b) of the
Omnibus Appropriations Act, 2009 (12 U.S.C. 5538(b)) is amended, in
each of paragraphs (2) and (3), by inserting a comma after ``as
appropriate'' each place that term appears.
(kk) Public Law 93-495.--Section 111 of Public Law 93-495 (12
U.S.C. 250) is amended by striking ``the Director of the Office of
Thrift Supervision,''.
(ll) Revised Statutes of the United States.--Section 5136C(i) of
the Revised Statutes of the United States (12 U.S.C. 25b(i)) is amended
by striking ``Powers.--'' and all that follows through ``In
accordance'' and inserting ``Powers.--In accordance''.
(mm) Riegle Community Development and Regulatory Improvement Act of
1994.--Section 117(e) of the Riegle Community Development and
Regulatory Improvement Act of 1994 (12 U.S.C. 4716(e)) is amended by
striking ``the Director of the Office of Thrift Supervision,''.
(nn) S.A.F.E. Mortgage Licensing Act of 2008.--Section 1514 of the
S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5113) is amended in
each of subsections (b)(5) and (c)(4)(C), by striking ``Secretary's''
each place that term appears and inserting ``Director's''.
(oo) Securities Exchange Act of 1934.--The Securities Exchange Act
of 1934 (15 U.S.C. 78a et seq.) is amended--
(1) in section 3C(g)(4)(B)(v) (15 U.S.C. 78c-
3(g)(4)(B)(v)), by striking ``of that Act'' and inserting ``of
that section'';
(2) in section 3D(d)(10)(A) (15 U.S.C. 78c-4(d)(10)(A)), by
striking ``taking'' and inserting ``take'';
(3) in section 3E(b)(1) (15 U.S.C. 78c-5(b)(1)), by
striking ``though'' and inserting ``through'';
(4) in section 4(g)(8)(A) (15 U.S.C. 78d(g)(8)(A)), by
striking ``(2)(A)(i)'' and inserting ``(2)(A)(ii)'';
(5) in section 15 (15 U.S.C. 78o)--
(A) in each of subparagraphs (B)(ii) and (C) of
subsection (b)(4), by striking ``dealer municipal
advisor,,'' and inserting ``dealer, municipal
advisor,'';
(B) by redesignating subsection (j) (relating to
the authority of the Commission) as subsection (p), and
moving that subsection so it follows subsection (o);
(C) by redesignating subsections (k) and (l)
(relating to standard of conduct and other matters,
respectively), as added by section 913(g)(1) of the
Investor Protection and Securities Reform Act of 2010
(title IX of Public Law 111-203; 124 Stat. 1828), as
subsections (q) and (r), respectively and moving those
subsections to the end; and
(D) in subsection (m), in the undesignated matter
following paragraph (2), by inserting ``the'' before
``same extent'';
(6) in section 15F(h) (15 U.S.C. 78o-10(h))--
(A) in paragraph (2)--
(i) in subparagraph (A), by inserting ``a''
after ``that acts as an advisor to''; and
(ii) in subparagraph (B), by inserting
``a'' after ``offers to enter into''; and
(B) in paragraph (5)(A)(i)--
(i) by inserting ``(A)'' after ``(18)'';
and
(ii) in subclause (VII), by striking ``act
of'' and inserting ``Act of'';
(7) in section 15G (15 U.S.C. 78o-11)--
(A) in subsection (b)(2), by inserting ``Director
of the'' before ``Federal Housing''; and
(B) in subsection (e)--
(i) in paragraph (4)--
(I) in subparagraph (A), by
striking ``subsection'' and inserting
``section''; and
(II) in subparagraph (C)--
(aa) by striking
``129C(c)(2)'' and inserting
``129C(b)(2)(A)''; and
(bb) by inserting ``(15
U.S.C. 1639c(b)(2)(A))'' after
``Lending Act''; and
(ii) in paragraph (5), by striking
``subsection'' and inserting ``section''; and
(8) in section 17A (15 U.S.C. 78q-1), by redesignating the
second subsection designated as subsection (g), as added by
section 929W of the Investor Protection and Securities Reform
Act of 2010 (title IX of Public Law 111-203; 124 Stat. 1869)
(relating to due diligence for the delivery of dividends,
interest, and other valuable property rights), as subsection
(n) and moving that subsection to the end.
(pp) Telemarketing and Consumer Fraud and Abuse Prevention Act.--
Section 3(b) of the Telemarketing and Consumer Fraud and Abuse
Prevention Act (15 U.S.C. 6102(b)) is amended by inserting before the
period at the end the following: ``, provided, however, that nothing in
this section shall conflict with or supersede section 6 of the Federal
Trade Commission Act (15 U.S.C. 46)''.
(qq) Title 5.--Title 5, United States Code, is amended--
(1) in section 3132(a)(1)(D), by striking ``the Office of
Thrift Supervision,, the Resolution Trust Corporation,''; and
(2) in section 5314, by striking ``Director of the Office
of Thrift Supervision.''.
(rr) Title 31.--
(1) Amendments.--Title 31, United States Code, is amended--
(A) by striking section 309;
(B) in section 313--
(i) in subsection (j)(2), by striking
``Agency''; and
(ii) in subsection (r)(4), by striking
``the Office of Thrift Supervision,''; and
(C) in section 714(d)(3)(B) by striking ``a audit''
and inserting ``an audit''.
(2) Analysis.--The analysis for subchapter I of chapter 3
of title 31, United States Code, is amended by striking the
item relating to section 309.
(ss) Truth in Lending Act.--The Truth in Lending Act (15 U.S.C.
1601 et seq.) is amended--
(1) in section 103(dd)(2)(E)(v) (15 U.S.C.
1602(dd)(2)(E)(v)), as redesignated by section 108(a)(1) of
this Act, by striking ``Board'' and inserting ``Bureau'';
(2) in section 105 (15 U.S.C. 1604), by inserting
subsection (h), as added by section 1472(c) of the Mortgage
Reform and Anti-Predatory Lending Act (title XIV of Public Law
111-203; 124 Stat. 2190), before subsection (i), as added by
section 1100A(7) of the Consumer Financial Protection Act of
2010 (title X of Public Law 111-203; 124 Stat. 2108);
(3) in section 106(f)(2)(B)(i) (15 U.S.C.
1605(f)(2)(B)(i)), by striking ``103(w)'' and inserting
``103(x)'';
(4) in section 121(b) (15 U.S.C. 1631(b)), by striking
``103(f)'' and inserting ``103(g)'';
(5) in section 122(d)(5) (15 U.S.C. 1632(d)(5)), by
striking ``and the Bureau'';
(6) in section 125(e)(1) (15 U.S.C. 1635(e)(1)), by
striking ``103(w)'' and inserting ``103(x)'';
(7) in section 129 (15 U.S.C. 1639)--
(A) in subsection (q), by striking ``(l)(2)'' and
inserting ``(p)(2)''; and
(B) in subsection (u)(3), by striking ``Board''
each place that term appears and inserting ``Bureau'';
(8) in section 129C (15 U.S.C. 1639c)--
(A) in subsection (b)(2)(B), by striking the second
period at the end; and
(B) in subsection (c)(1)(B)(ii)(I), by striking ``a
original'' and inserting ``an original'';
(9) in section 140A (15 U.S.C. 1651), by striking ``the
Bureau and'';
(10) in section 148(d) (15 U.S.C. 1665c(d)), by striking
``Bureau'' and inserting ``Board'';
(11) in section 149 (15 U.S.C. 1665d)--
(A) by striking ``the Director of the Office of
Thrift Supervision,'' each place that term appears;
(B) by striking ``National Credit Union
Administration Bureau'' each place that term appears
and inserting ``National Credit Union Administration
Board''; and
(C) by striking ``Bureau of Directors of the
Federal Deposit Insurance Corporation'' each place that
term appears and inserting ``Board of Directors of the
Federal Deposit Insurance Corporation''; and
(12) in section 181(1) (15 U.S.C. 1667(1)), by striking
``103(g)'' and inserting ``103(h)''.
(tt) Truth in Savings Act.--The Truth in Savings Act (12 U.S.C.
4301 et seq.) is amended in each of sections 269(a)(4) (12 U.S.C.
4308(a)(4)), 270(a)(2) (12 U.S.C. 4309(a)(2)), and 274(6) (12 U.S.C.
4313(6)), by striking ``Administration Bureau'' each place that term
appears and inserting ``Administration Board''.
SEC. 816. RULEMAKING DEADLINES.
(a) One-Year Extension.--The deadline for issuance of any rule or
regulation, conduct of any study, or submission of any report required
by the Dodd-Frank Wall Street Reform and Consumer Protection Act
(Public Law 111-203) or amendments made by that Act that has not been
met or is not met in final form by the date specified in that Act or
those amendments, shall be extended for 1 year.
(b) No Effect on Finalized Rules.--The extension provided under
subsection (a) shall have no effect on any rule required by the Dodd-
Frank Wall Street Reform and Consumer Protection Act (Public Law 111-
203) or amendments made by that Act that have been issued in final form
before the date of enactment of this Act.
SEC. 817. EFFECTIVE DATES.
Except as otherwise specifically provided in this Act--
(1) the amendments made by this Act to a provision of the
Dodd-Frank Wall Street Reform and Consumer Protection Act
(Public Law 111-203) shall take effect as if enacted on the
effective date of the provision, immediately after the
provision takes effect; and
(2) the amendments made by this Act to a provision of law
amended by the Dodd-Frank Wall Street Reform and Consumer
Protection Act shall take effect as if enacted on the effective
date of the amendment to that provision of law made by the
Dodd-Frank Wall Street Reform and Consumer Protection Act,
immediately after the amendment made by the Dodd-Frank Wall
Street Reform and Consumer Protection Act takes effect.
Calendar No. 103
114th CONGRESS
1st Session
S. 1484
_______________________________________________________________________
A BILL
To improve accountability and transparency in the United States
financial regulatory system, protect access to credit for consumers,
provide sensible relief to financial institutions, and for other
purposes.
_______________________________________________________________________
June 2, 2015
Read twice and placed on the calendar