[Congressional Bills 116th Congress]
[From the U.S. Government Publishing Office]
[H.R. 6321 Introduced in House (IH)]
<DOC>
116th CONGRESS
2d Session
H. R. 6321
To provide financial protections and assistance for America's
consumers, States, businesses, and vulnerable populations during the
COVID-19 emergency and to recover from the emergency.
_______________________________________________________________________
IN THE HOUSE OF REPRESENTATIVES
March 23, 2020
Ms. Waters introduced the following bill; which was referred to the
Committee on Financial Services, and in addition to the Committees on
Ways and Means, Education and Labor, Small Business, the Judiciary, and
Agriculture, for a period to be subsequently determined by the Speaker,
in each case for consideration of such provisions as fall within the
jurisdiction of the committee concerned
_______________________________________________________________________
A BILL
To provide financial protections and assistance for America's
consumers, States, businesses, and vulnerable populations during the
COVID-19 emergency and to recover from the emergency.
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
Protections and Assistance for America's Consumers, States, Businesses,
and Vulnerable Populations Act''.
(b) Table of Contents.--The table of contents for this Act is as
follows:
Sec. 1. Short title; table of contents.
Sec. 2. Severability.
TITLE I--PROTECTING CONSUMERS, RENTERS, HOMEOWNERS, AND PEOPLE
EXPERIENCING HOMELESSNESS
Sec. 101. Direct stimulus payments for families.
Sec. 102. Suspension of requirements regarding tenant contribution
toward rent.
Sec. 103. Temporary moratorium on eviction filings.
Sec. 104. Suspension of other consumer loan payments.
Sec. 105. Emergency rental assistance.
Sec. 106. Emergency homeless assistance.
Sec. 107. Participation of Indian Tribes and tribally designated
housing entities in Continuum of Care
Program.
Sec. 108. Housing Assistance Fund.
Sec. 109. Mortgage forbearance.
Sec. 110. Bankruptcy protections.
Sec. 111. Debt collection.
Sec. 112. Disaste protection for workers' credit.
Sec. 113. Student loans.
Sec. 114. Waiver of in-person appraisal requirements.
Sec. 115. Supplemental funding for community development block grants.
Sec. 116. COVID-19 Emergency Housing Relief.
Sec. 117. Supplemental funding for service coordinators to assist
elderly households.
Sec. 118. Fair housing.
Sec. 119. HUD counseling program authorization.
Sec. 120. Defense Production Act of 1950.
TITLE II--ASSISTING SMALL BUSINESSES AND COMMUNITY FINANCIAL
INSTITUTIONS
Sec. 201. Small Business Credit Facility.
Sec. 202. Small Business Financial Assistance Program.
Sec. 203. Loan and obligation payment relief for affected small
businesses and non-profits.
Sec. 204. Reauthorization of the State Small Business Credit Initiative
Act of 2010.
Sec. 205. Funding of the Initiative to Build Growth Equity Funds for
Minority Businesses.
Sec. 206. Community Development Financial Institutions Fund
supplemental appropriation authorization.
Sec. 207. Minority depository institution.
Sec. 208. Loans to MDIs and CDFIs.
Sec. 209. Insurance of transaction accounts.
TITLE III--SUPPORTING STATE, TERRITORY, AND LOCAL GOVERNMENTS
Sec. 301. Muni Facility.
Sec. 302. Temporary waiver and reprogramming authority.
TITLE IV--PROMOTING FINANCIAL STABILITY AND TRANSPARENT MARKETS
Sec. 401. Temporary halt to rulemakings unrelated to COVID-19.
Sec. 402. Temporary ban on stock buybacks.
Sec. 403. Disclosures related to supply chain disruption risk.
Sec. 404. Disclosures related to global pandemic risk.
Sec. 405. Oversight of Federal aid related to COVID-19.
Sec. 406. International financial institutions.
Sec. 407. Conditions on Federal aid to corporations.
Sec. 408. Authority for warrants and debt instruments.
Sec. 409. Authorization to participate in the New Arrangements to
Borrow of the International Monetary Fund.
Sec. 410. International Finance Corporation.
Sec. 411. Oversight and Reports.
Sec. 412. Technical corrections.
Sec. 413. Definitions.
Sec. 414. Rule of construction.
TITLE V--PANDEMIC PLANNING AND GUIDANCE FOR CONSUMERS AND REGULATORS
Sec. 501. Financial Literacy Education Commission Emergency Response.
Sec. 502. Interagency pandemic guidance for consumers.
Sec. 503. SEC pandemic guidance for investors.
Sec. 504. Updates of the Pandemic Influenza Plan and National Planning
Frameworks.
SEC. 2. SEVERABILITY.
If any provision of this Act or the application of such provision
to any person or circumstance is held to be unconstitutional, the
remainder of this Act, and the application of the provisions of this
Act, to any person or circumstance shall not be affected thereby.
TITLE I--PROTECTING CONSUMERS, RENTERS, HOMEOWNERS, AND PEOPLE
EXPERIENCING HOMELESSNESS
SEC. 101. DIRECT STIMULUS PAYMENTS FOR FAMILIES.
(a) Definitions.--In this section:
(1) Digital dollar.--The term ``digital dollar'' shall
mean--
(A) a balance expressed as a dollar value
consisting of digital ledger entries that are recorded
as liabilities in the accounts of any Federal reserve
bank; or
(B) an electronic unit of value, redeemable by an
eligible financial institution (as determined by the
Board of Governors of the Federal Reserve System).
(2) Digital dollar wallet.--The term ``digital dollar
wallet'' shall mean a digital wallet or account, maintained by
a Federal reserve bank on behalf of any person, that represents
holdings in an electronic device or service that is used to
store digital dollars that may be tied to a digital or physical
identity.
(3) Member bank.--The term ``member bank'' means a member
bank of the Board of Governors of the Federal Reserve System.
(4) Pass-through digital dollar wallet.--The term ``pass-
through digital dollar wallet'' means a digital wallet or
account, maintained by a member bank on behalf of a qualified
individual, where such qualified individual is entitled to a
pro rata share of a pooled reserve balance that the member bank
maintains at any Federal reserve bank.
(5) Qualified individual defined.--The term ``qualified
individual'' means any individual other than any nonresident
alien individual.
(b) Emergency Stimulus Check Implementation.--
(1) Payments.--The Secretary of the Treasury, acting
through the Commissioner of the Internal Revenue Service, shall
make monthly emergency payments to qualified individuals
beginning on the first day of the first month beginning after
the date of the enactment of this Act and ending on the later
of--
(A) the date of the termination by the Federal
Emergency Management Agency of the emergency declared
on March 13, 2020, by the President under section
501(b) of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act with respect to the COVID-19
pandemic; and
(B) the date on which--
(i) the national unemployment rate (as
determined by the Bureau of Labor Statistics)
is within 2 percentage points of the national
unemployment rate on the date of enactment of
this Act; and
(ii) the 3-month average of the national
unemployment rate has declined for two
consecutive months.
(2) Amount of payments.--
(A) In general.--With respect to a qualified
individual, the amount of each monthly payment under
paragraph (1) shall be as follows:
(i) For a qualified individual age 18 or
older, $2,000.
(ii) For a qualified individual under age
18, $1,000.
(B) Income limitation.--The amount of a payment
under subparagraph (A) shall be reduced (but not below
zero) by 5 percent of so much of the individual's
adjusted gross income as exceeds $75,000. The Secretary
of the Treasury shall adjust such amount as appropriate
to account for individuals filing joint returns.
(3) Method of delivery.--
(A) In general.--The Secretary of the Treasury,
acting through the Commissioner of the Internal Revenue
Service, shall make the payments required under
paragraph (1)--
(i) first, by direct deposit (including to
a pass-through digital dollar wallet), if the
Commissioner has sufficient information to make
direct deposit payments to the applicable
individual; and
(ii) otherwise, by check.
(B) Outreach.--The Secretary of the Treasury,
acting through the Commissioner of the Internal Revenue
Service, shall establish a system for a qualified
individual to provide the Internal Revenue Service with
the individual's direct deposit information and shall
perform outreach to inform the public of such system.
(4) Accessing payments.--If a payment is deposited (by any
method) into an account of a qualified individual at an insured
depository institution (as defined in section 3 of the Federal
Deposit Insurance Act) or insured credit union (as defined in
section 101 of the Federal Credit Union Act), such funds shall
be available for withdrawal on the same day, to the fullest
extent possible.
(5) Funding.--The Secretary of the Treasury shall, before
each monthly payment required under subsection (a), notify the
Board of Governors of the Federal Reserve System of the
aggregate amount of such payment, and the Board of Governors
shall issue notes in such amount and transfer such notes to the
Secretary of the Treasury for use in making such payments.
(c) Mandate for Member Banks To Maintain Pass-Through Digital
Dollar Wallets.--
(1) Obligations of member banks.--
(A) In general.--Member banks are hereby directed
to establish and maintain pass-through digital dollar
wallets for all persons eligible to receive payments
from the United States pursuant to this Act who elect
to deposit such payments into a pass-through digital
dollar wallet.
(B) Separate entity.--
(i) In general.--Each member bank shall
establish and maintain a separate legal entity
for the exclusive purpose of holding all assets
and maintaining all liabilities associated with
pass-through digital dollar wallets.
(ii) Assets.--The assets of any entity
described in this paragraph shall consist
exclusively of a balance maintained in a master
account at a Federal reserve bank, and the
liabilities or obligations of the entity shall
consist exclusively of an equal quantity of
balances maintained by holders of pass-through
digital dollar wallets.
(iii) Separate assets and liabilities.--The
assets and liabilities of any legal entity
described in this paragraph shall not be deemed
assets or liabilities of the member bank or its
affiliates for purposes of any capital or
liquidity regulation promulgated by Federal or
State banking authorities.
(C) Application.--Member banks with total
consolidated assets in excess of $10,000,000,000 shall
promptly offer individuals the ability to apply,
through online or telephonic means, for a pass-through
digital dollar wallets.
(2) Terms.--Member banks shall ensure that a pass-through
digital dollar wallet established under this section--
(A) may not be subject to any account fees, minimum
balances, or maximum balances;
(B) shall pay interest at a rate not below the
greater of--
(i) the rate of interest on required
reserves; and
(ii) the rate of interest on excess
reserves;
(C) shall provide functionality and service levels
not less favorable than those that the member bank
offers for its existing transaction accounts (including
with respect to access to debit cards and automated
teller machines, online account access, automatic bill-
pay and mobile banking services, customer service, and
such other services as the Board determines), except
that pass-through digital dollar wallet shall not
include overdraft coverage;
(D) shall be prominently branded in all account
statements, marketing materials, and other
communications of the member bank as a ``pass-through
FedAccount'' maintained by the member bank on behalf of
the Board of Governors of the Federal Reserve System;
(E) may not be closed or restricted by the member
bank on the basis of profitability considerations; and
(F) shall provide holders with reasonable
protection against losses caused by fraud or security
breaches.
(3) Reimbursement for costs.--
(A) In general.--Each member bank with total
consolidated assets not greater than $10,000,000,000
shall be reimbursed each calendar quarter by the
relevant Federal reserve bank for actual and reasonable
operational costs incurred by the member bank in
offering pass-through digital dollar wallets.
(B) Rulemaking.--The Board of Governors of the
Federal Reserve System shall issue rules to carry out
subparagraph (A).
(4) Authority of the board.--Member banks shall be subject
to such rules as may be imposed by the Board of Governors of
the Federal Reserve System in connection with maintaining pass-
through digital dollar wallets.
(d) Authority for State Nonmember Banks and Credit Unions To Offer
Pass-Through Digital Dollar Wallets.--The Federal reserve banks shall
permit State banks and credit unions that are not member banks to open
master accounts for the exclusive purpose of offering pass-through
digital dollar wallets in compliance with the requirements of
subsection (c). Each State bank or credit union electing to offer pass-
through digital wallets shall be entitled to cost reimbursement in
accordance with subsection (c)(3).
(e) Mandate for Federal Reserve Banks To Maintain Digital Dollar
Wallets.--
(1) Authorization.--Subject to such restrictions,
limitations, and regulations as may be imposed by the Board of
Governors of the Federal Reserve System, each Federal reserve
bank shall maintain digital dollar wallets.
(2) Mandate.--
(A) In general.--Not later than January 1, 2021,
all Federal reserve banks shall make digital dollar
wallets available to all citizens and legal permanent
residents of the United States and business entities
for which the principal place of business is located in
the United States.
(B) Exception.--In geographic areas where physical
access to a branch of a Federal reserve bank is
limited, Federal reserve banks serving such areas shall
partner with United States Postal Service branch
offices to ensure access and availability to
application and account services for digital dollar
wallets.
(3) Terms of digital dollar wallets.--Federal reserve banks
shall ensure that digital dollar wallets established under this
section--
(A) may not be subject to any account fees, minimum
balances, or maximum balances;
(B) shall pay interest at a rate not below the
greater of--
(i) the rate of interest on required
reserves; and
(ii) the rate of interest on excess
reserves;
(C) shall provide access to debit cards, online
account access, automatic bill-pay and mobile banking
services, customer service, and such other services as
the Board determines, except that digital dollar
wallets shall not include overdraft coverage;
(D) shall provide, in conjunction with the United
States Postal Service, access to automated teller
machines to be maintained on behalf of the Board by the
United States Postal Service at branch offices;
(E) shall be prominently branded in all account
statements, marketing materials, and other
communications of the Federal reserve bank as a
``FedAccount'' maintained by the member bank on behalf
of the United States of America;
(F) may not be closed or restricted on the basis of
profitability considerations; and
(G) shall provide holders with reasonable
protection against losses caused by fraud or security
breaches.
(4) Bank secrecy act.--In establishing and maintaining
digital dollar wallets, each Federal reserve bank shall comply
with section 21 of the Federal Deposit Insurance Act (12 U.S.C.
1829b), section 123 of Public Law 91-508, subchapter II of
chapter 53 of title 31, United States Code.
(5) Penalties.--The Board of Governors of the Federal
Reserve System shall, by rule, establish penalties applicable
to Federal reserve banks and employees of such banks for
violations of privacy obligations relating to digital dollar
wallets that are similar to the penalties imposed by the
Commissioner of the Internal Revenue Service with respect to
violations of privacy obligations relating to Federal tax
returns.
(f) Regulations.--The Board of Governors of the Federal Reserve
System shall promulgate regulations to carry out this section.
SEC. 102. SUSPENSION OF REQUIREMENTS REGARDING TENANT CONTRIBUTION
TOWARD RENT.
(a) Suspension.--Notwithstanding any other provision of law, the
obligation of each tenant household of a dwelling unit in assisted
housing to pay any contribution toward rent for occupancy in such
dwelling unit shall be suspended with respect to such occupancy during
the period beginning on the date of the enactment of this Act and
ending 6 months after the date of the termination by the Federal
Emergency Management Agency of the emergency declared on March 13,
2020, by the President under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the
Coronavirus Disease 2019 (COVID-19) pandemic.
(b) Federal Reimbursement Payments.--To the extent that amounts are
made available pursuant to subsection (e) for reimbursements under this
subsection, the Secretary of Housing and Urban Development or the
Secretary of Agriculture, as appropriate, shall--
(1) provide owners of assisted housing and public housing
agencies for any amounts in rent not received as a result of
subsection (a), plus the amount of any increases in costs of
administering and maintaining such housing to the extent only
that such increases result from the public health emergency
relating to Coronavirus Disease 2019 (COVID-19); and
(2) in the case of public housing agencies providing
assistance under section 8(o) of the United States Housing Act
of 1937 (42 U.S.C. 1437f(o)), reimburse such agencies in an
amount sufficient to cover any increase in housing assistance
payments resulting from the suspension of tenant rent payments
pursuant to subsection (a), plus the amount of any increases in
the cost of administering such assistance to the extent only
that such increases result from the public health emergency
relating to Coronavirus Disease 2019 (COVID-19).
(c) Prohibitions.--
(1) On fines.--No tenant or tenant household may be charged
a fine or fee for nonpayment of rent in accordance with
subsection (a) and such nonpayment of rent shall not be grounds
for any termination of tenancy or eviction.
(2) On debt.--No tenant or tenant household may be treated
as accruing any debt by reason of suspension of contribution of
rent under subsection (a).
(3) On repayment.--Held liable for repayment of any amount
of rent contribution suspended under subsection (a).
(4) On credit scores.--The nonpayment of rent by a tenant
or tenant household shall not be reported to a consumer
reporting agency nor shall such nonpayment adversely affect a
tenant or member of a tenant household's credit score.
(d) Assisted Housing.--For purposes of this section, the term
``assisted housing'' means housing or a dwelling unit assisted under--
(1) section 213, 220, 221(d)(3), 221(d)(4), 223(e), 231, or
236 of the National Housing Act (12 U.S.C. 1715l(d)(3), (d)(4),
or 1715z-1);
(2) section 101 of the Housing and Urban Development Act of
1965 (12 U.S.C. 1701s);
(3) section 202 of the Housing Act of 1959 (12 U.S.C.
1701q);
(4) section 811 of the Cranston-Gonzales National
Affordable Housing Act (42 U.S.C. 8013);
(5) title II of the Cranston-Gonzalez National Affordable
Housing Act (42 U.S.C. 12701 et seq.);
(6) subtitle D of title VIII of the Cranston-Gonzalez
National Affordable Housing Act (42 U.S.C. 12901 et seq.);
(7) title I of the Housing and Community Development Act of
1974 (42 U.S.C. 5301 et seq.);
(8) section 8 of the United States Housing Act of 1937 (42
U.S.C. 1437f);
(9) the public housing program under title I of the United
States Housing Act of 1937 (42 U.S.C. 1437 et seq.); or
(10) section 514, 515, 516, 521(a)(2), 538, or 542 of the
Housing Act of 1949 (42 U.S.C. 1484, 1485, 1486, 1490a(a)(2),
1490p-2, 1490r).
(e) Authorization of Appropriations.--There is authorized to be
appropriated such sums as may be necessary to make payments under
subsection (b) to all owners of assisted housing and public housing
agencies.
SEC. 103. TEMPORARY MORATORIUM ON EVICTION FILINGS.
(a) Congressional Findings.--The Congress finds that--
(1) according to the 2018 American Community Survey, 36
percent of households in the United States--more than 43
million households--are renters;
(2) in 2019 alone, renters in the United States paid $512
billion in rent;
(3) according to the Joint Center for Housing Studies of
Harvard University, 20.8 million renters in the United States
spent more than 30 percent of their incomes on housing in 2018
and 10.9 million renters spent more than 50 percent of their
incomes on housing in the same year;
(4) Moody's Analytics estimates that 27 million jobs in the
U.S. economy are at high risk because of COVID-19;
(5) the impacts of the spread of COVID-19, which is now
considered a global pandemic, are expected to negatively impact
the incomes of potentially millions of renter households,
making it difficult for them to pay their rent on time; and
(6) evictions in the current environment would increase
homelessness and housing instability which would be
counterproductive towards the public health goals of keeping
individuals in their homes to the greatest extent possible.
(b) Moratorium.--During the period beginning on the date of the
enactment of this Act and ending on the date described in paragraph (1)
of subsection (d), the lessor of a covered dwelling may not make, or
cause to be made, any filing with the court of jurisdiction to initiate
a legal action to recover possession of the covered dwelling from the
tenant regardless of cause, except when a tenant perpetrates a serious
criminal act that threatens the health, life, or safety of other
tenants, owners, or staff of the property in which the covered dwelling
is located.
(c) Definitions.--For purposes of this section, the following
definitions shall apply:
(1) Covered dwelling.--The term ``covered dwelling'' means
a dwelling that is occupied by a tenant--
(A) pursuant to a residential lease; or
(B) without a lease or with a lease terminable at
will under State law.
(2) Dwelling.--The term ``dwelling'' has the meaning given
such term in section 802 of the Fair Housing Act (42 U.S.C.
3602) and includes houses and dwellings described in section
803(b) of such Act (42 U.S.C. 3603(b)).
(d) Sunset.--
(1) Sunset date.--The date described in this paragraph is
the date of the expiration of the 6-month period that begins
upon the termination by the Federal Emergency Management Agency
of the emergency declared on March 13, 2020, by the President
under the Robert T. Stafford Disaster Relief and Emergency
Assistance Act (42 U.S.C. 4121 et seq.) relating to the
Coronavirus Disease 2019 (COVID-19) pandemic.
(2) Notice to vacate after sunset date.--After the date
described in paragraph (1), the lessor of a covered dwelling
may not require the tenant to vacate the covered dwelling
before the expiration of the 30-day period that begins upon the
provision by the lessor to the tenant, after the date described
in paragraph (1), of a notice to vacate the covered dwelling.
SEC. 104. SUSPENSION OF OTHER CONSUMER LOAN PAYMENTS.
(a) In General.--During the COVID-19 emergency, a debt collector
may not, with respect to a debt of a consumer (other than debt related
to a federally related mortgage loan)--
(1) capitalize unpaid interest;
(2) apply a higher interest rate triggered by the
nonpayment of a debt to the debt balance;
(3) charge a fee triggered by the nonpayment of a debt;
(4) sue or threaten to sue for nonpayment of a debt;
(5) continue litigation to collect a debt that was
initiated before the date of enactment of this section;
(6) submit or cause to be submitted a confession of
judgment to any court;
(7) enforce a security interest through repossession,
limitation of use, or foreclosure;
(8) take or threaten to take any action to enforce
collection, or any adverse action for nonpayment of a debt, or
for nonappearance at any hearing relating to a debt;
(9) commence or continue any action to cause or to seek to
cause the collection of a debt, including pursuant to a court
order issued before the end of the 120-day period following the
end of the COVID-19 emergency, from wages, Federal benefits, or
other amounts due to a consumer by way of garnishment,
deduction, offset, or other seizure;
(10) cause or seek to cause the collection of a debt,
including pursuant to a court order issued before the end of
the 120-day period following the end of the COVID-19 emergency,
by levying on funds from a bank account or seizing any other
assets of a consumer;
(11) commence or continue an action to evict a consumer
from real or personal property; or
(12) disconnect or terminate service from utility service,
including electricity, natural gas, telecommunications or
broadband, water, or sewer.
(b) Rule of Construction.--Nothing in this section may be construed
to prohibit a consumer from voluntarily paying, in whole or in part, a
debt.
(c) Repayment Period.--After the expiration of the COVID-19
emergency, with respect to a debt described under subsection (a), a
debt collector--
(1) may not add to the debt balance any interest or fee
prohibited by subsection (a);
(2) shall, for credit with a defined term or payment
period, extend the time period to repay the debt balance by 1
payment period for each payment that a consumer missed during
the COVID-19 emergency, with the payments due in the same
amounts and at the same intervals as the pre-existing payment
schedule;
(3) shall, for an open end credit plan (as defined under
section 103 of the Truth in Lending Act) or other credit
without a defined term, allow the consumer to repay the debt
balance in a manner that does not exceed the amounts permitted
by formulas under section 170(c) of the Truth in Lending Act
and regulations promulgated thereunder; and
(4) shall, when the consumer notifies the debt collector,
offer reasonable and affordable repayment plans, loan
modifications, refinancing, options with a reasonable time in
which to repay the debt.
(d) Communications in Connection With the Collection of a Debt.--
(1) In general.--During the COVID-19 emergency, without
prior consent of a consumer given directly to a debt collector
during the COVID-19 emergency, or the express permission of a
court of competent jurisdiction, a debt collector may only
communicate in writing in connection with the collection of any
debt (other than debt related to a federally related mortgage
loan).
(2) Required disclosures.--
(A) In general.--All written communications
described under paragraph (1) shall inform the consumer
that the communication is for informational purposes
and is not an attempt to collect a debt.
(B) Requirements.--The disclosure required under
subparagraph (A) shall be made--
(i) in type or lettering not smaller than
14-point bold type;
(ii) separate from any other disclosure;
(iii) in a manner designed to ensure that
the recipient sees the disclosure clearly;
(iv) in English and Spanish and in any
additional languages in which the debt
collector communicates, including the language
in which the loan was negotiated, to the extent
known by the debt collector; and
(v) may be provided by first-class mail or
electronically, if the borrower has otherwise
consented to electronic communication with the
debt collector and has not revoked such
consent.
(C) Oral notification.--Any oral notification shall
be provided in the language the debt collector
otherwise uses to communicate with the borrower.
(D) Written translations.--In providing written
notifications in languages other than English in this
section, a debt collector may rely on written
translations developed by the Bureau of Consumer
Financial Protection.
(e) Violations.--
(1) In general.--Any person who violates this section
shall--
(A) except as provided under subparagraph (B), be
subject to civil liability in accordance with section
813 of the Fair Debt Collection Practices Act, as if
the person is a debt collector for purposes of that
section; and
(B) be liable to the consumer for an amount 10
times the amounts described in such section 813, for
each violation.
(2) Predispute arbitration agreements.--Notwithstanding any
other provision of law, no predispute arbitration agreement or
predispute joint-action waiver shall be valid or enforceable
with respect to a dispute brought under this section, including
a dispute as to the applicability of this section, which shall
be determined under Federal law.
(f) Tolling.--Except as provided in subsection (g)(5), any
applicable time limitations, including statutes of limitations, related
to a debt under Federal or State law shall be tolled during the COVID-
19 emergency.
(g) Claims of Affected Creditors and Debt Collectors.--
(1) Valuation of property.--With respect to any action
asserting a taking under the Fifth Amendment of the
Constitution of the United States as a result of this section
or seeking a declaratory judgment regarding the
constitutionality of this section, the value of the property
alleged to have been taken without just compensation shall be
evaluated--
(A) with consideration of the likelihood of full
and timely payment of the obligation without the
actions taken pursuant to this section; and
(B) without consideration of any assistance
provided directly or indirectly to the consumer from
other Federal, State, and local government programs
instituted or legislation enacted in response to the
COVID-19 emergency.
(2) Scope of just compensation.--In an action described in
paragraph (1), any assistance or benefit provided directly or
indirectly to the person from other Federal, State, and local
government programs instituted in or legislation enacted
response to the COVID-19 emergency, shall be deemed to be
compensation for the property taken, even if such assistance or
benefit is not specifically provided as compensation for
property taken by this section.
(3) Appeals.--Any appeal from an action under this section
shall be treated under section 158 of title 28, United States
Code, as if it were an appeal in a case under title 11, United
States Code.
(4) Repose.--Any action asserting a taking under the Fifth
Amendment to the Constitution of the United States as a result
of this section shall be brought within not later than 180 days
after the end of the COVID-19 emergency.
(h) Credit Facility for Other Purposes.--
(1) Establishment.--The Board of Governors of the Federal
Reserve System shall establish a facility that the Board of
Governors shall use to make payments to covered financial
institutions to compensate such institutions for documented
financial losses caused by the suspension of payments required
under this section.
(2) Covered financial institution defined.--In this
subsection, the term ``covered financial institution'' means
the holder of a loan described under this section.
(i) Definitions.--In this section:
(1) Consumer.--The term ``consumer'' means any individual
obligated or allegedly obligated to pay any debt.
(2) COVID-19 emergency.--The term ``COVID-19 emergency''
means the period that begins upon the date of the enactment of
this Act and ends on the date of the termination by the Federal
Emergency Management Agency of the emergency declared on March
13, 2020, by the President under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et
seq.) relating to the Coronavirus Disease 2019 (COVID-19)
pandemic.
(3) Creditor.--The term ``creditor'' means--
(A) any person who offers or extends credit
creating a debt or to whom a debt is owed or other
obligation for payment;
(B) any lessor of real or personal property; or
(C) any provider of utility services.
(4) Debt.--The term ``debt''--
(A) means any obligation or alleged obligation that
is or during the COVID emergency becomes past due--
(i) for which the original agreement, or if
there is no agreement, the original obligation
to pay was created before the COVID emergency,
whether or not such obligation has been reduced
to judgment; and
(ii) that arises out of a transaction with
a consumer; and
(B) does not include a federally related mortgage
loan.
(5) Debt collector.--The term ``debt collector'' means a
creditor, and any person or entity that engages in the
collection of debt, including the Federal Government and a
State government, irrespective of whether the debt is allegedly
owed to or assigned to that person or to the entity.
(6) Federally related mortgage loan.--The term ``federally
related mortgage loan'' has the meaning given that term under
section 3 of the Real Estate Settlement Procedures Act of 1974
(12 U.S.C. 2602).
SEC. 105. EMERGENCY RENTAL ASSISTANCE.
(a) Authorization of Appropriations.--There is authorized to be
appropriated for grants under the Emergency Solutions Grants program
under subtitle B of title IV of the McKinney-Vento Homeless Assistance
Act (42 U.S.C. 11371 et seq.) $100,000,000,000 for grants under such
subtitle only for providing rental assistance in accordance with
section 415(a)(4) of such Act (42 U.S.C. 11374(a)(4)) and this section
to respond to needs arising from the emergency declared on March 13,
2020, by the President under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the
Coronavirus Disease 2019 (COVID-19) pandemic.
(b) Income Targeting.--For purposes of assistance made available
with amounts made available pursuant to subsection (a)--
(1) section 401(1)(A) of the McKinney-Vento Homeless
Assistance Act (42 U.S.C. 11360(1)(A)) shall be applied by
substituting ``80 percent'' for ``30 percent''; and
(2) each grantee of such amounts shall use not less than 50
percent of the amounts received only for providing assistance
for persons or families experiencing homelessness or at risk of
homelessness, who have incomes not exceeding 50 percent of the
median income for the relevant geographic area; except that the
Secretary may waive the requirement under this paragraph if the
grantee demonstrates to the satisfaction of the Secretary that
the population in the geographic area served by the grantee
having such incomes is sufficiently being served with respect
to activities eligible for funding with such amounts.
(c) Definition of at Risk of Homelessness.--For purposes of
assistance made available with amounts made available pursuant to
subsection (a), section 401(1) of the McKinney-Vento Homeless
Assistance Act shall be applied, during the period that begins on the
date of the enactment of this Act and ends upon the expiration of the
6-month period that begins upon the termination by the Federal
Emergency Management Agency of the emergency declared on March 13,
2020, by the President under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the
Coronavirus Disease 2019 (COVID-19) pandemic, as if subparagraph (C)
were repealed.
(d) 3-Year Availability.--Each grantee of amounts made available
pursuant to subsection (a) shall expend--
(1) at least 60 percent of such grant amounts within 2
years of the date that such funds became available to the
grantee for obligation; and
(2) 100 percent of such grant amounts within 3 years of
such date.
The Secretary may recapture any amounts not expended in compliance with
paragraph (1) of this subsection and reallocate such amounts to
grantees in compliance with the formula referred to in subsection
(h)(1)(A) of this section.
(e) Rent Restrictions.--Paragraph (1) of section 576.106(d) of the
Secretary's regulations (24 C.F.R. 576.106(d)(1)) shall be applied,
with respect to rental assistance made available with amounts made
available pursuant to subsection (a), by substituting ``120 percent of
the Fair Market Rent'' for ``the Fair Market Rent''.
(f) Subleases.--Notwithstanding the second sentence of subsection
(g) of section 576.106 of the Secretary's regulations (24 C.F.R.
576.106(g)), a program participant may sublet, with rental assistance
made available with amounts made available pursuant to subsection (a)
of this section, a dwelling unit from a renter of the dwelling unit if
there is a legally binding, written lease agreement for such sublease.
(g) Housing Relocation or Stabilization Activities.--A grantee of
amounts made available pursuant to subsection (a) may expend up to 20
percent of its allocation for activities under section 415(a)(5) of the
McKinney-Vento Homeless Assistance Act (42 U.S.C. 11374(a)(5)).
(h) Allocation of Assistance.--
(1) In general.--In allocating amounts made available
pursuant to subsection (a), the Secretary of Housing and Urban
Development shall--
(A) not later than 30 days after the date of the
enactment of this Act, allocate any such amounts that
do not exceed $50,000,000,000 under the formula
specified in subsections (a), (b), and (e) of section
414 of the McKinney-Vento Homeless Assistance Act (42
U.S.C. 11373) to, and notify, each State, metropolitan
city, and urban county that is to receive a direct
grant of such amounts; and
(B) not later than 120 days after the date of the
enactment of this Act, allocate any remaining amounts
to eligible grantees by a formula to be developed by
the Secretary of Housing and Urban Development that
takes into consideration the formula referred to in
subparagraph (A) of this paragraph, and the need for
emergency rental assistance under this section,
including severe housing cost burden among extremely
low- and very low-income renters and disruptions in
housing and economic conditions, including
unemployment.
(2) Allocations to states.--A State recipient of an
allocation under this section may elect to directly administer
up to 50 percent of its allocation to carry out activities
eligible under this section.
(3) Election not to administer.--If a grantee elects not to
receive funds under this section, such funds shall be allocated
to the State recipient in which the grantee is located.
(i) Inapplicability of Matching Requirement.--Subsection (a) of
section 416 of the McKinney-Vento Homeless Assistance Act (42 U.S.C.
11375(a)) shall not apply to any amounts made available pursuant to
subsection (a) of this section.
(j) Prohibition on Prerequisites.--None of the funds authorized
under this section may be used to require people experiencing
homelessness to receive treatment or perform any other prerequisite
activities as a condition for receiving shelter, housing, or other
services.
(k) Public Hearings.--
(1) Inapplicability of in-person hearing requirements.--A
grantee may not be required to hold in-person public hearings
in connection with its citizen participation plan, but shall
provide citizens with notice and a reasonable opportunity to
comment of not less than 15 days. Following the period that
begins upon the date of the enactment of this Act and ends upon
the date of the termination by the Federal Emergency Management
Agency of the emergency declared on March 13, 2020, by the
President under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to
the Coronavirus Disease 2019 (COVID-19) pandemic, and after the
period described in paragraph (2), the Secretary shall direct
grantees to resume pre-crisis public hearing requirements.
(2) Virtual public hearings.--During the period that
national or local health authorities recommend social
distancing and limiting public gatherings for public health
reasons, a grantee may fulfill applicable public hearing
requirements for all grants from funds made available pursuant
to this section by carrying out virtual public hearings. Any
such virtual hearings shall provide reasonable notification and
access for citizens in accordance with the grantee's
certifications, timely responses from local officials to all
citizen questions and issues, and public access to all
questions and responses.
(l) Administration.--Of any amounts made available pursuant to
subsection (a), not more than the lesser of 0.5 percent, or
$15,000,000, may be used for staffing, training, technical assistance,
technology, monitoring, research, and evaluation activities necessary
to carry out the program carried out under this section, and such
amounts shall remain available until September 30, 2024.
SEC. 106. EMERGENCY HOMELESS ASSISTANCE.
(a) Authorization of Appropriations.--There is authorized to be
appropriated under the Emergency Solutions Grants program under
subtitle B of title IV of the McKinney-Vento Homeless Assistance Act
(42 U.S.C. 11371 et seq.) $15,500,000,000 for grants under such
subtitle in accordance with this section to respond to needs arising
from the public health emergency relating to Coronavirus Disease 2019
(COVID-19).
(b) Formula.--Notwithstanding sections 413 and 414 of the McKinney-
Vento Homeless Assistance Act (42 U.S.C. 11372, 11373), the Secretary
of Housing and Urban Development (in this Act referred to as the
``Secretary'') shall allocate amounts made available pursuant to
subsection (a) in accordance with a formula to be established by the
Secretary that takes into consideration the following factors:
(1) Risk of transmission of coronavirus in a jurisdiction.
(2) Whether a jurisdiction has a high number or rate of
sheltered and unsheltered homeless individuals and families.
(3) Economic and housing market conditions in a
jurisdiction.
(c) Eligible Activities.--In addition to eligible activities under
section 415(a) of the McKinney-Vento Homeless Assistance Act (42 U.S.C.
11374(a)), amounts made available pursuant to subsection (a) may also
be used for costs of the following activities:
(1) Providing training on infectious disease prevention and
mitigation.
(2) Providing hazard pay, including for time worked before
the effectiveness of this clause, for staff working directly to
prevent and mitigate the spread of coronavirus or COVID-19
among people experiencing or at risk of homelessness.
(3) Reimbursement of costs for eligible activities
(including activities described in this paragraph) relating to
preventing, preparing for, or responding to the coronavirus or
COVID-19 that were accrued before the date of the enactment of
this Act.
Use of such amounts for activities described in this paragraph shall
not be considered use for administrative purposes for purposes of
section 418 of the McKinney-Vento Homeless Assistance Act (42 U.S.C.
11377).
(d) Inapplicability of Procurement Standards.--To the extent
amounts made available pursuant to subsection (a) are used to procure
goods and services relating to activities to prevent, prepare for, or
respond to the coronavirus or COVID-19, the standards and requirements
regarding procurement that are otherwise applicable shall not apply.
(e) Inapplicability of Habitability and Environmental Review
Standards.--Any Federal standards and requirements regarding
habitability and environmental review shall not apply with respect to
any emergency shelter that is assisted with amounts made available
pursuant to subsection (a) and has been determined by a State or local
health official, in accordance with such requirements as the Secretary
shall establish, to be necessary to prevent and mitigate the spread of
coronavirus or COVID-19, such shelters.
(f) Inapplicability of Cap on Emergency Shelter Activities.--
Subsection (b) of section 415 of the McKinney-Vento Homeless Assistance
Act shall not apply to any amounts made available pursuant to
subsection (a)(1) of this section.
(g) Initial Allocation of Assistance.--Section 417(b) of the
McKinney-Vento Homeless Assistance Act (42 U.S.C. 11376(b)) shall be
applied with respect to amounts made available pursuant to subsection
(a) by substituting ``30-day'' for ``60-day''.
(h) Waivers and Alternative Requirements.--
(1) Authority.--In administering amounts made available
pursuant to subsection (a), the Secretary may waive, or specify
alternative requirements for, any provision of any statute or
regulation (except for any requirements related to fair
housing, nondiscrimination, labor standards, and the
environment) that the Secretary administers in connection with
the obligation or use by the recipient of such amounts, if the
Secretary finds that good cause exists for the waiver or
alternative requirement and such waiver or alternative
requirement is consistent with the purposes described in this
subsection.
(2) Effectiveness; applicability.--Any such waivers shall
be deemed to be effective as of the date a State or unit of
local government began preparing for coronavirus and shall
apply to the use of amounts made available pursuant to
subsection (a) and amounts provided in prior appropriation Acts
for fiscal year 2020 under the heading ``Department of Housing
and Urban Development--Community Planning and Development--
Community Development Fund'' and used by recipients for the
purposes described in this subsection.
(3) Notification.--The Secretary shall notify the public
through the Federal Register or other appropriate means 5 days
before the effective date of any such waiver or alternative
requirement, and any such public notice may be provided on the
internet at the appropriate Government website or through other
electronic media, as determined by the Secretary.
(4) Exemption.--The use of amounts made available pursuant
to subsection (a) shall not be subject to the consultation,
citizen participation, or match requirements that otherwise
apply to the Emergency Solutions Grants program, except that a
recipient shall publish how it has and will utilize its
allocation at a minimum on the internet at the appropriate
Government website or through other electronic media.
(i) Inapplicability of Matching Requirement.--Subsection (a) of
section 416 of the McKinney-Vento Homeless Assistance Act (42 U.S.C.
11375(a)) shall not apply to any amounts made available pursuant to
subsection (a) of this section.
(j) Prohibition on Prerequisites.--None of the funds authorized
under this section may be used to require people experiencing
homelessness to receive treatment or perform any other prerequisite
activities as a condition for receiving shelter, housing, or other
services.
SEC. 107. PARTICIPATION OF INDIAN TRIBES AND TRIBALLY DESIGNATED
HOUSING ENTITIES IN CONTINUUM OF CARE PROGRAM.
(a) In General.--Title IV of the McKinney-Vento Homeless Assistance
Act (42 U.S.C. 11360 et seq.) is amended--
(1) in section 401 (42 U.S.C. 11360)--
(A) by redesignating paragraphs (10) through (33)
as paragraphs (12) through (35), respectively;
(B) by redesignating paragraphs (8) and (9) as
paragraphs (9) and (10), respectively;
(C) by inserting after paragraph (7) the following:
``(8) Formula area.--The term `formula area' has the
meaning given the term in section 1000.302 of title 24, Code of
Federal Regulations, or any successor regulation.'';
(D) in paragraph (9), as so redesignated, by
inserting ``a formula area,'' after ``nonentitlement
area,''; and
(E) by inserting after paragraph (10), as so
redesignated, the following:
``(11) Indian tribe.--The term `Indian Tribe' has the
meaning given the term `Indian tribe' in section 4 of the
Native American Housing Assistance and Self-Determination Act
of 1996 (25 U.S.C. 4103).''; and
(2) in subtitle C (42 U.S.C. 11381 et seq.), by adding at
the end the following:
``SEC. 435. PARTICIPATION OF INDIAN TRIBES AND TRIBALLY DESIGNATED
HOUSING ENTITIES.
``Notwithstanding any other provision of this title, for purposes
of this subtitle, an Indian Tribe or tribally designated housing entity
(as defined in section 4 of the Native American Housing Assistance and
Self-Determination Act of 1996 (25 U.S.C. 4103)) may--
``(1) be a collaborative applicant or eligible entity; or
``(2) receive grant amounts from another entity that
receives a grant directly from the Secretary, and use the
amounts in accordance with this subtitle.''.
(b) Technical and Conforming Amendment.--The table of contents in
section 101(b) of the McKinney-Vento Homeless Assistance Act (Public
Law 100-77; 101 Stat. 482) is amended by inserting after the item
relating to section 434 the following:
``Sec. 435. Participation of Indian Tribes and tribally designated
housing entities.''.
SEC. 108. HOUSING ASSISTANCE FUND.
(a) Definitions.--In this section:
(1) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(2) State.--The term ``State'' means any State of the
United States, the District of Columbia, any territory of the
United States, Puerto Rico, Guam, American Samoa, the Virgin
Islands, and the Northern Mariana Islands.
(b) Establishment of Fund.--There is established at the Department
of the Treasury a Housing Assistance Fund to provide such funds as are
allocated in subsection (f) to State housing finance agencies for the
purpose of preventing homeowner mortgage defaults, foreclosures, and
displacements of individuals and families experiencing financial
hardship after January 21, 2020.
(c) Allocation of Funds.--
(1) In general.--The Secretary of the Treasury shall
establish such criteria as are necessary to allocate the funds
available within the Housing Assistance Fund to each State. The
Secretary shall allocate such funds among all States taking
into consideration the number of unemployment claims within a
State relative to the nationwide number of unemployment claims.
(2) Small state minimum.--Each State shall receive no less
than $125,000,000 for the purposes established in subsection
(b).
(d) Disbursement of Funds.--
(1) Initial disbursement.--The Secretary shall disburse to
the State housing finance agencies not less than \1/2\ of the
amount made available pursuant to this section, and in
accordance with the allocations established under subsection
(c), not later than 120 days after the date of enactment of
this Act. The Secretary or designee shall enter into a contract
with each State housing finance agency, which may be amended
from time to time, establishing the terms of the use of such
funds prior to the disbursement of such funds.
(2) Second disbursement.--The Secretary shall disburse all
funds made available pursuant to this section, and in
accordance with the allocations established under subsection
(c), not later than 180 days after the date of enactment of
this Act.
(e) Permissible Uses of Fund.--
(1) In general.--Funds made available to State housing
finance agencies pursuant to this section may be used for the
purposes established under subsection (b), which may include--
(A) mortgage payment assistance;
(B) financial assistance to allow a borrower to
reinstate their mortgage following a period of
forbearance;
(C) principal reduction;
(D) utility payment assistance, including electric,
gas, and water payment assistance;
(E) any program established under the Housing
Finance Agency Innovation Fund for the Hardest Hit
Housing Markets;
(F) reimbursement of funds expended by a State or
local government during the period beginning on January
21, 2020, and ending on the date that the first funds
are disbursed by the State under the Housing Assistance
Fund, for the purpose of providing housing or utility
assistance to individuals or otherwise providing funds
to prevent foreclosure or eviction of a homeowner or
prevent mortgage delinquency or loss of housing or
critical utilities as a response to the coronavirus
disease 2019 (COVID-19) pandemic; and
(G) any other assistance to prevent eviction,
mortgage delinquency or default, foreclosure, or the
loss of essential utility services.
(2) Administrative expenses.--Not greater than 10 percent
of the amount allocated to a State pursuant to subsection (c)
may be used by a State housing financing agency for
administrative expenses. Any amounts allocated to
administrative expenses that are no longer necessary for
administrative expenses may be used in accordance with
paragraph (1).
(f) Authorization of Appropriation.--There is authorized to be
appropriated for the fiscal year ending September 30, 2020, to remain
available until expended or transferred or credited under subsection
(h), $35,000,000,000 to the Housing Assistance Fund established under
subsection (b).
(g) Use of Housing Finance Agency Innovation Fund for the Hardest
Hit Housing Markets Funds.--A State housing finance agency may
reallocate any administrative or programmatic funds it has received as
an allocation from the Housing Finance Agency Innovation Fund for the
Hardest Hit Housing Markets created pursuant to section 101(a) of the
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(a)) that
have not been otherwise allocated or disbursed as of the date of
enactment of this Act to supplement any administrative or programmatic
funds received from the Housing Assistance Fund. Such reallocated funds
shall not be considered when allocating resources from the Housing
Assistance Fund using the process established under subsection (c) and
shall remain available for the uses permitted and under the terms and
conditions established by the contract with Secretary created pursuant
to subsection (d)(1) and the terms of subsection (h).
(h) Rescission of Funds.--Any funds that have not been allocated by
a State housing finance agency to provide assistance as described under
subsection (e) by December 31, 2030, shall be reallocated by the
Secretary in the following manner:
(1) 65 percent shall be transferred or credited to the
Housing Trust Fund established under section 1338 of the
Federal Housing Enterprises Financial Safety and Soundness Act
of 1992 (12 U.S.C. 4568); and
(2) 35 percent shall be transferred or credited to the
Capital Magnet Fund under section 1339 of the Federal Housing
Enterprises Financial Safety and Soundness Act of 1992 (12
U.S.C. 4569).
(i) Reporting Requirements.--The Secretary shall provide public
reports not less frequently than quarterly regarding the use of funds
provided by the Housing Assistance Funds. Such reports shall include
the following data by State and by program within each State, both for
the past quarter and throughout the life of the program--
(1) the amount of funds allocated;
(2) the amount of funds disbursed;
(3) the number of households and individuals assisted;
(4) the acceptance rate of applicants;
(5) the average amount of assistance provided per household
receiving assistance;
(6) the average length of assistance provided per household
receiving assistance;
(7) the income ranges of households for each household
receiving assistance; and
(8) the outcome 12 months after the household has received
assistance.
SEC. 109. MORTGAGE FORBEARANCE.
(a) Findings.--
(1) Findings.--Congress finds that--
(A) the collection of debts involves the use of the
mails and wires and other instrumentalities of
interstate commerce;
(B) at times of major disaster or emergency, the
income of consumers is often impaired and their
necessary daily expenses often increase;
(C) temporary forbearance benefits not only
consumer and small business debtors, but also other
creditors by avoiding downward collateral price spirals
triggered by an increase in foreclosure activity;
(D) without forbearance, many consumers and small
businesses are unlikely to be able to pay their
obligations according to their original terms and are
likely to default on obligations or file for
bankruptcy, resulting in reduced recoveries for
creditors, and in the case of bankruptcy, no recovery
of unaccrued interest;
(E) with forbearance, creditors are likely to
realize greater long-term value because consumers and
small businesses will be more likely to be able to
repay their obligations after the major disaster or
emergency has subsided;
(F) the legislative and administrative response to
major disasters and emergencies may consist of multiple
components divided among different statutes and
programs; and
(G) when evaluating whether property has been taken
from a person without just compensation, a holistic
evaluation of the burdens and benefits of all
legislative and administrative responses, including
indirect benefits from macroeconomic stabilization, is
appropriate.
(2) Further findings regarding mortgage forbearance.--
Congress further finds that--
(A) ensuring that consumers are able to remain in
their residences reduces the disruptions and economic
harm caused by such disasters and emergencies by
ensuring that consumers are able to continue their
existing employment, education, childcare, and
healthcare arrangements, which are often geographically
based;
(B) temporary forbearance on residential mortgages
is therefore critical to fostering economic recovery
and stability in the wake of major disasters or
emergencies;
(C) temporary mortgage forbearance during a
declared disaster benefits not only mortgagors, but
also mortgagees because mortgagors' ability to pay is
likely to be restored after a disaster or emergency
subsides, so forbearance may increase mortgagors' total
recovery. Without forbearance, mortgagors are likely to
default or file for bankruptcy, resulting in
significant losses for mortgagees; and
(D) temporary mortgage forbearance during a
declared disaster also benefits the mortgagees of other
properties because housing prices are geographically
and serially correlated so an increase in foreclosures
can drive down the value of collateral for all mortgage
lenders, further destabilizing the economy.
(3) Further findings regarding mortgage servicers.--
Congress further finds that--
(A) mortgage servicers are often contractually
obligated to advance scheduled mortgage payments to
securitization investors, irrespective of whether the
servicer collects the payment from the mortgagor;
(B) mortgage servicers are often thinly capitalized
and with limited capacity for engaging in large scale
advancing of payments to securitization investors;
(C) securitization investors have long been aware
of servicers' thin capitalization;
(D) in the wake of the 2008 financial crisis,
several servicers had difficulty obtaining sufficiently
liquidity to make advances;
(E) mortgage servicing is a heavily regulated
industry;
(F) in response to the 2008 financial crisis,
Congress created a safe harbor for mortgage servicers
that undertook loan modifications;
(G) in response to the 2008 financial crisis, the
Home Affordable Modification Program paid mortgage
servicers to undertake loan modifications;
(H) as part of the 2012 joint State-Federal
National Mortgage Settlement, mortgage servicers
committed to undertaking loan modifications; and
(I) investors in mortgage securitizations are or
should be aware of servicers' thin capitalization,
liquidity constraints, the extent and history of
servicing regulation and therefore do not have a
reasonable expectation that the terms of servicing
contracts will be enforceable at times of national
financial crisis.
(4) Determination.--It is the sense of the Congress that,
on the basis of the findings described under paragraphs (1),
(2), and (3), the Congress determines that the provisions of
this Act are necessary and proper for the purpose of carrying
into execution the powers of the Congress to regulate commerce
among the several States and to establish uniform bankruptcy
laws.
(b) Prohibition on Foreclosures and Repossessions During the COVID-
19 Emergency.--
(1) Prohibition on foreclosures.--The Real Estate
Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) is
amended--
(A) in section 3 (12 U.S.C. 2602)--
(i) in paragraph (8), by striking ``and''
at the end;
(ii) in paragraph (9), by striking the
period at the end and inserting ``; and''; and
(iii) by adding at the end the following:
``(10) the term `COVID-19 emergency' means the period that
begins upon the date of the enactment of this Act and ends on
the date of the termination by the Federal Emergency Management
Agency of the emergency declared on March 13, 2020, by the
President under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to
the Coronavirus Disease 2019 (COVID-19) pandemic.''; and
(B) in section 6(k)(1) (12 U.S.C. 2605(k)(1))--
(i) in subparagraph (D), by striking ``or''
at the end;
(ii) by redesignating subparagraph (E) as
subparagraph (G); and
(iii) by inserting after subparagraph (D)
the following:
``(E) commence or continue any judicial foreclosure
action or non-judicial foreclosure process or any
action to evict a consumer following a foreclosure
during the COVID-19 emergency or the 180-day period
following such emergency (except that such prohibition
shall not apply to a mortgage secured by a dwelling
that the servicer has determined after exercising
reasonable diligence is vacant or abandoned);
``(F) fail to toll the time in a foreclosure
process on a property during the COVID-19 emergency or
the 180-day period following such emergency (except
that such prohibition shall not apply to a mortgage
secured by a dwelling that the servicer has determined
after exercising reasonable diligence is vacant or
abandoned); or''.
(2) Repossession prohibition.--During the COVID-19
emergency and for the 180-day period following such emergency,
a servicer of a consumer loan secured by a manufactured home or
a motor vehicle may not repossess such home or vehicle.
(c) Forbearance of Residential Mortgage Loan Payments for Single
Family Properties (1-4 Units).--Section 6 of the Real Estate Settlement
Procedures Act of 1974 (12 U.S.C. 2605) is amended by adding at the end
the following:
``(n) Forbearance During the COVID-19 Emergency.--
``(1) Consumer right to request a forbearance.--
``(A) Request for forbearance.--A borrower
experiencing a financial hardship during the COVID-19
emergency may request forbearance from any mortgage
obligation, regardless of delinquency status, by
submitting a request to the borrower's servicer, either
orally or in writing, affirming that the borrower is
experiencing hardship during the COVID-19 emergency. A
borrow shall not be required to provide any additional
documentation to receive such forbearance.
``(B) Length of forbearance; extension.--A
forbearance requested pursuant to subparagraph (A)
shall be provided for a period of 180 days, and may be
extended upon request of the borrower for an additional
180 days.
``(C) Treatment of tenants.--A borrower receiving a
forbearance under this subsection with respect to a
mortgage secured by a dwelling that has tenants,
whether or not the borrower also lives in the dwelling,
shall provide the tenants with rent relief for a period
not less than the period covered by the forbearance.
``(2) Automatic forbearance for delinquent borrowers.--
``(A) In general.--Notwithstanding any other law
governing forbearance relief, during the COVID-19
emergency, any borrower who is or becomes 60 days or
more delinquent on a mortgage obligation shall
automatically be granted a 180-day forbearance, which
may be extended upon request of the borrower for an
additional 180 days. Such a borrower may elect to
continue making regular payments by notifying the
servicer of the mortgage obligation of such election.
``(B) Notice to borrower.--The servicer of a
mortgage obligation placed in forbearance pursuant to
subparagraph (A) shall provide the borrower written
notification of the forbearance and its duration as
well as information about available loss mitigation
options and the right to end the forbearance and resume
making regular payments.
``(C) Treatment of payments during forbearance.--
Any payments made by the borrower during the
forbearance period shall be credited to the borrower's
account in accordance with section 129F of the Truth in
Lending Act (15 U.S.C. 1639f) or as the borrower may
otherwise instruct that is consistent with the terms of
the mortgage loan contract.
``(3) Requirements for servicers.--
``(A) Notification.--
``(i) In general.--Each servicer of a
federally related mortgage loan shall notify
the borrower of their right to request
forbearance under paragraph (1)--
``(I) not later than 14 days after
the date of enactment of this
subsection; and
``(II) until the end of COVID-19
emergency--
``(aa) on each periodic
statement provided to the
borrower; and
``(bb) in any oral or
written communication by the
servicer with or to the
borrower.
``(ii) Manner of notification.--
``(I) Written notification.--Any
written notification required under
this section--
``(aa) shall be provided--
``(AA) in English
and Spanish and in any
additional languages in
which the servicer
communicates, including
the language in which
the loan was
negotiated, to the
extent known by the
servicer; and
``(BB) at least as
clearly and
conspicuously as the
most clear and
conspicuous disclosure
on the document;
``(bb) shall include the
notification of the
availability of language
assistance and housing
counseling produced by the
Federal Housing Finance Agency
under subsection (o); and
``(cc) may be provided by
first-class mail or
electronically, if the borrower
has otherwise consented to
electronic communication with
the servicer and has not
revoked such consent.
``(II) Oral notification.--Any oral
notification required under clause (i)
shall be provided in the language the
servicer otherwise uses to communicate
with the borrower.
``(III) Written translations.--In
providing written notifications in
languages other than English under
subclause (I), a servicer may rely on
written translations developed by the
Federal Housing Finance Agency or the
Bureau.
``(B) Other requirements.--
``(i) Forbearance required.--Upon receiving
a request for forbearance from a consumer under
paragraph (1) or placing a borrower in
automatic forbearance under paragraph (2), a
servicer shall provide the forbearance for not
less than 180 days, and an additional 180 days
at the request of the borrower, provided that
the borrower will have the option to
discontinue the forbearance at any time.
``(ii) Prohibition on fees, penalties, and
interest.--During the period of a forbearance
under this subsection, no fees, penalties or
additional interest beyond the amounts
scheduled or calculated as if the borrower made
all contractual payments on time and in full
under the terms of the mortgage contract in
effect at the time the borrower enters into the
forbearance shall accrue.
``(iii) Treatment of escrow payments.--If a
borrower in forbearance under this subsection
is required to make payments to an escrow
account, the servicer shall pay or advance the
escrow disbursements in a timely manner
(defined as on or before the deadline to avoid
a penalty), regardless of the status of the
borrower's payments. The servicer may collect
any resulting escrow shortage or deficiency
from the borrower after the forbearance period
ends, in a lump sum payment, spread over 60
months, or capitalized into the loan, at the
borrower's election.''.
(d) Notification of Language Assistance and Housing Counseling.--
Section 6 of the Real Estate Settlement Procedures Act of 1974 (12
U.S.C. 2605), as amended by subsection (c), is further amended by
adding at the end the following:
``(o) Notification of Language Assistance and Housing Counseling.--
``(1) In general.--The Federal Housing Finance Agency
shall, within 30 days of the date of enactment of this Act,
make available a document providing notice of the availability
of language assistance and housing counseling in substantially
the same form, and in at least the same languages, as the
existing Language Translation Disclosure.
``(2) Minimum requirement.--The document described under
subsection (a) shall include the notice in at least all the
languages for which Federal Housing Finance Agency currently
has translations on its existing Language Translation
Disclosure available.
``(3) Provision to servicers.--The Federal Housing Finance
Agency shall make this document available to servicers to
fulfill their requirements under subsection (n).''.
(e) United States Department of Agriculture Direct Loan Program.--
Section 505 of the Housing Act of 1949 (42 U.S.C. 1475) is amended--
(1) by redesignating subsection (b) as subsection (c); and
(2) by inserting after subsection (a) the following:
``(b) Loan Modification.--
``(1) In general.--The Secretary shall implement a loan
modification program to modify the terms of outstanding loans
for borrowers who face financial hardship.
``(2) Affordable payments.--The Secretary's loan
modification program under paragraph (1) shall be designed so
as to provide affordable payments for borrowers. In defining
`affordable payments' the Secretary shall consult definitions
of affordability promulgated by the Federal Housing Finance
Authority, the Department of Housing and Urban Development, and
the Bureau of Consumer Financial Protection.
``(3) Additional program requirements.--The Secretary's
loan modification program under paragraph (1) shall allow for
measures including extension of the remaining loan term to up
to 480 months and a reduction in interest rate to the market
interest rate as defined by regulations of the Secretary. The
modification program shall be available for borrowers in a
moratorium and for borrowers not already in a moratorium who
qualify under the terms established by the Secretary. The
Secretary may also establish reasonable additional measures for
providing affordable loan modifications to borrowers.'';
(3) in subsection (c), as so redesignated, by adding at the
end the following: ``Acceleration of the promissory note and
initiation of foreclosure proceedings shall not terminate a
borrower's eligibility for a moratorium, loan reamortization,
special servicing, or other foreclosure alternative.''; and
(4) by adding at the end the following:
``(d) Requirement.--The Secretary shall comply with subsections
(k)(1), (n), and (o) of section 6 of the Real Estate Settlement
Procedures Act of 1974 with respect to any single-family loans it holds
or services.''.
(f) Forbearance of Residential Mortgage Loan Payments for
Multifamily Properties (5+ Units).--
(1) In general.--During the COVID-19 emergency, a
multifamily borrower experiencing a financial hardship due,
directly or indirectly, to the COVID-19 emergency may request a
forbearance under the terms set forth in this section.
(2) Request for relief.--A multifamily borrower may submit
a request for forbearance under paragraph (1) to the borrower's
servicer, either orally or in writing, affirming that the
multifamily borrower is experiencing hardship during the COVID-
19 emergency.
(3) Forbearance period.--
(A) In general.--Upon receipt of an oral or written
request for forbearance from a multifamily borrower, a
servicer shall--
(i) document the financial hardship;
(ii) provide the forbearance for not less
than 180 days; and
(iii) provide the forbearance for an
additional 180 days upon the request of the
borrower at least 30 days prior to the end of
the forbearance period described under
subparagraph (A).
(B) Right to discontinue.--A multifamily borrower
shall have the option to discontinue the forbearance at
any time.
(4) Renter protections.--During the term of a forbearance
under this section, a multifamily borrower may not--
(A) evict a tenant for nonpayment of rent; or
(B) apply or accrue any fees or other penalties on
renters for nonpayment of rent.
(5) Obligation to bring the loan current.--A multifamily
borrower shall bring a loan placed in forbearance under this
section current within the earlier of--
(A) 12 months after the conclusion of the
forbearance period; or
(B) receipt of any business interruption insurance
proceeds by the multifamily borrower.
(6) Definition.--For the purposes of this subsection, the
term ``multifamily borrower'' means a borrower of a residential
mortgage loan that is secured by a lien against a property
comprising five or more dwelling units.
(g) Federal Reserve Credit Facility for Mortgage Servicers.--
(1) In general.--The Board of Governors of the Federal
Reserve System and the Secretary of the Treasury, pursuant to
the authority granted under section 13(3) of the Federal
Reserve Act, directly (or indirectly through an intermediary,
such as the Federal National Mortgage Association, the Federal
Home Loan Mortgage Corporation, the Government National
Mortgage Association, an insured depository institution, non-
depository lending institution, or a special purpose vehicle)--
(A) shall extend credit to mortgage servicers and
other obligated advancing parties that in each case
have liquidity needs due to the COVID-19 emergency or
compliance with this Act with respect to mortgage loans
(the ``affected mortgages''); and
(B) may extend further credit to mortgage servicers
for other liquidity needs due to the actual or imminent
delinquency or default on mortgage loans due to the
COVID-19 emergency.
(2) Non-compliant servicers.--A mortgage servicer shall not
be eligible for assistance under paragraph (1) if the provider
is in violation of any requirement under this Act, and fails to
promptly cure any such violation upon notice or discovery
thereof.
(3) Payments and purchases.--Credit extended under
paragraph (1)(A) shall be in an amount sufficient to--
(A) cover--
(i) the pass-through payment of principal
and interest to mortgage-backed securities
holders;
(ii) the payment of taxes and insurance to
third parties; and
(iii) the temporary reimbursement of
modification costs and fees due to servicers
that will be deferred until such time as a
forbearance period terminates, due in each case
on, or in respect of, such affected mortgage
loans or related mortgage-backed securities;
and
(B) purchase affected mortgages from pools of
securitized mortgages.
(4) Collateral.--The credit authorized by this section
shall be secured by the pledgor's interest in accounts
receivable, loans, or related interests resulting from the
payment advances made on the affected mortgages by the mortgage
servicers.
(5) Credit support.--The Secretary of the Treasury shall
provide credit support to the Board of Governors of the Federal
Reserve System for the program required by this section.
(6) Conflict with other laws.--Notwithstanding any Federal
or State law to the contrary, the Federal National Mortgage
Association, the Federal Home Loan Mortgage Corporation, and
the Government National Mortgage Association may permit the
pledge or grant of a security interest in the pledgor's
interest in such accounts receivable or loans or related
interests and honor or permit the enforcement of such pledge or
grant in accordance with its terms.
(7) Duration.--The extension of credit by the Board of
Governors of the Federal Reserve System and credit support from
the Secretary of the Treasury under this section shall be
available until the later of--
(A) 6 months after the end of the COVID-19
emergency; and
(B) the date on which on the Board of Governors of
the Federal Reserve System and the Secretary of the
Treasury determine such credit and credit support
should no longer be available to address the liquidity
concern addressed by this section.
(8) Amendments to national housing act.--Section 306(g)(1)
of the National Housing Act (12 U.S.C. 1721(g)(1)) is amended--
(A) by inserting the following new sentence after
the fourth sentence in the paragraph: ``In any case in
which (I) the President declares a major disaster or
emergency for the nation or any area that in either
case has been affected by damage or other adverse
effects of sufficient severity and magnitude to warrant
major disaster assistance under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act or other
Federal law, (II) upon request of an Issuer of any
security, the Association elects to extend to the
Issuer one or more of the disaster assistance or
emergency programs that the Association determines to
be available to account for the Issuer's failure or
anticipated failure to receive from the mortgagor the
full amount of principal and interest due, then (III)
the Association may elect not to declare the Issuer to
be in default because of such request for such disaster
or emergency assistance.'';
(B) by inserting after the word ``issued'' in the
sixth sentence, as redesignated, the following:
``subject to any pledge or grant of security interest
of the pledgor's interest in and to any such mortgage
or mortgages or any interest therein and the proceeds
thereon, which the Association may elect to approve;'';
and
(C) by inserting after the word ``issued'' in the
seventh sentence, as redesignated, the following: ``,
or (D) its approval and honoring of any pledge or grant
of security interest of the pledgor's interest in and
to any such mortgage or mortgages or any interest
therein and proceeds thereon.''.
(h) Safe Harbor.--
(1) In general.--Notwithstanding any other provision of
law, whenever a servicer of residential mortgages of
residential mortgage-backed securities--
(A) grants a borrower relief under section 6(n) and
6(p) of the Real Estate Settlement Procedures Act of
1974 with respect to a residential mortgage originated
before April 1, 2020, including a mortgage held in a
securitization or other investment vehicle; and
(B) the servicer or trustee or issuer owes a duty
to investors or other parties regarding the standard
for servicing such mortgage,
the servicer shall be deemed to have satisfied such a duty, and
the servicer shall not be liable to any party who is owed such
a duty and shall not be subject to any injunction, stay, or
other equitable relief to such party, based upon its good faith
compliance with the provisions of 6(n) and 6(p) of the Real
Estate Settlement Procedures Act of 1974. Any person, including
a trustee or issuer, who cooperates with a servicer when such
cooperation is necessary for the servicer to implement the
provisions of 6(n) and 6(p) of the Real Estate Settlement
Procedures Act of 1974 shall be protected from liability in the
same manner.
(2) Standard industry practice.--Compliance with 6(n) and
6(p) of the Real Estate Settlement Procedures Act of 1974
during the COVID-19 emergency shall constitute standard
industry practice for purposes of all Federal and State laws.
(3) Definitions.--As used in this subsection--
(A) the term ``servicer'' has the meaning given
that term under section 6(i)(2) of the Real Estate
Settlement Procedures Act of 1974 (12 U.S.C.
2605(i)(2)); and
(B) the term ``securitization vehicle'' has the
meaning given that term under section 129A(f)(3) of the
Truth in Lending Act (15 U.S.C. 1639a(f)(3)).
(4) Rule of construction.--No provision of paragraph (1) or
(2) shall be construed as affecting the liability of any
servicer or person for actual fraud in servicing of a loan or
for the violation of a State or Federal law.
(i) Post-Pandemic Mortgage Repayment Options.--Section 6 of the
Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2605), as
amended by subsection (d), is further amended by adding at the end the
following:
``(p) Post-Pandemic Mortgage Repayment Options.--With respect to a
federally related residential mortgage loan, before the end of any
forbearance provided under subsection (n), servicers shall--
``(1) evaluate the borrower's ability to return to making
regular mortgage payments;
``(2) if the borrower is able to return to making regular
mortgage payments at the end of the forbearance period--
``(A) modify the borrower's loan to extend the term
for the same period as the length of the forbearance,
with all payments that were not made during the
forbearance distributed at the same intervals as the
borrower's existing payment schedule and evenly
distributed across those intervals, with no penalties,
late fees, additional interest accrued beyond the
amounts scheduled or calculated as if the borrower made
all contractual payments on time and in full under the
terms of the mortgage contract in effect at the time
the borrower entered into the forbearance, and with no
modification fee charged to the borrower;
``(B) if the borrower elects to modify the loan to
capitalize a resulting escrow shortage or deficiency,
the servicer may modify the borrower's loan by re-
amortizing the principal balance and extending the term
of the loan sufficient to maintain the regular mortgage
payments; and
``(C) notify the borrower in writing of the
extension, including provision of a new payment
schedule and date of maturity, and that the borrower
shall have the election of prepaying the suspended
payments at any time, in a lump sum or otherwise;
``(3) if the borrower is financially unable to return to
making periodic mortgage payments as provided for in the
mortgage contract at the end of the COVID-19 emergency--
``(A) evaluate the borrower for all loan
modification options, without regard to whether the
borrower has previously requested, been offered, or
provided a loan modification or other loss mitigation
option and without any requirement that the borrower
come current before such evaluation or as a condition
of eligibility for such modification, including--
``(i) further extending the borrower's
repayment period;
``(ii) reducing the principal balance of
the loan; or
``(iii) other modification or loss
mitigation options available to the servicer
under the terms of any investor requirements
and existing laws and policies; and
``(B) if the borrower qualifies for such a
modification, the service shall offer a loan with such
terms as to provide a loan with such terms as to
provide an affordable payment, with no penalties, late
fees, additional interest beyond the amounts scheduled
or calculated as if the borrower made all contractual
payments on time and in full under the terms of the
mortgage contract in effect at the time the borrower
entered into the forbearance, and with no modification
fees charged to the borrower; and
``(4) if a borrower is granted a forbearance on payments
that would be owed pursuant to a trial loan modification plan--
``(A) any forbearance of payments shall not be
treated as missed or delinquent payments or otherwise
negatively affect the borrower's ability to complete
their trial plan;
``(B) any past due amounts as of the end of the
trial period, including unpaid interest, real estate
taxes, insurance premiums, and assessments paid on the
borrower's behalf, will be added to the mortgage loan
balance, but only to the extent that such charges are
not fees associated with the granting of the
forbearance, such as late fees, modification fees, or
unpaid interest from the period of the forbearance
beyond the amounts scheduled or calculated as if the
borrower made all contractual payments on time and in
full under the terms of the mortgage contract in effect
at the time the borrower entered into the forbearance;
and
``(C) if the borrower is unable to resume payments
on the trial modification at the end of the forbearance
period, re-evaluate the borrower for all available loan
modifications under paragraph 3, without any
requirement that the borrower become current before
such evaluation or as a condition of eligibility for
such modification.''.
(j) Claims of Affected Investors and Other Parties.--Any action
asserting a taking under the Fifth Amendment to the Constitution of the
United States as a result of this subsection shall be brought not later
than 180 days after the end of the COVID-19 emergency.
(k) Extension of the GSE Patch.--The Director of the Bureau of
Consumer Financial Protection shall revise section
1026.43(e)(4)(iii)(B) of title 12, Code of Federal Regulations, to
extend the sunset of the special rule provided under such section
1026.43(e)(4) until January 1, 2022, or such later date as may be
determined by the Bureau.
(l) Definitions.--In this section:
(1) COVID-19 emergency.--The term ``COVID-19 emergency''
means the period that begins upon the date of the enactment of
this Act and ends on the date of the termination by the Federal
Emergency Management Agency of the emergency declared on March
13, 2020, by the President under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et
seq.) relating to the Coronavirus Disease 2019 (COVID-19)
pandemic.
(2) Manufactured home.--The term ``manufactured home'' has
the meaning given that term under section 603 of the National
Manufactured Housing Construction and Safety Standards Act of
1974 (42 U.S.C. 5402).
(3) Motor vehicle.--The term ``motor vehicle'' has the
meaning given that term under Section 1029(f) of the Consumer
Financial Protection Act of 2010 (12 U.S.C. 5519(f)).
(4) Residential mortgage loan.--The term ``residential
mortgage loan'' means any consumer credit transaction that is
secured by a mortgage, deed of trust, or other equivalent
consensual security interest on residence consisting of a
single dwelling unit that is occupied by the mortgagor.
SEC. 110. BANKRUPTCY PROTECTIONS.
(a) Increasing the Homestead Exemption.--
(1) Homestead exemption.--Section 522 of title 11, United
States Code, is amended--
(A) in subsection (d)(1), by striking ``$15,000''
and inserting ``$100,000''; and
(B) by adding at the end the following:
``(r) Notwithstanding any other provision of applicable
nonbankruptcy law, a debtor in any State may exempt from property of
the estate the property described in subsection (d)(1) not to exceed
the value in subsection (d)(1) if the exemption for such property
permitted by applicable nonbankruptcy law is lower than that amount.''.
(b) Effect of Missed Mortgage Payments on Discharge.--Section 1328
of title 11, United States Code, is amended by adding at the end the
following:
``(i) A debtor shall not be denied a
discharge under this section because, as of the
date of discharge, the debtor did not make 6 or
fewer payments directly to the holder of a debt
secured by real property.
``(j) Notwithstanding subsections (a) and (b), upon the debtor's
request, the court shall grant a discharge of all debts provided for in
the plan that are dischargeable under subsection (a) if the debtor--
``(1) has made payments under a confirmed plan for at least
1 year; and
``(2) is experiencing a loss of income or increase in
expenses due, directly or indirectly, to the coronavirus
disease 2019 (COVID-19) pandemic.''.
(c) Modification of Chapter 13 Plan Due to Hardship Caused by
COVID-19 Pandemic.--Section 1329 of title 11, United States Code, is
amended by adding at end the following:
``(d)(1) Subject to paragraph (3), for cases confirmed prior to the
date of enactment of this subsection, the plan may be modified upon the
request of the debtor if--
``(A) the debtor is experiencing or has experienced
a material financial hardship due, directly or
indirectly, to the coronavirus disease 2019 (COVID-19)
pandemic; and
``(B) the modification is approved after notice and
a hearing.
``(2) A modification under paragraph (1) may include
extending the period of time for payments on claims not later
than 7 years after the date on which the first payment under
the original confirmed plan was due.
``(3) Sections 1322(a), 1322(b), 1323(c), and the
requirements of section 1325(a) shall apply to any modification
under paragraph (1).''.
(d) Applicability.--
(1) The amendments made by subsections (a) and (b) shall
apply to any case commenced before, on, or after the date of
enactment of this Act.
(2) The amendment made by subsection (c) shall apply to any
case for which a plan has been confirmed under section 1325 of
title 11, United States Code, before the date of enactment of
this Act.
SEC. 111. DEBT COLLECTION.
(a) Temporary Debt Collection Moratorium During the COVID-19
Emergency Period.--
(1) In general.--The Fair Debt Collection Practices Act (15
U.S.C. 1692 et seq.) is amended by inserting after section 812
the following:
``Sec. 812A. Temporary debt collection moratorium during the COVID-19
emergency period
``(a) Definitions.--In this section:
``(1) Consumer.--The term `consumer' means any natural
person obligated or allegedly obligated to pay any debt.
``(2) COVID-19 emergency period.--The term `COVID-19
emergency period' means the period that begins upon the date of
the enactment of this Act and ends upon the date of the
termination by the Federal Emergency Management Administration
of the emergency declared on March 13, 2020, by the President
under the Robert T. Stafford Disaster Relief and Emergency
Assistance Act (42 U.S.C. 4121 et seq.) relating to the
Coronavirus Disease 2019 (COVID-19) pandemic.
``(3) Creditor.--The term `creditor' means any person who
offers or extends credit creating a debt or to whom a debt is
owed or other obligation of payment.
``(4) Debt.--The term `debt'--
``(A) means any past due obligation or alleged
obligation of a consumer, non-profit organization, or
small business to pay money--
``(i) arising out of a transaction in which
the money, property, insurance, or services
which are the subject of the transaction are
primarily for personal, family, business, non-
profit, or household purposes, whether or not
such obligation has been reduced to judgment;
or
``(ii) owed to a local, State, or Federal
government; and
``(B) does not include federally related mortgages
(as defined under section 3 of the Real Estate
Settlement Procedures Act of 1974) unless a deficiency
judgment has been made with respect to such federally
related mortgage.
``(5) Debt collector.--The term `debt collector' includes a
creditor and any person or entity that engages in the
collection of debt (including the Federal Government or a State
government) whether or not the debt is allegedly owed to or
assigned to that person or entity.
``(6) Depository institution.--The term `depository
institution'--
``(A) has the meaning given that term under section
3 of the Federal Deposit Insurance Act; and
``(B) means a Federal or State credit union (as
such terms are defined, respectively, under section 101
of the Federal Credit Union Act.)
``(7) Non-profit organization.--The term `non-profit
organization' means an organization described in section
501(c)(3) of the Internal Revenue Code of 1986 and exempt from
taxation under subsection (a) of such section.
``(8) Small business.--The term `small business' has the
meaning given the term `small business concern' under section 3
of the Small Business Act (15 U.S.C. 632).
``(b) Prohibitions.--Notwithstanding any other provision of law,
during COVID-19 emergency period and the 120-day period immediately
following, a debt collector is prohibited from--
``(1) capitalizing or adding extra interest or fees
triggered by the non-payment of an obligation by a consumer,
small business, or non-profit organization to the balance of an
account;
``(2) suing or threatening to sue a consumer, small
business, or non-profit for a past-due debt;
``(3) continuing litigation initiated before the date of
enactment of this section to collect a debt from a consumer,
small business, or non-profit organization;
``(4) enforcing a security interest, including through
repossession or foreclosure, against a consumer, small
business, or non-profit organization;
``(5) reporting a past-due debt of a consumer, small
business, or non-profit organization to a consumer reporting
agency;
``(6) taking or threatening to take any action to enforce
collection, or any adverse action against a consumer, small
business, or non-profit organization for non-payment or for
non-appearance at any hearings related to a debt;
``(7) except with respect to enforcing an order for child
support or spousal support, initiating or continuing any action
to cause or to seek to cause the collection of a debt from
wages, Federal benefits, or other amounts due to a consumer,
small business, or non-profit organization, by way of
garnishment, deduction, offset, or other seizure, or to cause
or seek to cause the collection of a debt by seizing funds from
a bank account or any other assets held by such consumer, small
business, or non-profit organization;
``(8) in the case of action or collection described under
paragraph (7) that was initiated prior to the beginning of the
date of such disaster or emergency, failing to suspend the
action or collection until 120 days after the end of the COVID-
19 emergency period;
``(9) upon the termination of the incident period for such
disaster or emergency, failing to extend the time period to pay
an obligation by one payment period for each payment that a
consumer, small business, or non-profit organization missed
during the incident period, with the payments due in the same
amounts and at the same intervals as the pre-existing payment
schedule of the consumer, small business, or non-profit
organization (as applicable) or, if the debt has no payment
periods, allow the consumer, small business, or non-profit a
reasonable time in which to repay the debt in affordable
payments;
``(10) disconnecting a consumer, small business, or non-
profit organization from a utility prepaid or post-paid
electricity, natural gas, telecommunications, broadband, water,
or sewer service; or
``(11) exercising a right to set off provision contained in
any consumer, small business, or non-profit organization
account agreement with a depository institution.
``(c) Violation.--Any person who violates a provision of this
section shall--
``(1) be treated as a debt collector for purposes of
section 813; and
``(2) be liable to the consumer, small business, or non-
profit organization an amount equal to 10 times the damages
allowed under section 813 for each such violation.''.
(2) Table of contents amendment.--The table of contents at
the beginning of the Fair Debt Collection Practices Act (15
U.S.C. 1692 et seq.) is amended by inserting after the item
relating to section 812 the following new item:
``812A. Temporary debt collection moratorium during the COVID-19
emergency period.''.
(b) Confessions of Judgment Prohibition.--
(1) In general.--Chapter 2 of the Truth in Lending Act (15
U.S.C. 1631 et seq.) is amended--
(A) by adding at the end the following:
``Sec. 140B. Confessions of judgment prohibition
``(a) In General.--During a period described under section 812A(b)
of the Fair Debt Collection Practices Act, no person may directly or
indirectly take or receive from another person or seek to enforce an
obligation that constitutes or contains a cognovit or confession of
judgment (for purposes other than executory process in the State of
Louisiana), warrant of attorney, or other waiver of the right to notice
and the opportunity to be heard in the event of suit or process
thereon.
``(b) Exemption.--The exemption in section 104(1) shall not apply
to this section.
``(c) Debt Defined.--In this section, the term `debt' means any
obligation of a person to pay to another person money--
``(1) regardless of whether the obligation is absolute or
contingent, if the understanding between the parties is that
any part of the money shall be or may be returned;
``(2) that includes the right of the person providing the
money to an equitable remedy for breach of performance if the
breach gives rise to a right to payment; and
``(3) regardless of whether the obligation or right to an
equitable remedy described in paragraph (2) has been reduced to
judgment or is fixed, contingent, matured, unmatured, disputed,
undisputed, secured, or unsecured.''; and
(B) in the table of contents for such chapter, by
adding at the end the following:
``140B. Confessions of judgment prohibition.''.
(2) Conforming amendment.--Section 130(a) of the Truth in
Lending Act (15 U.S.C. 1640(a)) is amended by adding at the end
the following: ``For purposes of this section, the term
`creditor' refers to any person charged with compliance.''.
SEC. 112. DISASTER PROTECTION FOR WORKERS' CREDIT.
(a) Purpose.--The purpose of this section, and the amendments made
by this section, is to protect consumers' credit from negative impacts
as a result of financial hardship due to the coronavirus disease
(COVID-19) outbreak and future major disasters.
(b) Reporting of Information During Major Disasters.--
(1) In general.--The Fair Credit Reporting Act is amended
by inserting after section 605B the following:
``Sec. 605C. Reporting of information during major disasters
``(a) Definitions.--In this section:
``(1) COVID-19 emergency period.--The term `COVID-19
emergency period' means the period beginning on the date of
enactment of this section and ending on the later of--
``(A) 120 days after the date of enactment of this
section; or
``(B) 120 days after the date of termination by the
Federal Emergency Management Administration of the
emergency declared on March 13, 2020, by the President
under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 4121 et seq.)
relating to the Coronavirus Disease 2019 (COVID-19)
pandemic.
``(2) Covered major disaster period.--The term `covered
major disaster period' means--
``(A) the period beginning on the date on which a
major disaster is declared by the President under
section 401 of the Robert T. Stafford Disaster Relief
and Emergency Assistance Act (42 U.S.C. 5170), under
which assistance is authorized under section 408 of
such Act (42 U.S.C. 5174), and ending on the date that
is 120 days after the end of the incident period
designated in such declaration; or
``(B) the period ending 120 days after the date of
termination by the Federal Emergency Management
Administration of the emergency declared on March 13,
2020, by the President under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C.
4121 et seq.) relating to the Coronavirus Disease 2019
(COVID-19) pandemic.
``(3) Major disaster.--The term `major disaster' means a
major disaster declared by the President under section 401 of
the Robert T. Stafford Disaster Relief and Emergency Assistance
Act (42 U.S.C. 5170), under which assistance is authorized
under section 408 of such Act (42 U.S.C. 5174).
``(b) Moratorium on Furnishing Adverse Information During COVID-19
Emergency Period.--No person may furnish any adverse item of
information (except information related to a felony criminal
conviction) relating to a consumer that was the result of any action or
inaction that occurred during the COVID-19 emergency period.
``(c) Moratorium on Furnishing Adverse Information During Covered
Major Disaster Period.--No person may furnish any adverse item of
information (except information related to a felony criminal
conviction) relating to a consumer that was the result of any action or
inaction that occurred during a covered major disaster period if the
consumer is a resident of the affected area covered by a declaration
made by the President under section 401 of the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 5170), under
which assistance is authorized under section 408 of such Act (42 U.S.C.
5174).
``(d) Information Excluded From Consumer Reports.--In addition to
the information described in section 605(a), no consumer reporting
agency may make any consumer report containing an adverse item of
information (except information related to a felony criminal
conviction) reported relating to a consumer that was the result of any
action or inaction that occurred during the COVID-19 emergency period
or a covered major disaster period, and as applicable under subsection
(f)(3), for 270 days after the expiration of the applicable period.
``(e) Summary of Rights.--Not later than 60 days after the date of
enactment of this subsection, the Bureau shall update the model summary
of rights under section 609(c)(1) to include a description of the right
of a consumer to--
``(1) request the deletion of adverse items of information
under subsection (f); and
``(2) request a consumer report or score, without charge to
the consumer, under subsection (g).
``(f) Deletion of Adverse Items of Information Resulting From the
Coronavirus Disease (COVID-19) Outbreak and Major Disasters.--
``(1) Reporting.--
``(A) In general.--Not later than 60 days after the
date of enactment of this subsection, the Bureau shall
create a website for consumers to report, under penalty
of perjury, economic hardship as a result of the
coronavirus disease (COVID-19) outbreak or a major
disaster (if the consumer is a resident of the affected
area covered by such major disaster) for the purpose of
extending credit report protection for an additional
270 days after the end of the COVID-19 emergency period
or covered major disaster period, as applicable.
``(B) Documentation.--The Bureau shall--
``(i) not require any documentation from a
consumer to substantiate the economic hardship;
and
``(ii) provide notice to the consumer that
a report under subparagraph (A) is under
penalty of perjury.
``(C) Reporting period.--A consumer may report
economic hardship under subparagraph (A) during the
COVID-19 emergency period or a covered major disaster
period, as applicable, and for 60 days thereafter.
``(2) Database.--The Bureau shall establish and maintain a
secure database that--
``(A) is accessible to each consumer reporting
agency described in section 603(p) and nationwide
specialty consumer reporting agency for purposes of
fulfilling their duties under paragraph (3) to check
and automatically delete any adverse item of
information (except information related to a felony
criminal conviction) reported that occurred during the
COVID-19 emergency period or a covered major disaster
period with respect to a consumer; and
``(B) contains the information reported under
paragraph (1).
``(3) Deletion of adverse items of information by
nationwide consumer reporting and nationwide specialty consumer
reporting agencies.--
``(A) In general.--Each consumer reporting agency
described in section 603(p) and each nationwide
specialty consumer reporting agency shall, using the
information contained in the database established under
paragraph (2), delete from the file of each consumer
named in the database each adverse item of information
(except information related to a felony criminal
conviction) that was a result of an action or inaction
that occurred during the COVID-19 emergency period or a
covered major disaster period up to 270 days following
the end of the such period.
``(B) Timeline.--Each consumer reporting agency
described in section 603(p) and each nationwide
specialty consumer reporting agency shall check the
database at least weekly and delete adverse items of
information as soon as practicable after information
that is reported under paragraph (1) appears in the
database established under paragraph (2).
``(4) Request for deletion of adverse items of
information.--
``(A) In general.--A consumer who has filed a
report of economic hardship with the Bureau may submit
a request, without charge to the consumer, to a
consumer reporting agency to delete from the consumer's
file an adverse item of information (except information
related to a felony criminal conviction) that was a
result of an action or inaction that occurred during
the COVID-19 emergency period or a covered major
disaster period up to 270 days following the end of the
such period.
``(B) Timing.--A consumer may submit a request
under subparagraph (A), not later than 270-day period
described in that subparagraph.
``(C) Removal and notification.--Upon receiving a
request under this paragraph to delete an adverse item
of information, a consumer reporting agency shall--
``(i) delete the adverse item of
information (except information related to a
felony criminal conviction) from the consumer's
file; and
``(ii) notify the consumer and the
furnisher of the adverse item of information of
the deletion.
``(g) Free Credit Report and Scores.--
``(1) In general.--During the COVID-19 emergency period or
a covered major disaster period and ending 12 months after the
expiration of the COVID-19 emergency period or covered major
disaster period, as applicable, each consumer reporting agency
as described under 603(p) and nationwide specialty consumer
reporting agency shall make all disclosures described under
section 609 upon request by a consumer, by mail or online,
without charge to the consumer and without limitation as to the
number of requests. A consumer reporting agency shall also
supply a consumer, upon request and without charge, with a
credit score that--
``(A) is derived from a credit scoring model that
is widely distributed to users by the consumer
reporting agency for the purpose of any extension of
credit or other transaction designated by the consumer
who is requesting the credit score; or
``(B) is widely distributed to lenders of common
consumer loan products and predicts the future credit
behavior of the consumer.
``(2) Timing.--A file disclosure or credit score under
paragraph (1) shall be provided to the consumer not later
than--
``(A) 7 days after the date on which the request is
received if the request is made by mail; and
``(B) not later than 15 minutes if the request is
made online.
``(3) Additional reports.--A file disclosure provided under
paragraph (1) shall be in addition to any disclosure requested
by the consumer under section 612(a).
``(4) Prohibition.--A consumer reporting agency that
receives a request under paragraph (1) may not request or
require any documentation from the consumer that demonstrates
that the consumer was impacted by the coronavirus disease
(COVID-19) outbreak or a major disaster (except to verify that
the consumer resides in an area covered by the major disaster)
as a condition of receiving the file disclosure or score.
``(h) Posting of Rights.--Not later than 30 days after the date of
enactment of this section, each consumer reporting agency shall
prominently post and maintain a direct link on the homepage of the
public website of the consumer reporting agency information relating to
the right of consumers to--
``(1) request the deletion of adverse items of information
(except information related to a felony criminal conviction)
under subsection (f); and
``(2) request consumer file disclosures and scores, without
charge to the consumer, under subsection (g).
``(i) Ban on Reporting Medical Debt Information Related to COVID-19
or a Major Disaster.--
``(1) Furnishing ban.--No person shall furnish adverse
information to a consumer reporting agency related to medical
debt if such medical debt is with respect to medical expenses
related to treatments arising from COVID-19 or a major disaster
(whether or not the expenses were incurred during the COVID-19
emergency period or covered major disaster period).
``(2) Consumer report ban.--No consumer reporting agency
may make a consumer report containing adverse information
related to medical debt if such medical debt is with respect to
medical expenses related to treatments arising from COVID-19 or
a major disaster (whether or not the expenses were incurred
during the COVID-19 emergency period or covered major disaster
period).
``(j) Credit Scoring Models.--A person that creates and implements
credit scoring models may not treat the absence, omission, or deletion
of any information pursuant to this section as a negative factor or
negative value in credit scoring models created or implemented by such
person.''.
(2) Technical and conforming amendment.--The table of
contents for the Fair Credit Reporting Act is amended by
inserting after the item relating to section 605B the
following:
``605C. Reporting of information during major disasters.''.
(c) Limitations on New Credit Scoring Models During the COVID-19
Emergency and Major Disasters.--The Fair Credit Reporting Act (15
U.S.C. 1681 et seq.) is amended--
(1) by adding at the end the following:
``Sec. 630. Limitations on new credit scoring models during the COVID-
19 emergency and major disasters
``With respect to a person that creates and implements credit
scoring models, such person may not, during the COVID-19 emergency
period or a covered major disaster period (as such terms are defined
under section 605C), create or implement a new credit scoring model
(including a revision to an existing scoring model) if the new credit
scoring model would identify a significant percentage of consumers as
being less creditworthy when compared to the previous credit scoring
models created or implemented by such person.''; and
(2) in the table of contents for such Act, by adding at the
end the following new item:
``630. Limitations on new credit scoring models during the COVID-19
emergency and major disasters.''.
SEC. 113. STUDENT LOANS.
(a) Payments for Federal Student Loan Borrowers as a Result of a
National Emergency.--
(1) In general.--Part G of title IV of the Higher Education
Act of 1965 (20 U.S.C. 1088 et seq.) is amended by inserting
after section 493D the following:
``SEC. 493E. PAYMENTS FOR STUDENT LOAN BORROWERS DURING THE COVID-19
NATIONAL EMERGENCY.
``(a) Definitions.--In this section:
``(1) Coronavirus.--The term `coronavirus' has the meaning
given the term in section 506 of the Coronavirus Preparedness
and Response Supplemental Appropriations Act, 2020 (Public Law
116-123).
``(2) Income-driven repayment.--The term `income-driven
repayment' means--
``(A) income-based repayment authorized under
section 493C for loans made, insured, or guaranteed
under part B or part D; or
``(B) income contingent repayment authorized under
section 455(e) for loans made under part D.
``(3) Involuntary collection.--The term `involuntary
collection' means--
``(A) a wage garnishment authorized under section
488A of this Act or section 3720D of title 31, United
States Code;
``(B) a reduction of tax refund by amount of debt
authorized under section 3720A of title 31, United
States Code;
``(C) a reduction of any other Federal benefit
payment by administrative offset authorized under
section 3716 of title 31, United States Code (including
a benefit payment due to an individual under the Social
Security Act or any other provision described in
subsection (c)(3)(A)(i) of such section); and
``(D) any other involuntary collection activity,
including any collection activity through which a
borrower is compelled to make payments on a private
student loan.
``(4) COVID-19 emergency period.--For purposes of this Act,
the term `COVID-19 emergency period' means the period that
begins upon the date of the enactment of this Act and ends upon
the date of the termination by the Federal Emergency Management
Administration of the emergency declared on March 13, 2020, by
the President under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to
the Coronavirus Disease 2019 (COVID-19) pandemic.
``(b) COVID-19 National Emergency Student Loan Repayment
Assistance.--
``(1) Authority.--Effective on the date of the enactment of
this section, during the COVID-19 emergency period and the 6-
month period immediately following, the Secretary of Education
shall for each borrower of a loan made, insured, or guaranteed
under part B, D, or E, pay the total amount due for such month
on the loan, based on the payment plan selected by the borrower
or the borrower's loan status.
``(2) No capitalization of interest.--With respect to any
loan in repayment during the COVID-19 national emergency period
and the 6-month period immediately following, interest due on
loans made, insured, or guaranteed under part B, D, or E during
such period shall not be capitalized at any time during the
COVID-19 national emergency period and the 6-month period
immediately following.
``(3) Applicability of payments.--Any payment made by the
Secretary of Education under this section shall be considered
by the Secretary of Education, or by a lender with respect to a
loan made, insured, or guaranteed under part B--
``(A) as a qualifying payment under the public
service loan forgiveness program under section 455(m),
if the borrower would otherwise qualify under such
section;
``(B) in the case of a borrower enrolled in an
income-driven repayment plan, as a qualifying payment
for the purpose of calculating eligibility for loan
forgiveness for the borrower in accordance with section
493C(b)(7) or section 455(d)(1)(D), as the case may be;
and
``(C) in the case of a borrower in default, as an
on-time monthly payment for purposes of loan
rehabilitation pursuant to section 428F(a).
``(4) Reporting to consumer reporting agencies.--During the
period in which the Secretary of Education is making payments
on a loan under paragraph (1), the Secretary shall ensure that,
for the purpose of reporting information about the loan to a
consumer reporting agency, any payment made by the Secretary is
treated as if it were a regularly scheduled payment made by a
borrower.
``(5) Notice of payments and program.--Not later than 15
days following the date of enactment of this section, and
monthly thereafter during the COVID-19 national emergency
period and the 6-month period immediately following, the
Secretary of Education shall provide a notice to all borrowers
of loans made, insured, or guaranteed under part B, D, or E--
``(A) informing borrowers of the actions taken
under this section;
``(B) providing borrowers with an easily accessible
method to opt out of the benefits provided under this
section; and
``(C) notifying the borrower that the program under
this section is a temporary program and will end 6
months after the COVID-19 national emergency period
ends.
``(6) Suspension of involuntary collection.--During the
COVID-19 national emergency period and the 6-month period
immediately following, the Secretary of Education, or other
holder of a loan made, insured, or guaranteed under part B, D,
or E, shall immediately take action to halt all involuntary
collection related to the loan.
``(7) Mandatory forbearance.--During the period in which
the Secretary of Education is making payments on a loan under
paragraph (1), the Secretary, or a lender or guaranty agency
for a loan made under part B, shall grant the borrower
forbearance as follows:
``(A) A temporary cessation of all payments on the
loan other than the payments of interest and principal
on the loan that are made under paragraph (1).
``(B) For borrowers who are delinquent but who are
not yet in default before the date on which the
Secretary begins making payments under paragraph (1),
the retroactive application of forbearance to address
any delinquency.''.
(2) FFEL amendment.--Section 428(c)(8) of the Higher
Education Act of 1965 (20 U.S.C. 1078(c)(8)) is amended by
striking ``and for which'' and all that follows through ``this
subsection''.
(b) Payments for Private Education Loan Borrowers as a Result of
the COVID-19 National Emergency.--Section 140 of the Truth in Lending
Act (15 U.S.C. 1650) is amended by adding at the end the following new
subsection:
``(h) COVID-19 National Emergency Private Education Loan Repayment
Assistance.--
``(1) Authority.--Effective on the date of the enactment of
this section, for the duration of the COVID-19 emergency period
and the 6-month period immediately following, the Secretary of
the Treasury shall, for each borrower of a private education
loan, pay the total amount due for such month on the loan,
based on the payment plan selected by the borrower or the
borrower's loan status.
``(2) No capitalization of interest.--With respect to any
loan in repayment during the COVID-19 national emergency period
and the 6-month period immediately following, interest due on a
private education loan during such period shall not be
capitalized at any time during the COVID-19 national emergency
period and the 6-month period immediately following.
``(3) Reporting to consumer reporting agencies.--During the
period in which the Secretary of the Treasury is making
payments on a loan under paragraph (1), the Secretary shall
ensure that, for the purpose of reporting information about the
loan to a consumer reporting agency, any payment made by the
Secretary is treated as if it were a regularly scheduled
payment made by a borrower.
``(4) Notice of payments and program.--Not later than 15
days following the date of enactment of this subsection, and
monthly thereafter during the COVID-19 national emergency
period and the 6-month period immediately following, the
Secretary of the Treasury shall provide a notice to all
borrowers of private education loans--
``(A) informing borrowers of the actions taken
under this subsection;
``(B) providing borrowers with an easily accessible
method to opt out of the benefits provided under this
subsection; and
``(C) notifying the borrower that the program under
this subsection is a temporary program and will end 6
months after the COVID-19 national emergency period
ends.
``(5) Suspension of involuntary collection.--During the
COVID-19 national emergency period and the 6-month period
immediately following, the holder of a private education loan
shall immediately take action to halt all involuntary
collection related to the loan.
``(6) Mandatory forbearance.--During the period in which
the Secretary of the Treasury is making payments on a loan
under paragraph (1), the servicer of such loan shall grant the
borrower forbearance as follows:
``(A) A temporary cessation of all payments on the
loan other than the payments of interest and principal
on the loan that are made under paragraph (1).
``(B) For borrowers who are delinquent but who are
not yet in default before the date on which the
Secretary begins making payments under paragraph (1),
the retroactive application of forbearance to address
any delinquency.
``(7) Data to implement.--Holders and servicers of private
education loans shall report, to the satisfaction of the
Secretary of the Treasury, the information necessary to
calculate the amount to be paid under this section.
``(8) COVID-19 emergency period defined.--In this
subsection, the term `COVID-19 emergency period' means the
period that begins upon the date of the enactment of this Act
and ends upon the date of the termination by the Federal
Emergency Management Administration of the emergency declared
on March 13, 2020, by the President under the Robert T.
Stafford Disaster Relief and Emergency Assistance Act (42
U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019
(COVID-19) pandemic.''.
(c) Minimum Relief for Federal and Private Student Loan Borrowers
as a Result of the COVID-19 National Emergency.--
(1) Minimum student loan relief as a result of the covid-19
national emergency.--Not later than 270 days after the last day
of the COVID-19 emergency period, the Secretaries concerned
shall jointly carry out a program under which a qualified
borrower, with respect to the covered loans and private
education of loans of such qualified borrower, shall receive in
accordance with paragraph (3) an amount equal to the lesser of
the following:
(A) The total amount of each covered loan and each
private education loan of the borrower; or
(B) $10,000.
(2) Notification of borrowers.--Not later than 270 days
after the last day of the COVID-19 emergency period, the
Secretaries concerned shall notify each qualified borrower of--
(A) the requirements to provide loan relief to such
borrower under this section; and
(B) the opportunity for such borrower to make an
election under paragraph (3)(A) with respect to the
application of such loan relief to the covered loans
and private education loans of such borrower.
(3) Distribution of funding.--
(A) Election by borrower.--Not later than 45 days
after a notice is sent under paragraph (2), a qualified
borrower may elect to apply the amount determined with
respect to such borrower under paragraph (1) to--
(i) any covered loan of the borrower;
(ii) any private education loan of the
borrower; and
(iii) any combination of the loans
described in clauses (i) and (ii).
(B) Automatic payment.--
(i) In general.--In the case of a qualified
borrower who does not make an election under
subparagraph (A) before the date described in
such paragraph, the Secretaries concerned shall
apply the amount determined with respect to
such borrower under paragraph (1) in order of
the covered loan or private education loan of
the qualified borrower with the highest
interest rate.
(ii) Equal interest rates.--In case of two
or more covered loans or private education
loans described in clause (i) with equal
interest rates, the Secretaries concerned shall
apply the amount determined with respect to
such borrower under paragraph (1) first to the
loan with the highest principal.
(4) Data to implement.--
(A) Secretary of education.--Contractors of the
Secretary of Education and lenders and guaranty
agencies holding loans made, insured, or guaranteed
under part B shall report, to the satisfaction of the
Secretary of Education, the information necessary to
calculate the amount to be applied under paragraph (1).
(B) Secretary of treasury.--Holders and servicers
of private education loans shall report, to the
satisfaction of the Secretary of the Treasury, the
information necessary to calculate the amount to be
applied under paragraph (1).
(5) Memorandum of understanding.--The Secretaries concerned
shall enter into a memorandum of understanding to carry out
this subsection.
(6) Definitions.--In this subsection:
(A) Covered loan.--The term ``covered loan''
means--
(i) a loan made, insured, or guaranteed
under part B of title IV of the Higher
Education Act of 1965 (20 U.S.C. 1071 et seq.);
(ii) a loan made under part D of title IV
of the Higher Education Act of 1965 (20 U.S.C.
1087a et seq.); and
(iii) a Federal Perkins Loan made pursuant
to part E of title IV of the Higher Education
Act of 1965 (20 U.S.C. 1087aa et seq.).
(B) COVID-19 emergency period.--The term ``COVID-19
emergency period'' means the period that begins upon
the date of the enactment of this Act and ends upon the
date of the termination by the Federal Emergency
Management Administration of the emergency declared on
March 13, 2020, by the President under the Robert T.
Stafford Disaster Relief and Emergency Assistance Act
(42 U.S.C. 4121 et seq.) relating to the Coronavirus
Disease 2019 (COVID-19) pandemic.
(C) Private education loan.--The term ``private
education loan'' has the meaning given the term in
section 140 of the Truth in Lending Act (15 U.S.C.
1650).
(D) Qualified borrower.--The term ``qualified
borrower'' means a borrower of a covered loan or a
private education loan.
(E) Secretaries concerned.--The term ``Secretaries
concerned'' means--
(i) the Secretary of Education, with
respect to covered loans and borrowers of such
covered loans; and
(ii) the Secretary of the Treasury, with
respect to private education loans and
borrowers of such private education loans.
(d) Income Share Agreements.--
(1) In general.--An individual who entered into an income
share agreement to pay for education expenses of the individual
shall not be required to make payments under such income share
agreement for the duration of the COVID-19 emergency period and
the 6-month period immediately following.
(2) COVID-19 emergency period.--In this subsection, the
term ``COVID-19 emergency period'' means the period that begins
upon the date of the enactment of this Act and ends upon the
date of the termination by the Federal Emergency Management
Administration of the emergency declared on March 13, 2020, by
the President under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to
the Coronavirus Disease 2019 (COVID-19) pandemic.
(e) Exclusion From Gross Income.--
(1) In general.--Part III of subchapter B of chapter 1 of
the Internal Revenue Code of 1986 is amended by inserting after
section 139H the following new section:
``SEC. 139I. STUDENT LOAN PAYMENTS RESULTING FROM THE COVID-19 NATIONAL
EMERGENCY.
``Gross income shall not include any payment made on behalf of the
taxpayer under section 493E(b)(1) of the Higher Education Act of 1965,
section 140(h) of the Truth in Lending Act, or section 114(c) of the
Financial Protections and Assistance for America's Consumers, States,
Businesses, and Vulnerable Populations.''.
(2) Clerical amendment.--The table of sections for part III
of subchapter B of chapter 1 of the Internal Revenue Code of
1986 is amended by inserting after the item relating to section
139H the following new item:
``Sec. 139I. Student loan payments resulting from the COVID-19 national
emergency.''.
(3) Effective date.--The amendments made by this subsection
shall apply to taxable years beginning after December 31, 2019.
SEC. 114. WAIVER OF IN-PERSON APPRAISAL REQUIREMENTS.
(a) Finding.--The Congress finds that as the country continues to
grapple with the impact of the spread of COVID-19, several adjustments
are needed to ensure that mortgage processing can continue to function
without significant delays, despite requirements that would otherwise
require in-person interactions.
(b) Waiver.--
(1) In general.--Until the end of the COVID-19 emergency,
any appraisal that is conducted for a loan with respect to
which applicable law would otherwise require the performance of
an interior inspection may be performed without an interior
inspection, if--
(A) an exterior inspection is performed in
conjunction with other methods to maximize credibility,
including verifiable contemporaneous video or
photographic documentation by the borrower and borrower
observations; and
(B) the applicable lender, guarantor, regulating
agency, or insurer may order additional services to
include an interior inspection at a later date.
(2) Stipulation.--An appraiser conducting an appraisal
without an interior inspection pursuant to this section shall
stipulate an extraordinary assumption that the property's
interior quality, condition, and physical characteristics are
as described and consistent with the exterior view, and shall
employ all available methods to maximize accuracy while
maintaining safety.
(c) Rulemaking.--Not later than the end of the 1-week period
beginning on the date of enactment of this Act, the Federal Housing
Commissioner of the Federal Housing Agency and the Director of the
Federal Housing Finance Agency shall issue such rules or guidance as
may be necessary to ensure that such agencies, the Federal Home Loan
Mortgage Corporation, the Federal National Mortgage Association, and
the Federal home loan banks make any adjustments to mortgage processing
requirements that may be necessary to provide flexibility to avoid in-
person interactions while preserving the goals of the programs and
consumer protection.
(d) COVID-19 Emergency Defined.--In this section, the term ``COVID-
19 emergency'' means the period that begins upon the date of the
enactment of this Act and ends on the date of the termination by the
Federal Emergency Management Agency of the emergency declared on March
13, 2020, by the President under the Robert T. Stafford Disaster Relief
and Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the
Coronavirus Disease 2019 (COVID-19) pandemic.
SEC. 115. SUPPLEMENTAL FUNDING FOR COMMUNITY DEVELOPMENT BLOCK GRANTS.
(a) Funding and Allocations.--
(1) Authorization of appropriations.--There is authorized
to be appropriated $12,000,000,000 for assistance in accordance
with this section under the community development block grant
program under title I of the Housing and Community Development
Act of 1974 (42 U.S.C. 5301 et seq.).
(2) Initial allocation.--$6,000,000,000 of the amount made
available pursuant to paragraph (1) shall be distributed
pursuant to section 106 of such Act (42 U.S.C. 5306) to
grantees and such allocations shall be made within 30 days
after the date of the enactment of this Act.
(3) Subsequent allocation.--
(A) In general.--The $6,000,000,000 made available
pursuant to paragraph (1) that remains after allocation
pursuant to paragraph (2) shall be allocated, not later
than 45 days after the date of the enactment of this
Act, directly to States to prevent, prepare for, and
respond to coronavirus within the State, including
activities within entitlement and nonentitlement
communities, based on public health needs, risk of
transmission of coronavirus, number of coronavirus
cases compared to the national average, and economic
and housing market disruptions, and other factors, as
determined by the Secretary, using best available data.
(B) Technical assistance.--Of the amount referred
to in subparagraph (A), $10,000,000 shall be made
available for capacity building and technical
assistance to support the use of such amounts to
expedite or facilitate infectious disease response.
(4) Direct distribution.--Of the amount made available
pursuant to paragraph (1), $3,000,000,000 shall be distributed
directly to States and units of general local government, at
the discretion of the Secretary of Housing and Urban
Development (in this section referred to as the ``Secretary''),
according to a formula based on factors to be determined by the
Secretary, prioritizing risk of transmission of coronavirus,
number of coronavirus cases compared to the national average,
and economic and housing market disruptions resulting from
coronavirus.
(5) Rolling allocations.--Allocations under this subsection
may be made on a rolling basis as additional needs develop and
data becomes available.
(6) Best available data.--The Secretary shall make all
allocations under this subsection based on the best available
data at the time of allocation.
(b) Eligible Activities.--Amounts made available pursuant to
subsection (a) may be used only for--
(1) eligible activities described in 105(a) of the Housing
and Community Development Act of 1974 (42 U.S.C. 5305(a))
relating to preventing, preparing for, or responding to the
public health emergency relating to Coronavirus Disease 2019
(COVID-19); and
(2) reimbursement of costs for such eligible activities
relating to preventing, preparing for, or responding to
Coronavirus Disease 2019 (COVID-19) that were accrued before
the date of the enactment of this Act.
(c) Inapplicability of Public Services Cap.--The limitation under
paragraph (8) of section 105(a) of the Housing and Community
Development Act of 1974 (42 U.S.C. 5305(a)(8)) on the amount that may
be used for activities under such paragraph shall not apply with
respect to--
(1) amounts made available pursuant to subsection (a); and
(2) amounts made available in preceding appropriation Acts
for fiscal years 2019 and 2020 for carrying out title I of the
Housing and Community Development Act of 1974, to the extent
such amounts are used for activities described in subsection
(b) of this section.
(d) Waivers.--
(1) In general.--The Secretary may waive, or specify
alternative requirements for, any provision of any statute or
regulation that the Secretary administers in connection with
the use of amounts made available pursuant to subsection (a)(1)
and for fiscal years 2019 and 2020 (except for requirements
related to fair housing, nondiscrimination, labor standards,
and the environment), if the Secretary finds that good cause
exists for the waiver or alternative requirement and such
waiver or alternative requirement would not be inconsistent
with the overall purpose of title I of the Housing and
Community Development Act of 1974, including for the purposes
of addressing the impact of coronavirus.
(2) Notice.--The Secretary shall notify the public through
the Federal Register or other appropriate means 5 days before
the effective date of any such waiver or alternative
requirement in order for such waiver or alternative requirement
to take effect. Such public notice may be provided on the
internet at the appropriate Government website or through other
electronic media, as determined by the Secretary.
(e) Statements of Activities; Comprehensive Housing Affordability
Strategies.--
(1) Inapplicability of requirements.--Section 116(b) of
such Act (42 U.S.C. 5316(b); relating to submission of final
statements of activities not later than August 16 of a given
fiscal year) and any implementing regulations shall not apply
to final statements submitted in accordance with paragraphs (2)
and (3) of section 104 of such Act (42 U.S.C. 5304(a)) and
comprehensive housing affordability strategies submitted in
accordance with section 105 of the Cranston-Gonzalez National
Affordable Housing Act (42 U.S.C. 12705) for fiscal years 2019
and 2020.
(2) New requirements.--Final statements and comprehensive
housing affordability strategies shall instead be submitted not
later than August 16, 2021.
(3) Amendments.--Notwithstanding subsections (a)(2),
(a)(3), and (c) of section 104 of the Housing and Community
Development Act of 1974 (42 U.S.C. 5304) and section 105 of the
Cranston-Gonzalez National Affordable Housing Act (42 U.S.C.
12705), a grantee may not be required to amend its statement of
activities in order to engage in activities to prevent,
prepare, and respond to coronavirus or the economic and housing
disruption caused by it, but shall make public a report within
180 days of the end of the crisis which fully accounts for such
activities.
(f) Public Hearings.--
(1) Inapplicability of in-person hearing requirements.--A
grantee may not be required to hold in-person public hearings
in connection with its citizen participation plan, but shall
provide citizens with notice and a reasonable opportunity to
comment of not less than 15 days.
(2) Virtual public hearings.--During the period that
national or local health authorities recommend social
distancing and limiting public gatherings for public health
reasons, a grantee may fulfill applicable public hearing
requirements for all grants from funds made available pursuant
to subsection (a)(1) and under the heading ``Department of
Housing and Urban Development--Community Planning and
Development--Community Development Fund'' in appropriation Acts
for fiscal years 2019 and 2020 by carrying out virtual public
hearings. Any such virtual hearings shall provide reasonable
notification and access for citizens in accordance with the
grantee's certifications, timely responses from local officials
to all citizen questions and issues, and public access to all
questions and responses.
(g) Duplication of Benefits.--The Secretary shall ensure there are
adequate procedures in place to prevent any duplication of benefits as
defined by section 312 of the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 5155) and act in accordance with
section 1210 of the Disaster Recovery Reform Act of 2018 (division D of
Public Law 115-254; 132 Stat. 3442) and section 312 of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act (42 U.S.C. 5155).
SEC. 116. COVID-19 EMERGENCY HOUSING RELIEF.
(a) Definition of COVID-19 Emergency Period.--For purposes of this
section, the term ``COVID-19 emergency period'' means the period that
begins upon the date of the enactment of this Act and ends upon the
date of the termination by the Federal Emergency Management Agency of
the emergency declared on March 13, 2020, by the President under the
Robert T. Stafford Disaster Relief and Emergency Assistance Act (42
U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 (COVID-
19) pandemic.
(b) Suspension of Community Service, Work, Presence in Unit, and
Minimum Rent Requirements and Time Limits on Assistance.--
(1) Suspension.--Notwithstanding any other provision of
law, during the COVID-19 emergency period, the following
provisions of law and requirements shall not apply:
(A) Section 12(c) of the United States Housing Act
of 1937 (42 U.S.C. 1437j(c); relating to community
service).
(B) Any work requirement or time limitation on
assistance established by a public housing agency
participating in the Moving to Work demonstration
program authorized under section 204 of the Departments
of Veterans Affairs and Housing and Urban Development
and Independent Agencies Appropriations Act, 1996
(Public Law 104-134; 110 Stat. 1321).
(C) Paragraph (3) of section 3(a) of the United
States Housing Act of 1937 (42 U.S.C. 1437a(a)(3);
relating to minimum rental amount).
(D) Section 982.312 of the regulations of the
Secretary of Housing and Urban Development (24 C.F.R.
982.312; relating to absence from unit).
(2) Prohibition.--No penalty may be imposed nor any adverse
action taken for failure on the part of any tenant of public
housing or a dwelling unit assisted under section 8 of the
United States Housing Act of 1937 (42 U.S.C. 1437f) to comply
with the laws and requirements specified in paragraph (1)
during the period specified in paragraph (1).
(c) Housing Choice Vouchers.--
(1) Section 8 vouchers.--Notwithstanding any other
provision of law, the Secretary of Housing and Urban
Development shall provide that--
(A) during the COVID-19 emergency period, a public
housing agency may not terminate the availability to an
eligible household of a housing choice voucher under
section 8(o) of the United States Housing Act of 1937
(42 U.S.C. 1437f(o)) for failure to enter into a lease
for an assisted dwelling unit;
(B) in the case of any eligible household on whose
behalf such a housing choice voucher has been made
available, if as of the termination of the COVID-19
emergency period such availability has not terminated
(including by reason of subparagraph (A)) and such
voucher has not been used to enter into a lease for an
assisted dwelling unit, the public housing agency
making such voucher available may not terminate such
availability until the expiration of the 60-day period
beginning upon the termination of the COVID-19
emergency period; and
(C) during the COVID-19 emergency period, clause
(i) of section 8(o)(8)(A) of the United States Housing
Act of 1937 (42 U.S.C. 1437f(o)(8)A)(i); relating to
initial inspection of dwelling units) shall not apply,
except that in any case in which an inspection of a
dwelling unit for which a housing assistance payment is
established is not conducted before an assistance
payment is made for such dwelling unit--
(i) such clause shall be applied by
substituting ``the expiration of the 90-day
period beginning on the termination of the
COVID-19 emergency period (as such term is
defined in section 117(a) of the Financial
Protections and Assistance for America's
Consumers, States, Businesses, and Vulnerable
Populations Act)'' for ``any assistance payment
is made''; and
(ii) the public housing agency shall inform
the tenant household and the owner of such
dwelling unit of the inspection requirement
applicable to such dwelling unit pursuant to
clause (i).
(2) Rural housing vouchers.--Notwithstanding any other
provision of law, the Secretary of Agriculture shall provide
that the same restrictions and requirements applicable under
paragraph (1) to voucher assistance under section 8(o) of the
United States Housing Act of 1937 shall apply with respect to
voucher assistance under section 542 of the Housing Act of 1949
(42 U.S.C. 1490r). In applying such restrictions and
requirements, the Secretary may take into consideration and
provide for any differences between such programs while
ensuring that the program under such section 542 is carried out
in accordance with the purposes of such restrictions and
requirements.
(d) Suspension of Income Reviews.--During the COVID-19 emergency
period, the Secretary of Housing and Urban Development and the
Secretary of Agriculture shall waive any requirements under law or
regulation requiring review of the income of an individual or household
for purposes of assistance under a housing assistance program
administered by such Secretary, except--
(1) in the case of review of income upon the initial
provision of housing assistance; or
(2) if such review is requested by an individual or
household due to a loss of income.
(e) Authority To Suspend or Delay Deadlines.--During the COVID-19
emergency period, the Secretary of Housing and Urban Development and
the Secretary of Agriculture may suspend or delay any deadline relating
to public housing agencies or owners of housing assisted under a
program administered by such Secretary, except any deadline relating to
responding to exigent conditions related to health and safety or
emergency physical conditions.
(f) Suspension of Assisted Housing Scoring Activities.--The
Secretary of Housing and Urban Development shall suspend scoring under
the Section 8 Management Assessment Program and the Public Housing
Assessment System during the period beginning upon the date of the
enactment of this Act and ending upon expiration of the 90-day period
that begins upon the termination of the COVID-19 emergency period.
(g) Requirements Regarding Residual Receipts and Reserve Funds.--
(1) Suspension of requirement to submit residual receipts
to hud.--During the COVID-19 emergency period, any requirements
for owners of federally assisted multifamily housing to remit
residual receipts to the Secretary of Housing and Urban
Development shall not apply.
(2) Eligible uses of reserve funds.--During the COVID-19
emergency period, any costs of an owner of federally assisted
multifamily housing for items, activities, and services related
to responding to coronavirus or COVID-19 shall be considered
eligible uses for the reserve fund for replacements for such
housing.
SEC. 117. SUPPLEMENTAL FUNDING FOR SERVICE COORDINATORS TO ASSIST
ELDERLY HOUSEHOLDS.
(a) In General.--There is authorized to be appropriated
$300,000,000 for grants under section 676 of the Housing and Community
Development Act of 1992 (42 U.S.C. 13632) for costs of providing
service coordinators for purposes of coordinating services to prevent,
prepare for, or respond to the public health emergency relating to
Coronavirus Disease 2019 (COVID-19).
(b) Hiring.--In the hiring of staff using amounts made available
pursuant to this section, grantees shall consider and hire, at all
levels of employment and to the greatest extent possible, a diverse
staff, including by race, ethnicity, gender, and disability status.
Each grantee shall submit a report to the Secretary of Housing and
Urban Development describing compliance with the preceding sentence not
later than the expiration of the 120-day period that begins upon the
termination of the emergency declared on March 13, 2020, by the
President under the Robert T. Stafford Disaster Relief and Emergency
Assistance Act (42 U.S.C. 4121 et seq.) relating to the Coronavirus
Disease 2019 (COVID-19) pandemic.
(c) One-Time Grants.--Grants made using amounts made available
pursuant to subsection (a) shall not be renewable.
(d) One-Year Availability.--Any amounts made available pursuant to
this section that are allocated for a grantee and remaining unexpended
upon the expiration of the 12-month period beginning upon such
allocation shall be recaptured by the Secretary.
SEC. 118. FAIR HOUSING.
(a) Definition of COVID-19 Emergency Period.--For purposes of this
section, the term ``COVID-19 emergency period'' means the period that
begins upon the date of the enactment of this Act and ends upon the
date of the termination by the Federal Emergency Management Agency of
the emergency declared on March 13, 2020, by the President under the
Robert T. Stafford Disaster Relief and Emergency Assistance Act (42
U.S.C. 4121 et seq.) relating to the Coronavirus Disease 2019 (COVID-
19) pandemic.
(b) Fair Housing Activities.--
(1) FHIP; fhap.--
(A) Authorization of appropriations.--To ensure
that fair housing organizations and State and local
civil rights agencies have sufficient resources to deal
with expected increases in fair housing complaints, to
investigate housing discrimination, including financial
scams that target protected classes associated with or
resulting from the COVID-19 pandemic, and during such
pandemic, there is authorized to be appropriated for
contracts, grants, and other assistance--
(i) $55,000,000 for the Fair Housing
Initiatives Program under section 561 of the
Housing and Community Development Act of 1987
(42 U.S.C. 3616a); and
(ii) $35,000,000 for the Fair Housing
Assistance Program under the Fair Housing Act
(42 U.S.C. 3601 et seq.).
Amounts made available pursuant to this subparagraph
may be used by such organizations and agencies to
establish the capacity to and to carry out activities
and services by telephone and online means, including
for individuals with limited English proficiency and
individuals with a disability in accordance with
requirements under the Americans With Disabilities Act
of 1990.
(B) Private enforcement initiative.--In entering
into contracts for private enforcement initiatives
under 561(b) of the Housing and Community Development
Act of 1987 (42 U.S.C. 3616a(b)) using amounts made
available pursuant to subparagraph (A)(i) of this
subsection, the Secretary of Housing and Urban
Development shall give priority to applications from
qualified fair housing enforcement organizations that
have at least 2 years of fair housing testing
experience.
(C) 3-year availability.--Any amounts made
available pursuant subparagraph (A) that are allocated
for a grantee and remain unexpended upon the expiration
of the 3-year period beginning upon such allocation
shall be recaptured by the Secretary.
(2) Office of fair housing and equal opportunity.--There is
authorized to be appropriated $200,000,000 for the Office of
Fair Housing and Equal Opportunity of the Department of Housing
and Urban Development for costs of fully staffing such Office
to ensure robust enforcement of the Fair Housing Act during the
COVID-19 pandemic, including ensuring that--
(A) assistance provided under this Act is provided
and administered in a manner that affirmatively
furthers fair housing in accordance with the Fair
Housing Act;
(B) such Office has sufficient capacity for intake
of housing discrimination complaints by telephone and
online mechanisms, including for individuals with
limited English proficiency and individuals with a
disability in accordance with requirements under the
Americans With Disabilities Act of 1990 and section 504
of the Rehabilitation Act of 1973 (29 U.S.C. 794); and
(C) such Office has the capacity to respond to all
housing discrimination complaints made during the
COVID-19 pandemic within time limitations required
under law.
In the hiring of staff using amounts made available pursuant to
this subsection, the Secretary of Housing and Urban Development
shall consider and hire, at all levels of employment and to the
greatest extent possible, a diverse staff, including by race,
ethnicity, gender, and disability status. The Secretary shall
submit a report to the Congress describing compliance with the
preceding sentence on a quarterly basis, for each of the first
4 calendar quarters ending after the date of the enactment of
this Act.
(c) Fair Housing Guidance and Education.--
(1) Prohibition of showings.--Not later than the expiration
of the 30-day period beginning on the date of the enactment of
this Act, the Secretary of Housing and Urban Development shall
issue guidance for owners of dwelling units assisted under
housing assistance programs of the Department prohibiting,
during the COVID-19 emergency period, of any showings of
occupied assisted dwelling units to prospective tenants.
(2) Education.--There is authorized to be appropriated
$10,000,000 for the Office of Fair Housing and Equal
Opportunity of the Department of Housing and Urban Development
to carry out a national media campaign to educate the public of
increased housing rights during COVID-19 emergency period, that
provides that information and materials used in such campaign
are available--
(A) in the languages used by communities with
limited English proficiency; and
(B) to persons with disabilities.
SEC. 119. HUD COUNSELING PROGRAM AUTHORIZATION.
(a) Findings.--The Congress finds the following:
(1) The spread of COVID-19, which is now considered a
global pandemic, is expected to negatively impact the incomes
of potentially millions of homeowners, making it difficult for
them to pay their mortgages on time.
(2) Housing counseling is critical to ensuring that
homeowners have the resources they need to navigate the loss
mitigation options available to them while they are
experiencing financial hardship.
(b) Authorization.--There is authorized to be appropriated the
Secretary of Housing and Urban Development $700,000,000 to carry out
counseling services described under section 106 of the Housing and
Urban Development Act of 1968 (12 U.S.C. 1701x).
SEC. 120. DEFENSE PRODUCTION ACT OF 1950.
(a) Increase in Authorizations.--
(1) Authorizations.--In addition to amounts otherwise
authorized to be appropriated, there is authorized to be
appropriated in the aggregate $3,000,000,000 for fiscal year
2020 and 2021 to carry out titles I and III of the Defense
Production Act of 1950 to produce medical ventilators, personal
protection equipment, and other critically needed medical
supplies and to carry out any other actions necessary to
respond to the COVID-19 emergency.
(2) Carryover funds.--Section 304(e) of the Defense
Production Act of 1950 shall not apply at the close of fiscal
year 2020.
(3) COVID-19 emergency.--In this section, the term ``COVID-
19 emergency'' means the emergency declared on March 13, 2020,
by the President under the Robert T. Stafford Disaster Relief
and Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating
to the Coronavirus Disease 2019 (COVID-19) pandemic.
(b) Strengthening Congressional Oversight; Public Portal.--
(1) In general.--Not later than three months after the date
of enactment of this Act, and every three months thereafter,
the Secretary of Commerce, in coordination with the Secretary
of Health and Human Services, the Secretary of Defense, and any
other Federal department or agency that has utilized authority
under title I or title III of the Defense Production Act of
1950 to respond to the COVID-19 emergency, shall submit a
report to the Committee on Financial Services of the House of
Representatives and the Committee on Banking, Housing, and
Urban Affairs of the Senate--
(A) on the use of such authority and the
expenditure of any funds in connection with such
authority; and
(B) that includes details of each purchase order
made using such authorities, including the product and
amount of product ordered and the entity that fulfilled
the contract.
(2) Public availability.--The Secretary of Commerce shall
place all reports submitted under paragraph (1) on an
appropriate website available to the public, in an easily
searchable format.
(3) Sunset.--The requirements under this section shall
terminate after the expenditure of all funds appropriated
pursuant to the authorizations under subsection (a).
TITLE II--ASSISTING SMALL BUSINESSES AND COMMUNITY FINANCIAL
INSTITUTIONS
SEC. 201. SMALL BUSINESS CREDIT FACILITY.
(a) Establishment.--The Board of Governors of the Federal Reserve
System shall establish a credit facility to provide loans to small
businesses during the COVID-19 emergency.
(b) Definitions.--In this section:
(1) COVID-19 emergency.--The term ``COVID-19 emergency''
means the period that begins upon the date of the enactment of
this Act and ends on the date of the termination by the Federal
Emergency Management Agency of the emergency declared on March
13, 2020, by the President under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et
seq.) relating to the Coronavirus Disease 2019 (COVID-19)
pandemic.
(2) Small business.--The term ``small business'' means--
(A) a small business concern (as defined under
section 3 of the Small Business Act (15 U.S.C. 632));
(B) a family farm;
(C) an independent contractor; and
(D) any other class of businesses to which the
Board of Governors determines loans would promote full
employment and price stability.
SEC. 202. SMALL BUSINESS FINANCIAL ASSISTANCE PROGRAM.
(a) In General.--The Secretary of the Treasury shall establish a
Small Business Financial Assistance Program under which the Secretary
shall provide loans and loan guarantees to small businesses.
(b) Application.--In making loans and loan guarantees under this
section, the Secretary shall--
(1) provide a simple application process for borrowers; and
(2) establish clear and easy to understand underwriting
standards for such loans.
(c) Zero-Interest Loans.--Loans made by or guaranteed by the
Secretary under this section shall be zero-interest loans, if the small
business receiving such loan does not involuntarily terminate any
employee of the small business during the COVID-19 emergency.
(d) Advance.--
(1) In general.--Upon request from an applicant for a loan
under this section, the Secretary may provide to such applicant
an advance, in cash, to such applicant.
(2) Amount.--An advance provided under paragraph (1) shall
be in an amount equal to the revenue of the applicant for the
period beginning January 1, 2020, and ending January 31, 2020.
(3) Procedures.--
(A) Review.--The Secretary shall have 1 week from
the receipt of a request for an advance under paragraph
(1) to conduct a risk assessment of the applicant to
determine whether to approve or deny such request.
(B) Approval.--If the Secretary does not deny a
request under subparagraph (A), the advance shall be
directly deposited into the account identified by the
applicant.
(C) Remaining funds.--Not later than 4 weeks after
approving a request of an applicant under subparagraph
(A), the Secretary shall disburse the remaining funds
to such applicant.
(e) Forgiveness.--If small business that receives a loan or loan
guarantee under this section demonstrates to the Secretary that the
number of full-time employees of such small business on the date such
small business submitted an application under this section is greater
than or equal to the number of full-time employees of such small
business on the date that is 1 year after the date of such submission,
the Secretary shall forgive the remaining outstanding principal and
interest on such loan or loan guarantee.
(f) Funding.--The Secretary shall use $50,000,000,000 from the
Exchange Stabilization Fund, without further appropriation, to carry
out this section.
(g) Definitions.--In this section:
(1) COVID-19 emergency.--The term ``COVID-19 emergency''
means the period that--
(A) begins on the declaration of the emergency
declared on March 13, 2020, by the President under the
Robert T. Stafford Disaster Relief and Emergency
Assistance Act (42 U.S.C. 4121 et seq.) relating to the
Coronavirus Disease 2019 (COVID-19) pandemic; and
(B) ends on the termination by the Federal
Emergency Management Agency of such emergency.
(2) Small business.--The term ``small business'' means--
(A) a small business concern (as defined under
section 3 of the Small Business Act (15 U.S.C. 632));
(B) a family farm; and
(C) an independent contractor.
SEC. 203. LOAN AND OBLIGATION PAYMENT RELIEF FOR AFFECTED SMALL
BUSINESSES AND NON-PROFITS.
(a) In General.--
(1) In general.--During the COVID-19 emergency, a debt
collector may not, with respect to a debt of a small business
or non-profit (other than debt related to a federally related
mortgage loan)--
(A) capitalize unpaid interest;
(B) apply a higher interest rate triggered by the
nonpayment of a debt to the debt balance;
(C) charge a fee triggered by the nonpayment of a
debt;
(D) sue or threaten to sue for nonpayment of a
debt;
(E) continue litigation to collect a debt that was
initiated before the date of enactment of this section;
(F) submit or cause to be submitted a confession of
judgment to any court;
(G) enforce a security interest through
repossession, limitation of use, or foreclosure;
(H) take or threaten to take any action to enforce
collection, or any adverse action for nonpayment of a
debt, or for nonappearance at any hearing relating to a
debt;
(I) commence or continue any action to cause or to
seek to cause the collection of a debt, including
pursuant to a court order issued before the end of the
120-day period following the end of the COVID-19
emergency, from wages, Federal benefits, or other
amounts due to a small business or by way of
garnishment, deduction, offset, or other seizure;
(J) cause or non-profit seek to cause the
collection of a debt, including pursuant to a court
order issued before the end of the 120-day period
following the end of the COVID-19 emergency, by levying
on funds from a bank account or seizing any other
assets of a small business or non-profit;
(K) commence or continue an action to evict a small
business or non-profit from real or personal property;
or
(L) disconnect or terminate service from utility
service, including electricity, natural gas,
telecommunications or broadband, water, or sewer.
(2) Rule of construction.--Nothing in this subsection may
be construed to prohibit a small business or non-profit from
voluntarily paying, in whole or in part, a debt.
(3) Repayment period.--After the expiration of the COVID-19
emergency, with respect to a debt described under paragraph
(1), a debt collector--
(A) may not add to the debt balance any interest or
fee prohibited by paragraph (1);
(B) shall, for credit with a defined term or
payment period, extend the time period to repay the
debt balance by 1 payment period for each payment that
a small business or non-profit missed during the COVID-
19 emergency, with the payments due in the same amounts
and at the same intervals as the pre-existing payment
schedule;
(C) shall, for an open end credit plan (as defined
under section 103 of the Truth in Lending Act) or other
credit without a defined term, allow the small business
or non-profit to repay the debt balance in a manner
that does not exceed the amounts permitted by formulas
under section 170(c) of the Truth in Lending Act and
regulations promulgated thereunder; and
(D) shall, when the small business or non-profit
notifies the debt collector, offer reasonable and
affordable repayment plans, loan modifications,
refinancing, options with a reasonable time in which to
repay the debt.
(4) Communications in connection with the collection of a
debt.--
(A) In general.--During the COVID-19 emergency,
without prior consent of a small business or non-profit
given directly to a debt collector during the COVID-19
emergency, or the express permission of a court of
competent jurisdiction, a debt collector may only
communicate in writing in connection with the
collection of any debt (other than debt related to a
federally related mortgage loan).
(B) Required disclosures.--
(i) In general.--All written communications
described under subparagraph (A) shall inform
the small business or non-profit that the
communication is for informational purposes and
is not an attempt to collect a debt.
(ii) Requirements.--The disclosure required
under clause (i) shall be made--
(I) in type or lettering not
smaller than 14-point bold type;
(II) separate from any other
disclosure;
(III) in a manner designed to
ensure that the recipient sees the
disclosure clearly;
(IV) in English and Spanish and in
any additional languages in which the
debt collector communicates, including
the language in which the loan was
negotiated, to the extent known by the
debt collector; and
(V) may be provided by first-class
mail or electronically, if the borrower
has otherwise consented to electronic
communication with the debt collector
and has not revoked such consent.
(iii) Oral notification.--Any oral
notification shall be provided in the language
the debt collector otherwise uses to
communicate with the borrower.
(iv) Written translations.--In providing
written notifications in languages other than
English in this Section, a debt collector may
rely on written translations developed by the
Bureau of Consumer Financial Protection.
(5) Violations.--
(A) In general.--Any person who violates this
section shall be subject to civil liability in
accordance with section 813 of the Fair Debt Collection
Practices Act, as if the person is a debt collector for
purposes of that section.
(B) Predispute arbitration agreements.--
Notwithstanding any other provision of law, no
predispute arbitration agreement or predispute joint-
action waiver shall be valid or enforceable with
respect to a dispute brought under this section,
including a dispute as to the applicability of this
section, which shall be determined under Federal law.
(6) Tolling.--Except as provided in paragraph (7)(D), any
applicable time limitations, including statutes of limitations,
related to a debt under Federal or State law shall be tolled
during the COVID-19 emergency.
(7) Claims of affected creditors and debt collectors.--
(A) Valuation of property.--With respect to any
action asserting a taking under the Fifth Amendment of
the Constitution of the United States as a result of
this section or seeking a declaratory judgment
regarding the constitutionality of this section, the
value of the property alleged to have been taken
without just compensation shall be evaluated--
(i) with consideration of the likelihood of
full and timely payment of the obligation
without the actions taken pursuant to this
section; and
(ii) without consideration of any
assistance provided directly or indirectly to
the small business or non-profit from other
Federal, State, and local government programs
instituted or legislation enacted in response
to the COVID-19 emergency.
(B) Scope of just compensation.--In an action
described in subparagraph (A), any assistance or
benefit provided directly or indirectly to the person
from other Federal, State, and local government
programs instituted in or legislation enacted response
to the COVID-19 emergency, shall be deemed to be
compensation for the property taken, even if such
assistance or benefit is not specifically provided as
compensation for property taken by this section.
(C) Appeals.--Any appeal from an action under this
section shall be treated under section 158 of title 28,
United States Code, as if it were an appeal in a case
under title 11, United States Code.
(D) Repose.--Any action asserting a taking under
the Fifth Amendment to the Constitution of the United
States as a result of this section shall be brought
within not later than 180 days after the end of the
COVID-19 emergency.
(8) Definitions.--In this section:
(A) COVID-19 emergency.--The term ``COVID-19
emergency'' means the period that begins upon the date
of the enactment of this Act and ends on the date of
the termination by the Federal Emergency Management
Agency of the emergency declared on March 13, 2020, by
the President under the Robert T. Stafford Disaster
Relief and Emergency Assistance Act (42 U.S.C. 4121 et
seq.) relating to the Coronavirus Disease 2019 (COVID-
19) pandemic.
(B) Creditor.--The term ``creditor'' means--
(i) any person who offers or extends credit
creating a debt or to whom a debt is owed or
other obligation for payment;
(ii) any lessor of real or personal
property; or
(iii) any provider of utility services.
(C) Debt.--The term ``debt''--
(i) means any obligation or alleged
obligation--
(I) for which the original
agreement, or if there is no agreement,
the original obligation to pay was
created before or during the COVID-19
emergency, whether or not such
obligation has been reduced to
judgment; and
(II) that arises out of a
transaction with a small business or
non-profit; and
(ii) does not include a federally related
mortgage loan.
(D) Debt collector.--The term ``debt collector''
means a creditor, and any person or entity that engages
in the collection of debt, including the Federal
Government and a State government, irrespective of
whether the debt is allegedly owed to or assigned to
that person or to the entity.
(E) Federally related mortgage loan.--The term
``federally related mortgage loan'' has the meaning
given that term under section 3 of the Real Estate
Settlement Procedures Act of 1974 (12 U.S.C. 2602).
(F) Non-profit.--The term ``non-profit'' means an
organization described in section 501(c)(3) of the
Internal Revenue Code of 1986 and exempt from taxation
under section 501(a) of such Code.
(G) Small business.--The term ``small business''
has the meaning given the term ``small business
concern'' under section 3 of the Small Business Act.
(b) Credit Facility for Other Purposes.--The Board of Governors of
the Federal Reserve System shall establish a facility that the Board of
Governors shall use to make payments to holders of loans or obligations
to compensate such holders for documented financial losses--
(1) with respect to a loan or obligation made to an
individual, small business, or non-profit; and
(2) where such losses were caused by a suspension of
payments required under Federal law in connection with the
COVID-19 emergency.
SEC. 204. REAUTHORIZATION OF THE STATE SMALL BUSINESS CREDIT INITIATIVE
ACT OF 2010.
The State Small Business Credit Initiative Act of 2010 (15 U.S.C.
5701 et seq.) is amended--
(1) by striking ``2009 allocation'' each place such term
appears and inserting ``2019 allocation'';
(2) by striking ``2010 allocation'' each place such term
appears and inserting ``2020 allocation'';
(3) by striking ``date of enactment of this Act'' each
place it appears and inserting ``date of the enactment of the
Small Business Support and Access to Capital Act of 2020'';
(4) by striking ``date of the enactment of this Act'' each
place it appears and inserting ``date of the enactment of the
Small Business Support and Access to Capital Act of 2020'';
(5) in section 3003(b)(2)--
(A) in the section heading, by striking ``2009
allocation formula'' and inserting striking ``2019
allocation formula'';
(B) by striking ``2008 State employment decline''
each place such term appears and inserting ``2018 State
employment decline'';
(C) in subparagraph (A), by striking ``2009
allocation'' and inserting ``2019 allocation''; and
(D) in subparagraph (C)--
(i) in the subparagraph heading, by
striking ``2008 state employment decline
defined'' and inserting ``2018 state employment
decline defined'';
(ii) in clause (i), by striking ``December
2007'' and inserting ``December 2017''; and
(iii) in clause (ii), by striking
``December 2008'' and inserting ``December
2018'';
(6) in section 3003(b)(3)--
(A) in the section heading, by striking ``2010
allocation formula'' and inserting striking ``2020
allocation formula'';
(B) by striking ``2009 unemployment number'' each
place such term appears and inserting ``2019
unemployment number''; and
(C) in subparagraph (C)--
(i) in the subparagraph heading, by
striking ``2009 unemployment number defined''
and inserting ``2019 unemployment number
defined''; and
(ii) by striking ``December 2009'' and
inserting ``December 2019'';
(7) in section 3005(e), by striking ``to the Secretary a
report'' and inserting ``to the Secretary and Congress a
report'';
(8) in section 3007--
(A) in subsection (a)(1), by striking ``to the
Secretary a report'' and inserting ``to the Secretary
and Congress a report''; and
(B) in subsection (b)--
(i) by striking ``March 31, 2011'' and
inserting ``March 31, 2021''; and
(ii) by striking ``to the Secretary'' and
inserting ``to the Secretary and Congress'';
and
(9) in section 3009--
(A) in subsection (b), by striking
``$1,500,000,000'' and inserting ``$10,000,000,000'';
and
(B) in subsection (c), by adding at the end the
following new sentence: ``At the end of such period,
any amounts that remain unexpended or unobligated shall
be transferred to the Community Development Financial
Institutions Fund established under section 104(a) of
the Riegle Community Development and Regulatory
Improvement Act of 1994.''.
SEC. 205. FUNDING OF THE INITIATIVE TO BUILD GROWTH EQUITY FUNDS FOR
MINORITY BUSINESSES.
(a) Grant.--The Minority Business Development Agency shall provide
a grant of $3,000,000,000 to fully implement the Initiative to Build
Growth Equity Funds for Minority Businesses (the ``Initiative''; award
number MB19OBD8020113), including to use such amounts as capital for
the Equity Funds.
(b) Administrative Expenses.--Of the amounts provided under
subsection (a), the grant recipient may use not more than 2.25 percent
of such amount for administrative expenses, of which--
(1) not more than 1.5 percent per annum may be used for
fees to be paid to investment managers for fund investment
activities, including deal sourcing, due diligence, investment
monitoring, and investment reporting; and
(2) not more than 0.75 percent per annum may be used for
fund administration activities by the grant recipient,
including fund manager evaluation, selection, monitoring, and
overall fund program management.
(c) Treatment of Interest.--Notwithstanding any other provision of
law, with the approval of the Minority Business Development Agency,
grant funds made available under subsection (a) may be deposited in
interest-bearing accounts pending disbursement, and any interest which
accrues may be retained without returning such interest to the Treasury
of the United States and interest earned may be obligated and expended
for the purposes for which the grant was made available without further
appropriation.
(d) Reporting and Audit Requirements.--
(1) Reporting by recipient.--The grant recipient under this
section shall issue a report to the Minority Business
Development Agency every 6 months detailing the use of grant
funds received under this section and any other information
that the Minority Business Development Agency may require.
(2) Annual report to congress.--The Minority Business
Development Agency shall issue an annual report to the Congress
containing the information received under paragraph (1) and an
analysis of the implementation of the Initiative.
(3) GAO audit.--The Comptroller General of the United
States shall, every 2 years, carry out an audit of the
Initiative and issue a report to the Congress and the Minority
Business Development Agency containing the results of such
audit.
(4) Fund managers.--Fund managers shall annually report on
their fund management activities, including--
(A) fund performance;
(B) impacts of capital investments by industry and
geography;
(C) racial, ethnic, and gender demographics of
minority businesses receiving capital from the
Initiative; and
(D) any other ancillary and economic benefits of
capital investments from the Initiative.
(e) Funding.--There is authorized to be appropriated to the
Minority Business Development Agency $3,000,000,000 to make the grant
described under subsection (a).
SEC. 206. COMMUNITY DEVELOPMENT FINANCIAL INSTITUTIONS FUND
SUPPLEMENTAL APPROPRIATION AUTHORIZATION.
There is authorized to be appropriated $1,000,000,000 for fiscal
year 2020, for providing financial assistance and technical assistance
under subparagraphs (A) and (B) of section 108(a)(1) of the Community
Development Banking and Financial Institutions Act of 1994 (12 U.S.C.
4707(a)(1)), except that subsections (d) and (e) of such section 108
shall not apply to the provision of such assistance.
SEC. 207. MINORITY DEPOSITORY INSTITUTION.
(a) Sense of Congress on Funding the Loan-Loss Reserve Fund for
Small Dollar Loans.--The sense of Congress is the following:
(1) The Community Development Financial Institutions Fund
(the ``CDFI Fund'') is an agency of the Department of the
Treasury, and was established by the Riegle Community
Development and Regulatory Improvement Act of 1994. The mission
of the CDFI Fund is ``to expand economic opportunity for
underserved people and communities by supporting the growth and
capacity of a national network of community development
lenders, investors, and financial service providers''. A
community development financial institution (a ``CDFI'') is a
specialized financial institution serving low-income
communities and a Community Development Entity (a ``CDE'') is a
domestic corporation or partnership that is an intermediary
vehicle for the provision of loans, investments, or financial
counseling in low-income communities. The CDFI Fund certifies
CDFIs and CDEs. Becoming a certified CDFI or CDE allows
organizations to participate in various CDFI Fund programs as
follows:
(A) The Bank Enterprise Award Program, which
provides FDIC-insured depository institutions awards
for a demonstrated increase in lending and investments
in distressed communities and CDFIs.
(B) The CDFI Program, which provides Financial and
Technical Assistance awards to CDFIs to reinvest in the
CDFI, and to build the capacity of the CDFI, including
financing product development and loan loss reserves.
(C) The Native American CDFI Assistance Program,
which provides CDFIs and sponsoring entities Financial
and Technical Assistance awards to increase lending and
grow the number of CDFIs owned by Native Americans to
help build capacity of such CDFIs.
(D) The New Market Tax Credit Program, which
provides tax credits for making equity investments in
CDEs that stimulate capital investments in low-income
communities.
(E) The Capital Magnet Fund, which provides awards
to CDFIs and non-profit affordable housing
organizations to finance affordable housing solutions
and related economic development activities.
(F) The Bond Guarantee Program, a source of long-
term, patient capital for CDFIs to expand lending and
investment capacity for community and economic
development purposes.
(2) The Department of the Treasury is authorized to create
multi-year grant programs designed to encourage low-to-moderate
income individuals to establish accounts at federally insured
banks, and to improve low-to-moderate income individuals'
access to such accounts on reasonable terms.
(3) Under this authority, grants to participants in CDFI
Fund programs may be used for loan-loss reserves and to
establish small-dollar loan programs by subsidizing related
losses. These grants also allow for the providing recipients
with the financial counseling and education necessary to
conduct transactions and manage their accounts. These loans
provide low-cost alternatives to payday loans and other
nontraditional forms of financing that often impose excessive
interest rates and fees on borrowers, and lead millions of
Americans to fall into debt traps. Small-dollar loans can only
be made pursuant to terms, conditions, and practices that are
reasonable for the individual consumer obtaining the loan.
(4) Program participation is restricted to eligible
institutions, which are limited to organizations listed in
section 501(c)(3) of the Internal Revenue Code and exempt from
tax under 501(a) of such Code, federally insured depository
institutions, community development financial institutions and
State, local, or Tribal government entities.
(5) Since its founding, the CDFI Fund has awarded over
$3,300,000,000 to CDFIs and CDEs, allocated $54,000,000,000 in
tax credits, and $1,510,000,000 in bond guarantees. According
to the CDFI Fund, some programs attract as much as $10 in
private capital for every $1 invested by the CDFI Fund. The
Administration and the Congress should prioritize appropriation
of funds for the loan loss reserve fund and technical
assistance programs administered by the Community Development
Financial Institution Fund, as included in the version of the
``Financial Services and General Government Appropriations Act,
2020'' (H.R. 3351) that passed the House of Representatives on
June 26, 2019.
(b) Definitions.--In this section:
(1) Community development financial institution.--The term
``community development financial institution'' has the meaning
given under section 103 of the Riegle Community Development and
Regulatory Improvement Act of 1994 (12 U.S.C. 4702).
(2) Minority depository institution.--The term ``minority
depository institution'' has the meaning given under section
308 of the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 (12 U.S.C. 1463 note), as amended by
this Act.
(c) Inclusion of Women's Banks in the Definition of Minority
Depository Institution.--Section 308(b)(1) of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C.
1463 note) is amended--
(1) by redesignating subparagraphs (A), (B), and (C) as
clauses (i), (ii), and (iii), respectively;
(2) by striking ``means any'' and inserting the following:
``means--
``(A) any'';
(3) in clause (iii) (as so redesignated), by striking the
period at the end and inserting ``; or''; and
(4) by inserting at the end the following new subparagraph:
``(B) any bank described in clause (i), (ii), or
(iii) of section 19(b)(1)(A) of the Federal Reserve
Act--
``(i) more than 50 percent of the
outstanding shares of which are held by 1 or
more women; and
``(ii) the majority of the directors on the
board of directors of which are women.''.
(d) Establishment of Impact Bank Designation.--
(1) In general.--Each appropriate Federal banking agency
shall establish a program under which a depository institution
with total consolidated assets of less than $10,000,000,000 may
elect to be designated as an impact bank if 50 percent or more
of the loans extended by such covered bank are extended to low-
income borrowers.
(2) Designation.--Based on data obtained through
examinations, an appropriate Federal banking agency shall
submit a notification to a depository institution stating that
the depository institution qualifies for designation as an
impact bank.
(3) Application.--A depository institution that does not
receive a notification described in paragraph (2) may submit an
application to the appropriate Federal banking agency
demonstrating that the depository institution qualifies for
designation as an impact bank.
(4) Additional data or oversight.--A depository institution
is not required to submit additional data to an appropriate
Federal banking agency or be subject to additional oversight
from such an agency if such data or oversight is related
specifically and solely for consideration for a designation as
an impact bank.
(5) Removal of designation.--If an appropriate Federal
banking agency determines that a depository institution
designated as an impact bank no longer meets the criteria for
such designation, the appropriate Federal banking agency shall
rescind the designation and notify the depository institution
of such rescission.
(6) Reconsideration of designation; appeals.--A depository
institution may--
(A) submit to the appropriate Federal banking
agency a request to reconsider a determination that
such depository institution no longer meets the
criteria for the designation; or
(B) file an appeal in accordance with procedures
established by the appropriate Federal banking agency.
(7) Rulemaking.--Not later than 1 year after the date of
the enactment of this Act, the appropriate Federal banking
agencies shall jointly issue rules to carry out the
requirements of this subsection, including by providing a
definition of a low-income borrower.
(8) Federal deposit insurance act definitions.--In this
subsection, the terms ``depository institution'' and
``appropriate Federal banking agency'' have the meanings given
such terms, respectively, in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813).
(e) Minority Depository Institutions Advisory Committees.--
(1) Establishment.--Each covered regulator shall establish
an advisory committee to be called the ``Minority Depository
Institutions Advisory Committee''.
(2) Duties.--Each Minority Depository Institutions Advisory
Committee shall provide advice to the respective covered
regulator on meeting the goals established by section 308 of
the Financial Institutions Reform, Recovery, and Enforcement
Act of 1989 (12 U.S.C. 1463 note) to preserve the present
number of covered minority institutions, preserve the minority
character of minority-owned institutions in cases involving
mergers or acquisitions, provide technical assistance, and
encourage the creation of new covered minority institutions.
The scope of the work of each such Minority Depository
Institutions Advisory Committee shall include an assessment of
the current condition of covered minority institutions, what
regulatory changes or other steps the respective agencies may
be able to take to fulfill the requirements of such section
308, and other issues of concern to minority depository
institutions.
(3) Membership.--
(A) In general.--Each Minority Depository
Institutions Advisory Committee shall consist of no
more than 10 members, who--
(i) shall serve for one two-year term;
(ii) shall serve as a representative of a
depository institution or an insured credit
union with respect to which the respective
covered regulator is the covered regulator of
such depository institution or insured credit
union; and
(iii) shall not receive pay by reason of
their service on the advisory committee, but
may receive travel or transportation expenses
in accordance with section 5703 of title 5,
United States Code.
(B) Diversity.--To the extent practicable, each
covered regulator shall ensure that the members of
Minority Depository Institutions Advisory Committee of
such agency reflect the diversity of depository
institutions.
(4) Meetings.--
(A) In general.--Each Minority Depository
Institutions Advisory Committee shall meet not less
frequently than twice each year.
(B) Invitations.--Each Minority Depository
Institutions Advisory Committee shall invite the
attendance at each meeting of the Minority Depository
Institutions Advisory Committee of--
(i) one member of the majority party and
one member of the minority party of the
Committee on Financial Services of the House of
Representatives and the Committee on Banking,
Housing, and Urban Affairs of the Senate; and
(ii) one member of the majority party and
one member of the minority party of any
relevant subcommittees of such committees.
(5) No termination of advisory committees.--The termination
requirements under section 14 of the Federal Advisory Committee
Act (5 U.S.C. app.) shall not apply to a Minority Depository
Institutions Advisory Committee established pursuant to this
subsection.
(6) Definitions.--In this subsection:
(A) Covered regulator.--The term ``covered
regulator'' means the Comptroller of the Currency, the
Board of Governors of the Federal Reserve System, the
Federal Deposit Insurance Corporation, and the National
Credit Union Administration.
(B) Covered minority institution.--The term
``covered minority institution'' means a minority
depository institution (as defined in section 308(b) of
the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989 (12 U.S.C. 1463 note)) or a
minority credit union (as defined in section 1204(c) of
the Financial Institutions Reform, Recovery, and
Enforcement Act of 1989, as amended by this Act).
(C) Depository institution.--The term ``depository
institution'' has the meaning given under section 3 of
the Federal Deposit Insurance Act (12 U.S.C. 1813).
(D) Insured credit union.--The term ``insured
credit union'' has the meaning given in section 101 of
the Federal Credit Union Act (12 U.S.C. 1752).
(7) Technical amendment.--Section 308(b) of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (12
U.S.C. 1463 note) is amended by adding at the end the following
new paragraph:
``(3) Depository institution.--The term `depository
institution' means an `insured depository institution' (as
defined in section 3 of the Federal Deposit Insurance Act (12
U.S.C. 1813)) and an insured credit union (as defined in
section 101 of the Federal Credit Union Act (12 U.S.C.
1752)).''.
(f) Federal Deposits in Minority Depository Institutions.--
(1) In general.--Section 308 of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1463
note) is amended--
(A) by adding at the end the following new
subsection:
``(d) Federal Deposits.--The Secretary of the Treasury shall ensure
that deposits made by Federal agencies in minority depository
institutions and impact banks are fully collateralized or fully
insured, as determined by the Secretary. Such deposits shall include
reciprocal deposits as defined in section 337.6(e)(2)(v) of title 12,
Code of Federal Regulations (as in effect on March 6, 2019).''; and
(B) in subsection (b), as amended by section 6(g),
by adding at the end the following new paragraph:
``(4) Impact bank.--The term `impact bank' means a
depository institution designated by an appropriate Federal
banking agency pursuant to section 5 of the Ensuring Diversity
in Community Banking Act of 2020.''.
(2) Technical amendments.--Section 308 of the Financial
Institutions Reform, Recovery, and Enforcement Act of 1989 (12
U.S.C. 1463 note) is amended--
(A) in the matter preceding paragraph (1), by
striking ``section--'' and inserting ``section:''; and
(B) in the paragraph heading for paragraph (1), by
striking ``financial'' and inserting ``depository''.
(g) Minority Bank Deposit Program.--
(1) In general.--Section 1204 of the Financial Institutions
Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1811
note) is amended to read as follows:
``SEC. 1204. EXPANSION OF USE OF MINORITY BANKS AND MINORITY CREDIT
UNIONS.
``(a) Minority Bank Deposit Program.--
``(1) Establishment.--There is established a program to be
known as the `Minority Bank Deposit Program' to expand the use
of minority banks and minority credit unions.
``(2) Administration.--The Secretary of the Treasury,
acting through the Fiscal Service, shall--
``(A) on application by a depository institution or
credit union, certify whether such depository
institution or credit union is a minority bank or
minority credit union;
``(B) maintain and publish a list of all depository
institutions and credit unions that have been certified
pursuant to subparagraph (A); and
``(C) periodically distribute the list described in
subparagraph (B) to--
``(i) all Federal departments and agencies;
``(ii) interested State and local
governments; and
``(iii) interested private sector
companies.
``(3) Inclusion of certain entities on list.--A depository
institution or credit union that, on the date of the enactment
of this section, has a current certification from the Secretary
of the Treasury stating that such depository institution or
credit union is a minority bank or minority credit union shall
be included on the list described under paragraph (2)(B).
``(b) Expanded Use Among Federal Departments and Agencies.--
``(1) In general.--Not later than 1 year after the
establishment of the program described in subsection (a), the
head of each Federal department or agency shall develop and
implement standards and procedures to ensure, to the maximum
extent possible as permitted by law, the use of minority banks
and minority credit unions to serve the financial needs of each
such department or agency.
``(2) Report to congress.--Not later than 2 years after the
establishment of the program described in subsection (a), and
annually thereafter, the head of each Federal department or
agency shall submit to Congress a report on the actions taken
to increase the use of minority banks and minority credit
unions to serve the financial needs of each such department or
agency.
``(c) Definitions.--For purposes of this section:
``(1) Credit union.--The term `credit union' has the
meaning given the term `insured credit union' in section 101 of
the Federal Credit Union Act (12 U.S.C. 1752).
``(2) Depository institution.--The term `depository
institution' has the meaning given the term `insured depository
institution' in section 3 of the Federal Deposit Insurance Act
(12 U.S.C. 1813).
``(3) Minority.--The term `minority' means any Black
American, Native American, Hispanic American, or Asian
American.
``(4) Minority bank.--The term `minority bank' means a
minority depository institution as defined in section 308 of
this Act.
``(5) Minority credit union.--The term `minority credit
union' means any credit union for which more than 50 percent of
the membership (including board members) of such credit union
are minority individuals, as determined by the National Credit
Union Administration pursuant to section 308 of this Act.''.
(2) Conforming amendments.--The following provisions are
amended by striking ``1204(c)(3)'' and inserting ``1204(c)'':
(A) Section 808(b)(3) of the Community Reinvestment
Act of 1977 (12 U.S.C. 2907(b)(3)).
(B) Section 40(g)(1)(B) of the Federal Deposit
Insurance Act (12 U.S.C. 1831q(g)(1)(B)).
(C) Section 704B(h)(4) of the Equal Credit
Opportunity Act (15 U.S.C. 1691c-2(h)(4)).
(h) Diversity Report and Best Practices.--
(1) Annual report.--Each covered regulator shall submit to
Congress an annual report on diversity including the following:
(A) Data, based on voluntary self-identification,
on the racial, ethnic, and gender composition of the
examiners of each covered regulator, disaggregated by
length of time served as an examiner.
(B) The status of any examiners of covered
regulators, based on voluntary self-identification, as
a veteran.
(C) Whether any covered regulator, as of the date
on which the report required under this subsection is
submitted, has adopted a policy, plan, or strategy to
promote racial, ethnic, and gender diversity among
examiners of the covered regulator.
(D) Whether any special training is developed and
provided for examiners related specifically to working
with banks that serve communities that are
predominantly minorities, low income, or rural, and the
key focus of such training.
(2) Best practices.--Each Office of Minority and Women
Inclusion of a covered regulator shall develop, provide to the
head of the covered regulator, and make publicly available best
practices--
(A) for increasing the diversity of candidates
applying for examiner positions, including through
outreach efforts to recruit diverse candidate to apply
for entry-level examiner positions; and
(B) for retaining and providing fair consideration
for promotions within the examiner staff for purposes
of achieving diversity among examiners.
(3) Covered regulator defined.--In this subsection, the
term ``covered regulator'' means the Comptroller of the
Currency, the Board of Governors of the Federal Reserve System,
the Federal Deposit Insurance Corporation, and the National
Credit Union Administration.
(i) Investments in Minority Depository Institutions and Impact
Banks.--
(1) Control for certain institutions.--Section 7(j)(8)(B)
of the Federal Deposit Insurance Act (12 U.S.C. 1817(j)(8)(B))
is amended to read as follows:
``(B) `control' means the power, directly or indirectly--
``(i) to direct the management or policies of an
insured depository institution; or
``(ii)(I) with respect to an insured depository
institution, of a person to vote 25 per centum or more
of any class of voting securities of such institution;
or
``(II) with respect to an insured depository
institution that is an impact bank (as designated
pursuant to section 5 of the Ensuring Diversity in
Community Banking Act of 2020) or a minority depository
institution (as defined in section 308(b) of the
Financial Institutions Reform, Recovery, and
Enforcement Act of 1989), of an individual to vote 30
percent of more of any class of voting securities of
such an impact bank or a minority depository
institution.''.
(2) Rulemaking.--The appropriate Federal banking agency (as
defined in section 3 of the Federal Deposit Insurance Act (12
U.S.C. 1813)) shall jointly issue rules for de novo minority
depository institutions and de novo impact banks (as designated
pursuant to section 5) to allow 3 years to meet the capital
requirements otherwise applicable to minority depository
institutions and impact banks.
(3) Report.--Not later than 1 year after the date of the
enactment of this Act, the appropriate Federal banking agencies
shall jointly submit to Congress a report on--
(A) the principal causes for the low number of de
novo minority depository institutions during the 10-
year period preceding the date of the report;
(B) the main challenges to the creation of de novo
minority depository institutions and de novo impact
banks; and
(C) regulatory and legislative considerations to
promote the establishment of de novo minority
depository institutions and de novo impact banks.
(j) Requirement To Mentor Minority Depository Institutions or
Community Development Financial Institutions To Serve as a Depositary
or Financial Agent.--
(1) In general.--Before a large financial institution may
be employed as a financial agent of the Department of the
Treasury or perform any reasonable duties as depositary of
public moneys of the Department of the Treasury, the large
financial institution shall demonstrate participation as a
mentor in a covered mentor-protege program to a protege firm
that is a minority depository institution or a community
development financial institution.
(2) Report.--Not later than 6 months after the date of the
enactment of this Act and annually thereafter, the Secretary of
the Treasury shall submit to Congress a report on participants
in a covered mentor-protege program, including an analysis of
outcomes of such program.
(3) Procedures.--The Secretary of the Treasury shall
publish procedures for compliance with the requirements of this
subsection for large financial institutions.
(4) Definitions.--In this subsection:
(A) Covered mentor-protege program.--The term
``covered mentor-protege program'' means a mentor-
protege program established by the Secretary of the
Treasury pursuant to section 45 of the Small Business
Act (15 U.S.C. 657r).
(B) Large financial institution.--The term ``large
financial institution'' means any entity--
(i) regulated by the Comptroller of the
Currency, the Board of Governors of the Federal
Reserve System, the Federal Deposit Insurance
Corporation, or the National Credit Union
Administration; and
(ii) that has total consolidated assets
greater than or equal to $50,000,000,000.
(k) Custodial Deposit Program for Covered Minority Depository
Institutions and Impact Banks.--
(1) Establishment.--The Secretary of the Treasury shall
establish a custodial deposit program (in this subsection
referred to as the ``Program'') under which a covered bank
shall receive monthly deposits from a qualifying account.
(2) Application.--A covered bank shall submit to the
Secretary an application to participate in the Program at such
time, in such manner, and containing such information as the
Secretary may determine.
(3) Program operations.--
(A) Designation of custodial entities.--The
Secretary shall designate eligible custodial entities
to make monthly deposits with covered banks selected
for participation in the Program on behalf of a
qualifying account.
(B) Custodial accounts.--
(i) In general.--The Secretary shall
establish a custodial deposit account for each
qualifying account with the eligible custodial
entity designated to make deposits with covered
banks for each such qualifying account.
(ii) Amount.--The Secretary shall deposit a
total amount not greater than 5 percent of a
qualifying account into any custodial deposit
accounts established under subparagraph (A).
(iii) Deposits with program participants.--
(I) Monthly deposits.--Each month,
each eligible custodial entity
designated by the Secretary shall
deposit an amount not greater than the
insured amount, in the aggregate, from
each custodial deposit account, in a
single covered bank.
(II) Limitation.--With respect to
the funds of an individual qualifying
account, the eligible custodial entity
may not deposit an amount greater than
the insured amount in a single covered
bank.
(III) Insured amount defined.--In
this clause, the term ``insured
amount'' means the amount that is the
greater of--
(aa) the standard maximum
deposit insurance amount (as
defined in section 11(a)(1)(E)
of the Federal Deposit
Insurance Act (12 U.S.C.
1821(a)(1)(E))); or
(bb) such higher amount
negotiated between the
Secretary and the Corporation
under which the Corporation
will insure all deposits of
such higher amount.
(iv) Limitations.--The total amount of
funds deposited under the Program in a covered
bank may not exceed the lesser of--
(I) 10 percent of the average
amount of deposits held by such covered
bank in the previous quarter; or
(II) $100,000,000.
(C) Interest.--
(i) In general.--Each eligible custodial
entity designated by the Secretary shall--
(I) collect interest from each
covered bank in which such custodial
entity deposits funds pursuant to
subparagraph (B); and
(II) disburse such interest to the
Secretary each month.
(ii) Interest rate.--The rate of any
interest collected under this subparagraph may
not exceed 50 percent of the discount window
primary credit interest rate most recently
published on the Federal Reserve Statistical
Release on selected interest rates (daily or
weekly), commonly referred to as the H.15
release (commonly known as the ``Federal funds
rate'').
(D) Statements.--Each eligible custodial entity
designated by the Secretary shall submit to the
Secretary monthly statements that include the total
amount of funds deposited with, and interest rate
received from, each covered bank by the eligible
custodial entity on behalf of qualifying entities.
(E) Records.--The Secretary shall issue a quarterly
report to Congress and make publicly available a record
identifying all covered banks participating in the
Program and amounts deposited under the Program in
covered banks.
(4) Requirements relating to deposits.--Deposits made with
covered banks under this subsection may not--
(A) be considered by the Corporation to be funds
obtained, directly or indirectly, by or through any
deposit broker for deposit into 1 or more deposit
accounts (as described under section 29 of the Federal
Deposit Insurance Act (12 U.S.C. 1831f)); or
(B) be subject to insurance fees from the
Corporation that are greater than insurance fees for
typical demand deposits not obtained, directly or
indirectly, by or through any deposit broker (commonly
known as ``core deposits'').
(5) Modifications.--
(A) In general.--The Secretary shall provide a 3-
month period for public notice and comment before
making any material change to the operation of the
Program.
(B) Exception.--The requirements of subparagraph
(A) shall not apply if the Secretary makes a material
change to the Program to comply with safety and
soundness standards or other law.
(6) Termination.--
(A) By covered bank.--A covered bank selected for
participation in the Program pursuant to paragraph (3)
may terminate participation in the Program by providing
the Secretary a notification 60 days prior to
termination.
(B) By secretary.--The Secretary may terminate the
participation of a covered bank in the Program if the
Secretary determines the covered bank--
(i) violated any terms of participation in
the Program;
(ii) failed to comply with Federal bank
secrecy laws, as documented in writing by the
primary regulator of the covered bank;
(iii) failed to remain well capitalized; or
(iv) failed comply with safety and
soundness standards, as documented in writing
by the primary regulator of the covered bank.
(7) Definitions.--In this subsection:
(A) Corporation.--The term ``Corporation'' means
the Federal Deposit Insurance Corporation.
(B) Covered bank.--The term ``covered bank''
means--
(i) a minority depository institution that
is regulated by the Corporation or the National
Credit Union Administration that is well
capitalized (as defined in section 38(b) of the
Federal Deposit Insurance Act (12 U.S.C.
1831o(b))); or
(ii) a depository institution designated
pursuant to section 5 of the Ensuring Diversity
in Community Banking Act of 2020 that is well
capitalized (as defined in section 38(b) of the
Federal Deposit Insurance Act (12 U.S.C.
1831o(b))).
(C) Eligible custodial entity.--The term ``eligible
custodial entity'' means--
(i) an insured depository institution (as
defined in section 3 of the Federal Deposit
Insurance Act (12 U.S.C. 1813));
(ii) an insured credit union (as defined in
section 101 of the Federal Credit Union Act (12
U.S.C. 1752)); or
(iii) or a well capitalized State-chartered
trust company,
designated by the Secretary under subsection (k)(3)(A).
(D) Federal bank secrecy laws.--The term ``Federal
bank secrecy laws'' means--
(i) section 21 of the Federal Deposit
Insurance Act (12 U.S.C. 1829b);
(ii) section 123 of Public Law 91-508; and
(iii) subchapter II of chapter 53 of title
31, United States Code.
(E) Qualifying account.--The term ``qualifying
account'' means any account established in the
Department of the Treasury that--
(i) is controlled by the Secretary; and
(ii) is expected to maintain a balance
greater than $200,000,000 for the following
calendar month.
(F) Secretary.--The term ``Secretary'' means the
Secretary of the Treasury.
(G) Well capitalized.--The term ``well
capitalized'' has the meaning given in section 38 of
the Federal Deposit Insurance Act (12 U.S.C. 1831o).
(l) Streamlined Community Development Financial Institution
Applications and Reporting.--
(1) Application processes.--Not later than 12 months after
the date of the enactment of this Act and with respect to any
person having assets under $3,000,000,000 that submits an
application for deposit insurance with the Federal Deposit
Insurance Corporation that could also become a community
development financial institution, the Federal Deposit
Insurance Corporation, in consultation with the Administrator
of the Community Development Financial Institutions Fund,
shall--
(A) develop systems and procedures to record
necessary information to allow the Administrator to
conduct preliminary analysis for such person to also
become a community development financial institution;
and
(B) develop procedures to streamline the
application and annual certification processes and to
reduce costs for such person to become, and maintain
certification as, a community development financial
institution that serves low- and moderate-income
neighborhoods (as defined under the Community
Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.)).
(2) Report on implementation.--Not later than 18 months
after the date of the enactment of this Act, the Federal
Deposit Insurance Corporation shall submit to Congress a report
describing the systems and procedures required under paragraph
(1).
(3) Annual report.--
(A) In general.--Section 17(a)(1) of the Federal
Deposit Insurance Act (12 U.S.C. 1827(a)(1)) is
amended--
(i) in subparagraph (E), by striking
``and'' at the end;
(ii) by redesignating subparagraph (F) as
subparagraph (G); and
(iii) by inserting after subparagraph (E)
the following new subparagraph:
``(F) applicants for deposit insurance that could
also become a community development financial
institution (as defined in section 103 of the Riegle
Community Development and Regulatory Improvement Act of
1994), a minority depository institution (as defined in
section 308 of the Financial Institutions Reform,
Recovery, and Enforcement Act of 1989), or an impact
bank (as designated pursuant to section 5 of the
Ensuring Diversity in Community Banking Act of 2020);
and''.
(B) Application.--The amendment made by this
paragraph shall apply with respect to the first report
to be submitted after the date that is 2 years after
the date of the enactment of this Act.
(m) Task Force on Lending to Small Business Concerns.--
(1) In general.--Not later than 6 months after the date of
the enactment of this Act, the Administrator of the Small
Business Administration shall establish a task force to examine
methods for improving relationships between the Small Business
Administration and community development financial
institutions, minority depository institutions, and impact bank
(as designated pursuant to section 5 of the Ensuring Diversity
in Community Banking Act of 2020) to increase the volume of
loans provided by such institutions to small business concerns
(as defined under section 3 of the Small Business Act (15
U.S.C. 632)).
(2) Report to congress.--Not later than 18 months after the
establishment of the task force described in paragraph (1), the
Administrator of the Small Business Administration shall submit
to Congress a report on the findings of such task force.
(n) Assistance to Minority Depository Institutions and Impact
Banks.--The Secretary of the Treasury shall establish a program to
provide assistance to a minority depository institution or an impact
bank (as designated pursuant to section 5 of the Ensuring Diversity in
Community Banking Act of 2020) to support growth and development of
such minority depository institutions and impact banks, including by
providing assistance with obtaining or converting a charter, bylaw
amendments, field-of-membership expansion requests, and online training
and resources.
SEC. 208. LOANS TO MDIS AND CDFIS.
(a) In General.--During the COVID-19 emergency period, the Board of
Governors of the Federal Reserve System shall provide zero-interest
loans to minority depository institutions and community development
financial institutions to help mitigate the economic impact of COVID-19
in low-income, underserved communities.
(b) Asset Limitation.--Subsection (a) shall only apply to minority
depository institutions and community development financial
institutions with less than $1,000,000,000 in assets.
(c) Interest To Resume 18 Months After Pandemic.--Notwithstanding
subsection (a), the Board of Governors shall charge interest on loans
made pursuant to subsection (a) after the end of the 18-month period
beginning at the end of the COVID-19 emergency period, at a rate to be
determined by the Board of Governors based on the interest amount
charged under the discount window lending programs.
(d) COVID-19 Pandemic Defined.--In this section, the term ``COVID-
19 emergency period'' means the period that begins upon the date of the
enactment of this Act and ends upon the date of the termination by the
Federal Emergency Management Administration of the emergency declared
on March 13, 2020, by the President under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et seq.)
relating to the Coronavirus Disease 2019 (COVID-19) pandemic.
SEC. 209. INSURANCE OF TRANSACTION ACCOUNTS.
(a) Banks and Savings Associations.--
(1) Amendments.--Section 11(a)(1) of the Federal Deposit
Insurance Act (12 U.S.C. 1821(a)(1)) is amended--
(A) in subparagraph (B)--
(i) by striking ``The net amount'' and
inserting the following:
``(i) In general.--Subject to clause (ii),
the net amount''; and
(ii) by adding at the end the following new
clauses:
``(ii) Authorization for insurance for
transaction accounts.--Notwithstanding clause
(i), the Corporation may fully insure the net
amount that any depositor at an insured
depository institution maintains in a
transaction account. Such amount shall not be
taken into account when computing the net
amount due to such depositor under clause (i).
``(iii) Transaction account defined.--For
purposes of this subparagraph, the term
`transaction account' has the meaning given
that term under section 19 of the Federal
Reserve Act (12 U.S.C. 461).''; and
(B) in subparagraph (C), by striking ``subparagraph
(B)'' and inserting ``subparagraph (B)(i)''.
(2) Prospective repeal.--Effective January 1, 2022, section
11(a)(1) of the Federal Deposit Insurance Act (12 U.S.C.
1821(a)(1)), as amended by paragraph (1), is amended--
(A) in subparagraph (B)--
(i) by striking ``deposit.--'' and all that
follows through ``clause (ii), the net amount''
and insert ``deposit.--The net amount''; and
(ii) by striking clauses (ii) and (iii);
and
(B) in subparagraph (C), by striking ``subparagraph
(B)(i)'' and inserting ``subparagraph (B)''.
(b) Credit Unions.--
(1) Amendments.--Section 207(k)(1) of the Federal Credit
Union Act (12 U.S.C. 1787(k)(1)) is amended--
(A) in subparagraph (A)--
(i) by striking ``Subject to the provisions
of paragraph (2), the net amount'' and
inserting the following:
``(i) Net amount of insurance payable.--
Subject to clause (ii) and the provisions of
paragraph (2), the net amount''; and
(ii) by adding at the end the following new
clauses:
``(ii) Authorization for insurance for
transaction accounts.--Notwithstanding clause
(i), the Board may fully insure the net amount
that any member or depositor at an insured
credit union maintains in a transaction
account. Such amount shall not be taken into
account when computing the net amount due to
such member or depositor under clause (i).
``(iii) Transaction account defined.--For
purposes of this subparagraph, the term
`transaction account' has the meaning given
that term under section 19 of the Federal
Reserve Act (12 U.S.C. 461).''; and
(B) in subparagraph (B), by striking ``subparagraph
(A)'' and inserting ``subparagraph (A)(i)''.
(2) Prospective repeal.--Effective January 1, 2022, section
207(k)(1) of the Federal Credit Union Act (12 U.S.C.
1787(k)(1)), as amended by paragraph (1), is amended--
(A) in subparagraph (A)--
(i) by striking ``(i) net amount of
insurance payable.--'' and all that follows
through ``paragraph (2), the net amount'' and
inserting ``Subject to the provisions of
paragraph (2), the net amount''; and
(ii) by striking clauses (ii) and (iii);
and
(B) in subparagraph (B), by striking ``subparagraph
(A)(i)'' and inserting ``subparagraph (A)''.
(c) COVID-19 Emergency Defined.--In this section, the term ``COVID-
19 emergency'' means the period that begins upon the date of the
enactment of this Act and ends upon the date of the termination by the
Federal Emergency Management Agency of the emergency declared on March
13, 2020, by the President under the Robert T. Stafford Disaster Relief
and Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to the
Coronavirus Disease 2019 (COVID-19) pandemic.
TITLE III--SUPPORTING STATE, TERRITORY, AND LOCAL GOVERNMENTS
SEC. 301. MUNI FACILITY.
(a) Amendment to Authority To Buy and Sell Bonds and Notes.--
Section 14(b) of the Federal Reserve Act (12 U.S.C. 355) is amended--
(1) in paragraph (1)--
(A) by inserting ``and during unusual and exigent
circumstances,'' before ``bonds issued''; and
(B) by striking ``of 1933'' and all that follows
through ``assured revenues''; and
(2) by adding at the end the following:
``(3) State defined.--In this section, the term `State'
means each of the several States, the District of Columbia,
each territory and possession of the United States, and each
federally recognized Indian Tribe.''.
(b) Federal Reserve Authorization To Purchase COVID-19 Related
Municipal Issuances.--
(1) Authority.--Within seven days after the date of
enactment of this subsection, the Federal Reserve Board of
Governors shall establish a facility to buy and sell, at home
or abroad, bills, notes, bonds, and warrants that are issued by
any State or political subdivision thereof between March 1,
2020, and July 1, 2021, in order to fund a public health or
public service response to the COVID-19 pandemic. The Board of
Governors of the Federal Reserve System may extend the
authority under this subsection if the Board determines
necessary.
(2) Required purchases.--The Board of Governors of the
Federal Reserve System shall establish policies and procedures
to require the direct placement of bills, notes, bonds, and
warrants described in paragraph (1) with the Board at an
interest cost that does not exceed the Federal funds rate
target for short-term interbank lending, within seven days
after the date of enactment of this section.
(3) Review of spending.--During the 3-year period beginning
on the date on which all purchases under this section are
completed, relevant Federal authorities shall review such
purchases to determine if funds were diverted from legitimate
public health or public services responses to the COVID-19
pandemic to make such purchase. The relevant Federal
authorities shall take appropriate action based on findings of
such review.
(4) Definitions.--In this subsection:
(A) Public health or public service response to the
covid-19 pandemic.--The term ``public health or public
service response to the COVID-19 pandemic'' means--
(i) the purchase, manufacture, or delivery
of medical equipment, facilities, or services--
(I) to treat or quarantine COVID-19
patients;
(II) to protect first responders
interacting with such patients; or
(III) to test for COVID-19
infections and track social contacts of
patients who have tested positive for
the virus;
(ii) the purchase, manufacture, or delivery
of basic living supports for individuals who
are not COVID-19 patients during periods of
voluntary or mandatory social distancing or
quarantine designed to prevent the spread of
COVID-19; or
(iii) the maintenance and delivery of basic
public services to communities responding to
the public health or economic effects of the
COVID-19 pandemic.
(B) State.--The term ``State'' means each of the
several States, the District of Columbia, each
territory and possession of the United States, and each
federally recognized Indian Tribe.
SEC. 302. TEMPORARY WAIVER AND REPROGRAMMING AUTHORITY.
(a) Waiver Authority.--
(1) In general.--With respect to a covered grant awarded to
a State, territory, or local government by a Federal financial
regulator, the Federal financial regulator may, upon request,
waive any matching or cost-sharing requirements with respect to
such grant until January 1, 2023.
(2) Requirements for waiver recipients.--A State,
territory, or local government granted a waiver with respect to
a grant under subsection (a) shall waive any matching or cost-
sharing requirements that such government imposes on sub-
grantees on such grant until January 1, 2023.
(b) Reprogramming Authority.--
(1) In general.--With respect to a covered grant awarded to
a State, territory, or local government by a Federal financial
regulator, the Federal financial regulator may, upon request,
permit the State, territory, or local government to reprogram
awarded grant funds for purposes related to unemployment,
childcare, and healthcare, if the majority of normally funded
activities under such grant are not in areas related to
unemployment, childcare, and healthcare.
(2) Consideration for future grants.--Any grantee (or sub-
grantee) with respect to which a Federal financial regulator
allows to reprogram funds under paragraph (1) shall be given
priority by such Federal financial regulator for future awards
of the type reprogrammed.
(c) Definitions.--In this section:
(1) Covered grants.--The term ``covered award'' means a
grant--
(A) that was awarded to a State, territory, or
local government before the date of enactment of this
Act and under which the State, territory, or local
government may still receive additional grant amounts;
or
(B) with respect to which the period of performance
does not expire before January 1, 2023.
(2) Federal financial regulator.--The term ``Federal
financial regulator'' means the Board of Governors of the
Federal Reserve System, the Bureau of Consumer Financial
Protection, the Department of Housing and Urban Development,
the Department of the Treasury (other than the Internal Revenue
Service), the Federal Deposit Insurance Corporation, the Office
of the Comptroller of the Currency, the National Credit Union
Administration, and the Securities and Exchange Commission.
TITLE IV--PROMOTING FINANCIAL STABILITY AND TRANSPARENT MARKETS
SEC. 401. TEMPORARY HALT TO RULEMAKINGS UNRELATED TO COVID-19.
(a) In General.--Until the end of the 30-day period following the
end of the COVID-19 emergency period, the Federal financial
regulators--
(1) may not adopt or amend any rule, regulation, guidance,
or order unless such rule, regulation, guidance, or order is
directly related to responding to the COVID-19 emergency; and
(2) shall keep open and extend any ongoing public comment
period related to a proposed or final rule, unless such rule is
related to responding to the COVID-19 emergency.
(b) Notice and Sunset of Emergency Actions.--The Federal financial
regulators shall--
(1) provide the Committee on Financial Services of the
House of Representatives and the Committee on Banking, Housing,
and Urban Affairs of the Senate with a notice of any regulatory
actions taken during the COVID-19 emergency period, along with
an explanation of how such action was necessary and appropriate
in response to the COVID-19 emergency; and
(2) limit the period of effectiveness of any action taken
in response to the COVID-19 emergency to be not longer than 12-
months following the end of the COVID-19 emergency period.
(c) Voting by Regulators.--Any action taken pursuant to this
section by a Federal financial regulator headed by a multi-person
entity may only be taken by unanimous vote.
(d) Definitions.--In this section:
(1) COVID-19 emergency period.--For purposes of this Act,
the term ``COVID-19 emergency period'' means the period that
begins upon the date of the enactment of this Act and ends upon
the date of the termination by the Federal Emergency Management
Agency of the emergency declared on March 13, 2020, by the
President under the Robert T. Stafford Disaster Relief and
Emergency Assistance Act (42 U.S.C. 4121 et seq.) relating to
the Coronavirus Disease 2019 (COVID-19) pandemic.
(2) Federal financial regulator.--In this section, the term
``Federal financial regulator'' means the Board of Governors of
the Federal Reserve System, the Bureau of Consumer Financial
Protection, the Department of Housing and Urban Development,
the Department of the Treasury (other than the Internal Revenue
Service), the Federal Deposit Insurance Corporation, the
Federal Housing Finance Agency, the Office of the Comptroller
of the Currency, the National Credit Union Administration, and
the Securities and Exchange Commission.
SEC. 402. TEMPORARY BAN ON STOCK BUYBACKS.
(a) In General.--It shall be unlawful for any issuer, the
securities of which are traded on a national securities exchange, to
purchase securities of the issuer during the period beginning on the
date of enactment of this section and ending 120 days after the end of
the COVID-19 emergency period.
(b) Early Termination.--The Securities and Exchange Commission may
terminate the prohibition under subsection (a) after the end of the
COVID-19 emergency period and before the end of the 120-day period
described under subsection (a), if--
(1) the Commission determines such termination is in the
public interest; and
(2) immediately notifies the Congress and the public of
such determination and the reason for such determination,
including on the website of the Commission.
(c) Enforcement; Rulemaking.--
(1) In general.--The Securities and Exchange Commission
shall have the authority to enforce this Act and may issue such
rules as may be necessary to carry out this Act.
(2) Commission voting.--Any action taken by the Commission
pursuant to this section may only be taken upon a unanimous
vote of the commissioners.
(d) Definitions.--In this section:
(1) COVID-19 emergency period.--The term ``COVID-19
emergency period'' means the period that begins upon the date
of the enactment of this Act and ends upon the date of the
termination by the Federal Emergency Management Agency of the
emergency declared on March 13, 2020, by the President under
the Robert T. Stafford Disaster Relief and Emergency Assistance
Act (42 U.S.C. 4121 et seq.) relating to the Coronavirus
Disease 2019 (COVID-19) pandemic.
(2) Other definitions.--The terms ``issuer'', ``national
securities exchange'', and ``security'' have the meaning given
those terms, respectively, under section 3 of the Securities
Exchange Act of 1934.
SEC. 403. DISCLOSURES RELATED TO SUPPLY CHAIN DISRUPTION RISK.
Section 13 of the Securities Exchange Act of 1934 (15 U.S.C. 78m)
is amended by adding at the end the following:
``(s) Disclosures Related to Supply Chain Disruption Risk.--
``(1) In general.--Each issuer required to file an annual
report under subsection (a) shall disclose in that report--
``(A) an identification of--
``(i) the risks in the issuer's sourcing of
goods, labor, services, and other supply chain
related matters, including--
``(I) risks of dependency upon sole
sourcing arrangements or sourcing
concentrated in one geographic
locality;
``(II) shipping risks; and
``(III) risks arising from natural
disasters, pandemics, extreme weather,
armed conflicts, refugee and related
disruptions, trade conflicts or
disruptions, and labor wage, safety,
and health care practices; and
``(ii) the impacts any risk or disruption
identified in clause (i) would have on the
issuer's workforce, suppliers, and customers;
``(B) the issuer's business continuity or other
contingency plans that will be implemented in the case
of a supply chain disruption in order to mitigate such
risks and impacts; and
``(C) all other material information.
``(2) Updates.--Disclosures required under this subsection
shall be updated when there are material changes.''.
SEC. 404. DISCLOSURES RELATED TO GLOBAL PANDEMIC RISK.
(a) In General.--Section 13 of the Securities Exchange Act of 1934
(15 U.S.C. 78m), as amended by section 403, is further amended by
adding at the end the following:
``(t) Disclosures Related to Global Pandemic Risk.--
``(1) In general.--Each issuer required to file current
reports under subsection (a) shall, in the event the World
Health Organization declares a pandemic, file a report with the
Commission containing a description of--
``(A) the risks and exposures to the issuer related
to the pandemic, including risks to health and worker
safety faced by the issuer's employees and independent
contractors;
``(B) the steps the issuer is taking to mitigate
such risks and exposures, including measures to protect
the workforce, including information related to wages,
healthcare, and leave;
``(C) a preliminary view on the effect the pandemic
may have on the issuer's business, solvency, and
workforce; and
``(D) all other material information.
``(2) Updates.--Disclosures required under this subsection
shall be updated when there are material changes.
``(3) Public availability of reports.--The Commission shall
make each report filed to the Commission under paragraph (1)
available to the public, including on the website of the
Commission.''.
(b) Application.--Section 13(t) of the Securities Exchange Act of
1934, as added by subsection (a), shall apply to a pandemic declared by
the World Health Organization that is in existence on the date of
enactment of this Act or that is declared after the date of enactment
of this Act.
SEC. 405. OVERSIGHT OF FEDERAL AID RELATED TO COVID-19.
(a) Congressional COVID-19 Aid Oversight Panel.--
(1) Establishment.--There is hereby established the
Congressional COVID-19 Aid Oversight Panel (hereafter in this
subsection referred to as the ``Oversight Panel'') as an
establishment in the legislative branch.
(2) Duties.--The Oversight Panel shall review the current
state of the financial markets and the regulatory system and
submit regular reports to Congress on the following:
(A) The use of Federal aid provided during the
COVID-19 emergency.
(B) The impact of Federal aid related to COVID-19
on the financial markets and financial institutions.
(3) Membership.--
(A) In general.--The Oversight Panel shall consist
of 5 members, as follows:
(i) One member appointed by the Speaker of
the House of Representatives.
(ii) One member appointed by the minority
leader of the House of Representatives.
(iii) One member appointed by the majority
leader of the Senate.
(iv) One member appointed by the minority
leader of the Senate.
(v) One member appointed by the Speaker of
the House of Representatives and the majority
leader of the Senate, after consultation with
the minority leader of the Senate and the
minority leader of the House of
Representatives.
(B) Pay.--Each member of the Oversight Panel shall
each be paid at a rate equal to the daily equivalent of
the annual rate of basic pay for level I of the
Executive Schedule for each day (including travel time)
during which such member is engaged in the actual
performance of duties vested in the Commission.
(C) Prohibition of compensation of federal
employees.--Members of the Oversight Panel who are
full-time officers or employees of the United States or
Members of Congress may not receive additional pay,
allowances, or benefits by reason of their service on
the Oversight Panel.
(D) Travel expenses.--Each member shall receive
travel expenses, including per diem in lieu of
subsistence, in accordance with applicable provisions
under subchapter I of chapter 57 of title 5, United
States Code.
(E) Quorum.--Four members of the Oversight Panel
shall constitute a quorum but a lesser number may hold
hearings.
(F) Vacancies.--A vacancy on the Oversight Panel
shall be filled in the manner in which the original
appointment was made.
(G) Meetings.--The Oversight Panel shall meet at
the call of the Chairperson or a majority of its
members.
(4) Staff.--
(A) In general.--The Oversight Panel may appoint
and fix the pay of any personnel as the Oversight Panel
considers appropriate.
(B) Experts and consultants.--The Oversight Panel
may procure temporary and intermittent services under
section 3109(b) of title 5, United States Code.
(C) Staff of agencies.--Upon request of the
Oversight Panel, the head of any Federal department or
agency may detail, on a reimbursable basis, any of the
personnel of that department or agency to the Oversight
Panel to assist it in carrying out its duties under
this section.
(5) Powers.--
(A) Hearings and sessions.--The Oversight Panel
may, for the purpose of carrying out this section, hold
hearings, sit and act at times and places, take
testimony, and receive evidence as the Panel considers
appropriate and may administer oaths or affirmations to
witnesses appearing before it.
(B) Powers of members and agents.--Any member or
agent of the Oversight Panel may, if authorized by the
Oversight Panel, take any action which the Oversight
Panel is authorized to take by this section.
(C) Obtaining official data.--The Oversight Panel
may secure directly from any department or agency of
the United States information necessary to enable it to
carry out this section. Upon request of the Chairperson
of the Oversight Panel, the head of that department or
agency shall furnish that information to the Oversight
Panel.
(D) Reports.--The Oversight Panel shall receive and
consider all reports required to be submitted to the
Oversight Panel under this section.
(6) Authorization of appropriations.--There is authorized
to be appropriated to the Oversight Panel such sums as may be
necessary for any fiscal year, half of which shall be derived
from the applicable account of the House of Representatives,
and half of which shall be derived from the contingent fund of
the Senate.
(7) Sunset.--The Oversight Panel established by this
subsection shall terminate on the date that is two years
following the termination by the Federal Emergency Management
Agency of the emergency declared on March 13, 2020, by the
President under the Robert T. Stafford Disaster Relief and
Emergency Act (42 U.S.C. 4121 et seq.) relating to the
Coronavirus Disease 2019 (COVID-19) pandemic.
(8) Definitions.--In this subsection:
(A) COVID-19 emergency.--The term ``COVID-19
emergency'' means the period that begins upon the date
of the enactment of this Act and ends one year after
the termination by the Federal Emergency Management
Agency of the emergency declared on March 13, 2020, by
the President under the Robert T. Stafford Disaster
Relief and Emergency Act (42 U.S.C. 4121 et seq.)
relating to the Coronavirus Disease 2019 (COVID-19)
pandemic.
(B) Federal aid.--The term ``Federal aid'' means
any emergency lending provided under section 13(3) of
the Federal Reserve Act or any Federal financial
support in the form of a grant, loan, or loan
guarantee.
(b) Special Inspector General Authority Over Federal Aid Related to
COVID-19.--Section 121 of the Emergency Economic Stabilization Act of
2008 (12 U.S.C. 5231) is amended--
(1) in subsection (k)--
(A) in paragraph (1), by striking ``or'' at the
end;
(B) in paragraph (2), by striking the period at the
end and inserting ``; or''; and
(C) by adding at the end the following:
``(3) the date on which all Federal aid related to the
COVID-19 emergency is repaid.''; and
(2) by adding at the end the following:
``(l) Responsibility With Respect to Federal Aid Related to COVID-
19.--
``(1) In general.--The Special Inspector General shall have
the same authority and responsibilities with respect to Federal
aid provided during the COVID-19 emergency as the Special
Inspector General has with respect to financial assistance
(including the purchase of troubled assets) provided under this
title.
``(2) Definitions.--In this section:
``(A) COVID-19 emergency.--The term `COVID-19
emergency' means the period that begins upon the date
of the enactment of this Act and ends one year after
the termination by the Federal Emergency Management
Agency of the emergency declared on March 13, 2020, by
the President under the Robert T. Stafford Disaster
Relief and Emergency Act (42 U.S.C. 4121 et seq.)
relating to the Coronavirus Disease 2019 (COVID-19)
pandemic.
``(B) Federal aid.--The term `Federal aid' means
any emergency lending provided under section 13(3) of
the Federal Reserve Act or any Federal financial
support in the form of a grant, loan, or loan
guarantee.''.
SEC. 406. INTERNATIONAL FINANCIAL INSTITUTIONS.
(a) United States Participation in, and Contributions to, the
Nineteenth Replenishment of the Resources of the International
Development Association.--The International Development Association Act
(22 U.S.C. 284 et seq.) is amended by adding at the end the following:
``SEC. 31. NINETEENTH REPLENISHMENT.
``(a) The United States Governor of the International Development
Association is authorized to contribute on behalf of the United States
$3,004,200,000 to the nineteenth replenishment of the resources of the
Association, subject to obtaining the necessary appropriations.
``(b) In order to pay for the United States contribution provided
for in subsection (a), there are authorized to be appropriated, without
fiscal year limitation, $3,004,200,000 for payment by the Secretary of
the Treasury.''.
(b) United States Participation in, and Contributions to, the
Fifteenth Replenishment of the Resources of the African Development
Fund.--The African Development Fund Act (22 U.S.C. 290g et seq.) is
amended by adding at the end the following:
``SEC. 226. FIFTEENTH REPLENISHMENT.
``(a) The United States Governor of the Fund is authorized to
contribute on behalf of the United States $513,900,000 to the fifteenth
replenishment of the resources of the Fund, subject to obtaining the
necessary appropriations.
``(b) In order to pay for the United States contribution provided
for in subsection (a), there are authorized to be appropriated, without
fiscal year limitation, $513,900,000 for payment by the Secretary of
the Treasury.''.
(c) United States Participation in, and Contributions to, the
Seventh Capital Increase for the African Development Bank.--The African
Development Bank Act (22 U.S.C. 290i et seq.) is amended by adding at
the end the following:
``SEC. 1345. SEVENTH CAPITAL INCREASE.
``(a) Subscription Authorized.--
``(1) The United States Governor of the Bank may subscribe
on behalf of the United States to 532,023 additional shares of
the capital stock of the Bank.
``(2) Any subscription by the United States to the capital
stock of the Bank shall be effective only to such extent and in
such amounts as are provided in advance in appropriations Acts.
``(b) Limitations on Authorization of Appropriations.--
``(1) In order to pay for the increase in the United States
subscription to the Bank under subsection (a), there are
authorized to be appropriated, without fiscal year limitation,
$7,286,587,008 for payment by the Secretary of the Treasury.
``(2) Of the amount authorized to be appropriated under
paragraph (1)--
``(A) $437,190,016 shall be for paid in shares of
the Bank; and
``(B) $6,849,396,992 shall be for callable shares
of the Bank.''.
SEC. 407. CONDITIONS ON FEDERAL AID TO CORPORATIONS.
(a) Requirements on All Corporations Until Federal Aid Related to
COVID-19 Is Repaid.--Any corporation that receives Federal aid related
to COVID-19 shall, until the date on which all such Federal aid is
repaid by the corporation to the Federal Government, comply with the
following:
(1) Restrictions on executive bonuses.--The corporation may
not pay a bonus to any executive of the corporation.
(2) Ban on executive golden parachutes.--The corporation
may not pay any type of compensation (whether present,
deferred, or contingent) to an executive of the corporation, if
such compensation is in connection with the termination of
employment of the executive.
(3) Ban on stock buybacks.--The corporation may not
purchase securities of the corporation.
(4) Ban on dividends.--The corporation may not pay
dividends on securities of the corporation.
(5) Ban on federal lobbying.--The corporation may not carry
out any Federal lobbying activities.
(b) Permanent Requirements on Accelerated Filers Receiving Federal
Aid Related to COVID-19.--
(1) In general.--An accelerated filer that receives Federal
aid related to COVID-19 shall permanently comply with the
following:
(A) Worker board representation.--
(i) In general.--At least \1/3\ of the
members of the accelerated filer's directors
are chosen by the employees of the accelerated
filer in a one-employee-one-vote election
process.
(ii) Compliance date.--An accelerated filer
shall comply with the requirements under clause
(i) not later than the end of the 2-year period
beginning on the date of enactment of this Act.
(iii) Definitions.--In this subparagraph--
(I) the term ``director'' has the
meaning given the term in section 3 of
the Securities Exchange Act of 1934 (15
U.S.C. 78c); and
(II) the term ``employee'' has the
meaning given the term in section 2 of
the National Labor Relations Act (29
U.S.C. 152).
(B) Additional disclosures.--If the securities of
the corporation are traded on a national securities
exchange, the corporation shall issue the following
disclosures to the Securities and Exchange Commission
on a quarterly basis (and make such disclosures
available to shareholders of the corporation and the
public):
(i) The political spending disclosures
required under paragraph (2).
(ii) The human capital management
disclosures required under paragraph (3).
(iii) The environmental, social, and
governance disclosures required under paragraph
(4).
(iv) The Federal aid disclosures required
under paragraph (5).
(v) The disclosures of financial
performance on a country-by-country basis
required under paragraph (6).
(2) Political spending disclosures.--
(A) In general.--With respect to an accelerated
filer, the disclosures required under this paragraph
are--
(i) a description of any expenditure for
political activities made during the preceding
quarter;
(ii) the date of each expenditure for
political activities;
(iii) the amount of each expenditure for
political activities;
(iv) if the expenditure for political
activities was made in support of or opposed to
a candidate, the name of the candidate and the
office sought by, and the political party
affiliation of, the candidate;
(v) the name or identity of trade
associations or organizations described in
section 501(c) of the Internal Revenue Code of
1986 and exempt from tax under section 501(a)
of such Code which receive dues or other
payments as described in paragraph
(1)(A)(i)(III);
(vi) a summary of each expenditure for
political activities made during the preceding
year in excess of $10,000, and each expenditure
for political activities for a particular
election if the total amount of such
expenditures for that election is in excess of
$10,000;
(vii) a description of the specific nature
of any expenditure for political activities the
corporation intends to make for the forthcoming
fiscal year, to the extent the specific nature
is known to the corporation; and
(viii) the total amount of expenditures for
political activities intended to be made by the
corporation for the forthcoming fiscal year.
(B) Definitions.--In this paragraph:
(i) Expenditure for political activities.--
The term ``expenditure for political
activities''--
(I) means--
(aa) an independent
expenditure (as defined in
section 301(17) of the Federal
Election Campaign Act of 1971
(52 U.S.C. 30101(17)));
(bb) an electioneering
communication (as defined in
section 304(f)(3) of that Act
(52 U.S.C. 30104(f)(3))) and
any other public communication
(as defined in section 301(22)
of that Act (52 U.S.C.
30101(22))) that would be an
electioneering communication if
it were a broadcast, cable, or
satellite communication; or
(cc) dues or other payments
to trade associations or
organizations described in
section 501(c) of the Internal
Revenue Code of 1986 and exempt
from tax under section 501(a)
of that Code that are, or could
reasonably be anticipated to
be, used or transferred to
another association or
organization for the purposes
described in item (aa) or (bb);
and
(II) does not include--
(aa) direct lobbying
efforts through registered
lobbyists employed or hired by
the corporation;
(bb) communications by a
corporation to its shareholders
and executive or administrative
personnel and their families;
or
(cc) the establishment and
administration of contributions
to a separate segregated fund
to be utilized for political
purposes by a corporation.
(ii) Exception.--The term ``corporation''
does not include an investment company
registered under section 8 of the Investment
Company Act of 1940 (15 U.S.C. 80a-8).
(3) Human capital management disclosures.--With respect to
an accelerated filer, the disclosures required under this
paragraph are the following:
(A) Workforce demographic information, including
the number of full-time employees, the number of part-
time employees, the number of contingent workers
(including temporary and contract workers), and any
policies or practices relating to subcontracting,
outsourcing, and insourcing.
(B) Workforce stability information, including
information about the voluntary turnover or retention
rate, the involuntary turnover rate, the internal
hiring rate, and the internal promotion rate.
(C) Workforce composition, including data on
diversity (including racial and gender composition) and
any policies and audits related to diversity.
(D) Workforce skills and capabilities, including
information about training of employees (including the
average number of hours of training and spending on
training per employee per year), skills gaps, and
alignment of skills and capabilities with business
strategy.
(E) Workforce culture and empowerment, including
information about--
(i) policies and practices of the
corporation relating to freedom of association
and work-life balance initiatives;
(ii) any incidents of verified workplace
harassment in the previous 5 fiscal years of
the corporation;
(iii) policies and practices of the
corporation relating to employee engagement and
psychological wellbeing, including management
discussion regarding--
(I) the creation of an autonomous
work environment;
(II) fostering a sense of purpose
in the workforce;
(III) trust in management; and
(IV) a supportive, fair, and
constructive workplace.
(F) Workforce health and safety, including
information about--
(i) the frequency, severity, and lost time
due to injuries, illness, and fatalities;
(ii) the total dollar value of assessed
fines under the Occupational Safety and Health
Act of 1970;
(iii) the total number of actions brought
under section 13 of the Occupational Safety and
Health Act of 1970 to prevent imminent dangers;
and
(iv) the total number of actions brought
against the corporation under section 11(c) of
the Occupational Safety and Health Act of 1970.
(G) Workforce compensation and incentives,
including information about--
(i) total workforce compensation, including
disaggregated information about compensation
for full-time, part-time, and contingent
workers;
(ii) policies and practices about how
performance, productivity, and sustainability
are considered when setting pay and making
promotion decisions; and
(iii) policies and practices relating to
any incentives and bonuses provided to
employees below the named executive level and
any policies or practices designed to counter
any risks create by such incentives and
bonuses.
(H) Workforce recruiting, including information
about the quality of hire, new hire engagement rate,
and new hire retention rate.
(4) Environmental, social, and governance disclosures.--
With respect to an accelerated filer, the disclosures required
under this paragraph are disclosures that satisfy the
recommendations of the Task Force on Climate-related Financial
Disclosures of the Financial Stability Board as reported in
June, 2017.
(5) Federal aid disclosures.--With respect to an
accelerated filer, the disclosure required under this paragraph
is a description of how the Federal aid related to COVID-19
received by the corporation is being used to support the
corporation's employees.
(6) Disclosures of financial performance on a country-by-
country basis.--
(A) In general.--With respect to an accelerated
filer, the disclosures required under this paragraph
are the following:
(i) Constituent entity information.--
Information on any constituent entity of the
corporation, including the following:
(I) The complete legal name of the
constituent entity.
(II) The tax jurisdiction, if any,
in which the constituent entity is
resident for tax purposes.
(III) The tax jurisdiction in which
the constituent entity is organized or
incorporated (if different from the tax
jurisdiction of residence).
(IV) The tax identification number,
if any, used for the constituent entity
by the tax administration of the
constituent entity's tax jurisdiction
of residence.
(V) The main business activity or
activities of the constituent entity.
(ii) Tax jurisdiction.--Information on each
tax jurisdiction in which one or more
constituent entities is resident, presented as
an aggregated or consolidated form of the
information for the constituent entities
resident in each tax jurisdiction, including
the following:
(I) Revenues generated from
transactions with other constituent
entities.
(II) Revenues not generated from
transactions with other constituent
entities.
(III) Profit or loss before income
tax.
(IV) Total income tax paid on a
cash basis to all tax jurisdictions.
(V) Total accrued tax expense
recorded on taxable profits or losses.
(VI) Stated capital.
(VII) Total accumulated earnings.
(VIII) Total number of employees on
a full-time equivalent basis.
(IX) Net book value of tangible
assets, which, for purposes of this
section, does not include cash or cash
equivalents, intangibles, or financial
assets.
(iii) Special rules.--The information
listed in clause (ii) shall be provided, in
aggregated or consolidated form, for any
constituent entity or entities that have no tax
jurisdiction of residence. In addition, if a
constituent entity is an owner of a constituent
entity that does not have a jurisdiction of tax
residence, then the owner's share of such
entity's revenues and profits will be
aggregated or consolidated with the information
for the owner's tax jurisdiction of residence.
(B) Definitions.--In this paragraph--
(i) the term ``constituent entity'' means,
with respect to an accelerated filer, any
separate business entity of the accelerated
filer;
(ii) the term ``tax jurisdiction''--
(I) means a country or a
jurisdiction that is not a country but
that has fiscal autonomy; and
(II) includes a territory or
possession of the United States that
has fiscal autonomy.
(c) Permanent Requirements on All Corporations Receiving Federal
Aid Related to COVID-19.--Any corporation that receives Federal aid
related to COVID-19 shall permanently comply with the following:
(1) Paid leave for workers.--The corporation shall provide
at least 14 days of paid leave to workers (employees and
contractors, full-time and part-time) who--
(A) are unable to telework;
(B) need to be isolated or quarantined to prevent
the spread of COVID-19; or
(C) need time off to care for the needs of family
members.
(2) Minimum wage.--The corporation shall pay each employee
(full-time and part-time) of the corporation a wage of not less
than $15 an hour, beginning not later than January 1, 2021.
(3) Limitation on ceo and executive pay.--The corporation
may not have a CEO to median worker pay ratio of greater than
50 to 1 and no officer or employee of the corporation may
received higher compensation than the chief executive officer
(or any equivalent position).
(d) Requirements on All Corporations Receiving Federal Aid Related
to COVID-19 Until the End of the Emergency.--Any corporation that
receives Federal aid related to COVID-19 shall, until the COVID-19
emergency ends, comply with the following:
(1) Workforce levels and benefits.--The corporation shall
maintain at least the same workforce levels and benefits that
existed before the COVID-19 emergency.
(2) Maintenance of worker pay.--The corporation shall
maintain worker (employee or contractor, full-time and part-
time) pay throughout the entire duration of the COVID-19
emergency at or above the pay level the worker was earning
before the emergency.
(3) Maintenance of collective bargaining agreements.--The
corporation may not alter any collective bargaining agreement
that was in place at the beginning of the COVID-19 emergency.
(e) Enforcement; Rulemaking.--The Securities and Exchange
Commission and the Secretary of the Treasury shall have the authority
to enforce this section and may issue such rules as may be necessary to
carry out this section.
(f) Definitions.--In this section:
(1) Accelerated filer.--The Securities and Exchange
Commission shall define the term ``accelerated filer'' for
purposes of this section.
(2) CEO to median worker pay ratio.--With respect to an
accelerated filer, the term ``CEO to median worker pay ratio''
means the ratio of--
(A) the annual total compensation of the chief
executive officer (or any equivalent position) of the
corporation; and
(B) the median of the annual total compensation of
all employees of the corporation, except the chief
executive officer (or any equivalent position) of the
corporation.
(3) COVID-19 emergency.--The term ``COVID-19 emergency''
means the period that begins upon the date of the enactment of
this Act and ends upon the termination by the Federal Emergency
Management Agency of the emergency declared on March 13, 2020,
by the President under the Robert T. Stafford Disaster Relief
and Emergency Act (42 U.S.C. 4121 et seq.) relating to the
Coronavirus Disease 2019 (COVID-19).
(4) Federal aid.--The term ``Federal aid'' means any
emergency lending provided under section 13(3) of the Federal
Reserve Act or any Federal financial support in the form of a
grant, loan, or loan guarantee.
(5) S corporation.--The term ``S corporation'' has the
meaning given that term under section 1361(a) of the Internal
Revenue Code of 1986.
(6) Securities terms.--The terms ``national securities
exchange'' and ``security'' have the meaning given those terms,
respectively, under section 3 of the Securities Exchange Act of
1934.
SEC. 408. AUTHORITY FOR WARRANTS AND DEBT INSTRUMENTS.
(a) Definitions.--In this section:
(1) Asset.--The term ``asset'' means any financial
instrument that the Secretary, after consultation with the
Chairman of the Board of Governors of the Federal Reserve
System, determines the purchase of which or the guarantee of
which is necessary to promote economic stability.
(2) Company.--The term ``company'' means any entity that is
not subject to the prohibitions in subsection (e).
(3) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury.
(b) Warrant or Senior Debt Instrument.--The Secretary may not
purchase, or make any commitment to purchase, or guarantee, or make any
commitment to guarantee, any asset in response to the coronavirus
disease (COVID-19) outbreak, unless the Secretary receives from the
company from which such assets are to be purchased or are to be
guaranteed--
(1) in the case of a company, the securities of which are
traded on a national securities exchange, a warrant giving the
right to the Secretary to receive preferred voting stock; or
(2) in the case of any company other than one described in
paragraph (1), a warrant for preferred voting stock, or a
senior debt instrument from such company.
(c) Terms and Conditions.--The terms and conditions of any warrant
or senior debt instrument required under subsection (b) shall meet the
following requirements:
(1) Purposes.--Such terms and conditions shall, at a
minimum, be designed--
(A) to provide for reasonable participation by the
Secretary, for the benefit of taxpayers, in equity
appreciation in the case of a warrant or other equity
security, or a reasonable interest rate premium, in the
case of a debt instrument; and
(B) to provide additional protection for the
taxpayer against losses from sale of assets by the
Secretary and any associated administrative expenses.
(2) Terms of preferred voting stock.--Any preferred voting
stock received from a company should include the following
terms:
(A) Voting rights.--The Secretary shall have the
right to vote on matters brought before the
stockholders generally. The Secretary shall control a
percentage of votes equal to the percentage of the
total value of the company the government's share will
represent after the investment.
(B) Bankruptcy immunity.--The rights associated
with the preferred voting stock shall not be subject to
modification, amendment, or any change by the
bankruptcy laws of the United States or any other
state.
(3) Authority to sell, exercise, or surrender.--
(A) In general.--For the primary benefit of
taxpayers, the Secretary may sell, exercise, or
surrender a warrant or any senior debt instrument
received under this section, based on the conditions
established under paragraph (1).
(B) Proceeds.--Of any proceeds received through the
sale, exercise, or surrender of any warrant or any
senior debt instrument--
(i) 65 percent shall be transferred or
credited to the Housing Trust Fund established
under section 1338 of the Federal Housing
Enterprises Financial Safety and Soundness Act
of 1992 (12 U.S.C. 4568); and
(ii) 35 percent shall be transferred or
credited to the Capital Magnet Fund under
section 1339 of the Federal Housing Enterprises
Financial Safety and Soundness Act of 1992 (12
U.S.C. 4569).
(4) Conversion.--The warrant shall provide that if, after
the warrant is received by the Secretary under this section,
the company that issued the warrant is no longer listed or
traded on a national securities exchange or securities
association, as described in subsection (b)(1), the Secretary
will have an option to convert the warrants to senior debt to
ensure that the Treasury is appropriately compensated for the
value of the warrant, in an amount determined by the Secretary
for the primary benefit of taxpayers.
(5) Protections.--Any warrant representing securities to be
received by the Secretary under this section shall contain
anti-dilution provisions of the type employed in capital market
transactions, as determined by the Secretary for the primary
benefit of taxpayers. Such provisions shall protect the value
of the securities from market transactions such as stock
splits, stock distributions, dividends, and other
distributions, mergers, and other forms of reorganization or
recapitalization.
(6) Exercise price.--The exercise price for any warrant
issued pursuant to this section shall be set by the Secretary,
for the primary benefit of taxpayers.
(7) Sufficiency.--The company shall guarantee to the
Secretary that it has authorized shares of stock available to
fulfill its obligations under this section. Should the company
not have sufficient authorized shares, including preferred
shares that may carry dividend rights equal to a multiple
number of common shares, the Secretary may, to the extent
necessary for the primary benefit of taxpayers, accept a senior
debt note in an amount, and on such terms as will compensate
the Secretary with equivalent value, in the event that a
sufficient shareholder vote to authorize the necessary
additional shares cannot be obtained.
(d) Exceptions.--The Secretary may establish an exception to the
requirements of this section and appropriate alternative requirements
for any participating company that is legally prohibited from issuing
securities and debt instruments, so as not to allow circumvention of
the requirements of this section.
(e) Prohibitions of Foreign Companies.--
(1) In general.--The Secretary may not purchase, or make
any commitment to purchase, or guarantee, or make any
commitment to guarantee, any asset in response to the
coronavirus disease (COVID-19) outbreak from--
(A) any foreign incorporated entity that the
Secretary has determined is an inverted domestic
corporation or any subsidiary of such entity; or
(B) any joint venture if more than 10 percent of
the joint venture (by vote or value) is held by a
foreign incorporated entity that the Secretary has
determined is an inverted domestic corporation or any
subsidiary of such entity.
(2) Inverted domestic corporation.--
(A) In general.--For purposes of this subsection, a
foreign incorporated entity shall be treated as an
inverted domestic corporation if, pursuant to a plan
(or a series of related transactions)--
(i) the entity completes on or after May 8,
2014, the direct or indirect acquisition of--
(I) substantially all of the
properties held directly or indirectly
by a domestic corporation; or
(II) substantially all of the
assets of, or substantially all of the
properties constituting a trade or
business of, a domestic partnership;
and
(ii) after the acquisition, either--
(I) more than 50 percent of the
stock (by vote or value) of the entity
is held--
(aa) in the case of an
acquisition with respect to a
domestic corporation, by former
shareholders of the domestic
corporation by reason of
holding stock in the domestic
corporation; or
(bb) in the case of an
acquisition with respect to a
domestic partnership, by former
partners of the domestic
partnership by reason of
holding a capital or profits
interest in the domestic
partnership; or
(II) the management and control of
the expanded affiliated group which
includes the entity occurs, directly or
indirectly, primarily within the United
States, as determined pursuant to
regulations prescribed by the
Secretary, and such expanded affiliated
group has significant domestic business
activities.
(B) Exception for corporations with substantial
business activities in foreign country of
organization.--
(i) In general.--A foreign incorporated
entity described in subparagraph (A) shall not
be treated as an inverted domestic corporation
if after the acquisition the expanded
affiliated group which includes the entity has
substantial business activities in the foreign
country in which or under the law of which the
entity is created or organized when compared to
the total business activities of such expanded
affiliated group.
(ii) Substantial business activities.--The
Secretary shall establish regulations for
determining whether an affiliated group has
substantial business activities for purposes of
clause (i), except that such regulations may
not treat any group as having substantial
business activities if such group would not be
considered to have substantial business
activities under the regulations prescribed
under section 7874 of the Internal Revenue Code
of 1986, as in effect on January 18, 2017.
(C) Significant domestic business activities.--
(i) In general.--For purposes of
subparagraph (A)(ii)(II), an expanded
affiliated group has significant domestic
business activities if at least 25 percent of--
(I) the employees of the group are
based in the United States;
(II) the employee compensation
incurred by the group is incurred with
respect to employees based in the
United States;
(III) the assets of the group are
located in the United States; or
(IV) the income of the group is
derived in the United States.
(ii) Determination.--Determinations
pursuant to clause (i) shall be made in the
same manner as such determinations are made for
purposes of determining substantial business
activities under regulations referred to in
subparagraph (B) as in effect on January 18,
2017, but applied by treating all references in
such regulations to ``foreign country'' and
``relevant foreign country'' as references to
``the United States''. The Secretary may issue
regulations decreasing the threshold percent in
any of the tests under such regulations for
determining if business activities constitute
significant domestic business activities for
purposes of this subparagraph.
(3) Waiver.--
(A) In general.--The Secretary may waive paragraph
(1) if the Secretary determines that the waiver is--
(i) required in the interest of national
security; or
(ii) necessary for the efficient or
effective administration of Federal or
federally funded--
(I) programs that provide health
benefits to individuals; or
(II) public health programs.
(B) Report to congress.--The Secretary shall, not
later than 14 days after issuing such waiver, submit a
written notification of the waiver to the relevant
authorizing committees of Congress and the Committees
on Appropriations of the Senate and the House of
Representatives.
(4) Definitions and special rules.--
(A) Definitions.--In this subsection, the terms
``expanded affiliated group'', ``foreign incorporated
entity'', ``domestic'', and ``foreign'' have the
meaning given those terms in section 835(c) of the
Homeland Security Act of 2002 (6 U.S.C. 395(c)).
(B) Special rules.--In applying paragraph (2) of
this subsection for purposes of paragraph (1) of this
subsection, the rules described under 835(c)(1) of the
Homeland Security Act of 2002 (6 U.S.C. 395(c)(1))
shall apply.
(5) Regulations regarding management and control.--
(A) In general.--The Secretary shall, for purposes
of this subsection, prescribe regulations for purposes
of determining cases in which the management and
control of an expanded affiliated group is to be
treated as occurring, directly or indirectly, primarily
within the United States. The regulations prescribed
under the preceding sentence shall apply to periods
after May 8, 2014.
(B) Executive officers and senior management.--The
regulations prescribed under subparagraph (A) shall
provide that the management and control of an expanded
affiliated group shall be treated as occurring,
directly or indirectly, primarily within the United
States if substantially all of the executive officers
and senior management of the expanded affiliated group
who exercise day-to-day responsibility for making
decisions involving strategic, financial, and
operational policies of the expanded affiliated group
are based or primarily located within the United
States. Individuals who in fact exercise such day-to-
day responsibilities shall be treated as executive
officers and senior management regardless of their
title.
(f) Preemption.--Any State or Federal laws that prohibit the
transactions authorized by this statute, including State or Federal
laws that prohibit company directors from agreeing to the transactions
authorized by this statute, are preempted and superseded by this
statute.
SEC. 409. AUTHORIZATION TO PARTICIPATE IN THE NEW ARRANGEMENTS TO
BORROW OF THE INTERNATIONAL MONETARY FUND.
Section 17 of the Bretton Woods Agreements Act (22 U.S.C. 286e-2)
is amended--
(1) in subsection (a)--
(A) by redesignating paragraphs (3) through (5) as
paragraphs (4) through (6) and inserting after
paragraph (2) the following:
``(3) In order to carry out the purposes of a one-time
decision of the Executive Directors of the International
Monetary Fund (the Fund) to expand the resources of the New
Arrangements to Borrow, established pursuant to the decision of
January 27, 1997, referred to in paragraph (1) above, the
Secretary of the Treasury is authorized to make loans, in an
amount not to exceed the dollar equivalent of 28,202,470,000 of
Special Drawing Rights, in addition to any amounts previously
authorized under this section; except that prior to activation
of the New Arrangements to Borrow, the Secretary shall report
to Congress on whether supplementary resources are needed to
forestall or cope with an impairment of the international
monetary system and whether the Fund has fully explored other
means of funding to the Fund.''; and
(B) in paragraph (6) (as so redesignated by
subparagraph (A) of this paragraph), by striking
``December 16, 2022'' and inserting ``December 31,
2025''; and
(2) in subsection (e)(1), by inserting ``(a)(3),'' after
``(a)(2),''.
SEC. 410. INTERNATIONAL FINANCE CORPORATION.
The International Finance Corporation Act (22 U.S.C. 282 et seq.)
is amended by adding at the end the following:
``SEC. 18. CAPITAL INCREASES AND AMENDMENT TO THE ARTICLES OF
AGREEMENT.
``(a) Votes Authorized.--The United States Governor of the
Corporation is authorized to vote in favor of--
``(1) a resolution to increase the authorized capital stock
of the Corporation by 16,999,998 shares, to implement the
conversion of a portion of the retained earnings of the
Corporation into paid-in capital, which will result in the
United States being issued an additional 3,771,899 shares of
capital stock, without any cash contribution;
``(2) a resolution to increase the authorized capital stock
of the Corporation on a general basis by 4,579,995 shares; and
``(3) a resolution to increase the authorized capital stock
of the Corporation on a selective basis by 919,998 shares.
``(b) Amendment of the Articles of Agreement.--The United States
Governor of the Corporation is authorized to agree to and accept an
amendment to Article II, Section 2(c)(ii) of the Articles of Agreement
of the Corporation that would increase the vote by which the Board of
Governors of the Corporation may increase the capital stock of the
Corporation from a four-fifths majority to an 85 percent majority.''.
SEC. 411. OVERSIGHT AND REPORTS.
(a) Oversight.--
(1) SIGTARP.--As provided for under section 405, the
Special Inspector General for the Troubled Asset Relief Program
(SIGTARP) shall have oversight of the Secretary's
administration of the loans and loan guarantees provided under
section 410, the use of the funds by eligible businesses, and
compliance with the requirements of section 407.
(2) Oversight panel.--As provided for under section 405,
the Congressional COVID-19 Aid Oversight Panel shall have
oversight of the Secretary's administration of the loans and
loan guarantees provided under section 410, the use of the
funds by eligible businesses, and compliance with the
requirements of section 407.
(b) Secretary.--The Secretary shall, with respect to the loans and
loan guarantees provided under section 410, make such reports as are
required under section 5302 of title 31, United States Code.
(c) Government Accountability Office.--
(1) Study.--The Comptroller General of the United States
shall conduct a study on the loans and loan guarantees provided
under section 410.
(2) Report.--Not later than 9 months after the date of
enactment of this Act, and annually thereafter through the year
succeeding the last year for which loans or loan guarantees
provided under section 410 are in effect, the Comptroller
General shall submit to the Committee on Financial Services,
the Committee on Appropriations, and the Committee on the
Budget of the House of Representatives and the Committee on
Banking, Housing, and Urban Affairs, the Committee on
Appropriations, and the Committee on the Budget of the Senate a
report on the loans and loan guarantees provided under section
410.
(d) Diversity Report.--The Congressional COVID-19 Aid Oversight
Panel, in conjunction with the SIGTARP, shall collect diversity data
from any corporation that receives Federal aid related to COVID-19, and
issue a report that will be made publicly available no later than one
year after the disbursement of funds. In addition to any other data,
the report shall include the following:
(1) Employee demographics.--The gender, race, and ethnic
identity (and to the extent possible, results disaggregated by
ethnic group) of the corporation's employees, as otherwise
known or provided voluntarily for the total number of employees
(full- and part-time) and the career level of employees
(executive and manager versus employees in other roles).
(2) Supplier diversity.--The number and dollar value
invested with minority- and women-owned suppliers (and to the
extent possible, results disaggregated by ethnic group),
including professional services (legal and consulting) and
asset managers, and deposits and other accounts with minority
depository institutions, as compared to all vendor investments.
(3) Pay equity.--A comparison of pay amongst racial and
ethnic minorities (and to the extent possible, results
disaggregated by ethnic group) as compared to their White
counterparts and comparison of pay between men and women for
similar roles and assignments.
(4) Corporate board diversity.--Corporate board demographic
data, including total number of board members, gender, race and
ethnic identity of board members (and to the extent possible,
results disaggregated by ethnic group), as otherwise known or
provided voluntarily, board position titles, as well as any
leadership and subcommittee assignments.
(5) Diversity and inclusion offices.--The reporting
structure of lead diversity officials, number of staff and
budget dedicated to diversity and inclusion initiatives.
(e) Diversity and Inclusion Initiatives.--Any corporation that
receives Federal aid related to COVID-19 must maintain officials and
budget dedicated to diversity and inclusion initiatives for no less
than 5 years after disbursement of funds.
SEC. 412. TECHNICAL CORRECTIONS.
(a) Environment Cooperation Commissions; North American Development
Bank.--Section 601 of the United States-Mexico-Canada Agreement
Implementation Act (Public Law 116-113; 134 Stat. 78) is amended by
inserting ``, other than sections 532 and 533 of such Act and part 2 of
subtitle D of title V of such Act (as amended by section 831 of this
Act),'' before ``is repealed''.
(b) Protective Orders.--Section 422 of the United States-Mexico-
Canada Agreement Implementation Act (134 Stat. 64) is amended in
subsection (a)(2)(A) by striking ``all that follows through `, the
administering authority''' and inserting ``all that follows through
`Agreement, the administering authority'''.
(c) Dispute Settlement.--Subsection (j) of section 504 of the
United States-Mexico-Canada Agreement Implementation Act (134 Stat. 76)
is amended in the item proposed to be inserted into the table of
contents of such Act relating to section 414 by striking
``determination'' and inserting ``determinations''.
(d) Effective Date.--Each amendment made by this section shall take
effect as if included in the enactment of the United States-Mexico-
Canada Agreement Implementation Act.
(e) North American Development Bank: Limitation on Callable Capital
Subscriptions.--The Secretary of the Treasury may subscribe without
fiscal year limitation to the callable capital portion of the United
States share of capital stock of the North American Development Bank in
an amount not to exceed $1,020,000,000. The authority in the preceding
sentence shall be in addition to any other authority provided by
previous Acts.
SEC. 413. DEFINITIONS.
In this title:
(1) Covered loss.--The term ``covered loss'' includes
losses, direct or incremental, incurred as a result of COVID-
19, as determined by the Secretary.
(2) Eligible business.--The term ``eligible business''
means a United States business that has incurred covered losses
such that the continued operations of the business are
jeopardized, as determined by the Secretary, and that has not
otherwise applied for or received economic relief in the form
of loans or loan guarantees provided under any other provision
of this Act.
(3) Secretary.--The term ``Secretary'' means the Secretary
of the Treasury, or the designee of the Secretary of the
Treasury.
SEC. 414. RULE OF CONSTRUCTION.
Nothing in this title shall be construed to allow the Secretary to
provide relief to eligible businesses except in the form of secured
loans and loan guarantees as provided in this title and under terms and
conditions that are in the interest of the Federal Government.
TITLE V--PANDEMIC PLANNING AND GUIDANCE FOR CONSUMERS AND REGULATORS
SEC. 501. FINANCIAL LITERACY EDUCATION COMMISSION EMERGENCY RESPONSE.
(a) Purpose.--The purpose of this section is to provide financial
literacy education, including information on access to banking services
and other financial products, for individuals seeking information and
resources as they recover from any financial distress caused by the
coronavirus disease (COVID-19) outbreak and future major disasters.
(b) Financial Literacy and Education Commission Response to the
COVID-19 Emergency.--
(1) Special meeting.--Not later than the end of the 60-day
period beginning on the date of enactment of this section, the
Financial Literacy and Education Commission (the
``Commission'') shall convene a special meeting to discuss and
plan assistance related to the financial impacts of the COVID-
19 emergency.
(2) Update of the commission's website.--
(A) In general.--Not later than the end of the 60-
day period beginning on the date of enactment of this
section, the Commission shall update the website of the
Commission with a full list of tools to help
individuals recover from any financial hardship as a
result of the COVID-19 emergency.
(B) Specific requirements.--In performing the
update required under subparagraph (A), the Commission
shall--
(i) place special emphasis on providing an
additional set of tools geared towards women,
racial and ethnic minorities, veterans,
disabled, and LGBTQ+ communities; and
(ii) provide information in English and
Spanish.
(C) Information from members.--Not later than the
end of the 60-day period beginning on the date of
enactment of this section, each Federal department or
agency that is a member of the Commission shall provide
an update on the website of the Commission disclosing
any tools that the department or agency is offering to
individuals or to employees of the department or agency
related to the COVID-19 emergency.
(3) Implementation report to congress.--The Secretary of
the Treasury and the Director of the Bureau of Consumer
Financial Protection shall, jointly and not later than the end
of the 30-day period following the date on which the meeting
required under paragraph (1) is held and all updates required
under paragraph (2) have been completed, report to Congress on
the implementation of this section.
(4) COVID-19 emergency defined.--In this subsection, the
term ``COVID-19 emergency'' means the emergency declared on
March 13, 2020, by the President under the Robert T. Stafford
Disaster Relief and Emergency Assistance Act (42 U.S.C. 4121 et
seq.) relating to the Coronavirus Disease 2019 (COVID-19)
pandemic.
SEC. 502. INTERAGENCY PANDEMIC GUIDANCE FOR CONSUMERS.
(a) Interagency Pandemic Guidance.--
(1) Guidance.--Not later than the end of the 60-day period
beginning on the date of enactment of this section, the Federal
financial regulators shall issue interagency regulatory
guidance on preparedness, flexibility, and relief options for
consumers in pandemics and major disasters, such as deferment,
forbearance, affordable payment plan options, and other options
such as delays on debt collections and wage garnishments.
(2) Updates.--The Federal financial regulators shall update
the guidance required under paragraph (1) as necessary to keep
such guidance current.
(b) Pandemic Preparedness Testing.--
(1) In general.--Not later than the end of the 2-year
period beginning on the date of enactment of this section, and
every 5 years thereafter, the Federal financial regulators
shall carry out testing along with the institutions regulated
by the Federal financial regulators to determine how
effectively such institutions will be able to respond to a
pandemic or major disaster.
(2) Report.--After the end of each test required under
paragraph (1), the Federal financial regulators shall, jointly,
issue a report to Congress containing the results of such test
and any regulatory or legislative recommendations the
regulators may have to increase pandemic preparedness.
(c) Definitions.--In this section:
(1) Federal financial regulators.--The term ``Federal
financial regulators'' means the Board of Governors of the
Federal Reserve System, the Bureau of Consumer Financial
Protection, the Comptroller of the Currency, the Director of
the Federal Housing Finance Agency, the Federal Deposit
Insurance Corporation, the National Credit Union
Administration, the Secretary of Agriculture, and the Secretary
of Housing and Urban Development.
(2) Major disaster.--The term ``major disaster'' means a
major disaster declared by the President under section 401 of
the Robert T. Stafford Disaster Relief and Emergency Assistance
Act (42 U.S.C. 5170), under which assistance is authorized
under section 408 of such Act (42 U.S.C. 5174), or section 501
of such Act (42 U.S.C. 5191).
SEC. 503. SEC PANDEMIC GUIDANCE FOR INVESTORS.
(a) Pandemic Guidance.--
(1) Guidance.--Not later than the end of the 60-day period
beginning on the date of enactment of this section, the
Securities and Exchange Commission shall issue regulatory
guidance on preparedness, flexibility, relief, and investor
protection for investors in pandemics and major disasters,
including relevant disclosures.
(2) Updates.--The Commission shall update the guidance
required under paragraph (1) as necessary to keep such guidance
current.
(b) Pandemic Preparedness Testing.--
(1) In general.--Not later than the end of the 60-day
period beginning on the date of enactment of this Act, and
every 5 years thereafter, the Securities and Exchange
Commission shall carry out testing along with the entities
regulated by the Commission to determine how effectively such
entities will be able to respond to a pandemic or major
disaster.
(2) Report.--After the end of each test required under
paragraph (1), the Commission shall issue a report to Congress
containing the results of such test and any regulatory or
legislative recommendations the Commission may have to increase
pandemic preparedness.
(c) Major Disaster Defined.--In this section, the term ``major
disaster'' means a major disaster declared by the President under
section 401 of the Robert T. Stafford Disaster Relief and Emergency
Assistance Act (42 U.S.C. 5170), under which assistance is authorized
under section 408 of such Act (42 U.S.C. 5174), or section 501 of such
Act (42 U.S.C. 5191).
SEC. 504. UPDATES OF THE PANDEMIC INFLUENZA PLAN AND NATIONAL PLANNING
FRAMEWORKS.
(a) In General.--Not later than one year following the end of the
Declaration of the National Emergency, the President shall ensure that
the Pandemic Influenza Plan (2017 Update) and the National Planning
Frameworks are updated. The Secretary of the Treasury, in consultation
with the Federal financial regulators, shall provide to the President
the following:
(1) An assessment of the effectiveness of current plans and
strategies to address the economic, financial, and monetary
issues arising from a pandemic or other disaster.
(2) A description of the most significant challenges to
protecting the economy, the financial system, and consumers,
during a pandemic or other disaster, including the specific
challenges experienced by women, racial and ethnic minorities,
diverse-owned businesses, veterans, and the disabled.
(3) Actions that could be carried out in a crisis, as
defined by the preparedness plans described in subsection (a),
such as the following:
(A) Significant increases of unemployment insurance
benefits (including payment amounts) for all workers
under a certain income threshold, including freelancers
and the self-employed, during the crisis.
(B) Loan deference, modification, and forbearance
mechanisms of all consumer and business payments,
allowing long-term repayment plans and excluding no
industries, during the crisis.
(C) Suspension of foreclosure and eviction
proceedings taken against individuals or businesses
during the crisis.
(D) Suspension of all negative consumer credit
reporting during the crisis.
(E) Prohibition of debt collection, repossession,
and garnishment of wages during the crisis.
(F) Provision of emergency homeless assistance
during the crisis.
(G) An increase in Community Development Block
Grants during the crisis and to improve community
response.
(H) Reduction of hurdles in the form of waivers and
authorities to modify existing housing and homelessness
programs to facilitate response to the crisis.
(I) Expand the size standards for eligible
businesses with access to no-interest or low-interest
loans through the Small Business Administration during
the crisis.
(J) Remove the size standard limits on eligible
businesses with access to no-interest or low-interest
loans through the Small Business Administration during
the crisis for businesses that agree to maintain their
employment workforce and preserve benefits during the
crisis.
(K) Support for additional no-interest or low-
interest loans for small businesses through the Small
Business Administration during the crisis.
(L) Utilization of the Community Development
Financial Institutions (CDFI) Fund to support small
businesses as well as low-income communities during the
crisis.
(M) Support for State, territory, and local
government financing during the crisis.
(N) Waiver of matching requirements for municipal
governments during the crisis.
(O) Suspension of requirements relating to minimum
distributions for retirement plans and individual
retirement accounts for the calendar years of which the
crisis is occurring.
(b) Special Consideration for Diversity.--In issuing the updates
required under subsection (a), the President shall ensure that
consideration is given as to how to minimize the economic impacts of a
crisis on women, minorities, diverse-owned businesses, veterans, and
the disabled.
(c) Making Plans Public.--The updated plans described in subsection
(a) shall be made publicly available, but may have classified
information redacted.
(d) Definitions.--In this section:
(1) Declaration of the national emergency.--The term
``Declaration of the National Emergency'' means the emergency
declared by the President under section 501 of the Robert T.
Stafford Disaster Relief and Emergency Assistance Act (42
U.S.C. 5191) relating to the COVID-19 pandemic.
(2) Federal financial regulator.--The term ``Federal
financial regulators'' means the Bureau of Consumer Financial
Protection, the Federal Deposit Insurance Corporation, the
Federal Housing Finance Agency, the Board of Governors of the
Federal Reserve System, the Office of the Comptroller of the
Currency, the National Credit Union Administration, and the
Securities and Exchange Commission.
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