Text: S.2155 — 115th Congress (2017-2018)All Information (Except Text)

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Public Law No: 115-174 (05/24/2018)

 
[115th Congress Public Law 174]
[From the U.S. Government Publishing Office]



[[Page 1295]]

     ECONOMIC GROWTH, REGULATORY RELIEF, AND CONSUMER PROTECTION ACT

[[Page 132 STAT. 1296]]

Public Law 115-174
115th Congress

                                 An Act


 
  To promote economic growth, provide tailored regulatory relief, and 
 enhance consumer protections, and for other purposes. <<NOTE: May 24, 
                          2018 -  [S. 2155]>> 

    Be it enacted by the Senate and House of Representatives of the 
United States of America in Congress assembled, <<NOTE: Economic Growth, 
Regulatory Relief, and Consumer Protection Act.>> 
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

    (a) <<NOTE: 15 USC 1601 note.>>  Short Title.--This Act may be cited 
as the ``Economic Growth, Regulatory Relief, and Consumer Protection 
Act''.

    (b) Table of Contents.--The table of contents for this Act is as 
follows:

Sec. 1. Short title; table of contents.
Sec. 2. Definitions.

          TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT

Sec. 101. Minimum standards for residential mortgage loans.
Sec. 102. Safeguarding access to habitat for humanity homes.
Sec. 103. Exemption from appraisals of real property located in rural 
           areas.
Sec. 104. Home Mortgage Disclosure Act adjustment and study.
Sec. 105. Credit union residential loans.
Sec. 106. Eliminating barriers to jobs for loan originators.
Sec. 107. Protecting access to manufactured homes.
Sec. 108. Escrow requirements relating to certain consumer credit 
           transactions.
Sec. 109. No wait for lower mortgage rates.

  TITLE II--REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT

Sec. 201. Capital simplification for qualifying community banks.
Sec. 202. Limited exception for reciprocal deposits.
Sec. 203. Community bank relief.
Sec. 204. Removing naming restrictions.
Sec. 205. Short form call reports.
Sec. 206. Option for Federal savings associations to operate as covered 
           savings associations.
Sec. 207. Small bank holding company policy statement.
Sec. 208. Application of the Expedited Funds Availability Act.
Sec. 209. Small public housing agencies.
Sec. 210. Examination cycle.
Sec. 211. International insurance capital standards accountability.
Sec. 212. Budget transparency for the NCUA.
Sec. 213. Making online banking initiation legal and easy.
Sec. 214. Promoting construction and development on Main Street.
Sec. 215. Reducing identity fraud.
Sec. 216. Treasury report on risks of cyber threats.
Sec. 217. Discretionary surplus funds.

     TITLE III--PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS

Sec. 301. Protecting consumers' credit.
Sec. 302. Protecting veterans' credit.
Sec. 303. Immunity from suit for disclosure of financial exploitation of 
           senior citizens.

[[Page 132 STAT. 1297]]

Sec. 304. Restoration of the Protecting Tenants at Foreclosure Act of 
           2009.
Sec. 305. Remediating lead and asbestos hazards.
Sec. 306. Family self-sufficiency program.
Sec. 307. Property Assessed Clean Energy financing.
Sec. 308. GAO report on consumer reporting agencies.
Sec. 309. Protecting veterans from predatory lending.
Sec. 310. Credit score competition.
Sec. 311. GAO report on Puerto Rico foreclosures.
Sec. 312. Report on children's lead-based paint hazard prevention and 
           abatement.
Sec. 313. Foreclosure relief and extension for servicemembers.

   TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES

Sec. 401. Enhanced supervision and prudential standards for certain bank 
           holding companies.
Sec. 402. Supplementary leverage ratio for custodial banks.
Sec. 403. Treatment of certain municipal obligations.

                 TITLE V--ENCOURAGING CAPITAL FORMATION

Sec. 501. National securities exchange regulatory parity.
Sec. 502. SEC study on algorithmic trading.
Sec. 503. Annual review of government-business forum on capital 
           formation.
Sec. 504. Supporting America's innovators.
Sec. 505. Securities and Exchange Commission overpayment credit.
Sec. 506. U.S. territories investor protection.
Sec. 507. Encouraging employee ownership.
Sec. 508. Improving access to capital.
Sec. 509. Parity for closed-end companies regarding offering and proxy 
           rules.

               TITLE VI--PROTECTIONS FOR STUDENT BORROWERS

Sec. 601. Protections in the event of death or bankruptcy.
Sec. 602. Rehabilitation of private education loans.
Sec. 603. Best practices for higher education financial literacy.

SEC. <<NOTE: 12 USC 5365 note.>>  2. DEFINITIONS.

    In this Act:
            (1) Appropriate federal banking agency; company; depository 
        institution; depository institution holding company.--The terms 
        ``appropriate Federal banking agency'', ``company'', 
        ``depository institution'', and ``depository institution holding 
        company'' have the meanings given those terms in section 3 of 
        the Federal Deposit Insurance Act (12 U.S.C. 1813).
            (2) Bank holding company.--The term ``bank holding company'' 
        has the meaning given the term in section 2 of the Bank Holding 
        Company Act of 1956 (12 U.S.C. 1841).

          TITLE I--IMPROVING CONSUMER ACCESS TO MORTGAGE CREDIT

SEC. 101. MINIMUM STANDARDS FOR RESIDENTIAL MORTGAGE LOANS.

    Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 
1639c(b)(2)) is amended by adding at the end the following:
                    ``(F) Safe harbor.--
                          ``(i) Definitions.--In this subparagraph--
                                    ``(I) the term `covered institution' 
                                means an insured depository institution 
                                or an insured credit union that, 
                                together with its affiliates, has less 
                                than $10,000,000,000 in total 
                                consolidated assets;
                                    ``(II) the term `insured credit 
                                union' has the meaning given the term in 
                                section 101 of the Federal Credit Union 
                                Act (12 U.S.C. 1752);
                                    ``(III) the term `insured depository 
                                institution' has the meaning given the 
                                term in section 3 of

[[Page 132 STAT. 1298]]

                                the Federal Deposit Insurance Act (12 
                                U.S.C. 1813);
                                    ``(IV) the term `interest-only' 
                                means that, under the terms of the legal 
                                obligation, one or more of the periodic 
                                payments may be applied solely to 
                                accrued interest and not to loan 
                                principal; and
                                    ``(V) the term `negative 
                                amortization' means payment of periodic 
                                payments that will result in an increase 
                                in the principal balance under the terms 
                                of the legal obligation.
                          ``(ii) Safe harbor.--In this section--
                                    ``(I) the term `qualified mortgage' 
                                includes any residential mortgage loan--
                                            ``(aa) that is originated 
                                        and retained in portfolio by a 
                                        covered institution;
                                            ``(bb) that is in compliance 
                                        with the limitations with 
                                        respect to prepayment penalties 
                                        described in subsections (c)(1) 
                                        and (c)(3);
                                            ``(cc) that is in compliance 
                                        with the requirements of clause 
                                        (vii) of subparagraph (A);
                                            ``(dd) that does not have 
                                        negative amortization or 
                                        interest-only features; and
                                            ``(ee) for which the covered 
                                        institution considers and 
                                        documents the debt, income, and 
                                        financial resources of the 
                                        consumer in accordance with 
                                        clause (iv); and
                                    ``(II) a residential mortgage loan 
                                described in subclause (I) shall be 
                                deemed to meet the requirements of 
                                subsection (a).
                          ``(iii) Exception for certain transfers.--A 
                      residential mortgage loan described in clause 
                      (ii)(I) shall not qualify for the safe harbor 
                      under clause (ii) if the legal title to the 
                      residential mortgage loan is sold, assigned, or 
                      otherwise transferred to another person unless the 
                      residential mortgage loan is sold, assigned, or 
                      otherwise transferred--
                                    ``(I) to another person by reason of 
                                the bankruptcy or failure of a covered 
                                institution;
                                    ``(II) to a covered institution so 
                                long as the loan is retained in 
                                portfolio by the covered institution to 
                                which the loan is sold, assigned, or 
                                otherwise transferred;
                                    ``(III) pursuant to a merger of a 
                                covered institution with another person 
                                or the acquisition of a covered 
                                institution by another person or of 
                                another person by a covered institution, 
                                so long as the loan is retained in 
                                portfolio by the person to whom the loan 
                                is sold, assigned, or otherwise 
                                transferred; or
                                    ``(IV) to a wholly owned subsidiary 
                                of a covered institution, provided that, 
                                after the sale, assignment, or transfer, 
                                the residential mortgage loan is 
                                considered to be an asset of the covered 
                                institution for regulatory accounting 
                                purposes.

[[Page 132 STAT. 1299]]

                          ``(iv) Consideration and documentation 
                      requirements.--The consideration and documentation 
                      requirements described in clause (ii)(I)(ee) 
                      shall--
                                    ``(I) not be construed to require 
                                compliance with, or documentation in 
                                accordance with, appendix Q to part 1026 
                                of title 12, Code of Federal 
                                Regulations, or any successor 
                                regulation; and
                                    ``(II) be construed to permit 
                                multiple methods of documentation.''.
SEC. 102. SAFEGUARDING ACCESS TO HABITAT FOR HUMANITY HOMES.

    Section 129E(i)(2) of the Truth in Lending Act (15 U.S.C. 
1639e(i)(2)) is amended--
            (1) by redesignating subparagraphs (A) and (B) as clauses 
        (i) and (ii), respectively, and adjusting the margins 
        accordingly;
            (2) in the matter preceding clause (i), as so redesignated, 
        by striking ``For purposes of'' and inserting the following:
                    ``(A) In general.--For purposes of''; and
            (3) by adding at the end the following:
                    ``(B) Rule of construction related to appraisal 
                donations.--If a fee appraiser voluntarily donates 
                appraisal services to an organization eligible to 
                receive tax-deductible charitable contributions, such 
                voluntary donation shall be considered customary and 
                reasonable for the purposes of paragraph (1).''.
SEC. 103. EXEMPTION FROM APPRAISALS OF REAL PROPERTY LOCATED IN 
                        RURAL AREAS.

    Title XI of the Financial Institutions Reform, Recovery, and 
Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) is amended by adding at 
the end the following:
``SEC. 1127. <<NOTE: 12 USC 3356.>>  EXEMPTION FROM APPRAISALS OF 
                          REAL ESTATE LOCATED IN RURAL AREAS.

    ``(a) Definitions.--In this section--
            ``(1) the term `mortgage originator' has the meaning given 
        the term in section 103 of the Truth in Lending Act (15 U.S.C. 
        1602); and
            ``(2) the term `transaction value' means the amount of a 
        loan or extension of credit, including a loan or extension of 
        credit that is part of a pool of loans or extensions of credit.

    ``(b) Appraisal Not Required.--Except as provided in subsection (d), 
notwithstanding any other provision of law, an appraisal in connection 
with a federally related transaction involving real property or an 
interest in real property is not required if--
            ``(1) the real property or interest in real property is 
        located in a rural area, as described in section 
        1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations;
            `` <<NOTE: Deadline.>> (2) not later than 3 days after the 
        date on which the Closing Disclosure Form, made in accordance 
        with the final rule of the Bureau of Consumer Financial 
        Protection entitled `Integrated Mortgage Disclosures Under the 
        Real Estate Settlement Procedures Act (Regulation X) and the 
        Truth in Lending Act (Regulation Z)' (78 Fed. Reg. 79730 
        (December 31, 2013)), relating to the federally related 
        transaction is given to the consumer, the mortgage originator or 
        its agent, directly or indirectly--

[[Page 132 STAT. 1300]]

                    ``(A) has contacted not fewer than 3 State certified 
                appraisers or State licensed appraisers, as applicable, 
                on the mortgage originator's approved appraiser list in 
                the market area in accordance with part 226 of title 12, 
                Code of Federal Regulations; and
                    ``(B) <<NOTE: Time period.>>  has documented that no 
                State certified appraiser or State licensed appraiser, 
                as applicable, was available within 5 business days 
                beyond customary and reasonable fee and timeliness 
                standards for comparable appraisal assignments, as 
                documented by the mortgage originator or its agent;
            ``(3) the transaction value is less than $400,000; and
            ``(4) the mortgage originator is subject to oversight by a 
        Federal financial institutions regulatory agency.

    ``(c) Sale, Assignment, or Transfer.--A mortgage originator that 
makes a loan without an appraisal under the terms of subsection (b) 
shall not sell, assign, or otherwise transfer legal title to the loan 
unless--
            ``(1) the loan is sold, assigned, or otherwise transferred 
        to another person by reason of the bankruptcy or failure of the 
        mortgage originator;
            ``(2) the loan is sold, assigned, or otherwise transferred 
        to another person regulated by a Federal financial institutions 
        regulatory agency, so long as the loan is retained in portfolio 
        by the person;
            ``(3) the sale, assignment, or transfer is pursuant to a 
        merger of the mortgage originator with another person or the 
        acquisition of the mortgage originator by another person or of 
        another person by the mortgage originator; or
            ``(4) the sale, loan, or transfer is to a wholly owned 
        subsidiary of the mortgage originator, provided that, after the 
        sale, assignment, or transfer, the loan is considered to be an 
        asset of the mortgage originator for regulatory accounting 
        purposes.

    ``(d) Exception.--Subsection (b) shall not apply if--
            ``(1) a Federal financial institutions regulatory agency 
        requires an appraisal under section 225.63(c), 323.3(c), 
        34.43(c), or 722.3(e) of title 12, Code of Federal Regulations; 
        or
            ``(2) the loan is a high-cost mortgage, as defined in 
        section 103 of the Truth in Lending Act (15 U.S.C. 1602).

    ``(e) Anti-Evasion.--Each Federal financial institutions regulatory 
agency shall ensure that any mortgage originator that the Federal 
financial institutions regulatory agency oversees that makes a 
significant amount of loans under subsection (b) is complying with the 
requirements of subsection (b)(2) with respect to each loan.''.
SEC. 104. HOME MORTGAGE DISCLOSURE ACT ADJUSTMENT AND STUDY.

    (a) In General.--Section 304 of the Home Mortgage Disclosure Act of 
1975 (12 U.S.C. 2803) is amended--
            (1) by redesignating subsection (i) as paragraph (3) and 
        adjusting the margins accordingly;
            (2) by inserting before paragraph (3), as so redesignated, 
        the following:

    ``(i) <<NOTE: Time periods.>>  Exemptions.--

[[Page 132 STAT. 1301]]

            ``(1) Closed-end mortgage loans.--With respect to an insured 
        depository institution or insured credit union, the requirements 
        of paragraphs (5) and (6) of subsection (b) shall not apply with 
        respect to closed-end mortgage loans if the insured depository 
        institution or insured credit union originated fewer than 500 
        closed-end mortgage loans in each of the 2 preceding calendar 
        years.
            ``(2) Open-end lines of credit.--With respect to an insured 
        depository institution or insured credit union, the requirements 
        of paragraphs (5) and (6) of subsection (b) shall not apply with 
        respect to open-end lines of credit if the insured depository 
        institution or insured credit union originated fewer than 500 
        open-end lines of credit in each of the 2 preceding calendar 
        years.
            ``(3) Required compliance.--Notwithstanding paragraphs (1) 
        and (2), an insured depository institution shall comply with 
        paragraphs (5) and (6) of subsection (b) if the insured 
        depository institution has received a rating of `needs to 
        improve record of meeting community credit needs' during each of 
        its 2 most recent examinations or a rating of `substantial 
        noncompliance in meeting community credit needs' on its most 
        recent examination under section 807(b)(2) of the Community 
        Reinvestment Act of 1977 (12 U.S.C. 2906(b)(2)).''; and
            (3) by adding at the end the following:

    ``(o) Definitions.--In this section--
            ``(1) the term `insured credit union' has the meaning given 
        the term in section 101 of the Federal Credit Union Act (12 
        U.S.C. 1752); and
            ``(2) the term `insured depository institution' has the 
        meaning given the term in section 3 of the Federal Deposit 
        Insurance Act (12 U.S.C. 1813).''.

    (b) Lookback Study.--
            (1) <<NOTE: Time period.>>  Study.--Not earlier than 2 years 
        after the date of enactment of this Act, the Comptroller General 
        of the United States shall conduct a study to evaluate the 
        impact of the amendments made by subsection (a) on the amount of 
        data available under the Home Mortgage Disclosure Act of 1975 
        (12 U.S.C. 2801 et seq.) at the national and local level.
            (2) Report.--Not later than 3 years after the date of 
        enactment of this Act, the Comptroller General of the United 
        States shall submit to the Committee on Banking, Housing, and 
        Urban Affairs of the Senate and the Committee on Financial 
        Services of the House of Representatives a report that includes 
        the findings and conclusions of the Comptroller General with 
        respect to the study required under paragraph (1).

    (c) Technical Correction.--Section 304(i)(3) of the Home Mortgage 
Disclosure Act of 1975, as so redesignated by subsection (a)(1), is 
amended by striking ``section 303(2)(A)'' and inserting ``section 
303(3)(A)''.
SEC. 105. CREDIT UNION RESIDENTIAL LOANS.

    (a) Removal From Member Business Loan Limitation.--Section 
107A(c)(1)(B)(i) of the Federal Credit Union Act (12 U.S.C. 
1757a(c)(1)(B)(i)) is amended by striking ``that is the primary 
residence of a member''.
    (b) <<NOTE: 12 USC 1757a note.>>  Rule of Construction.--Nothing in 
this section or the amendment made by this section shall preclude the 
National Credit

[[Page 132 STAT. 1302]]

Union Administration from treating an extension of credit that is fully 
secured by a lien on a 1- to 4-family dwelling that is not the primary 
residence of a member as a member business loan for purposes other than 
the member business loan limitation requirements under section 107A of 
the Federal Credit Union Act (12 U.S.C. 1757a).
SEC. 106. ELIMINATING BARRIERS TO JOBS FOR LOAN ORIGINATORS.

    (a) In General.--The S.A.F.E. Mortgage Licensing Act of 2008 (12 
U.S.C. 5101 et seq.) is amended by adding at the end the following:
``SEC. 1518. <<NOTE: 12 USC 5117.>>  EMPLOYMENT TRANSITION OF LOAN 
                          ORIGINATORS.

    ``(a) Definitions.--In this section:
            ``(1) Application state.--The term `application State' means 
        a State in which a registered loan originator or a State-
        licensed loan originator seeks to be licensed.
            ``(2) State-licensed mortgage company.--The term `State-
        licensed mortgage company' means an entity that is licensed or 
        registered under the law of any State to engage in residential 
        mortgage loan origination and processing activities.

    ``(b) Temporary Authority To Originate Loans for Loan Originators 
Moving From a Depository Institution to a Non-Depository Institution.--
            ``(1) In general.--Upon becoming employed by a State-
        licensed mortgage company, an individual who is a registered 
        loan originator shall be deemed to have temporary authority to 
        act as a loan originator in an application State for the period 
        described in paragraph (2) if the individual--
                    ``(A) has not had--
                          ``(i) an application for a loan originator 
                      license denied; or
                          ``(ii) a loan originator license revoked or 
                      suspended in any governmental jurisdiction;
                    ``(B) has not been subject to, or served with, a 
                cease and desist order--
                          ``(i) in any governmental jurisdiction; or
                          ``(ii) under section 1514(c);
                    ``(C) has not been convicted of a misdemeanor or 
                felony that would preclude licensure under the law of 
                the application State;
                    ``(D) has submitted an application to be a State-
                licensed loan originator in the application State; and
                    ``(E) <<NOTE: Time period.>>  was registered in the 
                Nationwide Mortgage Licensing System and Registry as a 
                loan originator during the 1-year period preceding the 
                date on which the information required under section 
                1505(a) is submitted.
            ``(2) Period.--The period described in this paragraph shall 
        begin on the date on which an individual described in paragraph 
        (1) submits the information required under section 1505(a) and 
        shall end on the earliest of the date--
                    ``(A) on which the individual withdraws the 
                application to be a State-licensed loan originator in 
                the application State;
                    ``(B) on which the application State denies, or 
                issues a notice of intent to deny, the application;

[[Page 132 STAT. 1303]]

                    ``(C) on which the application State grants a State 
                license; or
                    ``(D) that is 120 days after the date on which the 
                individual submits the application, if the application 
                is listed on the Nationwide Mortgage Licensing System 
                and Registry as incomplete.

    ``(c) Temporary Authority To Originate Loans for State-Licensed Loan 
Originators Moving Interstate.--
            ``(1) In general.--A State-licensed loan originator shall be 
        deemed to have temporary authority to act as a loan originator 
        in an application State for the period described in paragraph 
        (2) if the State-licensed loan originator--
                    ``(A) meets the requirements of subparagraphs (A), 
                (B), (C), and (D) of subsection (b)(1);
                    ``(B) is employed by a State-licensed mortgage 
                company in the application State; and
                    ``(C) <<NOTE: Time period.>>  was licensed in a 
                State that is not the application State during the 30-
                day period preceding the date on which the information 
                required under section 1505(a) was submitted in 
                connection with the application submitted to the 
                application State.
            ``(2) Period.--The period described in this paragraph shall 
        begin on the date on which the State-licensed loan originator 
        submits the information required under section 1505(a) in 
        connection with the application submitted to the application 
        State and end on the earliest of the date--
                    ``(A) on which the State-licensed loan originator 
                withdraws the application to be a State-licensed loan 
                originator in the application State;
                    ``(B) on which the application State denies, or 
                issues a notice of intent to deny, the application;
                    ``(C) on which the application State grants a State 
                license; or
                    ``(D) that is 120 days after the date on which the 
                State-licensed loan originator submits the application, 
                if the application is listed on the Nationwide Mortgage 
                Licensing System and Registry as incomplete.

    ``(d) Applicability.--
            ``(1) Employer of loan originators.--Any person employing an 
        individual who is deemed to have temporary authority to act as a 
        loan originator in an application State under this section shall 
        be subject to the requirements of this title and to applicable 
        State law to the same extent as if that individual was a State-
        licensed loan originator licensed by the application State.
            ``(2) Engaging in mortgage loan activities.--Any individual 
        who is deemed to have temporary authority to act as a loan 
        originator in an application State under this section and who 
        engages in residential mortgage loan origination activities 
        shall be subject to the requirements of this title and to 
        applicable State law to the same extent as if that individual 
        was a State-licensed loan originator licensed by the application 
        State.''.

    (b) Table of Contents Amendment.--Section 1(b) of the Housing and 
Economic Recovery Act of 2008 (42 U.S.C. 4501 note)

[[Page 132 STAT. 1304]]

is amended by inserting after the item relating to section 1517 the 
following:

``Sec. 1518. Employment transition of loan originators.''.

    (c) Civil Liability.--Section 1513 of the S.A.F.E. Mortgage 
Licensing Act of 2008 (12 U.S.C. 5112) is amended by striking ``persons 
who are loan originators or are applying for licensing or registration 
as loan originators.'' and inserting ``persons who--
            ``(1) have applied, are applying, or are licensed or 
        registered through the Nationwide Mortgage Licensing System and 
        Registry; and
            ``(2) work in an industry with respect to which persons were 
        licensed or registered through the Nationwide Mortgage Licensing 
        System and Registry on the date of enactment of the Economic 
        Growth, Regulatory Relief, and Consumer Protection Act.''.

    (d) <<NOTE: 12 USC 5112 note.>>  Effective Date.--This section and 
the amendments made by this section shall take effect on the date that 
is 18 months after the date of enactment of this Act.
SEC. 107. PROTECTING ACCESS TO MANUFACTURED HOMES.

    Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is 
amended--
            (1) by redesignating the second subsection (cc) (relating to 
        definitions relating to mortgage origination and residential 
        mortgage loans) and subsection (dd) as subsections (dd) and 
        (ee), respectively; and
            (2) in paragraph (2) of subsection (dd), as so redesignated, 
        by striking subparagraph (C) and inserting the following:
                    ``(C) does not include any person who is--
                          ``(i) not otherwise described in subparagraph 
                      (A) or (B) and who performs purely administrative 
                      or clerical tasks on behalf of a person who is 
                      described in any such subparagraph; or
                          ``(ii) a retailer of manufactured or modular 
                      homes or an employee of the retailer if the 
                      retailer or employee, as applicable--
                                    ``(I) does not receive compensation 
                                or gain for engaging in activities 
                                described in subparagraph (A) that is in 
                                excess of any compensation or gain 
                                received in a comparable cash 
                                transaction;
                                    ``(II) discloses to the consumer--
                                            ``(aa) in writing any 
                                        corporate affiliation with any 
                                        creditor; and
                                            ``(bb) if the retailer has a 
                                        corporate affiliation with any 
                                        creditor, at least 1 
                                        unaffiliated creditor; and
                                    ``(III) does not directly negotiate 
                                with the consumer or lender on loan 
                                terms (including rates, fees, and other 
                                costs).''.
SEC. 108. ESCROW REQUIREMENTS RELATING TO CERTAIN CONSUMER CREDIT 
                        TRANSACTIONS.

    Section 129D of the Truth in Lending Act (15 U.S.C. 1639d) is 
amended--
            (1) in subsection (c)--

[[Page 132 STAT. 1305]]

                    (A) by redesignating paragraphs (1) through (4) as 
                subparagraphs (A) through (D), respectively, and 
                adjusting the margins accordingly;
                    (B) in the matter preceding subparagraph (A), as so 
                redesignated, by striking ``The Board'' and inserting 
                the following:
            ``(1) In general.--The Bureau'';
                    (C) in paragraph (1), as so redesignated, by 
                striking ``the Board'' each place that term appears and 
                inserting ``the Bureau''; and
                    (D) by adding at the end the following:
            ``(2) Treatment of loans held by smaller institutions.--The 
        Bureau shall, by regulation, exempt from the requirements of 
        subsection (a) any loan made by an insured depository 
        institution or an insured credit union secured by a first lien 
        on the principal dwelling of a consumer if--
                    ``(A) the insured depository institution or insured 
                credit union has assets of $10,000,000,000 or less;
                    ``(B) during the preceding calendar year, the 
                insured depository institution or insured credit union 
                and its affiliates originated 1,000 or fewer loans 
                secured by a first lien on a principal dwelling; and
                    ``(C) the transaction satisfies the criteria in 
                sections 1026.35(b)(2)(iii)(A), 1026.35(b)(2)(iii)(D), 
                and 1026.35(b)(2)(v) of title 12, Code of Federal 
                Regulations, or any successor regulation.''; and
            (2) <<NOTE: Definitions.>>  in subsection (i), by adding at 
        the end the following:
            ``(3) Insured credit union.--The term `insured credit union' 
        has the meaning given the term in section 101 of the Federal 
        Credit Union Act (12 U.S.C. 1752).
            ``(4) Insured depository institution.--The term `insured 
        depository institution' has the meaning given the term in 
        section 3 of the Federal Deposit Insurance Act (12 U.S.C. 
        1813).''.
SEC. 109. NO WAIT FOR LOWER MORTGAGE RATES.

    (a) In General.--Section 129(b) of the Truth in Lending Act (15 
U.S.C. 1639(b)) is amended--
            (1) by redesignating paragraph (3) as paragraph (4); and
            (2) by inserting after paragraph (2) the following:
            ``(3) No wait for lower rate.--If a creditor extends to a 
        consumer a second offer of credit with a lower annual percentage 
        rate, the transaction may be consummated without regard to the 
        period specified in paragraph (1) with respect to the second 
        offer.''.

    (b) Sense of Congress.--It is the sense of Congress that, whereas 
the Bureau of Consumer Financial Protection issued a final rule entitled 
``Integrated Mortgage Disclosures Under the Real Estate Settlement 
Procedures Act (Regulation X) and the Truth in Lending Act (Regulation 
Z)'' (78 Fed. Reg. 79730 (December 31, 2013)) (in this subsection 
referred to as the ``TRID Rule'') to combine the disclosures a consumer 
receives in connection with applying for and closing on a mortgage loan, 
the Bureau of Consumer Financial Protection should endeavor to provide 
clearer, authoritative guidance on--
            (1) the applicability of the TRID Rule to mortgage 
        assumption transactions;

[[Page 132 STAT. 1306]]

            (2) the applicability of the TRID Rule to construction-to-
        permanent home loans, and the conditions under which those loans 
        can be properly originated; and
            (3) the extent to which lenders can rely on model 
        disclosures published by the Bureau of Consumer Financial 
        Protection without liability if recent changes to regulations 
        are not reflected in the sample TRID Rule forms published by the 
        Bureau of Consumer Financial Protection.

  TITLE II--REGULATORY RELIEF AND PROTECTING CONSUMER ACCESS TO CREDIT

SEC. 201. <<NOTE: 12 USC 5371 note.>>  CAPITAL SIMPLIFICATION FOR 
                        QUALIFYING COMMUNITY BANKS.

    (a) Definitions.--In this section:
            (1) Community bank leverage ratio.--The term ``Community 
        Bank Leverage Ratio'' means the ratio of the tangible equity 
        capital of a qualifying community bank, as reported on the 
        qualifying community bank's applicable regulatory filing with 
        the qualifying community bank's appropriate Federal banking 
        agency, to the average total consolidated assets of the 
        qualifying community bank, as reported on the qualifying 
        community bank's applicable regulatory filing with the 
        qualifying community bank's appropriate Federal banking agency.
            (2) Generally applicable leverage capital requirements; 
        generally applicable risk-based capital requirements.--The terms 
        ``generally applicable leverage capital requirements'' and 
        ``generally applicable risk-based capital requirements'' have 
        the meanings given those terms in section 171(a) of the 
        Financial Stability Act of 2010 (12 U.S.C. 5371(a)).
            (3) Qualifying community bank.--
                    (A) Asset threshold.--The term ``qualifying 
                community bank'' means a depository institution or 
                depository institution holding company with total 
                consolidated assets of less than $10,000,000,000.
                    (B) Risk profile.--The appropriate Federal banking 
                agencies may determine that a depository institution or 
                depository institution holding company (or a class of 
                depository institutions or depository institution 
                holding companies) described in subparagraph (A) is not 
                a qualifying community bank based on the depository 
                institution's or depository institution holding 
                company's risk profile, which shall be based on 
                consideration of--
                          (i) off-balance sheet exposures;
                          (ii) trading assets and liabilities;
                          (iii) total notional derivatives exposures; 
                      and
                          (iv) such other factors as the appropriate 
                      Federal banking agencies determine appropriate.

    (b) <<NOTE: Notice.>>  Community Bank Leverage Ratio.--The 
appropriate Federal banking agencies shall, through notice and comment 
rule making under section 553 of title 5, United States Code--
            (1) develop a Community Bank Leverage Ratio of not less than 
        8 percent and not more than 10 percent for qualifying community 
        banks; and

[[Page 132 STAT. 1307]]

            (2) <<NOTE: Procedures.>>  establish procedures for 
        treatment of a qualifying community bank that has a Community 
        Bank Leverage Ratio that falls below the percentage developed 
        under paragraph (1) after exceeding the percentage developed 
        under paragraph (1).

    (c) Capital Compliance.--
            (1) In general.--Any qualifying community bank that exceeds 
        the Community Bank Leverage Ratio developed under subsection 
        (b)(1) shall be considered to have met--
                    (A) the generally applicable leverage capital 
                requirements and the generally applicable risk-based 
                capital requirements;
                    (B) in the case of a qualifying community bank that 
                is a depository institution, the capital ratio 
                requirements that are required in order to be considered 
                well capitalized under section 38 of the Federal Deposit 
                Insurance Act (12 U.S.C. 1831o) and any regulation 
                implementing that section; and
                    (C) any other capital or leverage requirements to 
                which the qualifying community bank is subject.
            (2) Existing authorities.--Nothing in paragraph (1) shall 
        limit the authority of the appropriate Federal banking agencies 
        as in effect on the date of enactment of this Act.

    (d) Consultation.--The appropriate Federal banking agencies shall--
            (1) consult with the applicable State bank supervisors in 
        carrying out this section; and
            (2) <<NOTE: Notification.>>  notify the applicable State 
        bank supervisor of any qualifying community bank that it 
        supervises that exceeds, or does not exceed after previously 
        exceeding, the Community Bank Leverage ratio developed under 
        subsection (b)(1).
SEC. 202. LIMITED EXCEPTION FOR RECIPROCAL DEPOSITS.

    (a) In General.--Section 29 of the Federal Deposit Insurance Act (12 
U.S.C. 1831f) is amended by adding at the end the following:
    ``(i) Limited Exception for Reciprocal Deposits.--
            ``(1) In general.--Reciprocal deposits of an agent 
        institution shall not be considered to be funds obtained, 
        directly or indirectly, by or through a deposit broker to the 
        extent that the total amount of such reciprocal deposits does 
        not exceed the lesser of--
                    ``(A) $5,000,000,000; or
                    ``(B) an amount equal to 20 percent of the total 
                liabilities of the agent institution.
            ``(2) Definitions.--In this subsection:
                    ``(A) Agent institution.--The term `agent 
                institution' means an insured depository institution 
                that places a covered deposit through a deposit 
                placement network at other insured depository 
                institutions in amounts that are less than or equal to 
                the standard maximum deposit insurance amount, 
                specifying the interest rate to be paid for such 
                amounts, if the insured depository institution--
                          ``(i)(I) when most recently examined under 
                      section 10(d) was found to have a composite 
                      condition of outstanding or good; and
                          ``(II) is well capitalized;

[[Page 132 STAT. 1308]]

                          ``(ii) has obtained a waiver pursuant to 
                      subsection (c); or
                          ``(iii) does not receive an amount of 
                      reciprocal deposits that causes the total amount 
                      of reciprocal deposits held by the agent 
                      institution to be greater than the average of the 
                      total amount of reciprocal deposits held by the 
                      agent institution on the last day of each of the 4 
                      calendar quarters preceding the calendar quarter 
                      in which the agent institution was found not to 
                      have a composite condition of outstanding or good 
                      or was determined to be not well capitalized.
                    ``(B) Covered deposit.--The term `covered deposit' 
                means a deposit that--
                          ``(i) is submitted for placement through a 
                      deposit placement network by an agent institution; 
                      and
                          ``(ii) does not consist of funds that were 
                      obtained for the agent institution, directly or 
                      indirectly, by or through a deposit broker before 
                      submission for placement through a deposit 
                      placement network.
                    ``(C) Deposit placement network.--The term `deposit 
                placement network' means a network in which an insured 
                depository institution participates, together with other 
                insured depository institutions, for the processing and 
                receipt of reciprocal deposits.
                    ``(D) Network member bank.--The term `network member 
                bank' means an insured depository institution that is a 
                member of a deposit placement network.
                    ``(E) Reciprocal deposits.--The term `reciprocal 
                deposits' means deposits received by an agent 
                institution through a deposit placement network with the 
                same maturity (if any) and in the same aggregate amount 
                as covered deposits placed by the agent institution in 
                other network member banks.
                    ``(F) Well capitalized.--The term `well capitalized' 
                has the meaning given the term in section 38(b)(1).''.

    (b) Interest Rate Restriction.--Section 29 of the Federal Deposit 
Insurance Act (12 U.S.C. 1831f) is amended by striking subsection (e) 
and inserting the following:
    ``(e) Restriction on Interest Rate Paid.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the terms `agent institution', `reciprocal 
                deposits', and `well capitalized' have the meanings 
                given those terms in subsection (i); and
                    ``(B) the term `covered insured depository 
                institution' means an insured depository institution 
                that--
                          ``(i) under subsection (c) or (d), accepts 
                      funds obtained, directly or indirectly, by or 
                      through a deposit broker; or
                          ``(ii) while acting as an agent institution 
                      under subsection (i), accepts reciprocal deposits 
                      while not well capitalized.
            ``(2) Prohibition.--A covered insured depository institution 
        may not pay a rate of interest on funds or reciprocal deposits 
        described in paragraph (1) that, at the time that the funds or 
        reciprocal deposits are accepted, significantly exceeds the 
        limit set forth in paragraph (3).

[[Page 132 STAT. 1309]]

            ``(3) Limit on interest rates.--The limit on the rate of 
        interest referred to in paragraph (2) shall be--
                    ``(A) the rate paid on deposits of similar maturity 
                in the normal market area of the covered insured 
                depository institution for deposits accepted in the 
                normal market area of the covered insured depository 
                institution; or
                    ``(B) the national rate paid on deposits of 
                comparable maturity, as established by the Corporation, 
                for deposits accepted outside the normal market area of 
                the covered insured depository institution.''.
SEC. 203. COMMUNITY BANK RELIEF.

    Section 13(h)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 
1851(h)(1)) is amended--
            (1) in subparagraph (D), by redesignating clauses (i) and 
        (ii) as subclauses (I) and (II), respectively, and adjusting the 
        margins accordingly;
            (2) by redesignating subparagraphs (A) through (D) as 
        clauses (i) through (iv), respectively, and adjusting the 
        margins accordingly;
            (3) in the matter preceding clause (i), as so redesignated, 
        in the second sentence, by striking ``institution that functions 
        solely in a trust or fiduciary capacity, if--'' and inserting 
        the following: ``institution--
                    ``(A) that functions solely in a trust or fiduciary 
                capacity, if--'';
            (4) in clause (iv)(II), as so redesignated, by striking the 
        period at the end and inserting ``; or''; and
            (5) by adding at the end the following:
                    ``(B) that does not have and is not controlled by a 
                company that has--
                          ``(i) more than $10,000,000,000 in total 
                      consolidated assets; and
                          ``(ii) total trading assets and trading 
                      liabilities, as reported on the most recent 
                      applicable regulatory filing filed by the 
                      institution, that are more than 5 percent of total 
                      consolidated assets.''.
SEC. 204. REMOVING NAMING RESTRICTIONS.

    Section 13 of the Bank Holding Company Act of 1956 (12 U.S.C. 1851) 
is amended--
            (1) in subsection (d)(1)(G)(vi), by inserting before the 
        semicolon the following: ``, except that the hedge fund or 
        private equity fund may share the same name or a variation of 
        the same name as a banking entity that is an investment adviser 
        to the hedge fund or private equity fund, if--
                                    ``(I) such investment adviser is not 
                                an insured depository institution, a 
                                company that controls an insured 
                                depository institution, or a company 
                                that is treated as a bank holding 
                                company for purposes of section 8 of the 
                                International Banking Act of 1978 (12 
                                U.S.C. 3106);
                                    ``(II) such investment adviser does 
                                not share the same name or a variation 
                                of the same name as an insured 
                                depository institution, any company that 
                                controls an insured depository 
                                institution, or any company that is 
                                treated as a bank holding

[[Page 132 STAT. 1310]]

                                company for purposes of section 8 of the 
                                International Banking Act of 1978 (12 
                                U.S.C. 3106); and
                                    ``(III) such name does not contain 
                                the word `bank' ''; and
            (2) in subsection (h)(5)(C), by inserting before the period 
        the following: ``, except as permitted under subsection 
        (d)(1)(G)(vi)''.
SEC. 205. SHORT FORM CALL REPORTS.

    Section 7(a) of the Federal Deposit Insurance Act (12 U.S.C. 
1817(a)) is amended by adding at the end the following:
            ``(12) Short form reporting.--
                    ``(A) <<NOTE: Regulations.>>  In general.--The 
                appropriate Federal banking agencies shall issue 
                regulations that allow for a reduced reporting 
                requirement for a covered depository institution when 
                the institution makes the first and third report of 
                condition for a year, as required under paragraph (3).
                    ``(B) Definition.--In this paragraph, the term 
                `covered depository institution' means an insured 
                depository institution that--
                          ``(i) has less than $5,000,000,000 in total 
                      consolidated assets; and
                          ``(ii) satisfies such other criteria as the 
                      appropriate Federal banking agencies determine 
                      appropriate.''.
SEC. 206. OPTION FOR FEDERAL SAVINGS ASSOCIATIONS TO OPERATE AS 
                        COVERED SAVINGS ASSOCIATIONS.

    The Home Owners' Loan Act (12 U.S.C. 1461 et seq.) is amended by 
inserting after section 5 (12 U.S.C. 1464) the following:
``SEC. 5A. <<NOTE: 12 USC 1464a.>>  ELECTION TO OPERATE AS A 
                      COVERED SAVINGS ASSOCIATION.

    ``(a) Definition.--In this section, the term `covered savings 
association' means a Federal savings association that makes an election 
that is approved under subsection (b).
    ``(b) <<NOTE: Effective dates.>>  Election.--
            ``(1) In general.--In accordance with the rules issued under 
        subsection (f), a Federal savings association with total 
        consolidated assets equal to or less than $20,000,000,000, as 
        reported by the association to the Comptroller as of December 
        31, 2017, may elect to operate as a covered savings association 
        by submitting a notice to the Comptroller of that election.
            ``(2) <<NOTE: Notification.>>  Approval.--A Federal savings 
        association shall be deemed to be approved to operate as a 
        covered savings association beginning on the date that is 60 
        days after the date on which the Comptroller receives the notice 
        submitted under paragraph (1), unless the Comptroller notifies 
        the Federal savings association that the Federal savings 
        association is not eligible.

    ``(c) Rights and Duties.--Notwithstanding any other provision of 
law, and except as otherwise provided in this section, a covered savings 
association shall--
            ``(1) have the same rights and privileges as a national bank 
        that has the main office of the national bank situated in the 
        same location as the home office of the covered savings 
        association; and

[[Page 132 STAT. 1311]]

            ``(2) be subject to the same duties, restrictions, 
        penalties, liabilities, conditions, and limitations that would 
        apply to a national bank described in paragraph (1).

    ``(d) Treatment of Covered Savings Associations.--A covered savings 
association shall be treated as a Federal savings association for the 
purposes--
            ``(1) of governance of the covered savings association, 
        including incorporation, bylaws, boards of directors, 
        shareholders, and distribution of dividends;
            ``(2) of consolidation, merger, dissolution, conversion 
        (including conversion to a stock bank or to another charter), 
        conservatorship, and receivership; and
            ``(3) <<NOTE: Determination.>>  determined by regulation of 
        the Comptroller.

    ``(e) Existing Branches.--A covered savings association may continue 
to operate any branch or agency that the covered savings association 
operated on the date on which an election under subsection (b) is 
approved.
    ``(f) Rule Making.--The Comptroller shall issue rules to carry out 
this section--
            ``(1) that establish streamlined standards and procedures 
        that clearly identify required documentation and timelines for 
        an election under subsection (b);
            ``(2) that require a Federal savings association that makes 
        an election under subsection (b) to identify specific assets and 
        subsidiaries that--
                    ``(A) do not conform to the requirements for assets 
                and subsidiaries of a national bank; and
                    ``(B) are held by the Federal savings association on 
                the date on which the Federal savings association 
                submits a notice of the election;
            ``(3) that establish--
                    ``(A) a transition process for bringing the assets 
                and subsidiaries described in paragraph (2) into 
                conformance with the requirements for a national bank; 
                and
                    ``(B) procedures for allowing the Federal savings 
                association to submit to the Comptroller an application 
                to continue to hold assets and subsidiaries described in 
                paragraph (2) after electing to operate as a covered 
                savings association;
            ``(4) that establish standards and procedures to allow a 
        covered savings association to--
                    ``(A) terminate an election under subsection (b) 
                after an appropriate period of time; and
                    ``(B) make a subsequent election under subsection 
                (b) after terminating an election under subparagraph 
                (A);
            ``(5) that clarify requirements for the treatment of covered 
        savings associations, including the provisions of law that apply 
        to covered savings associations; and
            ``(6) <<NOTE: Determination.>>  as the Comptroller 
        determines necessary in the interests of safety and soundness.

    ``(g) Grandfathered Covered Savings Associations.--Subject to the 
rules issued under subsection (f), a covered savings association may 
continue to operate as a covered savings association if, after the date 
on which the election is made under subsection (b), the covered savings 
association has total consolidated assets greater than 
$20,000,000,000.''.

[[Page 132 STAT. 1312]]

SEC. 207. SMALL BANK HOLDING COMPANY POLICY STATEMENT.

    (a) <<NOTE: 12 USC 5371 note.>>  Definitions.--In this section:
            (1) Board.--The term ``Board'' means the Board of Governors 
        of the Federal Reserve System.
            (2) Savings and loan holding company.--The term ``savings 
        and loan holding company'' has the meaning given the term in 
        section 10(a) of the Home Owners' Loan Act (12 U.S.C. 1467a(a)).

    (b) <<NOTE: Deadline. 12 USC 5371 note.>>  Changes Required to Small 
Bank Holding Company Policy Statement on Assessment of Financial and 
Managerial Factors.--Not later than 180 days after the date of enactment 
of this Act, the Board shall revise appendix C to part 225 of title 12, 
Code of Federal Regulations (commonly known as the ``Small Bank Holding 
Company and Savings and Loan Holding Company Policy Statement''), to 
raise the consolidated asset threshold under that appendix from 
$1,000,000,000 to $3,000,000,000 for any bank holding company or savings 
and loan holding company that--
            (1) is not engaged in significant nonbanking activities 
        either directly or through a nonbank subsidiary;
            (2) does not conduct significant off-balance sheet 
        activities (including securitization and asset management or 
        administration) either directly or through a nonbank subsidiary; 
        and
            (3) does not have a material amount of debt or equity 
        securities outstanding (other than trust preferred securities) 
        that are registered with the Securities and Exchange Commission.

    (c) <<NOTE: 12 USC 5371 note.>>  Exclusions.--The Board may exclude 
any bank holding company or savings and loan holding company, regardless 
of asset size, from the revision under subsection (b) if the Board 
determines that such action is warranted for supervisory purposes.

    (d) Conforming Amendment.--Section 171(b)(5) of the Financial 
Stability Act of 2010 (12 U.S.C. 5371(b)(5)) is amended by striking 
subparagraph (C) and inserting the following:
                    ``(C) any bank holding company or savings and loan 
                holding company that is subject to the application of 
                appendix C to part 225 of title 12, Code of Federal 
                Regulations (commonly known as the `Small Bank Holding 
                Company and Savings and Loan Holding Company Policy 
                Statement').''.
SEC. 208. APPLICATION OF THE EXPEDITED FUNDS AVAILABILITY ACT.

    (a) In General.--The Expedited Funds Availability Act (12 U.S.C. 
4001 et seq.) is amended--
            (1) in section 602 (12 U.S.C. 4001)--
                    (A) in paragraph (20), by inserting ``, located in 
                the United States,'' after ``ATM'';
                    (B) in paragraph (21), by inserting ``American 
                Samoa, the Commonwealth of the Northern Mariana Islands, 
                Guam,'' after ``Puerto Rico,''; and
                    (C) in paragraph (23), by inserting ``American 
                Samoa, the Commonwealth of the Northern Mariana Islands, 
                Guam,'' after ``Puerto Rico,''; and
            (2) in section 603(d)(2)(A) (12 U.S.C. 4002(d)(2)(A)), by 
        inserting ``American Samoa, the Commonwealth of the Northern 
        Mariana Islands, Guam,'' after ``Puerto Rico,''.

[[Page 132 STAT. 1313]]

    (b) Effective Date.--The amendments made by this section shall take 
effect on the date that is 30 days after the date of enactment of this 
Act.
SEC. 209. SMALL PUBLIC HOUSING AGENCIES.

    (a) Small Public Housing Agencies.--Title I of the United States 
Housing Act of 1937 (42 U.S.C. 1437 et seq.) is amended by adding at the 
end the following:
``SEC. 38. <<NOTE: 42 USC 1437z-10.>>  SMALL PUBLIC HOUSING 
                      AGENCIES.

    ``(a) Definitions.--In this section:
            ``(1) Housing voucher program.--The term `housing voucher 
        program' means a program for tenant-based assistance under 
        section 8.
            ``(2) Small public housing agency.--The term `small public 
        housing agency' means a public housing agency--
                    ``(A) for which the sum of the number of public 
                housing dwelling units administered by the agency and 
                the number of vouchers under section 8(o) administered 
                by the agency is 550 or fewer; and
                    ``(B) that predominantly operates in a rural area, 
                as described in section 1026.35(b)(2)(iv)(A) of title 
                12, Code of Federal Regulations.
            ``(3) Troubled small public housing agency.--The term 
        `troubled small public housing agency' means a small public 
        housing agency designated by the Secretary as a troubled small 
        public housing agency under subsection (c)(3).

    ``(b) Applicability.--Except as otherwise provided in this section, 
a small public housing agency shall be subject to the same requirements 
as a public housing agency.
    ``(c) Program Inspections and Evaluations.--
            ``(1) Public housing projects.--
                    ``(A) <<NOTE: Time periods.>>  Frequency of 
                inspections by secretary.--The Secretary shall carry out 
                an inspection of the physical condition of a small 
                public housing agency's public housing projects not more 
                frequently than once every 3 years, unless the agency 
                has been designated by the Secretary as a troubled small 
                public housing agency based on deficiencies in the 
                physical condition of its public housing projects. 
                Nothing contained in this subparagraph relieves the 
                Secretary from conducting lead safety inspections or 
                assessments in accordance with procedures established by 
                the Secretary under section 302 of the Lead-Based Paint 
                Poisoning Prevention Act (42 U.S.C. 4822).
                    ``(B) Standards.--The Secretary shall apply to small 
                public housing agencies the same standards for the 
                acceptable condition of public housing projects that 
                apply to projects assisted under section 8.
            ``(2) <<NOTE: Time periods. Determinations.>>  Housing 
        voucher program.--Except as required by section 8(o)(8)(F), a 
        small public housing agency administering assistance under 
        section 8(o) shall make periodic physical inspections of each 
        assisted dwelling unit not less frequently than once every 3 
        years to determine whether the unit is maintained in accordance 
        with the requirements under section 8(o)(8)(A). Nothing 
        contained in this paragraph relieves a small public housing 
        agency from conducting lead safety inspections or assessments in 
        accordance with procedures established by

[[Page 132 STAT. 1314]]

        the Secretary under section 302 of the Lead-Based Paint 
        Poisoning Prevention Act (42 U.S.C. 4822).
            ``(3) Troubled small public housing agencies.--
                    ``(A) <<NOTE: Determination.>>  Public housing 
                program.--Notwithstanding any other provision of law, 
                the Secretary may designate a small public housing 
                agency as a troubled small public housing agency with 
                respect to the public housing program of the small 
                public housing agency if the Secretary determines that 
                the agency has failed to maintain the public housing 
                units of the small public housing agency in a 
                satisfactory physical condition, based upon an 
                inspection conducted by the Secretary.
                    ``(B) <<NOTE: Determination.>>  Housing voucher 
                program.--Notwithstanding any other provision of law, 
                the Secretary may designate a small public housing 
                agency as a troubled small public housing agency with 
                respect to the housing voucher program of the small 
                public housing agency if the Secretary determines that 
                the agency has failed to comply with the inspection 
                requirements under paragraph (2).
                    ``(C) Appeals.--
                          ``(i) Establishment.--The Secretary shall 
                      establish an appeals process under which a small 
                      public housing agency may dispute a designation as 
                      a troubled small public housing agency.
                          ``(ii) Official.--The appeals process 
                      established under clause (i) shall provide for a 
                      decision by an official who has not been involved, 
                      and is not subordinate to a person who has been 
                      involved, in the original determination to 
                      designate a small public housing agency as a 
                      troubled small public housing agency.
                    ``(D) Corrective action agreement.--
                          ``(i) <<NOTE: Deadline.>>  Agreement 
                      required.--Not later than 60 days after the date 
                      on which a small public housing agency is 
                      designated as a troubled public housing agency 
                      under subparagraph (A) or (B), the Secretary and 
                      the small public housing agency shall enter into a 
                      corrective action agreement under which the small 
                      public housing agency shall undertake actions to 
                      correct the deficiencies upon which the 
                      designation is based.
                          ``(ii) Terms of agreement.--A corrective 
                      action agreement entered into under clause (i) 
                      shall--
                                    ``(I) <<NOTE: Time period.>>  have a 
                                term of 1 year, and shall be renewable 
                                at the option of the Secretary;
                                    ``(II) provide, where feasible, for 
                                technical assistance to assist the 
                                public housing agency in curing its 
                                deficiencies;
                                    ``(III) provide for--
                                            ``(aa) reconsideration of 
                                        the designation of the small 
                                        public housing agency as a 
                                        troubled small public housing 
                                        agency not less frequently than 
                                        annually; and
                                            
                                        ``(bb) <<NOTE: Determination.>>  
                                        termination of the agreement 
                                        when the Secretary determines 
                                        that the small public housing 
                                        agency is no longer a troubled 
                                        small public housing agency; and

[[Page 132 STAT. 1315]]

                                    ``(IV) provide that in the event of 
                                substantial noncompliance by the small 
                                public housing agency under the 
                                agreement, the Secretary may--
                                            ``(aa) contract with another 
                                        public housing agency or a 
                                        private entity to manage the 
                                        public housing of the troubled 
                                        small public housing agency;
                                            ``(bb) withhold funds 
                                        otherwise distributable to the 
                                        troubled small public housing 
                                        agency;
                                            ``(cc) assume possession of, 
                                        and direct responsibility for, 
                                        managing the public housing of 
                                        the troubled small public 
                                        housing agency;
                                            ``(dd) petition for the 
                                        appointment of a receiver, in 
                                        accordance with section 
                                        6(j)(3)(A)(ii); and
                                            ``(ee) exercise any other 
                                        remedy available to the 
                                        Secretary in the event of 
                                        default under the public housing 
                                        annual contributions contract 
                                        entered into by the small public 
                                        housing agency under section 5.
                    ``(E) Emergency actions.--Nothing in this paragraph 
                may be construed to prohibit the Secretary from taking 
                any emergency action necessary to protect Federal 
                financial resources or the health or safety of residents 
                of public housing projects.

    ``(d) Reduction of Administrative Burdens.--
            ``(1) Exemption.--Notwithstanding any other provision of 
        law, a small public housing agency shall be exempt from any 
        environmental review requirements with respect to a development 
        or modernization project having a total cost of not more than 
        $100,000.
            ``(2) Streamlined procedures.--The Secretary shall, by rule, 
        establish streamlined procedures for environmental reviews of 
        small public housing agency development and modernization 
        projects having a total cost of more than $100,000.''.

    (b) Energy Conservation.--Section 9(e)(2) of the United States 
Housing Act of 1937 (42 U.S.C. 1437g(e)(2)) is amended by adding at the 
end the following:
                    ``(D) Freeze of consumption levels.--
                          ``(i) <<NOTE: Time periods.>>  In general.--A 
                      small public housing agency, as defined in section 
                      38(a), may elect to be paid for its utility and 
                      waste management costs under the formula for a 
                      period, at the discretion of the small public 
                      housing agency, of not more than 20 years based on 
                      the small public housing agency's average annual 
                      consumption during the 3-year period preceding the 
                      year in which the election is made (in this 
                      subparagraph referred to as the `consumption base 
                      level').
                          ``(ii) <<NOTE: Time period.>>  Initial 
                      adjustment in consumption base level.--The 
                      Secretary shall make an initial one-time 
                      adjustment in the consumption base level to 
                      account for differences in the heating degree day 
                      average over the most recent 20-year period 
                      compared to the average in the consumption base 
                      level.

[[Page 132 STAT. 1316]]

                          ``(iii) Adjustments in consumption base 
                      level.--The Secretary shall make adjustments in 
                      the consumption base level to account for an 
                      increase or reduction in units, a change in fuel 
                      source, a change in resident controlled 
                      electricity consumption, or for other reasons.
                          ``(iv) Savings.--All cost savings resulting 
                      from an election made by a small public housing 
                      agency under this subparagraph--
                                    ``(I) shall accrue to the small 
                                public housing agency; and
                                    ``(II) may be used for any public 
                                housing purpose at the discretion of the 
                                small public housing agency.
                          ``(v) Third parties.--A small public housing 
                      agency making an election under this 
                      subparagraph--
                                    ``(I) may use, but shall not be 
                                required to use, the services of a third 
                                party in its energy conservation 
                                program; and
                                    ``(II) shall have the sole 
                                discretion to determine the source, and 
                                terms and conditions, of any financing 
                                used for its energy conservation 
                                program.''.

    (c) <<NOTE: 42 USC 1437k note.>>  Reporting by Agencies Operating in 
Consortia.--Not later than 180 days after the date of enactment of this 
Act, the Secretary of Housing and Urban Development shall develop and 
deploy all electronic information systems necessary to accommodate full 
consolidated reporting by public housing agencies, as defined in section 
3(b)(6) of the United States Housing Act of 1937 (42 U.S.C. 
1437a(b)(6)), electing to operate in consortia under section 13(a) of 
such Act (42 U.S.C. 1437k(a)).

    (d) <<NOTE: 42 USC 1437g note.>>  Effective Date.--The amendments 
made by subsections (a) and (b) shall take effect on the date that is 60 
days after the date of enactment of this Act.

    (e) <<NOTE: Deadline. Web posting. Guidance. 42 USC 1437d note.>>  
Shared Waiting Lists.--Not later than 1 year after the date of enactment 
of this Act, the Secretary of Housing and Urban Development shall make 
available to interested public housing agencies and owners of 
multifamily properties receiving assistance from the Department of 
Housing and Urban Development 1 or more software programs that will 
facilitate the voluntary use of a shared waiting list by multiple public 
housing agencies or owners receiving assistance, and shall publish on 
the website of the Department of Housing and Urban Development 
procedural guidance for implementing shared waiting lists that includes 
information on how to obtain the software.
SEC. 210. EXAMINATION CYCLE.

    Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 
1820(d)) is amended--
            (1) in paragraph (4)(A), by striking ``$1,000,000,000'' and 
        inserting ``$3,000,000,000''; and
            (2) in paragraph (10), by striking ``$1,000,000,000'' and 
        inserting ``$3,000,000,000''.
SEC. 211. <<NOTE: 31 USC 313 note.>>  INTERNATIONAL INSURANCE 
                        CAPITAL STANDARDS ACCOUNTABILITY.

    (a) Findings.--Congress finds that--

[[Page 132 STAT. 1317]]

            (1) the Secretary of the Treasury, Board of Governors of the 
        Federal Reserve System, and Director of the Federal Insurance 
        Office shall support increasing transparency at any global 
        insurance or international standard-setting regulatory or 
        supervisory forum in which they participate, including 
        supporting and advocating for greater public observer access to 
        working groups and committee meetings of the International 
        Association of Insurance Supervisors; and
            (2) to the extent that the Secretary of the Treasury, the 
        Board of Governors of the Federal Reserve System, and the 
        Director of the Federal Insurance Office take a position or 
        reasonably intend to take a position with respect to an 
        insurance proposal by a global insurance regulatory or 
        supervisory forum, the Secretary of the Treasury, the Board of 
        Governors of the Federal Reserve System, and the Director of the 
        Federal Insurance Office shall achieve consensus positions with 
        State insurance regulators through the National Association of 
        Insurance Commissioners, when they are United States 
        participants in negotiations on insurance issues before the 
        International Association of Insurance Supervisors, Financial 
        Stability Board, or any other international forum of financial 
        regulators or supervisors that considers such issues.

    (b) Insurance Policy Advisory Committee.--
            (1) Establishment.--There is established the Insurance 
        Policy Advisory Committee on International Capital Standards and 
        Other Insurance Issues at the Board of Governors of the Federal 
        Reserve System.
            (2) Membership.--The Committee shall be composed of not more 
        than 21 members, all of whom represent a diverse set of expert 
        perspectives from the various sectors of the United States 
        insurance industry, including life insurance, property and 
        casualty insurance and reinsurance, agents and brokers, 
        academics, consumer advocates, or experts on issues facing 
        underserved insurance communities and consumers.

    (c) Reports.--
            (1) Reports and testimony by secretary of the treasury and 
        chairman of the federal reserve.--
                    (A) In general.--The Secretary of the Treasury and 
                the Chairman of the Board of Governors of the Federal 
                Reserve System, or their designee, shall submit to the 
                Committee on Banking, Housing, and Urban Affairs of the 
                Senate, and the Committee on Financial Services of the 
                House of Representatives, an annual report and provide 
                annual testimony to the Committee on Banking, Housing, 
                and Urban Affairs of the Senate, and the Committee on 
                Financial Services of the House of Representatives on 
                the efforts of the Secretary and the Chairman with the 
                National Association of Insurance Commissioners with 
                respect to global insurance regulatory or supervisory 
                forums, including--
                          (i) a description of the insurance regulatory 
                      or supervisory standard-setting issues under 
                      discussion at international standard-setting 
                      bodies, including the Financial Stability Board 
                      and the International Association of Insurance 
                      Supervisors;

[[Page 132 STAT. 1318]]

                          (ii) a description of the effects that 
                      proposals discussed at international insurance 
                      regulatory or supervisory forums of insurance 
                      could have on consumer and insurance markets in 
                      the United States;
                          (iii) a description of any position taken by 
                      the Secretary of the Treasury, the Board of 
                      Governors of the Federal Reserve System, and the 
                      Director of the Federal Insurance Office in 
                      international insurance discussions; and
                          (iv) a description of the efforts by the 
                      Secretary of the Treasury, the Board of Governors 
                      of the Federal Reserve System, and the Director of 
                      the Federal Insurance Office to increase 
                      transparency at the Financial Stability Board with 
                      respect to insurance proposals and the 
                      International Association of Insurance 
                      Supervisors, including efforts to provide 
                      additional public access to working groups and 
                      committees of the International Association of 
                      Insurance Supervisors.
                    (B) Termination.--This paragraph shall terminate on 
                December 31, 2024.
            (2) Reports and testimony by national association of 
        insurance commissioners.--The National Association of Insurance 
        Commissioners may provide testimony to Congress on the issues 
        described in paragraph (1)(A).
            (3) Joint report by the chairman of the federal reserve and 
        the director of the federal insurance office.--
                    (A) <<NOTE: Consultation. Study.>>  In general.--The 
                Secretary of the Treasury, the Chairman of the Board of 
                Governors of the Federal Reserve System, and the 
                Director of the Federal Insurance Office shall, in 
                consultation with the National Association of Insurance 
                Commissioners, complete a study on, and submit to 
                Congress a report on the results of the study, the 
                impact on consumers and markets in the United States 
                before supporting or consenting to the adoption of any 
                final international insurance capital standard.
                    (B) Notice and comment.--
                          (i) Notice.--The Secretary of the Treasury, 
                      the Chairman of the Board of Governors of the 
                      Federal Reserve System, and the Director of the 
                      Federal Insurance Office shall provide public 
                      notice before the date on which drafting a report 
                      required under subparagraph (A) is commenced and 
                      after the date on which the draft of the report is 
                      completed.
                          (ii) <<NOTE: Time period.>>  Opportunity for 
                      comment.--There shall be an opportunity for public 
                      comment for a period beginning on the date on 
                      which the report is submitted under subparagraph 
                      (A) and ending on the date that is 60 days after 
                      the date on which the report is submitted.
                    (C) Review by comptroller general.--The Secretary of 
                the Treasury, Chairman of the Board of Governors of the 
                Federal Reserve System, and the Director of the Federal 
                Insurance Office shall submit to the Comptroller General 
                of the United States the report described in 
                subparagraph (A) for review.

[[Page 132 STAT. 1319]]

            (4) Report on increase in transparency.--Not later than 180 
        days after the date of enactment of this Act, the Chairman of 
        the Board of Governors of the Federal Reserve System and the 
        Secretary of the Treasury, or their designees, shall submit to 
        Congress a report and provide testimony to Congress on the 
        efforts of the Chairman and the Secretary to increase 
        transparency at meetings of the International Association of 
        Insurance Supervisors.
SEC. 212. BUDGET TRANSPARENCY FOR THE NCUA.

    Section 209(b) of the Federal Credit Union Act (12 U.S.C. 1789(b)) 
is amended--
            (1) by redesignating paragraphs (1) and (2) as paragraphs 
        (2) and (3), respectively;
            (2) by inserting before paragraph (2), as so redesignated, 
        the following:
            ``(1) on an annual basis and prior to the submission of the 
        detailed business-type budget required under paragraph (2)--
                    ``(A) <<NOTE: Public information. Federal Register, 
                publication.>>  make publicly available and publish in 
                the Federal Register a draft of the detailed business-
                type budget; and
                    ``(B) hold a public hearing, with public notice 
                provided of the hearing, during which the public may 
                submit comments on the draft of the detailed business-
                type budget;''; and
            (3) in paragraph (2), as so redesignated--
                    (A) by inserting ``detailed'' after ``submit a''; 
                and
                    (B) by inserting ``, which shall address any comment 
                submitted by the public under paragraph (1)(B)'' after 
                ``Control Act''.
SEC. 213. <<NOTE: 12 USC 1829c.>>  MAKING ONLINE BANKING 
                        INITIATION LEGAL AND EASY.

    (a) Definitions.--In this section:
            (1) Affiliate.--The term ``affiliate'' has the meaning given 
        the term in section 2 of the Bank Holding Company Act of 1956 
        (12 U.S.C. 1841).
            (2) Driver's license.--The term ``driver's license'' means a 
        license issued by a State to an individual that authorizes the 
        individual to operate a motor vehicle on public streets, roads, 
        or highways.
            (3) Federal bank secrecy laws.--The term ``Federal bank 
        secrecy laws'' means--
                    (A) section 21 of the Federal Deposit Insurance Act 
                (12 U.S.C. 1829b);
                    (B) section 123 of Public Law 91-508 (12 U.S.C. 
                1953); and
                    (C) subchapter II of chapter 53 of title 31, United 
                States Code.
            (4) Financial institution.--The term ``financial 
        institution'' means--
                    (A) an insured depository institution;
                    (B) an insured credit union; or
                    (C) any affiliate of an insured depository 
                institution or insured credit union.
            (5) Financial product or service.--The term ``financial 
        product or service'' has the meaning given the term in section 
        1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 
        5481).

[[Page 132 STAT. 1320]]

            (6) Insured credit union.--The term ``insured credit union'' 
        has the meaning given the term in section 101 of the Federal 
        Credit Union Act (12 U.S.C. 1752).
            (7) Insured depository institution.--The term ``insured 
        depository institution'' has the meaning given the term in 
        section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
            (8) Online service.--The term ``online service'' means any 
        Internet-based service, such as a website or mobile application.
            (9) Personal identification card.--The term ``personal 
        identification card'' means an identification document issued by 
        a State or local government to an individual solely for the 
        purpose of identification of that individual.
            (10) Personal information.--The term ``personal 
        information'' means the information displayed on or 
        electronically encoded on a driver's license or personal 
        identification card that is reasonably necessary to fulfill the 
        purpose and uses permitted by subsection (b).
            (11) Scan.--The term ``scan'' means the act of using a 
        device or software to decipher, in an electronically readable 
        format, personal information displayed on or electronically 
        encoded on a driver's license or personal identification card.
            (12) State.--The term ``State'' means any State of the 
        United States, the District of Columbia, the Commonwealth of 
        Puerto Rico, and any other commonwealth, possession, or 
        territory of the United States.

    (b) Use of a Driver's License or Personal Identification Card.--
            (1) In general.--When an individual initiates a request 
        through an online service to open an account with a financial 
        institution or obtain a financial product or service from a 
        financial institution, the financial institution may record 
        personal information from a scan of the driver's license or 
        personal identification card of the individual, or make a copy 
        or receive an image of the driver's license or personal 
        identification card of the individual, and store or retain such 
        information in any electronic format for the purposes described 
        in paragraph (2).
            (2) Uses of information.--Except as required to comply with 
        Federal bank secrecy laws, a financial institution may only use 
        the information obtained under paragraph (1)--
                    (A) to verify the authenticity of the driver's 
                license or personal identification card;
                    (B) to verify the identity of the individual; and
                    (C) to comply with a legal requirement to record, 
                retain, or transmit the personal information in 
                connection with opening an account or obtaining a 
                financial product or service.
            (3) Deletion of image.--A financial institution that makes a 
        copy or receives an image of a driver's license or personal 
        identification card of an individual in accordance with 
        paragraphs (1) and (2) shall, after using the image for the 
        purposes described in paragraph (2), permanently delete--
                    (A) any image of the driver's license or personal 
                identification card, as applicable; and
                    (B) any copy of any such image.
            (4) Disclosure of personal information.--Nothing in this 
        section shall be construed to amend, modify, or otherwise

[[Page 132 STAT. 1321]]

        affect any State or Federal law that governs a financial 
        institution's disclosure and security of personal information 
        that is not publicly available.

    (c) Relation to State Law.--The provisions of this section shall 
preempt and supersede any State law that conflicts with a provision of 
this section, but only to the extent of such conflict.
SEC. 214. PROMOTING CONSTRUCTION AND DEVELOPMENT ON MAIN STREET.

    The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is 
amended by adding at the end the following new section:
``SEC. 51. <<NOTE: 12 USC 1831bb.>>  CAPITAL REQUIREMENTS FOR 
                      CERTAIN ACQUISITION, DEVELOPMENT, OR 
                      CONSTRUCTION LOANS.

    ``(a) In General.--The appropriate Federal banking agencies may only 
require a depository institution to assign a heightened risk weight to a 
high volatility commercial real estate (HVCRE) exposure (as such term is 
defined under section 324.2 of title 12, Code of Federal Regulations, as 
of October 11, 2017, or if a successor regulation is in effect as of the 
date of the enactment of this section, such term or any successor term 
contained in such successor regulation) under any risk-based capital 
requirement if such exposure is an HVCRE ADC loan.
    ``(b) <<NOTE: Definition.>>  HVCRE ADC Loan Defined.--For purposes 
of this section and with respect to a depository institution, the term 
`HVCRE ADC loan'--
            ``(1) means a credit facility secured by land or improved 
        real property that, prior to being reclassified by the 
        depository institution as a non-HVCRE ADC loan pursuant to 
        subsection (d)--
                    ``(A) primarily finances, has financed, or 
                refinances the acquisition, development, or construction 
                of real property;
                    ``(B) has the purpose of providing financing to 
                acquire, develop, or improve such real property into 
                income-producing real property; and
                    ``(C) is dependent upon future income or sales 
                proceeds from, or refinancing of, such real property for 
                the repayment of such credit facility;
            ``(2) does not include a credit facility financing--
                    ``(A) the acquisition, development, or construction 
                of properties that are--
                          ``(i) one- to four-family residential 
                      properties;
                          ``(ii) real property that would qualify as an 
                      investment in community development; or
                          ``(iii) agricultural land;
                    ``(B) the acquisition or refinance of existing 
                income-producing real property secured by a mortgage on 
                such property, if the cash flow being generated by the 
                real property is sufficient to support the debt service 
                and expenses of the real property, in accordance with 
                the institution's applicable loan underwriting criteria 
                for permanent financings;
                    ``(C) improvements to existing income-producing 
                improved real property secured by a mortgage on such 
                property, if the cash flow being generated by the real 
                property is sufficient to support the debt service and 
                expenses of the real property, in accordance with the

[[Page 132 STAT. 1322]]

                institution's applicable loan underwriting criteria for 
                permanent financings; or
                    ``(D) commercial real property projects in which--
                          ``(i) the loan-to-value ratio is less than or 
                      equal to the applicable maximum supervisory loan-
                      to-value ratio as determined by the appropriate 
                      Federal banking agency;
                          ``(ii) the borrower has contributed capital of 
                      at least 15 percent of the real property's 
                      appraised, `as completed' value to the project in 
                      the form of--
                                    ``(I) cash;
                                    ``(II) unencumbered readily 
                                marketable assets;
                                    ``(III) paid development expenses 
                                out-of-pocket; or
                                    ``(IV) contributed real property or 
                                improvements; and
                          ``(iii) the borrower contributed the minimum 
                      amount of capital described under clause (ii) 
                      before the depository institution advances funds 
                      (other than the advance of a nominal sum made in 
                      order to secure the depository institution's lien 
                      against the real property) under the credit 
                      facility, and such minimum amount of capital 
                      contributed by the borrower is contractually 
                      required to remain in the project until the credit 
                      facility has been reclassified by the depository 
                      institution as a non-HVCRE ADC loan under 
                      subsection (d);
            ``(3) does not include any loan made prior to January 1, 
        2015; and
            ``(4) does not include a credit facility reclassified as a 
        non-HVCRE ADC loan under subsection (d).

    ``(c) Value of Contributed Real Property.--For purposes of this 
section, the value of any real property contributed by a borrower as a 
capital contribution shall be the appraised value of the property as 
determined under standards prescribed pursuant to section 1110 of the 
Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 
U.S.C. 3339), in connection with the extension of the credit facility or 
loan to such borrower.
    ``(d) Reclassification as a Non-HVRCE ADC Loan.--For purposes of 
this section and with respect to a credit facility and a depository 
institution, upon--
            ``(1) the substantial completion of the development or 
        construction of the real property being financed by the credit 
        facility; and
            ``(2) cash flow being generated by the real property being 
        sufficient to support the debt service and expenses of the real 
        property,

in accordance with the institution's applicable loan underwriting 
criteria for permanent financings, the credit facility may be 
reclassified by the depository institution as a Non-HVCRE ADC loan.
    ``(e) Existing Authorities.--Nothing in this section shall limit the 
supervisory, regulatory, or enforcement authority of an appropriate 
Federal banking agency to further the safe and sound operation of an 
institution under the supervision of the appropriate Federal banking 
agency.''.

[[Page 132 STAT. 1323]]

SEC. 215. <<NOTE: 42 USC 405b.>>  REDUCING IDENTITY FRAUD.

    (a) Purpose.--The purpose of this section is to reduce the 
prevalence of synthetic identity fraud, which disproportionally affects 
vulnerable populations, such as minors and recent immigrants, by 
facilitating the validation by permitted entities of fraud protection 
data, pursuant to electronically received consumer consent, through use 
of a database maintained by the Commissioner.
    (b) Definitions.--In this section:
            (1) Commissioner.--The term ``Commissioner'' means the 
        Commissioner of the Social Security Administration.
            (2) Financial institution.--The term ``financial 
        institution'' has the meaning given the term in section 509 of 
        the Gramm-Leach-Bliley Act (15 U.S.C. 6809).
            (3) Fraud protection data.--The term ``fraud protection 
        data'' means a combination of the following information with 
        respect to an individual:
                    (A) The name of the individual (including the first 
                name and any family forename or surname of the 
                individual).
                    (B) The social security number of the individual.
                    (C) The date of birth (including the month, day, and 
                year) of the individual.
            (4) Permitted entity.--The term ``permitted entity'' means a 
        financial institution or a service provider, subsidiary, 
        affiliate, agent, subcontractor, or assignee of a financial 
        institution.

    (c) Efficiency.--
            (1) Reliance on existing methods.--The Commissioner shall 
        evaluate the feasibility of making modifications to any database 
        that is in existence as of the date of enactment of this Act or 
        a similar resource such that the database or resource--
                    (A) is reasonably designed to effectuate the purpose 
                of this section; and
                    (B) meets the requirements of subsection (d).
            (2) Execution.--The Commissioner shall make the 
        modifications necessary to any database that is in existence as 
        of the date of enactment of this Act or similar resource, or 
        develop a database or similar resource, to effectuate the 
        requirements described in paragraph (1).

    (d) Protection of Vulnerable Consumers.--The database or similar 
resource described in subsection (c) shall--
            (1) compare fraud protection data provided in an inquiry by 
        a permitted entity against such information maintained by the 
        Commissioner in order to confirm (or not confirm) the validity 
        of the information provided;
            (2) be scalable and accommodate reasonably anticipated 
        volumes of verification requests from permitted entities with 
        commercially reasonable uptime and availability; and
            (3) allow permitted entities to submit--
                    (A) 1 or more individual requests electronically for 
                real-time machine-to-machine (or similar functionality) 
                accurate responses; and
                    (B) multiple requests electronically, such as those 
                provided in a batch format, for accurate electronic 
                responses within a reasonable period of time from 
                submission, not to exceed 24 hours.

[[Page 132 STAT. 1324]]

    (e) <<NOTE: Deadline.>>  Certification Required.--Before providing 
confirmation of fraud protection data to a permitted entity, the 
Commissioner shall ensure that the Commissioner has a certification from 
the permitted entity that is dated not more than 2 years before the date 
on which that confirmation is provided that includes the following 
declarations:
            (1) The entity is a permitted entity.
            (2) The entity is in compliance with this section.
            (3) The entity is, and will remain, in compliance with its 
        privacy and data security requirements, as described in title V 
        of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.), with 
        respect to information the entity receives from the Commissioner 
        pursuant to this section.
            (4) <<NOTE: Time period.>>  The entity will retain 
        sufficient records to demonstrate its compliance with its 
        certification and this section for a period of not less than 2 
        years.

    (f) Consumer Consent.--
            (1) In general.--Notwithstanding any other provision of law 
        or regulation, a permitted entity may submit a request to the 
        database or similar resource described in subsection (c) only--
                    (A) pursuant to the written, including electronic, 
                consent received by a permitted entity from the 
                individual who is the subject of the request; and
                    (B) in connection with a credit transaction or any 
                circumstance described in section 604 of the Fair Credit 
                Reporting Act (15 U.S.C. 1681b).
            (2) Electronic consent requirements.--For a permitted entity 
        to use the consent of an individual received electronically 
        pursuant to paragraph (1)(A), the permitted entity must obtain 
        the individual's electronic signature, as defined in section 106 
        of the Electronic Signatures in Global and National Commerce Act 
        (15 U.S.C. 7006).
            (3) Effectuating electronic consent.--No provision of law or 
        requirement, including section 552a of title 5, United States 
        Code, shall prevent the use of electronic consent for purposes 
        of this subsection or for use in any other consent based 
        verification under the discretion of the Commissioner.

    (g) Compliance and Enforcement.--
            (1) Audits and monitoring.--The Commissioner may--
                    (A) conduct audits and monitoring to--
                          (i) ensure proper use by permitted entities of 
                      the database or similar resource described in 
                      subsection (c); and
                          (ii) deter fraud and misuse by permitted 
                      entities with respect to the database or similar 
                      resource described in subsection (c); and
                    (B) terminate services for any permitted entity that 
                prevents or refuses to allow the Commissioner to carry 
                out the activities described in subparagraph (A).
            (2) Enforcement.--
                    (A) In general.--Notwithstanding any other provision 
                of law, including the matter preceding paragraph (1) of 
                section 505(a) of the Gramm-Leach-Bliley Act (15 U.S.C. 
                6805(a)), any violation of this section and any 
                certification made under this section shall be enforced 
                in accordance

[[Page 132 STAT. 1325]]

                with paragraphs (1) through (7) of such section 505(a) 
                by the agencies described in those paragraphs.
                    (B) Relevant information.--Upon discovery by the 
                Commissioner, pursuant to an audit described in 
                paragraph (1), of any violation of this section or any 
                certification made under this section, the Commissioner 
                shall forward any relevant information pertaining to 
                that violation to the appropriate agency described in 
                subparagraph (A) for evaluation by the agency for 
                purposes of enforcing this section.

    (h) Recovery of Costs.--
            (1) In general.--
                    (A) In general.--Amounts obligated to carry out this 
                section shall be fully recovered from the users of the 
                database or verification system by way of advances, 
                reimbursements, user fees, or other recoveries as 
                determined by the Commissioner. The funds recovered 
                under this paragraph shall be deposited as an offsetting 
                collection to the account providing appropriations for 
                the Social Security Administration, to be used for the 
                administration of this section without fiscal year 
                limitation.
                    (B) Prices fixed by commissioner.--The Commissioner 
                shall establish the amount to be paid by the users under 
                this paragraph, including the costs of any services or 
                work performed, such as any appropriate upgrades, 
                maintenance, and associated direct and indirect 
                administrative costs, in support of carrying out the 
                purposes described in this section, by reimbursement or 
                in advance as determined by the Commissioner. The amount 
                of such prices shall be periodically adjusted by the 
                Commissioner to ensure that amounts collected are 
                sufficient to fully offset the cost of the 
                administration of this section.
            (2) Initial development.--The Commissioner shall not begin 
        development of a verification system to carry out this section 
        until the Commissioner determines that amounts equal to at least 
        50 percent of program start-up costs have been collected under 
        paragraph (1).
            (3) Existing resources.--The Commissioner may use funds 
        designated for information technology modernization to carry out 
        this section.
            (4) Annual report.--The Commissioner shall annually submit 
        to the Committee on Ways and Means of the House of 
        Representatives and the Committee on Finance of the Senate a 
        report on the amount of indirect costs to the Social Security 
        Administration arising as a result of the implementation of this 
        section.
SEC. 216. <<NOTE: Deadline.>>  TREASURY REPORT ON RISKS OF CYBER 
                        THREATS.

    Not later than 1 year after the date of enactment of this Act, the 
Secretary of the Treasury shall submit to the Committee on Banking, 
Housing, and Urban Affairs of the Senate and the Committee on Financial 
Services of the House of Representatives a report on the risks of cyber 
threats to financial institutions and capital markets in the United 
States, including--
            (1) <<NOTE: Assessment.>>  an assessment of the material 
        risks of cyber threats to financial institutions and capital 
        markets in the United States;

[[Page 132 STAT. 1326]]

            (2) the impact and potential effects of material cyber 
        attacks on financial institutions and capital markets in the 
        United States;
            (3) <<NOTE: Analysis.>>  an analysis of how the appropriate 
        Federal banking agencies and the Securities and Exchange 
        Commission are addressing the material risks of cyber threats 
        described in paragraph (1), including--
                    (A) how the appropriate Federal banking agencies and 
                the Securities and Exchange Commission are assessing 
                those threats;
                    (B) how the appropriate Federal banking agencies and 
                the Securities and Exchange Commission are assessing the 
                cyber vulnerabilities and preparedness of financial 
                institutions;
                    (C) <<NOTE: Coordination.>>  coordination amongst 
                the appropriate Federal banking agencies and the 
                Securities and Exchange Commission, and their 
                coordination with other government agencies (including 
                with respect to regulations, examinations, lexicon, 
                duplication, and other regulatory tools); and
                    (D) areas for improvement; and
            (4) <<NOTE: Recommenda- tions.>>  a recommendation of 
        whether any appropriate Federal banking agency or the Securities 
        and Exchange Commission needs additional legal authorities or 
        resources to adequately assess and address the material risks of 
        cyber threats described in paragraph (1), given the analysis 
        required by paragraph (3).
SEC. 217. DISCRETIONARY SURPLUS FUNDS.

    Section 7(a)(3)(A) of the Federal Reserve Act (12 U.S.C. 
289(a)(3)(A)) is amended by striking ``$7,500,000,000'' and inserting 
``$6,825,000,000''.

     TITLE III--PROTECTIONS FOR VETERANS, CONSUMERS, AND HOMEOWNERS

SEC. 301. PROTECTING CONSUMERS' CREDIT.

    (a) In General.--Section 605A of the Fair Credit Reporting Act (15 
U.S.C. 1681c-1) is amended--
            (1) in subsection (a)(1)(A), by striking ``90 days'' and 
        inserting ``1 year''; and
            (2) by adding at the end the following:

    ``(i) National Security Freeze.--
            ``(1) Definitions.--For purposes of this subsection:
                    ``(A) The term `consumer reporting agency' means a 
                consumer reporting agency described in section 603(p).
                    ``(B) The term `proper identification' has the 
                meaning of such term as used under section 610.
                    ``(C) The term `security freeze' means a restriction 
                that prohibits a consumer reporting agency from 
                disclosing the contents of a consumer report that is 
                subject to such security freeze to any person requesting 
                the consumer report.
            ``(2) Placement of security freeze.--

[[Page 132 STAT. 1327]]

                    ``(A) <<NOTE: Deadlines.>>  In general.--Upon 
                receiving a direct request from a consumer that a 
                consumer reporting agency place a security freeze, and 
                upon receiving proper identification from the consumer, 
                the consumer reporting agency shall, free of charge, 
                place the security freeze not later than--
                          ``(i) in the case of a request that is by 
                      toll-free telephone or secure electronic means, 1 
                      business day after receiving the request directly 
                      from the consumer; or
                          ``(ii) in the case of a request that is by 
                      mail, 3 business days after receiving the request 
                      directly from the consumer.
                    ``(B) <<NOTE: Deadline.>>  Confirmation and 
                additional information.--Not later than 5 business days 
                after placing a security freeze under subparagraph (A), 
                a consumer reporting agency shall--
                          ``(i) send confirmation of the placement to 
                      the consumer; and
                          ``(ii) inform the consumer of--
                                    ``(I) the process by which the 
                                consumer may remove the security freeze, 
                                including a mechanism to authenticate 
                                the consumer; and
                                    ``(II) the consumer's right 
                                described in section 615(d)(1)(D).
                    ``(C) Notice to third parties.--A consumer reporting 
                agency may advise a third party that a security freeze 
                has been placed with respect to a consumer under 
                subparagraph (A).
            ``(3) Removal of security freeze.--
                    ``(A) In general.--A consumer reporting agency shall 
                remove a security freeze placed on the consumer report 
                of a consumer only in the following cases:
                          ``(i) Upon the direct request of the consumer.
                          ``(ii) The security freeze was placed due to a 
                      material misrepresentation of fact by the 
                      consumer.
                    ``(B) Notice if removal not by request.--If a 
                consumer reporting agency removes a security freeze 
                under subparagraph (A)(ii), the consumer reporting 
                agency shall notify the consumer in writing prior to 
                removing the security freeze.
                    ``(C) <<NOTE: Deadlines.>>  Removal of security 
                freeze by consumer request.--Except as provided in 
                subparagraph (A)(ii), a security freeze shall remain in 
                place until the consumer directly requests that the 
                security freeze be removed. Upon receiving a direct 
                request from a consumer that a consumer reporting agency 
                remove a security freeze, and upon receiving proper 
                identification from the consumer, the consumer reporting 
                agency shall, free of charge, remove the security freeze 
                not later than--
                          ``(i) in the case of a request that is by 
                      toll-free telephone or secure electronic means, 1 
                      hour after receiving the request for removal; or
                          ``(ii) in the case of a request that is by 
                      mail, 3 business days after receiving the request 
                      for removal.
                    ``(D) Third-party requests.--If a third party 
                requests access to a consumer report of a consumer with 
                respect to which a security freeze is in effect, where 
                such request

[[Page 132 STAT. 1328]]

                is in connection with an application for credit, and the 
                consumer does not allow such consumer report to be 
                accessed, the third party may treat the application as 
                incomplete.
                    ``(E) Temporary removal of security freeze.--Upon 
                receiving a direct request from a consumer under 
                subparagraph (A)(i), if the consumer requests a 
                temporary removal of a security freeze, the consumer 
                reporting agency shall, in accordance with subparagraph 
                (C), remove the security freeze for the period of time 
                specified by the consumer.
            ``(4) Exceptions.--A security freeze shall not apply to the 
        making of a consumer report for use of the following:
                    ``(A) A person or entity, or a subsidiary, 
                affiliate, or agent of that person or entity, or an 
                assignee of a financial obligation owed by the consumer 
                to that person or entity, or a prospective assignee of a 
                financial obligation owed by the consumer to that person 
                or entity in conjunction with the proposed purchase of 
                the financial obligation, with which the consumer has or 
                had prior to assignment an account or contract including 
                a demand deposit account, or to whom the consumer issued 
                a negotiable instrument, for the purposes of reviewing 
                the account or collecting the financial obligation owed 
                for the account, contract, or negotiable instrument. For 
                purposes of this subparagraph, `reviewing the account' 
                includes activities related to account maintenance, 
                monitoring, credit line increases, and account upgrades 
                and enhancements.
                    ``(B) Any Federal, State, or local agency, law 
                enforcement agency, trial court, or private collection 
                agency acting pursuant to a court order, warrant, or 
                subpoena.
                    ``(C) A child support agency acting pursuant to part 
                D of title IV of the Social Security Act (42 U.S.C. 651 
                et seq.).
                    ``(D) A Federal agency or a State or its agents or 
                assigns acting to investigate fraud or acting to 
                investigate or collect delinquent taxes or unpaid court 
                orders or to fulfill any of its other statutory 
                responsibilities, provided such responsibilities are 
                consistent with a permissible purpose under section 604.
                    ``(E) By a person using credit information for the 
                purposes described under section 604(c).
                    ``(F) Any person or entity administering a credit 
                file monitoring subscription or similar service to which 
                the consumer has subscribed.
                    ``(G) Any person or entity for the purpose of 
                providing a consumer with a copy of the consumer's 
                consumer report or credit score, upon the request of the 
                consumer.
                    ``(H) Any person using the information in connection 
                with the underwriting of insurance.
                    ``(I) Any person using the information for 
                employment, tenant, or background screening purposes.
                    ``(J) Any person using the information for 
                assessing, verifying, or authenticating a consumer's 
                identity for purposes other than the granting of credit, 
                or for investigating or preventing actual or potential 
                fraud.

[[Page 132 STAT. 1329]]

            ``(5) Notice of rights.--At any time a consumer is required 
        to receive a summary of rights required under section 609, the 
        following notice shall be included:

        `` `Consumers Have the Right To Obtain a Security Freeze

    `` `You have a right to place a ``security freeze'' on your credit 
report, which will prohibit a consumer reporting agency from releasing 
information in your credit report without your express authorization. 
The security freeze is designed to prevent credit, loans, and services 
from being approved in your name without your consent. However, you 
should be aware that using a security freeze to take control over who 
gets access to the personal and financial information in your credit 
report may delay, interfere with, or prohibit the timely approval of any 
subsequent request or application you make regarding a new loan, credit, 
mortgage, or any other account involving the extension of credit.
    `` `As an alternative to a security freeze, you have the right to 
place an initial or extended fraud alert on your credit file at no cost. 
An initial fraud alert is a 1-year alert that is placed on a consumer's 
credit file. Upon seeing a fraud alert display on a consumer's credit 
file, a business is required to take steps to verify the consumer's 
identity before extending new credit. If you are a victim of identity 
theft, you are entitled to an extended fraud alert, which is a fraud 
alert lasting 7 years.
    `` `A security freeze does not apply to a person or entity, or its 
affiliates, or collection agencies acting on behalf of the person or 
entity, with which you have an existing account that requests 
information in your credit report for the purposes of reviewing or 
collecting the account. Reviewing the account includes activities 
related to account maintenance, monitoring, credit line increases, and 
account upgrades and enhancements.'.
            ``(6) Webpage.--
                    ``(A) Consumer reporting agencies.--A consumer 
                reporting agency shall establish a webpage that--
                          ``(i) allows a consumer to request a security 
                      freeze;
                          ``(ii) allows a consumer to request an initial 
                      fraud alert;
                          ``(iii) allows a consumer to request an 
                      extended fraud alert;
                          ``(iv) allows a consumer to request an active 
                      duty fraud alert;
                          ``(v) allows a consumer to opt-out of the use 
                      of information in a consumer report to send the 
                      consumer a solicitation of credit or insurance, in 
                      accordance with section 615(d); and
                          ``(vi) shall not be the only mechanism by 
                      which a consumer may request a security freeze.
                    ``(B) FTC.--The Federal Trade Commission shall 
                establish a single webpage that includes a link to each 
                webpage established under subparagraph (A) within the 
                Federal Trade Commission's website 
                www.Identitytheft.gov, or a successor website.

    ``(j) National Protection for Files and Credit Records of Protected 
Consumers.--
            ``(1) Definitions.--As used in this subsection:

[[Page 132 STAT. 1330]]

                    ``(A) The term `consumer reporting agency' means a 
                consumer reporting agency described in section 603(p).
                    ``(B) The term `protected consumer' means an 
                individual who is--
                          ``(i) under the age of 16 years at the time a 
                      request for the placement of a security freeze is 
                      made; or
                          ``(ii) an incapacitated person or a protected 
                      person for whom a guardian or conservator has been 
                      appointed.
                    ``(C) The term `protected consumer's representative' 
                means a person who provides to a consumer reporting 
                agency sufficient proof of authority to act on behalf of 
                a protected consumer.
                    ``(D) The term `record' means a compilation of 
                information that--
                          ``(i) identifies a protected consumer;
                          ``(ii) is created by a consumer reporting 
                      agency solely for the purpose of complying with 
                      this subsection; and
                          ``(iii) may not be created or used to consider 
                      the protected consumer's credit worthiness, credit 
                      standing, credit capacity, character, general 
                      reputation, personal characteristics, or mode of 
                      living.
                    ``(E) The term `security freeze' means a restriction 
                that prohibits a consumer reporting agency from 
                disclosing the contents of a consumer report that is the 
                subject of such security freeze or, in the case of a 
                protected consumer for whom the consumer reporting 
                agency does not have a file, a record that is subject to 
                such security freeze to any person requesting the 
                consumer report for the purpose of opening a new account 
                involving the extension of credit.
                    ``(F) The term `sufficient proof of authority' means 
                documentation that shows a protected consumer's 
                representative has authority to act on behalf of a 
                protected consumer and includes--
                          ``(i) an order issued by a court of law;
                          ``(ii) a lawfully executed and valid power of 
                      attorney;
                          ``(iii) a document issued by a Federal, State, 
                      or local government agency in the United States 
                      showing proof of parentage, including a birth 
                      certificate; or
                          ``(iv) with respect to a protected consumer 
                      who has been placed in a foster care setting, a 
                      written communication from a county welfare 
                      department or its agent or designee, or a county 
                      probation department or its agent or designee, 
                      certifying that the protected consumer is in a 
                      foster care setting under its jurisdiction.
                    ``(G) The term `sufficient proof of identification' 
                means information or documentation that identifies a 
                protected consumer and a protected consumer's 
                representative and includes--
                          ``(i) a social security number or a copy of a 
                      social security card issued by the Social Security 
                      Administration;

[[Page 132 STAT. 1331]]

                          ``(ii) a certified or official copy of a birth 
                      certificate issued by the entity authorized to 
                      issue the birth certificate; or
                          ``(iii) a copy of a driver's license, an 
                      identification card issued by the motor vehicle 
                      administration, or any other government issued 
                      identification.
            ``(2) Placement of security freeze for a protected 
        consumer.--
                    ``(A) <<NOTE: Deadlines.>>  In general.--Upon 
                receiving a direct request from a protected consumer's 
                representative that a consumer reporting agency place a 
                security freeze, and upon receiving sufficient proof of 
                identification and sufficient proof of authority, the 
                consumer reporting agency shall, free of charge, place 
                the security freeze not later than--
                          ``(i) in the case of a request that is by 
                      toll-free telephone or secure electronic means, 1 
                      business day after receiving the request directly 
                      from the protected consumer's representative; or
                          ``(ii) in the case of a request that is by 
                      mail, 3 business days after receiving the request 
                      directly from the protected consumer's 
                      representative.
                    ``(B) <<NOTE: Deadline.>> Confirmation and 
                additional information.--Not later than 5 business days 
                after placing a security freeze under subparagraph (A), 
                a consumer reporting agency shall--
                          ``(i) send confirmation of the placement to 
                      the protected consumer's representative; and
                          ``(ii) inform the protected consumer's 
                      representative of the process by which the 
                      protected consumer may remove the security freeze, 
                      including a mechanism to authenticate the 
                      protected consumer's representative.
                    ``(C) Creation of file.--If a consumer reporting 
                agency does not have a file pertaining to a protected 
                consumer when the consumer reporting agency receives a 
                direct request under subparagraph (A), the consumer 
                reporting agency shall create a record for the protected 
                consumer.
            ``(3) Prohibition on release of record or file of protected 
        consumer.--After a security freeze has been placed under 
        paragraph (2)(A), and unless the security freeze is removed in 
        accordance with this subsection, a consumer reporting agency may 
        not release the protected consumer's consumer report, any 
        information derived from the protected consumer's consumer 
        report, or any record created for the protected consumer.
            ``(4) Removal of a protected consumer security freeze.--
                    ``(A) In general.--A consumer reporting agency shall 
                remove a security freeze placed on the consumer report 
                of a protected consumer only in the following cases:
                          ``(i) Upon the direct request of the protected 
                      consumer's representative.
                          ``(ii) Upon the direct request of the 
                      protected consumer, if the protected consumer is 
                      not under the age of 16 years at the time of the 
                      request.

[[Page 132 STAT. 1332]]

                          ``(iii) The security freeze was placed due to 
                      a material misrepresentation of fact by the 
                      protected consumer's representative.
                    ``(B) Notice if removal not by request.--If a 
                consumer reporting agency removes a security freeze 
                under subparagraph (A)(iii), the consumer reporting 
                agency shall notify the protected consumer's 
                representative in writing prior to removing the security 
                freeze.
                    ``(C) <<NOTE: Deadlines.>>  Removal of freeze by 
                request.--Except as provided in subparagraph (A)(iii), a 
                security freeze shall remain in place until a protected 
                consumer's representative or protected consumer 
                described in subparagraph (A)(ii) directly requests that 
                the security freeze be removed. Upon receiving a direct 
                request from the protected consumer's representative or 
                protected consumer described in subparagraph (A)(ii) 
                that a consumer reporting agency remove a security 
                freeze, and upon receiving sufficient proof of 
                identification and sufficient proof of authority, the 
                consumer reporting agency shall, free of charge, remove 
                the security freeze not later than--
                          ``(i) in the case of a request that is by 
                      toll-free telephone or secure electronic means, 1 
                      hour after receiving the request for removal; or
                          ``(ii) in the case of a request that is by 
                      mail, 3 business days after receiving the request 
                      for removal.
                    ``(D) Temporary removal of security freeze.--Upon 
                receiving a direct request from a protected consumer or 
                a protected consumer's representative under subparagraph 
                (A)(i), if the protected consumer or protected 
                consumer's representative requests a temporary removal 
                of a security freeze, the consumer reporting agency 
                shall, in accordance with subparagraph (C), remove the 
                security freeze for the period of time specified by the 
                protected consumer or protected consumer's 
                representative.''.

    (b) Conforming Amendment.--Section 625(b)(1) of the Fair Credit 
Reporting Act (15 U.S.C. 1681t(b)(1)) is amended--
            (1) in subparagraph (H), by striking ``or'' at the end; and
            (2) by adding at the end the following:
                    ``(J) subsections (i) and (j) of section 605A 
                relating to security freezes; or''.

    (c) <<NOTE: 15 USC 1681c-1 note.>>  Effective Date.--The amendments 
made by this section shall take effect on the date that is 120 days 
after the date of enactment of this Act.
SEC. 302. PROTECTING VETERANS' CREDIT.

    (a) Purposes.--The purposes of this section are--
            (1) to rectify problematic reporting of medical debt 
        included in a consumer report of a veteran due to inappropriate 
        or delayed payment for hospital care, medical services, or 
        extended care services provided in a non-Department of Veterans 
        Affairs facility under the laws administered by the Secretary of 
        Veterans Affairs; and
            (2) to clarify the process of debt collection for such 
        medical debt.

    (b) Amendments to Fair Credit Reporting Act.--

[[Page 132 STAT. 1333]]

            (1) Veteran's medical debt defined.--Section 603 of the Fair 
        Credit Reporting Act (15 U.S.C. 1681a) is amended by adding at 
        the end the following:

    ``(z) Veteran.--The term `veteran' has the meaning given the term in 
section 101 of title 38, United States Code.
    ``(aa) Veteran's Medical Debt.--The term `veteran's medical debt'--
            ``(1) means a medical collection debt of a veteran owed to a 
        non-Department of Veterans Affairs health care provider that was 
        submitted to the Department for payment for health care 
        authorized by the Department of Veterans Affairs; and
            ``(2) includes medical collection debt that the Department 
        of Veterans Affairs has wrongfully charged a veteran.''.
            (2) Exclusion for veteran's medical debt.--Section 605(a) of 
        the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) is amended by 
        adding at the end the following:
            ``(7) With respect to a consumer reporting agency described 
        in section 603(p), any information related to a veteran's 
        medical debt if the date on which the hospital care, medical 
        services, or extended care services was rendered relating to the 
        debt antedates the report by less than 1 year if the consumer 
        reporting agency has actual knowledge that the information is 
        related to a veteran's medical debt and the consumer reporting 
        agency is in compliance with its obligation under section 
        302(c)(5) of the Economic Growth, Regulatory Relief, and 
        Consumer Protection Act.
            ``(8) With respect to a consumer reporting agency described 
        in section 603(p), any information related to a fully paid or 
        settled veteran's medical debt that had been characterized as 
        delinquent, charged off, or in collection if the consumer 
        reporting agency has actual knowledge that the information is 
        related to a veteran's medical debt and the consumer reporting 
        agency is in compliance with its obligation under section 
        302(c)(5) of the Economic Growth, Regulatory Relief, and 
        Consumer Protection Act.''.
            (3) Removal of veteran's medical debt from consumer 
        report.--Section 611 of the Fair Credit Reporting Act (15 U.S.C. 
        1681i) is amended--
                    (A) in subsection (a)(1)(A), by inserting ``and 
                except as provided in subsection (g)'' after 
                ``subsection (f)''; and
                    (B) by adding at the end the following:

    ``(g) Dispute Process for Veteran's Medical Debt.--
            ``(1) In general.--With respect to a veteran's medical debt, 
        the veteran may submit a notice described in paragraph (2), 
        proof of liability of the Department of Veterans Affairs for 
        payment of that debt, or documentation that the Department of 
        Veterans Affairs is in the process of making payment for 
        authorized hospital care, medical services, or extended care 
        services rendered to a consumer reporting agency or a reseller 
        to dispute the inclusion of that debt on a consumer report of 
        the veteran.
            ``(2) Notification to veteran.--The Department of Veterans 
        Affairs shall submit to a veteran a notice that the Department 
        of Veterans Affairs has assumed liability for part or all of a 
        veteran's medical debt.

[[Page 132 STAT. 1334]]

            ``(3) Deletion of information from file.--If a consumer 
        reporting agency receives notice, proof of liability, or 
        documentation under paragraph (1), the consumer reporting agency 
        shall delete all information relating to the veteran's medical 
        debt from the file of the veteran and notify the furnisher and 
        the veteran of that deletion.''.

    (c) <<NOTE: 15 USC 1681c note.>>  Verification of Veteran's Medical 
Debt.--
            (1) Definitions.--For purposes of this subsection--
                    (A) the term ``consumer reporting agency'' means a 
                consumer reporting agency described in section 603(p) of 
                the Fair Credit Reporting Act (15 U.S.C. 1681a(p)); and
                    (B) the terms ``veteran'' and ``veteran's medical 
                debt'' have the meanings given those terms in section 
                603 of the Fair Credit Reporting Act (15 U.S.C. 1681a), 
                as added by subsection (b)(1).
            (2) <<NOTE: Deadline.>>  Establishment.--Not later than 1 
        year after the date of enactment of this Act, the Secretary of 
        Veterans Affairs shall establish a database to allow consumer 
        reporting agencies to verify whether a debt furnished to a 
        consumer reporting agency is a veteran's medical debt.
            (3) Database features.--The Secretary of Veterans Affairs 
        shall ensure that the database established under paragraph (2), 
        to the extent permitted by law, provides consumer reporting 
        agencies with--
                    (A) sufficiently detailed and specific information 
                to verify whether a debt being furnished to the consumer 
                reporting agency is a veteran's medical debt;
                    (B) access to verification information in a secure 
                electronic format;
                    (C) timely access to verification information; and
                    (D) any other features that would promote the 
                efficient, timely, and secure delivery of information 
                that consumer reporting agencies could use to verify 
                whether a debt is a veteran's medical debt.
            (4) <<NOTE: Federal Register, publication. Notice.>>  
        Stakeholder input.--Prior to establishing the database for 
        verification under paragraph (2), the Secretary of Veterans 
        Affairs shall publish in the Federal Register a notice and 
        request for comment that solicits input from consumer reporting 
        agencies and other stakeholders.
            (5) Verification.--Provided the database established under 
        paragraph (2) is fully functional and the data available to 
        consumer reporting agencies, a consumer reporting agency shall 
        use the database as a means to identify a veteran's medical debt 
        pursuant to paragraphs (7) and (8) of section 605(a) of the Fair 
        Credit Reporting Act (15 U.S.C. 1681c(a)), as added by 
        subsection (b)(2).

    (d) Credit Monitoring.--
            (1) In general.--Section 605A of the Fair Credit Reporting 
        Act (15 U.S.C. 1681c-1), as amended by section 301(a), is 
        amended by adding at the end the following:

    ``(k) Credit Monitoring.--
            ``(1) Definitions.--In this subsection:
                    ``(A) The term `active duty military consumer' 
                includes a member of the National Guard.
                    ``(B) The term `National Guard' has the meaning 
                given the term in section 101(c) of title 10, United 
                States Code.

[[Page 132 STAT. 1335]]

            ``(2) <<NOTE: Notification.>>  Credit monitoring.--A 
        consumer reporting agency described in section 603(p) shall 
        provide a free electronic credit monitoring service that, at a 
        minimum, notifies a consumer of material additions or 
        modifications to the file of the consumer at the consumer 
        reporting agency to any consumer who provides to the consumer 
        reporting agency--
                    ``(A) appropriate proof that the consumer is an 
                active duty military consumer; and
                    ``(B) contact information of the consumer.
            ``(3) <<NOTE: Deadline.>>  Rulemaking.--Not later than 1 
        year after the date of enactment of this subsection, the Federal 
        Trade Commission shall promulgate regulations regarding the 
        requirements of this subsection, which shall at a minimum 
        include--
                    ``(A) a definition of an electronic credit 
                monitoring service and material additions or 
                modifications to the file of a consumer; and
                    ``(B) what constitutes appropriate proof.
            ``(4) Applicability.--
                    ``(A) Sections 616 and 617 shall not apply to any 
                violation of this subsection.
                    ``(B) This subsection shall be enforced exclusively 
                under section 621 by the Federal agencies and Federal 
                and State officials identified in that section.''.
            (2) Conforming amendment.--Section 625(b)(1) of the Fair 
        Credit Reporting Act (15 U.S.C. 1681t(b)(1)), as amended by 
        section 301(b), is amended by adding at the end the following:
                    ``(K) subsection (k) of section 605A, relating to 
                credit monitoring for active duty military consumers, as 
                defined in that subsection;''.

    (e) <<NOTE: 15 USC 1681a note.>>  Effective Date.--The amendments 
made by this section shall take effect on the date that is 1 year after 
the date of enactment of this Act.
SEC. 303. <<NOTE: 12 USC 3423.>>  IMMUNITY FROM SUIT FOR 
                        DISCLOSURE OF FINANCIAL EXPLOITATION OF 
                        SENIOR CITIZENS.

    (a) Immunity.--
            (1) Definitions.--In this section--
                    (A) the term ``Bank Secrecy Act officer'' means an 
                individual responsible for ensuring compliance with the 
                requirements mandated by subchapter II of chapter 53 of 
                title 31, United States Code (commonly known as the 
                ``Bank Secrecy Act'');
                    (B) the term ``broker-dealer'' means a broker and a 
                dealer, as those terms are defined in section 3(a) of 
                the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));
                    (C) the term ``covered agency'' means--
                          (i) a State financial regulatory agency, 
                      including a State securities or law enforcement 
                      authority and a State insurance regulator;
                          (ii) each of the Federal agencies represented 
                      in the membership of the Financial Institutions 
                      Examination Council established under section 1004 
                      of the Federal Financial Institutions Examination 
                      Council Act of 1978 (12 U.S.C. 3303);
                          (iii) a securities association registered 
                      under section 15A of the Securities Exchange Act 
                      of 1934 (15 U.S.C. 78o-3);

[[Page 132 STAT. 1336]]

                          (iv) the Securities and Exchange Commission;
                          (v) a law enforcement agency; or
                          (vi) a State or local agency responsible for 
                      administering adult protective service laws;
                    (D) the term ``covered financial institution'' 
                means--
                          (i) a credit union;
                          (ii) a depository institution;
                          (iii) an investment adviser;
                          (iv) a broker-dealer;
                          (v) an insurance company;
                          (vi) an insurance agency; or
                          (vii) a transfer agent;
                    (E) the term ``credit union'' has the meaning given 
                the term in section 2 of the Dodd-Frank Wall Street 
                Reform and Consumer Protection Act (12 U.S.C. 5301);
                    (F) the term ``depository institution'' has the 
                meaning given the term in section 3(c) of the Federal 
                Deposit Insurance Act (12 U.S.C. 1813(c));
                    (G) the term ``exploitation'' means the fraudulent 
                or otherwise illegal, unauthorized, or improper act or 
                process of an individual, including a caregiver or a 
                fiduciary, that--
                          (i) uses the resources of a senior citizen for 
                      monetary or personal benefit, profit, or gain; or
                          (ii) results in depriving a senior citizen of 
                      rightful access to or use of benefits, resources, 
                      belongings, or assets;
                    (H) the term ``insurance agency'' means any business 
                entity that sells, solicits, or negotiates insurance 
                coverage;
                    (I) the term ``insurance company'' has the meaning 
                given the term in section 2(a) of the Investment Company 
                Act of 1940 (15 U.S.C. 80a-2(a));
                    (J) the term ``insurance producer'' means an 
                individual who is required under State law to be 
                licensed in order to sell, solicit, or negotiate 
                insurance coverage;
                    (K) the term ``investment adviser'' has the meaning 
                given the term in section 202(a) of the Investment 
                Advisers Act of 1940 (15 U.S.C. 80b-2(a));
                    (L) the term ``investment adviser representative'' 
                means an individual who--
                          (i) is employed by, or associated with, an 
                      investment adviser; and
                          (ii) does not perform solely clerical or 
                      ministerial acts;
                    (M) the term ``registered representative'' means an 
                individual who represents a broker-dealer in effecting 
                or attempting to effect a purchase or sale of 
                securities;
                    (N) the term ``senior citizen'' means an individual 
                who is not younger than 65 years of age;
                    (O) the term ``State'' means each of the several 
                States, the District of Columbia, and any territory or 
                possession of the United States;
                    (P) the term ``State insurance regulator'' has the 
                meaning given the term in section 315 of the Gramm-
                Leach-Bliley Act (15 U.S.C. 6735);
                    (Q) the term ``State securities or law enforcement 
                authority'' has the meaning given the term in section

[[Page 132 STAT. 1337]]

                24(f)(4) of the Securities Exchange Act of 1934 (15 
                U.S.C. 78x(f)(4)); and
                    (R) the term ``transfer agent'' has the meaning 
                given the term in section 3(a) of the Securities 
                Exchange Act of 1934 (15 U.S.C. 78c(a)).
            (2) Immunity from suit.--
                    (A) Immunity for individuals.--An individual who has 
                received the training described in subsection (b) shall 
                not be liable, including in any civil or administrative 
                proceeding, for disclosing the suspected exploitation of 
                a senior citizen to a covered agency if the individual, 
                at the time of the disclosure--
                          (i) served as a supervisor or in a compliance 
                      or legal function (including as a Bank Secrecy Act 
                      officer) for, or, in the case of a registered 
                      representative, investment adviser representative, 
                      or insurance producer, was affiliated or 
                      associated with, a covered financial institution; 
                      and
                          (ii) made the disclosure--
                                    (I) in good faith; and
                                    (II) with reasonable care.
                    (B) Immunity for covered financial institutions.--A 
                covered financial institution shall not be liable, 
                including in any civil or administrative proceeding, for 
                a disclosure made by an individual described in 
                subparagraph (A) if--
                          (i) the individual was employed by, or, in the 
                      case of a registered representative, insurance 
                      producer, or investment adviser representative, 
                      affiliated or associated with, the covered 
                      financial institution at the time of the 
                      disclosure; and
                          (ii) before the time of the disclosure, each 
                      individual described in subsection (b)(1) received 
                      the training described in subsection (b).
                    (C) Rule of construction.--Nothing in subparagraph 
                (A) or (B) shall be construed to limit the liability of 
                an individual or a covered financial institution in a 
                civil action for any act, omission, or fraud that is not 
                a disclosure described in subparagraph (A).

    (b) Training.--
            (1) In general.--A covered financial institution or a third 
        party selected by a covered financial institution may provide 
        the training described in paragraph (2)(A) to each officer or 
        employee of, or registered representative, insurance producer, 
        or investment adviser representative affiliated or associated 
        with, the covered financial institution who--
                    (A) is described in subsection (a)(2)(A)(i);
                    (B) may come into contact with a senior citizen as a 
                regular part of the professional duties of the 
                individual; or
                    (C) may review or approve the financial documents, 
                records, or transactions of a senior citizen in 
                connection with providing financial services to a senior 
                citizen.
            (2) Content.--
                    (A) In general.--The content of the training that a 
                covered financial institution or a third party selected 
                by the covered financial institution may provide under 
                paragraph (1) shall--

[[Page 132 STAT. 1338]]

                          (i) be maintained by the covered financial 
                      institution and made available to a covered agency 
                      with examination authority over the covered 
                      financial institution, upon request, except that a 
                      covered financial institution shall not be 
                      required to maintain or make available such 
                      content with respect to any individual who is no 
                      longer employed by, or affiliated or associated 
                      with, the covered financial institution;
                          (ii) instruct any individual attending the 
                      training on how to identify and report the 
                      suspected exploitation of a senior citizen 
                      internally and, as appropriate, to government 
                      officials or law enforcement authorities, 
                      including common signs that indicate the financial 
                      exploitation of a senior citizen;
                          (iii) discuss the need to protect the privacy 
                      and respect the integrity of each individual 
                      customer of the covered financial institution; and
                          (iv) be appropriate to the job 
                      responsibilities of the individual attending the 
                      training.
                    (B) Timing.--The training under paragraph (1) shall 
                be provided--
                          (i) as soon as reasonably practicable; and
                          (ii) with respect to an individual who begins 
                      employment, or becomes affiliated or associated, 
                      with a covered financial institution after the 
                      date of enactment of this Act, not later than 1 
                      year after the date on which the individual 
                      becomes employed by, or affiliated or associated 
                      with, the covered financial institution in a 
                      position described in subparagraph (A), (B), or 
                      (C) of paragraph (1).
                    (C) Records.--A covered financial institution 
                shall--
                          (i) maintain a record of each individual who--
                                    (I) is employed by, or affiliated or 
                                associated with, the covered financial 
                                institution in a position described in 
                                subparagraph (A), (B), or (C) of 
                                paragraph (1); and
                                    (II) has completed the training 
                                under paragraph (1), regardless of 
                                whether the training was--
                                            (aa) provided by the covered 
                                        financial institution or a third 
                                        party selected by the covered 
                                        financial institution;
                                            (bb) completed before the 
                                        individual was employed by, or 
                                        affiliated or associated with, 
                                        the covered financial 
                                        institution; and
                                            (cc) completed before, on, 
                                        or after the date of enactment 
                                        of this Act; and
                          (ii) upon request, provide a record described 
                      in clause (i) to a covered agency with examination 
                      authority over the covered financial institution.

    (c) Relationship to State Law.--Nothing in this section shall be 
construed to preempt or limit any provision of State law, except only to 
the extent that subsection (a) provides a greater level of protection 
against liability to an individual described in subsection (a)(2)(A) or 
to a covered financial institution described in subsection (a)(2)(B) 
than is provided under State law.

[[Page 132 STAT. 1339]]

SEC. 304. RESTORATION OF THE PROTECTING TENANTS AT FORECLOSURE ACT 
                        OF 2009.

    (a) Repeal of Sunset Provision.--Section 704 of the Protecting 
Tenants at Foreclosure Act of 2009 (12 U.S.C. 5201 note; 12 U.S.C. 5220 
note; 42 U.S.C. 1437f note) is repealed.
    (b) <<NOTE: 12 USC 5201 note, 5220 note; 42 USC 1437f and note.>>  
Restoration.--Sections 701 through 703 of the Protecting Tenants at 
Foreclosure Act of 2009, the provisions of law amended by such sections, 
and any regulations promulgated pursuant to such sections, as were in 
effect on December 30, 2014, are restored and revived.

    (c) <<NOTE: 42 USC 1437f note.>>  Effective Date.--Subsections (a) 
and (b) shall take effect on the date that is 30 days after the date of 
enactment of this Act.
SEC. 305. REMEDIATING LEAD AND ASBESTOS HAZARDS.

    Section 109(a)(1) of the Emergency Economic Stabilization Act of 
2008 (12 U.S.C. 5219(a)(1)) is amended, in the second sentence, by 
inserting ``and to remediate lead and asbestos hazards in residential 
properties'' before the period at the end.
SEC. 306. FAMILY SELF-SUFFICIENCY PROGRAM.

    (a) In General.--Section 23 of the United States Housing Act of 1937 
(42 U.S.C. 1437u) is amended--
            (1) in subsection (a)--
                    (A) by striking ``public housing and''; and
                    (B) by striking ``the certificate and voucher 
                programs under section 8'' and inserting ``sections 8 
                and 9'';
            (2) by amending subsection (b) to read as follows:

    ``(b) Continuation of Prior Required Programs.--
            ``(1) In general.--Each public housing agency that was 
        required to administer a local Family Self-Sufficiency program 
        on the date of enactment of the Economic Growth, Regulatory 
        Relief, and Consumer Protection Act shall operate such local 
        program for, at a minimum, the number of families the agency was 
        required to serve on the date of enactment of such Act, subject 
        only to the availability under appropriations Acts of sufficient 
        amounts for housing assistance and the requirements of paragraph 
        (2).
            ``(2) Reduction.--The number of families for which a public 
        housing agency is required to operate such local program under 
        paragraph (1) shall be decreased by 1 for each family from any 
        supported rental housing program administered by such agency 
        that, after October 21, 1998, fulfills its obligations under the 
        contract of participation.
            ``(3) Exception.--The Secretary shall not require a public 
        housing agency to carry out a mandatory program for a period of 
        time upon the request of the public housing agency and upon a 
        determination by the Secretary that implementation is not 
        feasible because of local circumstances, which may include--
                    ``(A) lack of supportive services accessible to 
                eligible families, which shall include insufficient 
                availability of resources for programs under title I of 
                the Workforce Investment Act of 1998 (29 U.S.C. 2801 et 
                seq.);
                    ``(B) lack of funding for reasonable administrative 
                costs;
                    ``(C) lack of cooperation by other units of State or 
                local government; or

[[Page 132 STAT. 1340]]

                    ``(D) any other circumstances that the Secretary may 
                consider appropriate.'';
            (3) by striking subsection (i);
            (4) by redesignating subsections (c), (d), (e), (f), (g), 
        and (h) as subsections (d), (e), (f), (g), (h), and (i) 
        respectively;
            (5) by inserting after subsection (b), as amended, the 
        following:

    ``(c) Eligibility.--
            ``(1) Eligible families.--A family is eligible to 
        participate in a local Family Self-Sufficiency program under 
        this section if--
                    ``(A) at least 1 household member seeks to become 
                and remain employed in suitable employment or to 
                increase earnings; and
                    ``(B) the household member receives direct 
                assistance under section 8 or resides in a unit assisted 
                under section 8 or 9.
            ``(2) Eligible entities.--The following entities are 
        eligible to administer a local Family Self-Sufficiency program 
        under this section:
                    ``(A) A public housing agency administering housing 
                assistance to or on behalf of an eligible family under 
                section 8 or 9.
                    ``(B) The owner or sponsor of a multifamily property 
                receiving project-based rental assistance under section 
                8, in accordance with the requirements under subsection 
                (l).'';
            (6) in subsection (d), as so redesignated--
                    (A) in paragraph (1)--
                          (i) by striking ``public housing agency'' the 
                      first time it appears and inserting ``eligible 
                      entity'';
                          (ii) in the first sentence, by striking ``each 
                      leaseholder receiving assistance under the 
                      certificate and voucher programs of the public 
                      housing agency under section 8 or residing in 
                      public housing administered by the agency'' and 
                      inserting ``a household member of an eligible 
                      family''; and
                          (iii) by striking the third sentence and 
                      inserting the following: ``Housing assistance may 
                      not be terminated as a consequence of either 
                      successful completion of the contract of 
                      participation or failure to complete such 
                      contract. A contract of participation shall remain 
                      in effect until the participating family exits the 
                      Family Self-Sufficiency program upon successful 
                      graduation or expiration of the contract of 
                      participation, or for other good cause.'';
                    (B) in paragraph (2)--
                          (i) in the matter preceding subparagraph (A)--
                                    (I) in the first sentence--
                                            (aa) by striking ``A local 
                                        program under this section'' and 
                                        inserting ``An eligible 
                                        entity'';
                                            (bb) by striking ``provide'' 
                                        and inserting ``coordinate''; 
                                        and
                                            (cc) by striking ``to'' and 
                                        inserting ``for''; and
                                    (II) in the second sentence--
                                            (aa) by striking ``provided 
                                        during'' and inserting 
                                        ``coordinated for'';

[[Page 132 STAT. 1341]]

                                            (bb) by striking ``under 
                                        section 8 or residing in public 
                                        housing'' and inserting 
                                        ``pursuant to section 8 or 9 and 
                                        for the duration of the contract 
                                        of participation''; and
                                            (cc) by inserting ``, but 
                                        are not limited to'' after ``may 
                                        include'';
                          (ii) in subparagraph (D), by inserting ``or 
                      attainment of a high school equivalency 
                      certificate'' after ``high school'';
                          (iii) by striking subparagraph (G);
                          (iv) by redesignating subparagraphs (E), (F), 
                      and (J) as subparagraphs (F), (G), and (K) 
                      respectively;
                          (v) by inserting after subparagraph (D) the 
                      following:
                    ``(E) education in pursuit of a post-secondary 
                degree or certification;'';
                          (vi) in subparagraph (H), by inserting 
                      ``financial literacy, such as training in 
                      financial management, financial coaching, and 
                      asset building, and'' after ``training in'';
                          (vii) in subparagraph (I), by striking ``and'' 
                      at the end; and
                          (viii) by inserting after subparagraph (I) the 
                      following:
                    ``(J) homeownership education and assistance; and''; 
                and
                    (C) in paragraph (3)--
                          (i) in the first sentence, by inserting ``the 
                      first recertification of income after'' after 
                      ``not later than 5 years after''; and
                          (ii) in the second sentence--
                                    (I) by striking ``public housing 
                                agency'' and inserting ``eligible 
                                entity''; and
                                    (II) by striking ``of the agency'';
                    (D) by amending paragraph (4) to read as follows:
            ``(4) Employment.--The contract of participation shall 
        require 1 household member of the participating family to seek 
        and maintain suitable employment.''; and
                    (E) by adding at the end the following:
            ``(5) Nonparticipation.--Assistance under section 8 or 9 for 
        a family that elects not to participate in a Family Self-
        Sufficiency program shall not be delayed by reason of such 
        election.'';
            (7) in subsection (e), as so redesignated--
                    (A) in paragraph (1), by striking ``whose monthly 
                adjusted income does not exceed 50 percent'' and all 
                that follows through the period at the end of the third 
                sentence and inserting ``shall be calculated under the 
                rental provisions of section 3 or section 8(o), as 
                applicable.'';
                    (B) in paragraph (2)--
                          (i) by striking the first sentence and 
                      inserting the following: ``For each participating 
                      family, an amount equal to any increase in the 
                      amount of rent paid by the family in accordance 
                      with the provisions of section 3 or 8(o), as 
                      applicable, that is attributable to increases in 
                      earned income by the participating family, shall

[[Page 132 STAT. 1342]]

                      be placed in an interest-bearing escrow account 
                      established by the eligible entity on behalf of 
                      the participating family. Notwithstanding any 
                      other provision of law, an eligible entity may use 
                      funds it controls under section 8 or 9 for 
                      purposes of making the escrow deposit for 
                      participating families assisted under, or residing 
                      in units assisted under, section 8 or 9, 
                      respectively, provided such funds are offset by 
                      the increase in the amount of rent paid by the 
                      participating family.'';
                          (ii) by striking the second sentence and 
                      inserting the following: ``All Family Self-
                      Sufficiency programs administered under this 
                      section shall include an escrow account.'';
                          (iii) in the fourth sentence, by striking 
                      ``subsection (c)'' and inserting ``subsection 
                      (d)''; and
                          (iv) in the last sentence--
                                    (I) by striking ``A public housing 
                                agency'' and inserting ``An eligible 
                                entity''; and
                                    (II) by striking ``the public 
                                housing agency'' and inserting ``such 
                                eligible entity''; and
                    (C) by amending paragraph (3) to read as follows:
            ``(3) Forfeited escrow.--Any amount placed in an escrow 
        account established by an eligible entity for a participating 
        family as required under paragraph (2), that exists after the 
        end of a contract of participation by a household member of a 
        participating family that does not qualify to receive the 
        escrow, shall be used by the eligible entity for the benefit of 
        participating families in good standing.'';
            (8) in subsection (f), as so redesignated, by striking ``, 
        unless the income of the family equals or exceeds 80 percent of 
        the median income of the area (as determined by the Secretary 
        with adjustments for smaller and larger families)'';
            (9) in subsection (g), as so redesignated--
                    (A) in paragraph (1)--
                          (i) by striking ``public housing agency'' and 
                      inserting ``eligible entity'';
                          (ii) by striking ``the public housing agency'' 
                      and inserting ``such eligible entity''; and
                          (iii) by striking ``subsection (g)'' and 
                      inserting ``subsection (h)''; and
                    (B) in paragraph (2)--
                          (i) by striking ``public housing agency'' and 
                      inserting ``eligible entity'' each place that term 
                      appears;
                          (ii) by striking ``or the Job Opportunities 
                      and Basic Skills Training Program under part F of 
                      title IV of the Social Security Act'';
                          (iii) by inserting ``primary, secondary, and 
                      post-secondary'' after ``public and private''; and
                          (iv) in the second sentence, by inserting 
                      ``and tenants served by the program'' after ``the 
                      unit of general local government'';
            (10) in subsection (h), as so redesignated--
                    (A) in paragraph (1)--
                          (i) by striking ``public housing agency'' and 
                      inserting ``eligible entity'';
                          (ii) by striking ``participating in the'' and 
                      inserting ``carrying out a''; and

[[Page 132 STAT. 1343]]

                          (iii) by striking ``to the Secretary'';
                    (B) in paragraph (2)--
                          (i) by striking ``public housing agency'' and 
                      inserting ``eligible entity'';
                          (ii) by striking ``subsection (f)'' and 
                      inserting ``subsection (g)'';
                          (iii) by striking ``residents of the public 
                      housing'' and inserting ``the current and 
                      prospective participants of the program''; and
                          (iv) by striking ``or the Job Opportunities 
                      and Basic Skills Training Program under part F of 
                      title IV of the Social Security Act''; and
                    (C) in paragraph (3)--
                          (i) in subparagraph (C)--
                                    (I) by striking ``subsection 
                                (c)(2)'' and inserting ``subsection 
                                (d)(2)'';
                                    (II) by striking ``provided to'' and 
                                inserting ``coordinated on behalf of 
                                participating'';
                                    (III) by inserting ``direct'' before 
                                ``assistance''; and
                                    (IV) by striking ``the section 8 and 
                                public housing programs'' and inserting 
                                ``sections 8 and 9'';
                          (ii) in subparagraph (D)--
                                    (I) by striking ``subsection (d)'' 
                                and inserting ``subsection (e)''; and
                                    (II) by striking ``public housing 
                                agency'' and inserting ``eligible 
                                entity'';
                          (iii) in subparagraph (E), by striking 
                      ``deliver'' and inserting ``coordinate'';
                          (iv) in subparagraph (H), by striking ``the 
                      Job Opportunities and Basic Skills Training 
                      Program under part F of title IV of the Social 
                      Security Act and''; and
                          (v) in subparagraph (I), by striking ``public 
                      housing or section 8 assistance'' and inserting 
                      ``assistance under section 8 or 9'';
            (11) by amending subsection (i), as so redesignated, to read 
        as follows:

    ``(i) Family Self-Sufficiency Awards.--
            ``(1) In general.--Subject to appropriations, the Secretary 
        shall establish a formula by which annual funds shall be awarded 
        or as otherwise determined by the Secretary for the costs 
        incurred by an eligible entity in administering the Family Self-
        Sufficiency program under this section.
            ``(2) Eligibility for awards.--The award established under 
        paragraph (1) shall provide funding for family self-sufficiency 
        coordinators as follows:
                    ``(A) Base award.--An eligible entity serving 25 or 
                more participants in the Family Self-Sufficiency program 
                under this section is eligible to receive an award equal 
                to the costs, as determined by the Secretary, of 1 full-
                time family self-sufficiency coordinator position. The 
                Secretary may, by regulation or notice, determine the 
                policy concerning the award for an eligible entity 
                serving fewer than 25 such participants, including 
                providing prorated

[[Page 132 STAT. 1344]]

                awards or allowing such entities to combine their 
                programs under this section for purposes of employing a 
                coordinator.
                    ``(B) Additional award.--An eligible entity that 
                meets performance standards set by the Secretary is 
                eligible to receive an additional award sufficient to 
                cover the costs of filling an additional family self-
                sufficiency coordinator position if such entity has 75 
                or more participating families, and an additional 
                coordinator for each additional 50 participating 
                families, or such other ratio as may be established by 
                the Secretary based on the award allocation evaluation 
                under subparagraph (E).
                    ``(C) State and regional agencies.--For purposes of 
                calculating the award under this paragraph, each 
                administratively distinct part of a State or regional 
                eligible entity may be treated as a separate agency.
                    ``(D) Determination of number of coordinators.--In 
                determining whether an eligible entity meets a specific 
                threshold for funding pursuant to this paragraph, the 
                Secretary shall consider the number of participants 
                enrolled by the eligible entity in its Family Self-
                Sufficiency program as well as other criteria determined 
                by the Secretary.
                    ``(E) <<NOTE: Reports. Recommenda- 
                tions. Deadline. Time periods.>>  Award allocation 
                evaluation.--The Secretary shall submit to Congress a 
                report evaluating the award allocation under this 
                subsection, and make recommendations based on this 
                evaluation and other related findings to modify such 
                allocation, within 4 years after the date of enactment 
                of the Economic Growth, Regulatory Relief, and Consumer 
                Protection Act, and not less frequently than every 4 
                years thereafter. The report requirement under this 
                subparagraph shall terminate after the Secretary has 
                submitted 2 such reports to Congress.
            ``(3) Renewals and allocation.--
                    ``(A) In general.--Funds allocated by the Secretary 
                under this subsection shall be allocated in the 
                following order of priority:
                          ``(i) First priority.--Renewal of the full 
                      cost of all coordinators in the previous year at 
                      each eligible entity with an existing Family Self-
                      Sufficiency program that meets applicable 
                      performance standards set by the Secretary.
                          ``(ii) Second priority.--New or incremental 
                      coordinator funding authorized under this section.
                    ``(B) Guidance.--If the first priority, as described 
                in subparagraph (A)(i), cannot be fully satisfied, the 
                Secretary may prorate the funding for each eligible 
                entity, as long as--
                          ``(i) each eligible entity that has received 
                      funding for at least 1 part-time coordinator in 
                      the prior fiscal year is provided sufficient 
                      funding for at least 1 part-time coordinator as 
                      part of any such proration; and
                          ``(ii) each eligible entity that has received 
                      funding for at least 1 full-time coordinator in 
                      the prior fiscal year is provided sufficient 
                      funding for at least 1 full-time coordinator as 
                      part of any such proration.
            ``(4) <<NOTE: Determination.>>  Recapture or offset.--Any 
        awards allocated under this subsection by the Secretary in a 
        fiscal year that have not been spent by the end of the 
        subsequent fiscal year or

[[Page 132 STAT. 1345]]

        such other time period as determined by the Secretary may be 
        recaptured by the Secretary and shall be available for providing 
        additional awards pursuant to paragraph (2)(B), or may be offset 
        as determined by the Secretary. Funds appropriated pursuant to 
        this section shall remain available for 3 years in order to 
        facilitate the re-use of any recaptured funds for this purpose.
            ``(5) Performance reporting.--Programs under this section 
        shall be required to report the number of families enrolled and 
        graduated, the number of established escrow accounts and 
        positive escrow balances, and any other information that the 
        Secretary may require. Program performance shall be reviewed 
        periodically as determined by the Secretary.
            ``(6) Incentives for innovation and high performance.--The 
        Secretary may reserve up to 5 percent of the amounts made 
        available under this subsection to provide support to or reward 
        Family Self-Sufficiency programs based on the rate of successful 
        completion, increased earned income, or other factors as may be 
        established by the Secretary.'';
            (12) in subsection (j)--
                    (A) by striking ``public housing agency'' and 
                inserting ``eligible entity'';
                    (B) by striking ``public housing'' before ``units'';
                    (C) by striking ``in public housing projects 
                administered by the agency'';
                    (D) by inserting ``or coordination'' after 
                ``provision''; and
                    (E) by striking the last sentence;
            (13) in subsection (k), by striking ``public housing 
        agencies'' and inserting ``eligible entities'';
            (14) by striking subsection (n);
            (15) by striking subsection (o);
            (16) by redesignating subsections (l) and (m) as subsections 
        (m) and (n), respectively;
            (17) by inserting after subsection (k) the following:

    ``(l) Programs for Tenants in Privately Owned Properties With 
Project-Based Assistance.--
            ``(1) Voluntary availability of fss program.--The owner of a 
        privately owned property may voluntarily make a Family Self-
        Sufficiency program available to the tenants of such property in 
        accordance with procedures established by the Secretary. Such 
        procedures shall permit the owner to enter into a cooperative 
        agreement with a local public housing agency that administers a 
        Family Self-Sufficiency program or, at the owner's option, 
        operate a Family Self-Sufficiency program on its own or in 
        partnership with another owner. An owner, who voluntarily makes 
        a Family Self-Sufficiency program available pursuant to this 
        subsection, may access funding from any residual receipt 
        accounts for the property to hire a family self-sufficiency 
        coordinator or coordinators for their program.
            ``(2) Cooperative agreement.--Any cooperative agreement 
        entered into pursuant to paragraph (1) shall require the public 
        housing agency to open its Family Self-Sufficiency program 
        waiting list to any eligible family residing in the owner's 
        property who resides in a unit assisted under project-based 
        rental assistance.

[[Page 132 STAT. 1346]]

            ``(3) Treatment of families assisted under this 
        subsection.--A public housing agency that enters into a 
        cooperative agreement pursuant to paragraph (1) may count any 
        family participating in its Family Self-Sufficiency program as a 
        result of such agreement as part of the calculation of the award 
        under subsection (i).
            ``(4) Escrow.--
                    ``(A) Cooperative agreement.--A cooperative 
                agreement entered into pursuant to paragraph (1) shall 
                provide for the calculation and tracking of the escrow 
                for participating residents and for the owner to make 
                available, upon request of the public housing agency, 
                escrow for participating residents, in accordance with 
                paragraphs (2) and (3) of subsection (e), residing in 
                units assisted under section 8.
                    ``(B) Calculation and tracking by owner.--The owner 
                of a privately owned property who voluntarily makes a 
                Family Self-Sufficiency program available pursuant to 
                paragraph (1) shall calculate and track the escrow for 
                participating residents and make escrow for 
                participating residents available in accordance with 
                paragraphs (2) and (3) of subsection (e).
            ``(5) Exception.--This subsection shall not apply to 
        properties assisted under section 8(o)(13).
            ``(6) Suspension of enrollment.--In any year, the Secretary 
        may suspend the enrollment of new families in Family Self-
        Sufficiency programs under this subsection based on a 
        determination that insufficient funding is available for this 
        purpose.'';
            (18) in subsection (m), as so redesignated--
                    (A) in paragraph (1)--
                          (i) in the first sentence, by striking ``Each 
                      public housing agency'' and inserting ``Each 
                      eligible entity'';
                          (ii) in the second sentence, by striking ``The 
                      report shall include'' and inserting ``The 
                      contents of the report shall include''; and
                          (iii) in subparagraph (D)--
                                    (I) by striking ``public housing 
                                agency'' and inserting ``eligible 
                                entity''; and
                                    (II) by striking ``local''; and
                    (B) in paragraph (2), by inserting ``and describing 
                any additional research needs of the Secretary to 
                evaluate the effectiveness of the program'' after 
                ``under paragraph (1)'';
            (19) in subsection (n), as so redesignated, by striking 
        ``may'' and inserting ``shall''; and
            (20) by adding at the end the following:

    ``(o) Definitions.--In this section:
            ``(1) Eligible entity.--The term `eligible entity' means an 
        entity that meets the requirements under subsection (c)(2) to 
        administer a Family Self-Sufficiency program under this section.
            ``(2) Eligible family.--The term `eligible family' means a 
        family that meets the requirements under subsection (c)(1) to 
        participate in the Family Self-Sufficiency program under this 
        section.

[[Page 132 STAT. 1347]]

            ``(3) Participating family.--The term `participating family' 
        means an eligible family that is participating in the Family 
        Self-Sufficiency program under this section.''.

    (b) <<NOTE: 42 USC 1437u note.>>  Effective Date.--Not later than 
360 days after the date of enactment of this Act, the Secretary of 
Housing and Urban Development shall issue regulations to implement this 
section and any amendments made by this section, and this section and 
any amendments made by this section shall take effect upon such 
issuance.
SEC. 307. PROPERTY ASSESSED CLEAN ENERGY FINANCING.

    Section 129C(b)(3) of the Truth in Lending Act (15 U.S.C. 
1639c(b)(3)) is amended by adding at the end the following:
                    ``(C) Consideration of underwriting requirements for 
                property assessed clean energy financing.--
                          ``(i) Definition.--In this subparagraph, the 
                      term `Property Assessed Clean Energy financing' 
                      means financing to cover the costs of home 
                      improvements that results in a tax assessment on 
                      the real property of the consumer.
                          ``(ii) Regulations.--The Bureau shall 
                      prescribe regulations that carry out the purposes 
                      of subsection (a) and apply section 130 with 
                      respect to violations under subsection (a) of this 
                      section with respect to Property Assessed Clean 
                      Energy financing, which shall account for the 
                      unique nature of Property Assessed Clean Energy 
                      financing.
                          ``(iii) Collection of information and 
                      consultation.--In prescribing the regulations 
                      under this subparagraph, the Bureau--
                                    ``(I) may collect such information 
                                and data that the Bureau determines is 
                                necessary; and
                                    ``(II) shall consult with State and 
                                local governments and bond-issuing 
                                authorities.''.
SEC. 308. GAO REPORT ON CONSUMER REPORTING AGENCIES.

    (a) Definitions.--In this section, the terms ``consumer'', 
``consumer report'', and ``consumer reporting agency'' have the meanings 
given those terms in section 603 of the Fair Credit Reporting Act (15 
U.S.C. 1681a).
    (b) <<NOTE: Review.>>  Report.--Not later than 1 year after the date 
of enactment of this Act, the Comptroller General of the United States 
shall submit to the Committee on Banking, Housing, and Urban Affairs of 
the Senate and the Committee on Financial Services of the House of 
Representatives a comprehensive report that includes--
            (1) a review of the current legal and regulatory structure 
        for consumer reporting agencies and an analysis of any gaps in 
        that structure, including, in particular, the rulemaking, 
        supervisory, and enforcement authority of State and Federal 
        agencies under the Fair Credit Reporting Act (15 U.S.C. 1681 et 
        seq.), the Gramm-Leach-Bliley Act (Public Law 106-102; 113 Stat. 
        1338), and any other relevant statutes;
            (2) a review of the process by which consumers can appeal 
        and expunge errors on their consumer reports;
            (3) a review of the causes of consumer reporting errors;

[[Page 132 STAT. 1348]]

            (4) a review of the responsibilities of data furnishers to 
        ensure that accurate information is initially reported to 
        consumer reporting agencies and to ensure that such information 
        continues to be accurate;
            (5) a review of data security relating to consumer reporting 
        agencies and their efforts to safeguard consumer data;
            (6) a review of who has access to, and may use, consumer 
        reports;
            (7) a review of who has control or ownership of a consumer's 
        credit data;
            (8) <<NOTE: Analysis.>>  an analysis of--
                    (A) which Federal and State regulatory agencies 
                supervise and enforce laws relating to how consumer 
                reporting agencies protect consumer data; and
                    (B) all laws relating to data security applicable to 
                consumer reporting agencies; and
            (9) <<NOTE: Recommenda- tions.>>  recommendations to 
        Congress on how to improve the consumer reporting system, 
        including legislative, regulatory, and industry-specific 
        recommendations.
SEC. 309. PROTECTING VETERANS FROM PREDATORY LENDING.

    (a) Protecting Veterans From Predatory Lending.--
            (1) In general.--Subchapter I of chapter 37 of title 38, 
        United States Code, is amended by adding at the end the 
        following new section:
``Sec. 3709. <<NOTE: 38 USC 3709.>>  Refinancing of housing loans

    ``(a) Fee Recoupment.--Except as provided in subsection (d) and 
notwithstanding section 3703 of this title or any other provision of 
law, a loan to a veteran for a purpose specified in section 3710 of this 
title that is being refinanced may not be guaranteed or insured under 
this chapter unless--
            ``(1) <<NOTE: Certification.>>  the issuer of the refinanced 
        loan provides the Secretary with a certification of the 
        recoupment period for fees, closing costs, and any expenses 
        (other than taxes, amounts held in escrow, and fees paid under 
        this chapter) that would be incurred by the borrower in the 
        refinancing of the loan;
            ``(2) all of the fees and incurred costs are scheduled to be 
        recouped on or before the date that is 36 months after the date 
        of loan issuance; and
            ``(3) the recoupment is calculated through lower regular 
        monthly payments (other than taxes, amounts held in escrow, and 
        fees paid under this chapter) as a result of the refinanced 
        loan.

    ``(b) Net Tangible Benefit Test.--Except as provided in subsection 
(d) and notwithstanding section 3703 of this title or any other 
provision of law, a loan to a veteran for a purpose specified in section 
3710 of this title that is refinanced may not be guaranteed or insured 
under this chapter unless--
            ``(1) the issuer of the refinanced loan provides the 
        borrower with a net tangible benefit test;
            ``(2) in a case in which the original loan had a fixed rate 
        mortgage interest rate and the refinanced loan will have a fixed 
        rate mortgage interest rate, the refinanced loan has a mortgage 
        interest rate that is not less than 50 basis points less than 
        the previous loan;

[[Page 132 STAT. 1349]]

            ``(3) in a case in which the original loan had a fixed rate 
        mortgage interest rate and the refinanced loan will have an 
        adjustable rate mortgage interest rate, the refinanced loan has 
        a mortgage interest rate that is not less than 200 basis points 
        less than the previous loan; and
            ``(4) the lower interest rate is not produced solely from 
        discount points, unless--
                    ``(A) such points are paid at closing; and
                    ``(B) such points are not added to the principal 
                loan amount, unless--
                          ``(i) for discount point amounts that are less 
                      than or equal to one discount point, the resulting 
                      loan balance after any fees and expenses allows 
                      the property with respect to which the loan was 
                      issued to maintain a loan to value ratio of 100 
                      percent or less; and
                          ``(ii) for discount point amounts that are 
                      greater than one discount point, the resulting 
                      loan balance after any fees and expenses allows 
                      the property with respect to which the loan was 
                      issued to maintain a loan to value ratio of 90 
                      percent or less.

    ``(c) Loan Seasoning.--Except as provided in subsection (d) and 
notwithstanding section 3703 of this title or any other provision of 
law, a loan to a veteran for a purpose specified in section 3710 of this 
title that is refinanced may not be guaranteed or insured under this 
chapter until the date that is the later of--
            ``(1) the date that is 210 days after the date on which the 
        first monthly payment is made on the loan; and
            ``(2) the date on which the sixth monthly payment is made on 
        the loan.

    ``(d) Cash-out Refinances.--(1) Subsections (a) through (c) shall 
not apply in a case of a loan refinancing in which the amount of the 
principal for the new loan to be guaranteed or insured under this 
chapter is larger than the payoff amount of the refinanced loan.
    ``(2) <<NOTE: Deadline. Regulations.>>  Not later than 180 days 
after the date of the enactment of this section, the Secretary shall 
promulgate such rules as the Secretary considers appropriate with 
respect to refinancing described in paragraph (1) to ensure that such 
refinancing is in the financial interest of the borrower, including 
rules relating to recoupment, seasoning, and net tangible benefits.''.
            (2) <<NOTE: 39 USC 3709 note.>>  Regulations.--
                    (A) <<NOTE: Waiver authority.>>  In general.--In 
                prescribing any regulation to carry out section 3709 of 
                title 38, United States Code, as added by paragraph (1), 
                the Secretary of Veterans Affairs may waive the 
                requirements of sections 551 through 559 of title 5, 
                United States Code, if--
                          (i) the Secretary determines that urgent or 
                      compelling circumstances make compliance with such 
                      requirements impracticable or contrary to the 
                      public interest;
                          (ii) <<NOTE: Federal Register, publication.>>  
                      the Secretary submits to the Committee on 
                      Veterans' Affairs of the Senate and the Committee 
                      on Veterans' Affairs of the House of 
                      Representatives, and publishes in the Federal 
                      Register, notice of such waiver, including a 
                      description of the determination made under clause 
                      (i); and
                          (iii) <<NOTE: Time period.>>  a period of 10 
                      days elapses following the notification under 
                      clause (ii).

[[Page 132 STAT. 1350]]

                    (B) <<NOTE: Time period.>>  Public notice and 
                comment.--If a regulation prescribed pursuant to a 
                waiver made under subparagraph (A) is in effect for a 
                period exceeding 1 year, the Secretary shall provide the 
                public an opportunity for notice and comment regarding 
                such regulation.
                    (C) Effective date.--This paragraph shall take 
                effect on the date of the enactment of this Act.
                    (D) Termination date.--The authorities under this 
                paragraph shall terminate on the date that is 1 year 
                after the date of the enactment of this Act.
            (3) Report on cash-out refinances.--
                    (A) In general.--Not later 
                than <<NOTE: Consultation.>>  1 year after the date of 
                the enactment of this Act, the Secretary shall, in 
                consultation with the President of the Ginnie Mae, 
                submit to Congress a report on refinancing--
                          (i) of loans--
                                    (I) made to veterans for purposes 
                                specified in section 3710 of title 38, 
                                United States Code; and
                                    (II) that were guaranteed or insured 
                                under chapter 37 of such title; and
                          (ii) in which the amount of the principal for 
                      the new loan to be guaranteed or insured under 
                      such chapter is larger than the payoff amount of 
                      the refinanced loan.
                    (B) Contents.--The report required by subparagraph 
                (A) shall include the following:
                          (i) <<NOTE: Assessment.>>  An assessment of 
                      whether additional requirements, including a net 
                      tangible benefit test, fee recoupment period, and 
                      loan seasoning requirement, are necessary to 
                      ensure that the refinancing described in 
                      subparagraph (A) is in the financial interest of 
                      the borrower.
                          (ii) <<NOTE: Recommenda- tions.>>  Such 
                      recommendations as the Secretary may have for 
                      additional legislative or administrative action to 
                      ensure that refinancing described in subparagraph 
                      (A) is carried out in the financial interest of 
                      the borrower.
            (4) Clerical amendment.--The table of sections at the 
        beginning of chapter 37 of title 38, United States <<NOTE: 38 
        USC 3701 prec.>>  Code, is amended by inserting after the item 
        relating to section 3709 the following new item:

``3709. Refinancing of housing loans.''.

    (b) Loan Seasoning for Ginnie Mae Mortgage-backed Securities.--
Section 306(g)(1) of the National Housing Act (12 U.S.C. 1721(g)(1)) is 
amended by inserting ``The Association may not guarantee the timely 
payment of principal and interest on a security that is backed by a 
mortgage insured or guaranteed under chapter 37 of title 38, United 
States Code, and that was refinanced until the later of the date that is 
210 days after the date on which the first monthly payment is made on 
the mortgage being refinanced and the date on which 6 full monthly 
payments have been made on the mortgage being refinanced.'' after ``Act 
of 1992.''.
    (c) Report on Liquidity of the Department of Veterans Affairs 
Housing Loan Program.--

[[Page 132 STAT. 1351]]

            (1) Report.--Not later than 1 year after the date of the 
        enactment of this Act, the Secretary of Housing and Urban 
        Development and the President of the Ginnie Mae shall submit to 
        the appropriate committees of Congress a report on the liquidity 
        of the housing loan program under chapter 37 of title 38, United 
        States Code, in the secondary mortgage market, which shall--
                    (A) <<NOTE: Assessment.>>  assess the loans provided 
                under that chapter that collateralize mortgage-backed 
                securities that are guaranteed by Ginnie Mae; and
                    (B) <<NOTE: Recommenda- tions.>>  include 
                recommendations for actions that Ginnie Mae should take 
                to ensure that the liquidity of that housing loan 
                program is maintained.
            (2) Definitions.--In this subsection:
                    (A) Appropriate committees of congress.--The term 
                ``appropriate committees of Congress'' means--
                          (i) the Committee on Veterans' Affairs and the 
                      Committee on Banking, Housing, and Urban Affairs 
                      of the Senate; and
                          (ii) the Committee on Veterans' Affairs and 
                      the Committee on Financial Services of the House 
                      of Representatives.
                    (B) Ginnie mae.--The term ``Ginnie Mae'' means the 
                Government National Mortgage Association.

    (d) <<NOTE: 38 USC 3707 note.>>  Annual Report on Document 
Disclosure and Consumer Education.--Not less frequently than once each 
year, the Secretary of Veterans Affairs shall issue a publicly available 
report that--
            (1) examines, with respect to loans provided to veterans 
        under chapter 37 of title 38, United States Code--
                    (A) the refinancing of fixed-rate mortgage loans to 
                adjustable rate mortgage loans;
                    (B) whether veterans are informed of the risks and 
                disclosures associated with that refinancing; and
                    (C) whether advertising materials for that 
                refinancing are clear and do not contain misleading 
                statements or assertions; and
            (2) <<NOTE: Assessment.>>  includes findings based on any 
        complaints received by veterans and on an ongoing assessment of 
        the refinancing market by the Secretary.
SEC. 310. CREDIT SCORE COMPETITION.

    (a) Use of Credit Scores by Fannie Mae in Purchasing Residential 
Mortgages.--Section 302(b) of the Federal National Mortgage Association 
Charter Act (12 U.S.C. 1717(b)) is amended by adding at the end the 
following:
    ``(7)(A) Definitions.--In this paragraph--
            ``(i) the term `credit score' means a numerical value or a 
        categorization created by a third party derived from a 
        statistical tool or modeling system used by a person who makes 
        or arranges a loan to predict the likelihood of certain credit 
        behaviors, including default; and
            ``(ii) the term `residential mortgage' has the meaning given 
        the term in section 302 of the Federal Home Loan Mortgage 
        Corporation Act (12 U.S.C. 1451).

    ``(B) Use of Credit Scores.--The corporation shall condition 
purchase of a residential mortgage by the corporation under this

[[Page 132 STAT. 1352]]

subsection on the provision of a credit score for the borrower only if--
            ``(i) the credit score is derived from any credit scoring 
        model that has been validated and approved by the corporation 
        under this paragraph; and
            ``(ii) the corporation provides for the use of the credit 
        score by all of the automated underwriting systems of the 
        corporation and any other procedures and systems used by the 
        corporation to purchase residential mortgages that use a credit 
        score.

    ``(C) Validation and Approval Process. <<NOTE: Criteria.>> --The 
corporation shall establish a validation and approval process for the 
use of credit score models, under which the corporation may not validate 
and approve a credit score model unless the credit score model--
            ``(i) satisfies minimum requirements of integrity, 
        reliability, and accuracy;
            ``(ii) has a historical record of measuring and predicting 
        default rates and other credit behaviors;
            ``(iii) is consistent with the safe and sound operation of 
        the corporation;
            ``(iv) <<NOTE: Compliance.>>  complies with any standards 
        and criteria established by the Director of the Federal Housing 
        Finance Agency under section 1328(1) of the Federal Housing 
        Enterprises Financial Safety and Soundness Act of 1992; and
            ``(v) satisfies any other requirements, as determined by the 
        corporation.

    ``(D) Replacement of Credit Score Model.--If the corporation has 
validated and approved 1 or more credit score models under subparagraph 
(C) and the corporation validates and approves an additional credit 
score model, the corporation may determine that--
            ``(i) the additional credit score model has replaced the 
        credit score model or credit score models previously validated 
        and approved; and
            ``(ii) the credit score model or credit score models 
        previously validated and approved shall no longer be considered 
        validated and approved for the purposes of subparagraph (B).

    ``(E) Public Disclosure.--Upon establishing the validation and 
approval process required under subparagraph (C), the corporation shall 
make publicly available a description of the validation and approval 
process.
    ``(F) Application.--Not later than 30 days <<NOTE: Deadline.>>  
after the effective date of this paragraph, the corporation shall 
solicit applications from developers of credit scoring models for the 
validation and approval of those models under the process required under 
subparagraph (C).

    ``(G) Timeframe for Determination; Notice.--
            ``(i) In general.--The corporation shall make a 
        determination with respect to any application submitted under 
        subparagraph (F), and provide notice of that determination to 
        the applicant, before a date established by the corporation that 
        is not later than 180 days after the date on which an 
        application is submitted to the corporation.
            ``(ii) Extensions.--The Director of the Federal Housing 
        Finance Agency may authorize not more than 2 extensions of the 
        date established under clause (i), each of which shall not 
        exceed 30 days, upon a written request and a showing of good 
        cause by the corporation.

[[Page 132 STAT. 1353]]

            ``(iii) <<NOTE: Deadline.>>  Status notice.--The corporation 
        shall provide notice to an applicant regarding the status of an 
        application submitted under subparagraph (F) not later than 60 
        days after the date on which the application was submitted to 
        the corporation.
            ``(iv) <<NOTE: Deadline.>>  Reasons for disapproval.--If an 
        application submitted under subparagraph (F) is disapproved, the 
        corporation shall provide to the applicant the reasons for the 
        disapproval not later than 30 days after a determination is made 
        under this subparagraph.

    ``(H) Authority of Director.--If the <<NOTE: Review.>>  corporation 
elects to use a credit score model under this paragraph, the Director of 
the Federal Housing Finance Agency shall require the corporation to 
periodically review the validation and approval process required under 
subparagraph (C) as the Director determines necessary to ensure that the 
process remains appropriate and adequate and complies with any standards 
and criteria established pursuant to section 1328(1) of the Federal 
Housing Enterprises Financial Safety and Soundness Act of 1992.

    ``(I) Extension.--If, as of the effective date of this paragraph, a 
credit score model has not been approved under subparagraph (C), the 
corporation may use a credit score model that was in use before the 
effective date of this paragraph, if necessary to prevent substantial 
market disruptions, until the earlier of--
            ``(i) the date on which a credit score model is validated 
        and approved under subparagraph (C); or
            ``(ii) the date that is 2 years after the effective date of 
        this paragraph.''.

    (b) Use of Credit Scores by Freddie Mac in Purchasing Residential 
Mortgages.--Section 305 of the Federal Home Loan Mortgage Corporation 
Act (12 U.S.C. 1454) is amended by adding at the end the following:
    ``(d)(1) Definition.--In this subsection, the term `credit score' 
means a numerical value or a categorization created by a third party 
derived from a statistical tool or modeling system used by a person who 
makes or arranges a loan to predict the likelihood of certain credit 
behaviors, including default.
    ``(2) Use of Credit Scores.--The Corporation shall condition 
purchase of a residential mortgage by the Corporation under this section 
on the provision of a credit score for the borrower only if--
            ``(A) the credit score is derived from any credit scoring 
        model that has been validated and approved by the Corporation 
        under this subsection; and
            ``(B) the Corporation provides for the use of the credit 
        score by all of the automated underwriting systems of the 
        Corporation and any other procedures and systems used by the 
        Corporation to purchase residential mortgages that use a credit 
        score.

    ``(3) Validation and Approval Process.--The Corporation shall 
establish a validation and approval process for the use of credit score 
models, under which the Corporation may not validate and approve a 
credit score model unless the credit score model--
            ``(A) satisfies minimum requirements of integrity, 
        reliability, and accuracy;
            ``(B) has a historical record of measuring and predicting 
        default rates and other credit behaviors;

[[Page 132 STAT. 1354]]

            ``(C) is consistent with the safe and sound operation of the 
        corporation;
            ``(D) <<NOTE: Compliance. Criteria.>>  complies with any 
        standards and criteria established by the Director of the 
        Federal Housing Finance Agency under section 1328(1) of the 
        Federal Housing Enterprises Financial Safety and Soundness Act 
        of 1992; and
            ``(E) satisfies any other requirements, as determined by the 
        Corporation.

    ``(4) Replacement of Credit Score Model.--If the Corporation has 
validated and approved 1 or more credit score models under paragraph (3) 
and the Corporation validates and approves an additional credit score 
model, the Corporation may determine that--
            ``(A) the additional credit score model has replaced the 
        credit score model or credit score models previously validated 
        and approved; and
            ``(B) the credit score model or credit score models 
        previously validated and approved shall no longer be considered 
        validated and approved for the purposes of paragraph (2).

    ``(5) Public Disclosure.--Upon establishing the validation and 
approval process required under paragraph (3), the Corporation shall 
make publicly available a description of the validation and approval 
process.
    ``(6) <<NOTE: Deadline.>>  Application.--Not later than 30 days 
after the effective date of this subsection, the Corporation shall 
solicit applications from developers of credit scoring models for the 
validation and approval of those models under the process required under 
paragraph (3).

    ``(7) Timeframe for Determination; Notice.--
            ``(A) In general.--The Corporation shall make a 
        determination with respect to any application submitted under 
        paragraph (6), and provide notice of that determination to the 
        applicant, before a date established by the Corporation that is 
        not later than 180 days after the date on which an application 
        is submitted to the Corporation.
            ``(B) Extensions.--The Director of the Federal Housing 
        Finance Agency may authorize not more than 2 extensions of the 
        date established under subparagraph (A), each of which shall not 
        exceed 30 days, upon a written request and a showing of good 
        cause by the Corporation.
            ``(C) Status notice.--The Corporation shall provide notice 
        to an applicant regarding the status of an application submitted 
        under paragraph (6) not later than 60 days after the date on 
        which the application was submitted to the Corporation.
            ``(D) Reasons for disapproval.--If an application submitted 
        under paragraph (6) is disapproved, the Corporation shall 
        provide to the applicant the reasons for the disapproval not 
        later than 30 days after a determination is made under this 
        paragraph.

    ``(8) <<NOTE: Compliance.>>  Authority of Director.--If the 
Corporation elects to use a credit score under this subsection, the 
Director of the Federal Housing Finance Agency shall require the 
Corporation to periodically review the validation and approval process 
required under paragraph (3) as the Director determines necessary to 
ensure that the process remains appropriate and adequate and complies 
with any standards and criteria established pursuant to section 1328(1)

[[Page 132 STAT. 1355]]

of the Federal Housing Enterprises Financial Safety and Soundness Act of 
1992.

    ``(9) Extension.--If, as of the effective date of this subsection, a 
credit score model has not been approved under paragraph (3), the 
Corporation may use a credit score model that was in use before the 
effective date of this subsection, if necessary to prevent substantial 
market disruptions, until the earlier of--
            ``(A) the date on which a credit score model is validated 
        and approved under paragraph (3); or
            ``(B) the date that is 2 years after the effective date of 
        this subsection.''.

    (c) Authority of the Director.--Subpart A of part 2 of subtitle A of 
the Federal Housing Enterprises Financial Safety and Soundness Act of 
1992 (12 U.S.C. 4541 et seq.) <<NOTE: 12 USC 4548.>>  is amended by 
adding at the end the following:
``SEC. 1328. REGULATIONS FOR USE OF CREDIT SCORES.

    ``The Director shall--
            ``(1) by regulation, establish standards and criteria for 
        any process used by an enterprise to validate and approve credit 
        scoring models pursuant to section 302(b)(7) of the Federal 
        National Mortgage Association Charter Act (12 U.S.C. 1717(b)(7)) 
        and section 305(d) of the Federal Home Loan Mortgage Corporation 
        Act (12 U.S.C. 1454(d)); and
            ``(2) ensure that any credit scoring model that is validated 
        and approved by an enterprise under section 302(b)(7) (12 U.S.C. 
        1717(b)(7)) of the Federal National Mortgage Association Charter 
        Act or section 305(d) of the Federal Home Loan Mortgage 
        Corporation Act (12 U.S.C. 1454(d)) meets the requirements of 
        clauses (i), (ii), and (iii) of section 302(b)(7)(C) of the 
        Federal National Mortgage Association Charter Act and 
        subparagraphs (A), (B), and (C) of section 305(d)(3) of the 
        Federal Home Loan Mortgage Corporation Act, respectively.''.

    (d) <<NOTE: 12 USC 1454 note.>>  Effective Date.--The amendments 
made by subsections (a) and (b) shall take effect on the date that is 
180 days after the date of enactment of this Act.
SEC. 311. GAO REPORT ON PUERTO RICO FORECLOSURES.

    Not earlier than 1 year after the date of enactment of this Act, the 
Comptroller General of the United States shall submit to the Committee 
on Banking, Housing, and Urban Affairs of the Senate and the Committee 
on Financial Services of the House of Representatives a report on 
foreclosures in the Commonwealth of Puerto Rico, including--
            (1) the rate of foreclosures in the Commonwealth of Puerto 
        Rico before and after Hurricane Maria;
            (2) the rate of return for housing developers in the 
        Commonwealth of Puerto Rico before and after Hurricane Maria;
            (3) the rate of delinquency in the Commonwealth of Puerto 
        Rico before and after Hurricane Maria;
            (4) the rate of homeownership in the Commonwealth of Puerto 
        Rico before and after Hurricane Maria; and
            (5) the rate of defaults on federally insured mortgages in 
        the Commonwealth of Puerto Rico before and after Hurricane 
        Maria.

[[Page 132 STAT. 1356]]

SEC. 312. REPORT ON CHILDREN'S LEAD-BASED PAINT HAZARD PREVENTION 
                        AND ABATEMENT.

    (a) Definitions.--In this section--
            (1) the term ``Department'' means the Department of Housing 
        and Urban Development; and
            (2) the term ``public housing agency'' has the meaning given 
        the term in section 3(b) of the United States Housing Act of 
        1937 (42 U.S.C. 1437a(b)).

    (b) Report.--Not later than 1 year after <<NOTE: Recommenda- 
tions.>>  the date of enactment of this Act, the Secretary of Housing 
and Urban Development shall submit to Congress a report that includes--
            (1) an overview of existing policies and enforcement of the 
        Department, including public outreach, relating to lead-based 
        paint hazard prevention and abatement;
            (2) recommendations and best practices for the Department, 
        public housing agencies, and landlords for improving lead-based 
        paint hazard prevention standards and Federal lead prevention 
        and abatement policies to protect the environmental health and 
        safety of children, including within housing receiving 
        assistance from or occupied by families receiving housing 
        assistance from the Department; and
            (3) recommendations for legislation to improve lead-based 
        paint hazard prevention and abatement.
SEC. 313. FORECLOSURE RELIEF AND EXTENSION FOR SERVICEMEMBERS.

    Section 710(d) of the Honoring America's Veterans and Caring for 
Camp Lejeune Families Act of 2012 (Public Law 112-154; 50 U.S.C. 3953 
note) is amended by striking paragraphs (1) and (3).

   TITLE IV--TAILORING REGULATIONS FOR CERTAIN BANK HOLDING COMPANIES

SEC. 401. ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS FOR 
                        CERTAIN BANK HOLDING COMPANIES.

    (a) In General.--Section 165 of the Financial Stability Act of 2010 
(12 U.S.C. 5365) is amended--
            (1) in subsection (a)--
                    (A) in paragraph (1), in the matter preceding 
                subparagraph (A), by striking ``$50,000,000,000'' and 
                inserting ``$250,000,000,000''; and
                    (B) in paragraph (2)--
                          (i) in subparagraph (A), by striking ``may'' 
                      and inserting ``shall'';
                          (ii) in subparagraph (B), by striking 
                      ``$50,000,000,000'' and inserting ``the applicable 
                      threshold''; and
                          (iii) by adding at the end the following:
                    ``(C) <<NOTE: Regulations. Applicability.>>  Risks 
                to financial stability and safety and soundness.--The 
                Board of Governors may by order or rule promulgated 
                pursuant to section 553 of title 5, United States Code, 
                apply any prudential standard established under this 
                section to any bank holding company or bank holding 
                companies with total consolidated assets equal to

[[Page 132 STAT. 1357]]

                or greater than $100,000,000,000 to which the prudential 
                standard does not otherwise apply provided that the 
                Board of Governors--
                          ``(i) determines that application of the 
                      prudential standard is appropriate--
                                    ``(I) to prevent or mitigate risks 
                                to the financial stability of the United 
                                States, as described in paragraph (1); 
                                or
                                    ``(II) to promote the safety and 
                                soundness of the bank holding company or 
                                bank holding companies; and
                          ``(ii) takes into consideration the bank 
                      holding company's or bank holding companies' 
                      capital structure, riskiness, complexity, 
                      financial activities (including financial 
                      activities of subsidiaries), size, and any other 
                      risk-related factors that the Board of Governors 
                      deems appropriate.'';
            (2) in subsection (b)(1)--
                    (A) in subparagraph (A)(iv), by striking ``and 
                credit exposure report''; and
                    (B) in subparagraph (B)(ii), by inserting ``, 
                including credit exposure reports'' before the semicolon 
                at the end;
            (3) in subsection (d)(2), in the matter preceding 
        subparagraph (A), by striking ``shall'' and inserting ``may'';
            (4) in subsection (h)(2), by striking ``$10,000,000,000'' 
        each place that term appears and inserting ``$50,000,000,000'';
            (5) in subsection (i)--
                    (A) in paragraph (1)(B)(i)--
                          (i) by striking ``3'' and inserting ``2''; and
                          (ii) by striking ``, adverse,''; and
                    (B) in paragraph (2)--
                          (i) in subparagraph (A)--
                                    (I) in the first sentence, by 
                                striking ``semiannual'' and inserting 
                                ``periodic''; and
                                    (II) in the second sentence--
                                            (aa) by striking 
                                        ``$10,000,000,000'' and 
                                        inserting ``$250,000,000,000''; 
                                        and
                                            (bb) by striking ``annual'' 
                                        and inserting ``periodic''; and
                          (ii) in subparagraph (C)(ii)--
                                    (I) by striking ``3'' and inserting 
                                ``2''; and
                                    (II) by striking ``, adverse,''; and
            (6) in subsection (j)(1), in the first sentence, by striking 
        ``$50,000,000,000'' and inserting ``$250,000,000,000''.

    (b) <<NOTE: 12 USC 5365 note.>>  Rule of Construction.--Nothing in 
subsection (a) shall be construed to limit--
            (1) the authority of the Board of Governors of the Federal 
        Reserve System, in prescribing prudential standards under 
        section 165 of the Financial Stability Act of 2010 (12 U.S.C. 
        5365) or any other law, to tailor or differentiate among 
        companies on an individual basis or by category, taking into 
        consideration their capital structure, riskiness, complexity, 
        financial activities (including financial activities of their 
        subsidiaries), size, and any other risk-related factors that the 
        Board of Governors deems appropriate; or
            (2) the supervisory, regulatory, or enforcement authority of 
        an appropriate Federal banking agency to further the safe

[[Page 132 STAT. 1358]]

        and sound operation of an institution under the supervision of 
        the appropriate Federal banking agency.

    (c) Technical and Conforming Amendments.--
            (1) Financial stability act of 2010.--The Financial 
        Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended--
                    (A) in section 115(a)(2)(B) (12 U.S.C. 
                5325(a)(2)(B)), by striking ``$50,000,000,000'' and 
                inserting ``the applicable threshold'';
                    (B) in section 116(a) (12 U.S.C. 5326(a)), in the 
                matter preceding paragraph (1), by striking 
                ``$50,000,000,000'' and inserting ``$250,000,000,000'';
                    (C) in section 121(a) (12 U.S.C. 5331(a)), in the 
                matter preceding paragraph (1), by striking 
                ``$50,000,000,000'' and inserting ``$250,000,000,000'';
                    (D) in section 155(d) (12 U.S.C. 5345(d)), by 
                striking ``50,000,000,000'' and inserting 
                ``$250,000,000,000'';
                    (E) in section 163(b) (12 U.S.C. 5363(b)), by 
                striking ``$50,000,000,000'' each place that term 
                appears and inserting ``$250,000,000,000''; and
                    (F) in section 164 (12 U.S.C. 5364), by striking 
                ``$50,000,000,000'' and inserting ``$250,000,000,000''.
            (2) Federal reserve act.--The second subsection (s) 
        (relating to assessments) of section 11 of the Federal Reserve 
        Act (12 U.S.C. 248(s)) is amended--
                    (A) in paragraph (2)--
                          (i) in subparagraph (A), by striking 
                      ``$50,000,000,000'' and inserting 
                      ``$100,000,000,000''; and
                          (ii) in subparagraph (B), by striking 
                      ``$50,000,000,000'' and inserting 
                      ``$100,000,000,000''; and
                    (B) by adding at the end the following:
            ``(3) Tailoring assessments.--In collecting assessments, 
        fees, or other charges under paragraph (1) from each company 
        described in paragraph (2) with total consolidated assets of 
        between $100,000,000,000 and $250,000,000,000, the Board shall 
        adjust the amount charged to reflect any changes in supervisory 
        and regulatory responsibilities resulting from the Economic 
        Growth, Regulatory Relief, and Consumer Protection Act with 
        respect to each such company.''.

    (d) <<NOTE: 12 USC 5365 note.>>  Effective Date.--
            (1) In general.--Except as provided in paragraph (2), the 
        amendments made by this section shall take effect on the date 
        that is 18 months after the date of enactment of this Act.
            (2) Exception.--Notwithstanding paragraph (1), the 
        amendments made by this section shall take effect on the date of 
        enactment of this Act with respect to any bank holding company 
        with total consolidated assets of less than $100,000,000,000.
            (3) Additional authority.--Before the effective date 
        described in paragraph (1), the Board of Governors of the 
        Federal Reserve System may by order exempt any bank holding 
        company with total consolidated assets of less than 
        $250,000,000,000 from any prudential standard under section 165 
        of the Financial Stability Act of 2010 (12 U.S.C. 5365).

[[Page 132 STAT. 1359]]

            (4) Rule of construction.--Nothing in this section shall be 
        construed to prohibit the Board of Governors of the Federal 
        Reserve System from issuing an order or rule making under 
        section 165(a)(2)(C) of the Financial Stability Act of 2010 (12 
        U.S.C. 5365(a)(2)(C)), as added by this section, before the 
        effective date described in paragraph (1).

    (e) <<NOTE: 12 USC 5365 note.>>  Supervisory Stress Test.--Beginning 
on the effective date described in subsection (d)(1), the Board of 
Governors of the Federal Reserve System shall, on a periodic basis, 
conduct supervisory stress tests of bank holding companies with total 
consolidated assets equal to or greater than $100,000,000,000 and total 
consolidated assets of less than $250,000,000,000 to evaluate whether 
such bank holding companies have the capital, on a total consolidated 
basis, necessary to absorb losses as a result of adverse economic 
conditions.

    (f) <<NOTE: 12 USC 5365 note.>>  Global Systemically Important Bank 
Holding Companies.--Any bank holding company, regardless of asset size, 
that has been identified as a global systemically important BHC under 
section 217.402 of title 12, Code of Federal Regulations, shall be 
considered a bank holding company with total consolidated assets equal 
to or greater than $250,000,000,000 with respect to the application of 
standards or requirements under--
            (1) this section;
            (2) sections 116(a), 121(a), 155(d), 163(b), 164, and 165 of 
        the Financial Stability Act of 2010 (12 U.S.C. 5326(a), 5331(a), 
        5345(d), 5363(b), 5364, 5365); and
            (3) paragraph (2)(A) of the second subsection (s) (relating 
        to assessments) of section 11 of the Federal Reserve Act (12 
        U.S.C. 248(s)(2)).

    (g) <<NOTE: 12 USC 53658 note.>>  Clarification for Foreign Banks.--
Nothing in this section shall be construed to--
            (1) affect the legal effect of the final rule of the Board 
        of Governors of the Federal Reserve System entitled ``Enhanced 
        Prudential Standards for Bank Holding Companies and Foreign 
        Banking Organizations'' (79 Fed. Reg. 17240 (March 27, 2014)) as 
        applied to foreign banking organizations with total consolidated 
        assets equal to or greater than $100,000,000,000; or
            (2) limit the authority of the Board of Governors of the 
        Federal Reserve System to require the establishment of an 
        intermediate holding company under, implement enhanced 
        prudential standards with respect to, or tailor the regulation 
        of a foreign banking organization with total consolidated assets 
        equal to or greater than $100,000,000,000.
SEC. 402. <<NOTE: 12 USC 1831o note.>>  SUPPLEMENTARY LEVERAGE 
                        RATIO FOR CUSTODIAL BANKS.

    (a) Definition.--In this section, the term ``custodial bank'' means 
any depository institution holding company predominantly engaged in 
custody, safekeeping, and asset servicing activities, including any 
insured depository institution subsidiary of such a holding company.
    (b) Regulations.--
            (1) Definition.--In this subsection, the term ``central 
        bank'' means--
                    (A) the Federal Reserve System;
                    (B) the European Central Bank; and

[[Page 132 STAT. 1360]]

                    (C) central banks of member countries of the 
                Organisation for Economic Co-operation and Development, 
                if--
                          (i) the member country has been assigned a 
                      zero percent risk weight under sections 3.32, 
                      217.32, and 324.32 of title 12, Code of Federal 
                      Regulations, or any successor regulation; and
                          (ii) the sovereign debt of such member country 
                      is not in default or has not been in default 
                      during the previous 5 years.
            (2) Regulations.--The appropriate Federal banking agencies 
        shall promulgate regulations to amend sections 3.10, 217.10, and 
        324.10 of title 12, Code of Federal Regulations, to specify 
        that--
                    (A) subject to subparagraph (B), funds of a 
                custodial bank that are deposited with a central bank 
                shall not be taken into account when calculating the 
                supplementary leverage ratio as applied to the custodial 
                bank; and
                    (B) with respect to the funds described in 
                subparagraph (A), any amount that exceeds the total 
                value of deposits of the custodial bank that are linked 
                to fiduciary or custodial and safekeeping accounts shall 
                be taken into account when calculating the supplementary 
                leverage ratio as applied to the custodial bank.

    (c) Rule of Construction.--Nothing in subsection (b) shall be 
construed to limit the authority of the appropriate Federal banking 
agencies to tailor or adjust the supplementary leverage ratio or any 
other leverage ratio for any company that is not a custodial bank.
SEC. 403. TREATMENT OF CERTAIN MUNICIPAL OBLIGATIONS.

    (a) In General.--Section 18 of the Federal Deposit Insurance Act (12 
U.S.C. 1828) is amended--
            (1) by moving subsection (z) so that it appears after 
        subsection (y); and
            (2) by adding at the end the following:

    ``(aa) Treatment of Certain Municipal Obligations.--
            ``(1) Definitions.--In this subsection--
                    ``(A) the term `investment grade', with respect to 
                an obligation, has the meaning given the term in section 
                1.2 of title 12, Code of Federal Regulations, or any 
                successor thereto;
                    ``(B) the term `liquid and readily-marketable' has 
                the meaning given the term in section 249.3 of title 12, 
                Code of Federal Regulations, or any successor thereto; 
                and
                    ``(C) the term `municipal obligation' means an 
                obligation of--
                          ``(i) a State or any political subdivision 
                      thereof; or
                          ``(ii) any agency or instrumentality of a 
                      State or any political subdivision thereof.
            ``(2) Municipal obligations.--For purposes of the final rule 
        entitled `Liquidity Coverage Ratio: Liquidity Risk Measurement 
        Standards' (79 Fed. Reg. 61439 (October 10, 2014)), the final 
        rule entitled `Liquidity Coverage Ratio: Treatment of U.S. 
        Municipal Securities as High-Quality Liquid Assets' (81 Fed. 
        Reg. 21223 (April 11, 2016)), and any other regulation that

[[Page 132 STAT. 1361]]

        incorporates a definition of the term `high-quality liquid 
        asset' or another substantially similar term, the appropriate 
        Federal banking agencies shall treat a municipal obligation as a 
        high-quality liquid asset that is a level 2B liquid asset if 
        that obligation is, as of the date of calculation--
                    ``(A) liquid and readily-marketable; and
                    ``(B) investment grade.''.

    (b) <<NOTE: Deadline. 12 USC 1828 note.>>  Amendment to Liquidity 
Coverage Ratio Regulations.--Not later than 90 days after the date of 
enactment of this Act, the Federal Deposit Insurance Corporation, the 
Board of Governors of the Federal Reserve System, and the Comptroller of 
the Currency shall amend the final rule entitled ``Liquidity Coverage 
Ratio: Liquidity Risk Measurement Standards'' (79 Fed. Reg. 61439 
(October 10, 2014)) and the final rule entitled ``Liquidity Coverage 
Ratio: Treatment of U.S. Municipal Securities as High-Quality Liquid 
Assets'' (81 Fed. Reg. 21223 (April 11, 2016)) to implement the 
amendments made by this section.

                 TITLE V--ENCOURAGING CAPITAL FORMATION

SEC. 501. NATIONAL SECURITIES EXCHANGE REGULATORY PARITY.

    Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 77r(b)(1)) 
is amended--
            (1) by striking subparagraph (A);
            (2) in subparagraph (B)--
                    (A) by inserting ``a security designated as 
                qualified for trading in the national market system 
                pursuant to section 11A(a)(2) of the Securities Exchange 
                Act of 1934 (15 U.S.C. 78k-1(a)(2)) that is'' before 
                ``listed''; and
                    (B) by striking ``that has listing standards that 
                the Commission determines by rule (on its own initiative 
                or on the basis of a petition) are substantially similar 
                to the listing standards applicable to securities 
                described in subparagraph (A)'';
            (3) in subparagraph (C), by striking ``or (B)''; and
            (4) by redesignating subparagraphs (B) and (C) as 
        subparagraphs (A) and (B), respectively.
SEC. 502. SEC STUDY ON ALGORITHMIC TRADING.

    (a) In General.--Not later than 
18 <<NOTE: Deadline. Reports.>> months after the date of enactment of 
this Act, the staff of the Securities and Exchange Commission shall 
submit to the Committee on Banking, Housing, and Urban Affairs of the 
Senate and the Committee on Financial Services of the House of 
Representatives a report on the risks and benefits of algorithmic 
trading in capital markets in the United States.

    (b) <<NOTE: Assessment.>>  Matters Required To Be Included.--The 
matters covered by the report required by subsection (a) shall include 
the following:
            (1) An assessment of the effect of algorithmic trading in 
        equity and debt markets in the United States on the provision of 
        liquidity in stressed and normal market conditions.
            (2) An assessment of the benefits and risks to equity and 
        debt markets in the United States by algorithmic trading.

[[Page 132 STAT. 1362]]

            (3) <<NOTE: Analysis.>>  An analysis of whether the activity 
        of algorithmic trading and entities that engage in algorithmic 
        trading are subject to appropriate Federal supervision and 
        regulation.
            (4) <<NOTE: Recommenda- tions.>>  A recommendation of 
        whether--
                    (A) based on the analysis described in paragraphs 
                (1), (2), and (3), any changes should be made to 
                regulations; and
                    (B) the Securities and Exchange Commission needs 
                additional legal authorities or resources to effect the 
                changes described in subparagraph (A).
SEC. 503. ANNUAL REVIEW OF GOVERNMENT-BUSINESS FORUM ON CAPITAL 
                        FORMATION.

    Section 503 of the Small Business Investment Incentive Act of 1980 
(15 U.S.C. 80c-1) is amended by adding at the end the following:
    ``(e) The Commission shall--
            ``(1) review the findings and recommendations of the forum; 
        and
            ``(2) each time the forum submits a finding or 
        recommendation to the Commission, promptly issue a public 
        statement--
                    ``(A) assessing the finding or recommendation of the 
                forum; and
                    ``(B) disclosing the action, if any, the Commission 
                intends to take with respect to the finding or 
                recommendation.''.
SEC. 504. SUPPORTING AMERICA'S INNOVATORS.

    Section 3(c)(1) of the Investment Company Act of 1940 (15 U.S.C. 
80a-3(c)(1)) is amended--
            (1) in the matter preceding subparagraph (A), by inserting 
        ``(or, in the case of a qualifying venture capital fund, 250 
        persons)'' after ``one hundred persons''; and
            (2) by adding at the end the following:
                    ``(C)(i) The term `qualifying venture capital fund' 
                means a venture capital fund that has not more than 
                $10,000,000 in aggregate capital contributions and 
                uncalled committed capital, with such dollar amount to 
                be indexed for inflation once every 5 years by the 
                Commission, beginning from a measurement made by the 
                Commission on a date selected by the Commission, rounded 
                to the nearest $1,000,000.
                    ``(ii) The term `venture capital fund' has the 
                meaning given the term in section 275.203(l)-1 of title 
                17, Code of Federal Regulations, or any successor 
                regulation.''.
SEC. 505. <<NOTE: 15 USC 78ee note.>>  SECURITIES AND EXCHANGE 
                        COMMISSION OVERPAYMENT CREDIT.

    (a) Definitions.--In this section--
            (1) the term ``Commission'' means the Securities and 
        Exchange Commission;
            (2) the term ``national securities association'' means an 
        association that is registered under section 15A of the 
        Securities Exchange Act of 1934 (15 U.S.C. 78o-3); and
            (3) the term ``national securities exchange'' means an 
        exchange that is registered as a national securities exchange 
        under section 6 of the Securities Exchange Act of 1934 (15 
        U.S.C. 78f).

[[Page 132 STAT. 1363]]

    (b) <<NOTE: Deadline.>>  Credit for Overpayment of Fees.--
Notwithstanding section 31(j) of the Securities Exchange Act of 1934 (15 
U.S.C. 78ee(j)), and subject to subsection (c) of this section, if a 
national securities exchange or a national securities association has 
paid fees and assessments to the Commission in an amount that is more 
than the amount that the exchange or association was required to pay 
under section 31 of the Securities Exchange Act of 1934 (15 U.S.C. 78ee) 
and, not later than 10 years after the date of such payment, the 
exchange or association informs the Commission about the payment of such 
excess amount, the Commission shall offset future fees and assessments 
due by that exchange or association in an amount that is equal to the 
difference between the amount that the exchange or association paid and 
the amount that the exchange or association was required to pay under 
such section 31.

    (c) Applicability.--Subsection (b) shall apply only to fees and 
assessments that a national securities exchange or a national securities 
association was required to pay to the Commission before the date of 
enactment of this Act.
SEC. 506. U.S. TERRITORIES INVESTOR PROTECTION.

    (a) In General.--Section 6(a) of the Investment Company Act of 1940 
(15 U.S.C. 80a-6(a)) is amended--
            (1) by striking paragraph (1); and
            (2) by redesignating paragraphs (2) through (5) as 
        paragraphs (1) through (4), respectively.

    (b) <<NOTE: 15 USC 80a-6 note.>>  Effective Date and Safe Harbor.--
            (1) Effective date.--Except as provided in paragraph (2), 
        the amendment made by subsection (a) shall take effect on the 
        date of enactment of this Act.
            (2) Safe harbor.--With respect to a company that is exempt 
        under section 6(a)(1) of the Investment Company Act of 1940 (15 
        U.S.C. 80a-6(a)(1)) on the day before the date of enactment of 
        this Act, the amendment made by subsection (a) shall take effect 
        on the date that is 3 years after the date of enactment of this 
        Act.
            (3) Extension of safe harbor.--The Securities and Exchange 
        Commission, by rule or regulation upon its own motion, or by 
        order upon application, may conditionally or unconditionally, 
        under section 6(c) of the Investment Company Act of 1940 (15 
        U.S.C. 80a-6(c)), further delay the effective date for a company 
        described in paragraph (2) for a maximum of 3 years following 
        the initial 3-year period if, before the end of the initial 3-
        year period, the Commission determines that such a rule, 
        regulation, motion, or order is necessary or appropriate in the 
        public interest and for the protection of investors.
SEC. 507. <<NOTE: 15 USC 77e note.>>  ENCOURAGING EMPLOYEE 
                        OWNERSHIP.

    Not later than <<NOTE: Deadline.>>  60 days after the date of the 
enactment of this Act, the Securities and Exchange Commission shall 
revise section 230.701(e) of title 17, Code of Federal Regulations, so 
as to increase from $5,000,000 to $10,000,000 the aggregate sales price 
or amount of securities sold during any consecutive 12-month period in 
excess of which the issuer is required under such section to deliver an 
additional disclosure to investors. <<NOTE: Time period.>>  The 
Commission shall index for inflation such aggregate sales price or 
amount every 5 years to reflect the change in the Consumer Price Index 
for

[[Page 132 STAT. 1364]]

All Urban Consumers published by the Bureau of Labor Statistics, 
rounding to the nearest $1,000,000.
SEC. 508. IMPROVING ACCESS TO CAPITAL. <<NOTE: 15 USC 78m note.>> 

    The Securities and Exchange Commission shall amend--
            (1) section 230.251 of title 17, Code of Federal 
        Regulations, to remove the requirement that the issuer not be 
        subject to section 13 or 15(d) of the Securities Exchange Act of 
        1934 (15 U.S.C. 78a et seq.) immediately before the offering; 
        and
            (2) section 230.257 of title 17, Code of Federal 
        Regulations, with respect to an offering described in section 
        230.251(a)(2) of title 17, Code of Federal Regulations, to deem 
        any issuer that is subject to section 13 or 15(d) of the 
        Securities Exchange Act of 1934 as having met the periodic and 
        current reporting requirements of section 230.257 of title 17, 
        Code of Federal Regulations, if such issuer meets the reporting 
        requirements of section 13 of the Securities Exchange Act of 
        1934.
SEC. 509. <<NOTE: 15 USC 80a-23 note.>>  PARITY FOR CLOSED-END 
                        COMPANIES REGARDING OFFERING AND PROXY 
                        RULES.

    (a) <<NOTE: Deadlines.>>  Revision to Rules.--Not later than the end 
of the 1-year period beginning on the date of enactment of this Act, the 
Securities and Exchange Commission shall propose and, not later than 2 
years after the date of enactment of this Act, the Securities and 
Exchange Commission shall finalize any rules, as appropriate, to allow 
any closed-end company, as defined in section 5(a)(2) of the Investment 
Company Act of 1940 (15 U.S.C. 80a-5), that is registered as an 
investment company under such Act, and is listed on a national 
securities exchange or that makes periodic repurchase offers pursuant to 
section 270.23c-3 of title 17, Code of Federal Regulations, to use the 
securities offering and proxy rules, subject to conditions the 
Commission determines appropriate, that are available to other issuers 
that are required to file reports under section 13 or section 15(d) of 
the Securities Exchange Act of 1934 (15 U.S.C. 78m; 78o(d)). Any action 
that the Commission takes pursuant to this subsection shall consider the 
availability of information to investors, including what disclosures 
constitute adequate information to be designated as a ``well-known 
seasoned issuer''.

    (b) Treatment if Revisions Not Completed in a Timely Manner.--If the 
Commission fails to complete the revisions required by subsection (a) by 
the time required by such subsection, any registered closed-end company 
that is listed on a national securities exchange or that makes periodic 
repurchase offers pursuant to section 270.23c-3 of title 17, Code of 
Federal Regulations, shall be deemed to be an eligible issuer under the 
final rule of the Commission titled ``Securities Offering Reform'' (70 
Fed. Reg. 44722; published August 3, 2005).
    (c) Rules of Construction.--
            (1) No effect on rule 482.--Nothing in this section or the 
        amendments made by this section shall be construed to impair or 
        limit in any way a registered closed-end company from using 
        section 230.482 of title 17, Code of Federal Regulations, to 
        distribute sales material.
            (2) References.--Any reference in this section to a section 
        of title 17, Code of Federal Regulations, or to any form or 
        schedule means such rule, section, form, or schedule, or any 
        successor to any such rule, section, form, or schedule.

[[Page 132 STAT. 1365]]

               TITLE VI--PROTECTIONS FOR STUDENT BORROWERS

SEC. 601. PROTECTIONS IN THE EVENT OF DEATH OR BANKRUPTCY.

    (a) In General.--Section 140 of the Truth in Lending Act (15 U.S.C. 
1650) is amended--
            (1) in subsection (a)--
                    (A) by redesignating paragraphs (1) through (8) as 
                paragraphs (2) through (9), respectively; and
                    (B) by inserting before paragraph (2), as so 
                redesignated, the following:
            ``(1) the term `cosigner'--
                    ``(A) means any individual who is liable for the 
                obligation of another without compensation, regardless 
                of how designated in the contract or instrument with 
                respect to that obligation, other than an obligation 
                under a private education loan extended to consolidate a 
                consumer's pre-existing private education loans;
                    ``(B) includes any person the signature of which is 
                requested as condition to grant credit or to forbear on 
                collection; and
                    ``(C) does not include a spouse of an individual 
                described in subparagraph (A), the signature of whom is 
                needed to perfect the security interest in a loan.''; 
                and
            (2) by adding at the end the following:

    ``(g) Additional Protections Relating to Borrower or Cosigner of a 
Private Education Loan.--
            ``(1) Prohibition on automatic default in case of death or 
        bankruptcy of non-student obligor.--With respect to a private 
        education loan involving a student obligor and 1 or more 
        cosigners, the creditor shall not declare a default or 
        accelerate the debt against the student obligor on the sole 
        basis of a bankruptcy or death of a cosigner.
            ``(2) Cosigner release in case of death of borrower.--
                    ``(A) Release of cosigner.--The holder of a private 
                education loan, when notified of the death of a student 
                obligor, shall release within a reasonable timeframe any 
                cosigner from the obligations of the cosigner under the 
                private education loan.
                    ``(B) Notification of release.--A holder or servicer 
                of a private education loan, as applicable, shall within 
                a reasonable time-frame notify any cosigners for the 
                private education loan if a cosigner is released from 
                the obligations of the cosigner for the private 
                education loan under this paragraph.
                    ``(C) Designation of individual to act on behalf of 
                the borrower.--Any lender that extends a private 
                education loan shall provide the student obligor an 
                option to designate an individual to have the legal 
                authority to act on behalf of the student obligor with 
                respect to the private education loan in the event of 
                the death of the student obligor.''.

    (b) <<NOTE: Time period. 15 USC 1650 note.>>  Applicability.--The 
amendments made by subsection (a) shall only apply to private education 
loan agreements entered into on or after the date that is 180 days after 
the date of enactment of this Act.

[[Page 132 STAT. 1366]]

SEC. 602. REHABILITATION OF PRIVATE EDUCATION LOANS.

    (a) In General.--Section 623(a)(1) of the Fair Credit Reporting Act 
(15 U.S.C. 1681s-2(a)(1)) is amended by adding at the end the following:
                    ``(E) Rehabilitation of private education loans.--
                          ``(i) In general.--Notwithstanding any other 
                      provision of this section, a consumer may request 
                      a financial institution to remove from a consumer 
                      report a reported default regarding a private 
                      education loan, and such information shall not be 
                      considered inaccurate, if--
                                    ``(I) <<NOTE: Assessment.>>  the 
                                financial institution chooses to offer a 
                                loan rehabilitation program which 
                                includes, without limitation, a 
                                requirement of the consumer to make 
                                consecutive on-time monthly payments in 
                                a number that demonstrates, in the 
                                assessment of the financial institution 
                                offering the loan rehabilitation 
                                program, a renewed ability and 
                                willingness to repay the loan; and
                                    ``(II) the requirements of the loan 
                                rehabilitation program described in 
                                subclause (I) are successfully met.
                          ``(ii) Banking agencies.--
                                    ``(I) In general.--If a financial 
                                institution is supervised by a Federal 
                                banking agency, the financial 
                                institution shall seek written approval 
                                concerning the terms and conditions of 
                                the loan rehabilitation program 
                                described in clause (i) from the 
                                appropriate Federal banking agency.
                                    ``(II) <<NOTE: Deadline.>>  
                                Feedback.--An appropriate Federal 
                                banking agency shall provide feedback to 
                                a financial institution within 120 days 
                                of a request for approval under 
                                subclause (I).
                          ``(iii) Limitation.--
                                    ``(I) In general.--A consumer may 
                                obtain the benefits available under this 
                                subsection with respect to 
                                rehabilitating a loan only 1 time per 
                                loan.
                                    ``(II) Rule of construction.--
                                Nothing in this subparagraph may be 
                                construed to require a financial 
                                institution to offer a loan 
                                rehabilitation program or to remove any 
                                reported default from a consumer report 
                                as a consideration of a loan 
                                rehabilitation program, except as 
                                described in clause (i).
                          ``(iv) Definitions.--For purposes of this 
                      subparagraph--
                                    ``(I) the term `appropriate Federal 
                                banking agency' has the meaning given 
                                the term in section 3 of the Federal 
                                Deposit Insurance Act (12 U.S.C. 1813); 
                                and
                                    ``(II) the term `private education 
                                loan' has the meaning given the term in 
                                section 140(a) of the Truth in Lending 
                                Act (15 U.S.C. 1650(a)).''.

    (b) GAO Study.--

[[Page 132 STAT. 1367]]

            (1) <<NOTE: Consultation.>>  Study.--The Comptroller General 
        of the United States shall conduct a study, in consultation with 
        the appropriate Federal banking agencies, regarding--
                    (A) the implementation of subparagraph (E) of 
                section 623(a)(1) of the Fair Credit Reporting Act (15 
                U.S.C. 1681s-2(a)(1)) (referred to in this paragraph as 
                ``the provision''), as added by subsection (a);
                    (B) the estimated operational, compliance, and 
                reporting costs associated with the requirements of the 
                provision;
                    (C) the effects of the requirements of the provision 
                on the accuracy of credit reporting;
                    (D) the risks to safety and soundness, if any, 
                created by the loan rehabilitation programs described in 
                the provision; and
                    (E) a review of the effectiveness and impact on the 
                credit of participants in any loan rehabilitation 
                programs described in the provision and whether such 
                programs improved the ability of participants in the 
                programs to access credit products.
            (2) Report.--Not later than 1 year after the date of 
        enactment of this Act, the Comptroller General of the United 
        States shall submit to Congress a report that contains all 
        findings and determinations made in conducting the study 
        required under paragraph (1).
SEC. 603. BEST PRACTICES FOR HIGHER EDUCATION FINANCIAL LITERACY.

    Section 514(a) of the Financial Literacy and Education Improvement 
Act (20 U.S.C. 9703(a)) is amended by adding at the end the following:
            ``(3) Best practices for teaching financial literacy.--
                    ``(A) In general. <<NOTE: Deadline.>> --After 
                soliciting public comments and consulting with and 
                receiving input from relevant parties, including a 
                diverse set of institutions of higher education and 
                other parties, the Commission shall, by not later than 1 
                year after the date of enactment of the Economic Growth, 
                Regulatory Relief, and Consumer Protection Act, 
                establish best practices for institutions of higher 
                education regarding methods to--
                          ``(i) teach financial literacy skills; and
                          ``(ii) provide useful and necessary 
                      information to assist students at institutions of 
                      higher education when making financial decisions 
                      related to student borrowing.
                    ``(B) Best practices.--The best practices described 
                in subparagraph (A) shall include the following:
                          ``(i) Methods to ensure that each student has 
                      a clear sense of the student's total borrowing 
                      obligations, including monthly payments, and 
                      repayment options.
                          ``(ii) The most effective ways to engage 
                      students in financial literacy education, 
                      including frequency and timing of communication 
                      with students.
                          ``(iii) Information on how to target different 
                      student populations, including part-time students, 
                      first-time students, and other nontraditional 
                      students.

[[Page 132 STAT. 1368]]

                          ``(iv) Ways to clearly communicate the 
                      importance of graduating on a student's ability to 
                      repay student loans.
                    ``(C) Maintenance of best practices.--The Commission 
                shall maintain and periodically update the best 
                practices information required under this paragraph and 
                make the best practices available to the public.
                    ``(D) Rule of construction.--Nothing in this 
                paragraph shall be construed to require an institution 
                of higher education to adopt the best practices required 
                under this paragraph.''.

    Approved May 24, 2018.

LEGISLATIVE HISTORY--S. 2155:
---------------------------------------------------------------------------

CONGRESSIONAL RECORD, Vol. 164 (2018):
            Mar. 7, 8, 12-14, considered and passed Senate.
            May 22, considered and passed House.
DAILY COMPILATION OF PRESIDENTIAL DOCUMENTS (2018):
            May 24, Presidential remarks and statement.

                                  <all>