S 2155 — Economic Growth, Regulatory Relief, and Consumer Protection Act

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.

``(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-licensedState- licensed loan originator licensed by the application State.

4501 note) is[[Page amended132 bySTAT. inserting after the item relating to section 1517 the following:

1304]] is amended by inserting after the item relating to section 1517 the following:

(d) Effective<<NOTE: 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.

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.

1639d) is amended-- (1) in subsection (c)-- (A)[[Page by132 redesignatingSTAT. paragraphs (1) through (4) as subparagraphs (A) through (D), respectively, and adjusting the margins accordingly;

1305]] (A) by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D), respectively, and adjusting the margins accordingly;

and (2) in<<NOTE: subsection (i), by adding at the end the following:

Definitions.>> in subsection (i), by adding at the end the following:

(2)[[Page the132 applicabilitySTAT. of the TRID Rule to construction-to- permanent home loans, and the conditions under which those loans can be properly originated;

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;

CAPITAL<<NOTE: SIMPLIFICATION FOR QUALIFYING COMMUNITY BANKS.

12 USC 5371 note.>> CAPITAL SIMPLIFICATION FOR QUALIFYING COMMUNITY BANKS.

(b) Community<<NOTE: Bank Leverage Ratio.--The appropriate Federal banking agencies shall, through notice and comment rule making under section 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;

Notice.>> Community Bank Leverage Ratio.--The appropriate Federal banking agencies shall, through notice and (2)comment establishrule proceduresmaking forunder treatmentsection 553 of atitle qualifying5, communityUnited bankStates thatCode-- has(1) develop a Community Bank Leverage Ratio thatof fallsnot belowless thethan percentagepercent developedand undernot paragraphmore (1)than after10 exceedingpercent thefor percentagequalifying developedcommunity underbanks; paragraph (1).

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).

and (2) notify<<NOTE: 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).

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).

``(ii)[[Page has132 obtainedSTAT. a waiver pursuant to subsection (c);

1308]] ``(ii) has obtained a waiver pursuant to subsection (c);

``(3)[[Page Limit132 onSTAT. 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;

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;

``(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 company[[Page for132 purposesSTAT. of section 8 of the International Banking Act of 1978 (12 U.S.C.

1310]] company for purposes of section 8 of the International Banking Act of 1978 (12 U.S.C.

and ``(III) such name does not contain the word `bank''';`bank' '';

``(12) Short form reporting.-- ``(A) In<<NOTE: 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).

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).

ELECTION<<NOTE: TO OPERATE AS A COVERED SAVINGS ASSOCIATION.

12 USC 1464a.>> ELECTION TO OPERATE AS A COVERED SAVINGS ASSOCIATION.

``(b) Election.--<<NOTE: ``(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)Effective Approval.--Adates.>> FederalElection.-- savings``(1) associationIn shallgeneral.--In beaccordance deemedwith tothe berules approvedissued tounder operatesubsection as(f), a coveredFederal savings association beginningwith ontotal theconsolidated dateassets thatequal isto 60or daysless afterthan the$20,000,000,000, dateas onreported whichby the Comptrollerassociation receivesto the noticeComptroller submittedas underof paragraphDecember (1),31, unless2017, themay Comptrollerelect notifiesto theoperate Federalas a covered savings association thatby thesubmitting Federala savingsnotice associationto isthe notComptroller eligible.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.

and ``(2)[[Page be132 subjectSTAT. to the same duties, restrictions, penalties, liabilities, conditions, and limitations that would apply to a national bank described in paragraph (1).

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).

and ``(3) determined<<NOTE: by regulation of the Comptroller.

Determination.>> determined by regulation of the Comptroller.

and ``(6) as<<NOTE: the Comptroller determines necessary in the interests of safety and soundness.

Determination.>> as the Comptroller determines necessary in the interests of safety and soundness.

SEC.[[Page 132 STAT.

1312]] SEC.

(a) Definitions.--In<<NOTE: this section:

12 USC 5371 note.>> Definitions.--In this section:

(b) Changes<<NOTE: 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;

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;

(c) Exclusions.--The<<NOTE: 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.

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.

(b)[[Page Effective132 Date.--TheSTAT. amendments made by this section shall take effect on the date that is 30 days after the date of enactment of this Act.

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.

SMALL<<NOTE: PUBLIC HOUSING AGENCIES.

42 USC 1437z-10.>> SMALL PUBLIC HOUSING AGENCIES.

``(c) Program Inspections and Evaluations.-- ``(1) Public housing projects.-- ``(A) Frequency<<NOTE: 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.

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.

``(2) Housing<<NOTE: 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).

NothingTime containedperiods. in this paragraph relieves a small public housing agency 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.

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.

``(3) Troubled small public housing agencies.-- ``(A) Public<<NOTE: 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)Determination.>> HousingPublic voucherhousing 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 voucher program of the small public housing agency if the Secretary determines that the agency has failed to complymaintain withthe public housing units of the small public housing agency in a satisfactory physical condition, based upon an inspection requirementsconducted underby paragraphthe (2).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).

``(D) Corrective action agreement.-- ``(i) Agreement<<NOTE: required.--Not later than 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)Deadline.>> TermsAgreement ofrequired.--Not agreement.--Alater correctivethan action60 agreementdays enteredafter intothe underdate clauseon (i)which shall--a ``(I)small havepublic housing agency is designated as a termtroubled ofpublic 1housing year,agency under subparagraph (A) or (B), the Secretary and the small public housing agency shall beenter renewableinto ata corrective action agreement under which the optionsmall ofpublic housing agency shall undertake actions to correct the Secretary;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;

and ``(bb) termination<<NOTE: of the agreement when the Secretary determines that the small public housing agency is no longer a troubled small public housing agency;

andDetermination.>> ``(IV)termination provide that in the event of substantial noncompliance by the smallagreement publicwhen housing agency under the agreement, the Secretary may--determines ``(aa)that contractthe withsmall another public housing agency oris ano privatelonger entitya to manage the public housing of the 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;

``(D) Freeze of consumption levels.-- ``(i) In<<NOTE: 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)Time Initialperiods.>> adjustmentIn general.--A small public housing agency, as defined in consumptionsection base38(a), level.--Themay Secretaryelect shallto makebe anpaid initialfor one-timeits adjustmentutility inand thewaste consumptionmanagement basecosts levelunder tothe accountformula for differencesa inperiod, at the heatingdiscretion degreeof daythe averagesmall overpublic thehousing mostagency, recentof 20-yearnot periodmore comparedthan to20 years based on the small public housing agency's average annual consumption during the 3-year period preceding the year in which the consumptionelection is made (in this subparagraph referred to as the `consumption base level.level').

``(iii)``(ii) Adjustments<<NOTE: 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.

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.

(c) Reporting<<NOTE: by Agencies Operating in Consortia.--Not later than 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.

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.

(d) Effective<<NOTE: 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)42 SharedUSC Waiting1437g Lists.--Notnote.>> laterEffective thanDate.--The 1amendments yearmade afterby thesubsections date(a) of enactment of this Act, the Secretary of Housing and Urban(b) Development shall maketake availableeffect toon interested public housing agencies and owners of multifamily properties receiving assistance from the Departmentdate of Housing and Urban Development 1 or more software programs that willis facilitate60 thedays voluntaryafter use of a shared waiting list by multiple public housing agencies or owners receiving assistance, and shall publish on the websitedate of theenactment Department of Housingthis andAct. Urban Development procedural guidance for implementing shared waiting lists that includes information on how to obtain the software.

(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.

INTERNATIONAL<<NOTE: INSURANCE CAPITAL STANDARDS ACCOUNTABILITY.

(a)31 Findings.--CongressUSC finds313 that--note.>> (1)INTERNATIONAL theINSURANCE SecretaryCAPITAL ofSTANDARDS theACCOUNTABILITY. 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;

(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;

(ii)[[Page a132 descriptionSTAT. 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;

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;

(3) Joint report by the chairman of the federal reserve and the director of the federal insurance office.-- (A) In<<NOTE: 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.

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.

(ii) Opportunity<<NOTE: 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.

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.

(4)[[Page Report132 onSTAT. 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.

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.

``(1) on an annual basis and prior to the submission of the detailed business-type budget required under paragraph (2)-- ``(A) make<<NOTE: publicly available and publish in the Federal Register a draft of the detailed business-type budget;

Public information.

Federal Register, publication.>> make publicly available and publish in the Federal Register a draft of the detailed business- type budget;

MAKING<<NOTE: ONLINE BANKING INITIATION LEGAL AND EASY.

12 USC 1829c.>> MAKING ONLINE BANKING INITIATION LEGAL AND EASY.

(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.

(6)[[Page Insured132 creditSTAT. 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.

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.

(4) Disclosure of personal information.--Nothing in this section shall be construed to amend, modify, or otherwise affect[[Page any132 StateSTAT. or Federal law that governs a financial institution's disclosure and security of personal information that is not publicly available.

1321]] affect any State or Federal law that governs a financial institution's disclosure and security of personal information that is not publicly available.

CAPITAL<<NOTE: REQUIREMENTS FOR CERTAIN ACQUISITION, DEVELOPMENT, OR CONSTRUCTION LOANS.

12 USC 1831bb.>> CAPITAL REQUIREMENTS FOR CERTAIN ACQUISITION, DEVELOPMENT, OR CONSTRUCTION LOANS.

``(b) HVCRE<<NOTE: 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;

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;

``(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 institution's[[Page applicable132 loanSTAT. underwriting criteria for permanent financings;

or1322]] ``(D)institution's commercial real property projects in which-- ``(i) the loan-to-value ratio is less than or equal to the applicable maximumloan supervisoryunderwriting loan-to-valuecriteria ratiofor aspermanent determinedfinancings; by the appropriate Federal banking agency;

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;

SEC.[[Page 132 STAT.

1323]] SEC.

REDUCING<<NOTE: IDENTITY FRAUD.

42 USC 405b.>> REDUCING IDENTITY FRAUD.

(e)[[Page Certification132 Required.--BeforeSTAT. 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:

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:

(4) The<<NOTE: entity will retain sufficient records to demonstrate its compliance with its certification and this section for a period of not less than 2 years.

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.

(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-Gramm-Leach-Bliley 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 with[[Page paragraphs132 (1)STAT. through (7) of such section 505(a) by the agencies described in those paragraphs.

1325]] with paragraphs (1) through (7) of such section 505(a) by the agencies described in those paragraphs.

(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).

TREASURY<<NOTE: REPORT ON RISKS OF CYBER THREATS.

NotDeadline.>> laterTREASURY thanREPORT 1ON yearRISKS afterOF theCYBER dateTHREATS. 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) an assessment of the material risks of cyber threats to financial institutions and capital markets in the United States;

(2)Not later than 1 year after the impactdate of enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Banking, Housing, and potentialUrban effectsAffairs of materialthe cyberSenate attacksand 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;States, including-- (1) <<NOTE:

(3)Assessment.>> an analysisassessment of how the appropriate Federal banking agencies and the Securities and Exchange Commission are addressing the material risks of cyber threats describedto infinancial paragraphinstitutions (1),and including--capital (A)markets howin the appropriateUnited FederalStates; banking agencies and the Securities and Exchange Commission are assessing those threats;

[[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;

(C) coordination<<NOTE: 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);

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 (4) a<<NOTE: 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).

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).

``(2) Placement of security freeze.-- ``(A)[[Page In132 general.--UponSTAT. 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, business day after receiving the request directly from the consumer;

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;

``(B) Confirmation<<NOTE: 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;

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;

``(C) Removal<<NOTE: 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.

UponDeadlines.>> receivingRemoval aof directsecurity requestfreeze fromby a consumer thatrequest.--Except aas consumerprovided reportingin agencysubparagraph remove(A)(ii), a security freeze,freeze andshall uponremain receivingin properplace identificationuntil from the consumer, the consumer reportingdirectly agencyrequests shall,that free of charge, remove the security freeze notbe laterremoved. than-- ``(i) in the case of a request that is by toll-free telephone or secure electronic means, hour after receiving the request for removal;

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;

``(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 is[[Page in132 connectionSTAT. 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.

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.

``(5)[[Page Notice132 ofSTAT. rights.--At any time a consumer is required to receive a summary of rights required under section 609, the following notice shall be included:

```Consumers1329]] Have``(5) theNotice Rightof Torights.--At Obtainany time a Securityconsumer Freezeis ```Yourequired have a right to placereceive a ``securitysummary freeze''of onrights yourrequired creditunder report,section which609, willthe prohibitfollowing anotice consumershall reportingbe agencyincluded: from releasing information in your credit report without your express authorization.

`` `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.

```As`` `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.

```A`` `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.

``(A)[[Page The132 termSTAT. `consumer reporting agency' means a consumer reporting agency described in section 603(p).

1330]] ``(A) The term `consumer reporting agency' means a consumer reporting agency described in section 603(p).

``(ii)[[Page a132 certifiedSTAT. or official copy of a birth certificate issued by the entity authorized to issue the birth certificate;

1331]] ``(ii) a certified or official copy of a birth certificate issued by the entity authorized to issue the birth certificate;

``(2) Placement of security freeze for a protected consumer.-- ``(A) In<<NOTE: 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, business day after receiving the request directly from the protected consumer's representative;

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;

``(B) Confirmation<<NOTE: 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;

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;

``(iii)[[Page The132 securitySTAT. freeze was placed due to a material misrepresentation of fact by the protected consumer's representative.

1332]] ``(iii) The security freeze was placed due to a material misrepresentation of fact by the protected consumer's representative.

``(C) Removal<<NOTE: 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.

UponDeadlines.>> receivingRemoval aof directfreeze requestby fromrequest.--Except theas protectedprovided consumer's representative or protected consumer described in subparagraph (A)(ii)(A)(iii), that a consumer reporting agency remove a security freeze,freeze andshall uponremain receivingin sufficientplace proofuntil ofa identificationprotected andconsumer's sufficientrepresentative proofor ofprotected authority, the consumer reportingdescribed agencyin shall,subparagraph free(A)(ii) ofdirectly charge,requests removethat the security freeze notbe laterremoved. than-- ``(i) in the case of a request that is by toll-free telephone or secure electronic means, hour after receiving the request for removal;

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;

(c) Effective<<NOTE: 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.

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.

(b) Amendments to Fair Credit Reporting Act.-- (1)[[Page Veteran's132 medicalSTAT. debt defined.--Section 603 of the Fair Credit Reporting Act (15 U.S.C.

1333]] (1) Veteran's medical debt defined.--Section 603 of the Fair Credit Reporting Act (15 U.S.C.

``(3)[[Page Deletion132 ofSTAT. 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)1334]] Verification``(3) Deletion of Veteran'sinformation Medicalfrom Debt.--file.--If (1)a Definitions.--Forconsumer purposesreporting ofagency thisreceives subsection--notice, (A)proof theof termliability, ``consumeror reportingdocumentation agency''under meansparagraph a(1), the consumer reporting agency describedshall indelete sectionall 603(p)information relating to the veteran's medical debt from the file of the Fairveteran Creditand Reportingnotify Actthe (15furnisher U.S.C.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.

(2) Establishment.--Not<<NOTE: 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.

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.

(4) Stakeholder<<NOTE: 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.

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.

``(2)[[Page Credit132 monitoring.--ASTAT. 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;

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;

``(3) Rulemaking.--Not<<NOTE: 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;

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;

(e) Effective<<NOTE: 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.

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.

IMMUNITY<<NOTE: FROM SUIT FOR DISCLOSURE OF FINANCIAL EXPLOITATION OF SENIOR CITIZENS.

12 USC 3423.>> IMMUNITY FROM SUIT FOR DISCLOSURE OF FINANCIAL EXPLOITATION OF SENIOR CITIZENS.

(iv)[[Page the132 SecuritiesSTAT. and Exchange Commission;

1336]] (iv) the Securities and Exchange Commission;

(Q) the term ``State securities or law enforcement authority'' has the meaning given the term in section 24(f)(4)[[Page of132 theSTAT. Securities Exchange Act of 1934 (15 U.S.C.

1337]] 24(f)(4) of the Securities Exchange Act of 1934 (15 U.S.C.

(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-- (i)[[Page be132 maintainedSTAT. 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;

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;

SEC.[[Page 132 STAT.

1339]] SEC.

(b) Restoration.--Sections<<NOTE: 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)12 EffectiveUSC Date.--Subsections5201 (a)note, and5220 (b)note; shall take effect on the date that is 30 days after the date of enactment of this Act.

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.

(a) In General.--Section 23 of the United States Housing Act of 1937 (42 U.S.C.

or ``(D)[[Page any132 otherSTAT. circumstances that the Secretary may consider appropriate.'';

1340]] ``(D) any other circumstances that the Secretary may consider appropriate.'';

(bb)[[Page by132 strikingSTAT. ``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'';

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'';

``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 be[[Page placed132 inSTAT. an interest-bearing escrow account established by the eligible entity on behalf of the participating family.

1342]] be placed in an interest-bearing escrow account established by the eligible entity on behalf of the participating family.

and (iii)[[Page by132 strikingSTAT. ``to the Secretary'';

1343]] (iii) by striking ``to the Secretary'';

``(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-SufficiencySelf- Sufficiency program under this section.

``(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-timefull- 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 awards[[Page or132 allowingSTAT. such entities to combine their programs under this section for purposes of employing a coordinator.

1344]] awards or allowing such entities to combine their programs under this section for purposes of employing a coordinator.

``(E) Award<<NOTE: 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.

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.

``(i) First priority.--Renewal of the full cost of all coordinators in the previous year at each eligible entity with an existing Family Self-SufficiencySelf- Sufficiency program that meets applicable performance standards set by the Secretary.

``(4) Recapture<<NOTE: 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 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.

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.

``(3)[[Page Treatment132 ofSTAT. 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).

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).

``(3)[[Page Participating132 family.--TheSTAT. term `participating family' means an eligible family that is participating in the Family Self-Sufficiency program under this section.''.

(b)1347]] Effective``(3) Date.--NotParticipating laterfamily.--The thanterm 360`participating daysfamily' aftermeans thean dateeligible offamily enactmentthat ofis thisparticipating Act,in the SecretaryFamily ofSelf-Sufficiency Housingprogram andunder Urban Development shall issue regulations to implement this sectionsection.''. and any amendments made by this section, and this section and any amendments made by this section shall take effect upon such issuance.

(b) <<NOTE:

42 USC 1437u note.>> Effective Date.--Not later than 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.

``(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.

(b) Report.--Not<<NOTE: 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.

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.

(4)[[Page a132 reviewSTAT. 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;

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;

(8) an<<NOTE: analysis of-- (A) which Federal and State regulatory agencies supervise and enforce laws relating to how consumer reporting agencies protect consumer data;

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 (9) recommendations<<NOTE: to Congress on how to improve the consumer reporting system, including legislative, regulatory, and industry-specific recommendations.

Recommenda- tions.>> recommendations to Congress on how to improve the consumer reporting system, including legislative, regulatory, and industry-specific recommendations.

Refinancing<<NOTE: 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) 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;

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;

``(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;

``(3)[[Page in132 aSTAT. 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;

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;

``(2) Not<<NOTE: 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)Deadline. Regulations.-- (A) 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)Regulations.>> theNot Secretarylater submitsthan to180 thedays Committeeafter onthe Veterans'date Affairs of the Senateenactment andof this section, the CommitteeSecretary onshall Veterans'promulgate Affairssuch ofrules as the HouseSecretary ofconsiders Representatives,appropriate andwith publishesrespect to refinancing described in theparagraph Federal(1) Register,to noticeensure ofthat such waiver,refinancing includingis ain descriptionthe financial interest of the determinationborrower, madeincluding underrules clauserelating (i);to recoupment, seasoning, and net tangible benefits.''.

and(2) (iii)<<NOTE: a period of 10 days elapses following the notification under clause (ii).

(B)39 PublicUSC notice3709 andnote.>> comment.--IfRegulations.-- a regulation prescribed pursuant to a waiver made under subparagraph (A) is<<NOTE: in effect for a period exceeding 1 year, the Secretary shall provide the public an opportunity for notice and comment regarding such regulation.

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.

(3) Report on cash-out refinances.-- (A) In general.--Not later than 1<<NOTE: 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;

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;

(i) An<<NOTE: 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)Assessment.>> SuchAn recommendationsassessment asof thewhether Secretaryadditional mayrequirements, haveincluding fora additionalnet legislativetangible orbenefit administrativetest, actionfee recoupment period, and loan seasoning requirement, are necessary to ensure that the refinancing described in subparagraph (A) is carried out in the financial interest of the borrower.

(4)(ii) Clerical<<NOTE: amendment.--The table of sections at the beginning of chapter 37 of title 38, United States Code, is amended by inserting after the item relating to section 3709 the following new item:

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:

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.-- (1)[[Page Report.--Not132 laterSTAT. 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) assess the loans provided under that chapter that collateralize mortgage-backed securities that are guaranteed by Ginnie Mae;

1351]] (1) Report.--Not later than 1 year after the date of the enactment of this Act, the Secretary of Housing and (B)Urban includeDevelopment recommendationsand forthe actionsPresident thatof the Ginnie Mae shouldshall takesubmit to ensurethe thatappropriate committees of Congress a report on the liquidity of thatthe housing loan program isunder maintained.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.

(d) Annual<<NOTE: 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;

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;

and (2) includes<<NOTE: findings based on any complaints received by veterans and on an ongoing assessment of the refinancing market by the Secretary.

Assessment.>> includes findings based on any complaints received by veterans and on an ongoing assessment of the refinancing market by the Secretary.

``(B) Use of Credit Scores.--The corporation shall condition purchase of a residential mortgage by the corporation under this subsection[[Page on132 theSTAT. 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;

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;

``(C) Validation and Approval Process.--TheProcess. 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;

<<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;

``(iv) complies<<NOTE: 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;

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;

``(F) Application.--Not later than 30 days after<<NOTE: 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).

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).

``(iii)[[Page Status132 notice.--TheSTAT. 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)1353]] Reasons``(iii) for<<NOTE: 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)Deadline.>> AuthorityStatus ofnotice.--The Director.--Ifcorporation theshall corporationprovide electsnotice to usean aapplicant creditregarding score model under this paragraph, the Directorstatus of thean Federalapplication Housingsubmitted Finance Agency shall require the corporation to periodically review the validation and approval process required under subparagraph (C)(F) asnot thelater Directorthan determines60 necessarydays toafter ensure that the processdate remainson appropriatewhich andthe adequateapplication andwas compliessubmitted with any standards and criteria established pursuant to section 1328(1) of the Federalcorporation. Housing Enterprises Financial Safety and Soundness Act of 1992.

``(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.

``(C)[[Page is132 consistentSTAT. with the safe and sound operation of the corporation;

``(D)1354]] complies``(C) withis anyconsistent standardswith and criteria established by the Directorsafe ofand thesound Federaloperation Housing Finance Agency under section 1328(1) of the Federalcorporation; Housing Enterprises Financial Safety and Soundness Act of 1992;

``(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;

``(6) Application.--Not<<NOTE: 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).

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).

``(8) Authority<<NOTE: 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) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992.

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.

(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.) is<<NOTE: amended by adding at the end the following:

12 USC 4548.>> is amended by adding at the end the following:

(d) Effective<<NOTE: 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.

12 USC 1454 note.>> Effective Date.--The amendments made by subsections (a) and (b) shall take effect on the date that is days after the date of enactment of this Act.

SEC.[[Page 132 STAT.

1356]] SEC.

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.

(b) Report.--Not later than 1 year after the<<NOTE: 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;

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;

``(C) Risks<<NOTE: 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 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);

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);

(b) Rule<<NOTE: 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.

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.

or (2) the supervisory, regulatory, or enforcement authority of an appropriate Federal banking agency to further the safe and[[Page sound132 operationSTAT. of an institution under the supervision of the appropriate Federal banking agency.

1358]] and sound operation of an institution under the supervision of the appropriate Federal banking agency.

(d) Effective<<NOTE: 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.

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.

(4)[[Page Rule132 ofSTAT. 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.

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.

(e) Supervisory<<NOTE: 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)12 GlobalUSC Systemically5365 Importantnote.>> BankSupervisory HoldingStress Companies.--AnyTest.--Beginning bankon holdingthe company,effective regardlessdate ofdescribed assetin size,subsection that(d)(1), hasthe beenBoard identifiedof asGovernors aof globalthe systemicallyFederal importantReserve BHCSystem undershall, sectionon 217.402a ofperiodic titlebasis, 12,conduct Codesupervisory ofstress Federaltests Regulations,of shall be considered a bank holding companycompanies with total consolidated assets equal to or greater than $250,000,000,000$100,000,000,000 withand respecttotal consolidated assets of less than $250,000,000,000 to evaluate whether such bank holding companies have the applicationcapital, ofon standardsa ortotal requirementsconsolidated under--basis, (1)necessary thisto section;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;

(g) Clarification<<NOTE: 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.

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.

SUPPLEMENTARY<<NOTE: LEVERAGE RATIO FOR CUSTODIAL BANKS.

12 USC 1831o note.>> SUPPLEMENTARY LEVERAGE RATIO FOR CUSTODIAL BANKS.

and (C)[[Page central132 banksSTAT. 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;

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;

21223 (April 11, 2016)), and any other regulation that incorporates[[Page a132 definitionSTAT. 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;

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;

(b) Amendment<<NOTE: 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:

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:

21223 (April 11, 2016)) to implement the amendments made by this section.

(a) In General.--Not later than 18<<NOTE: 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)Deadline. Matters Required To Be Included.--The matters covered by the report required by subsection (a) shall include the following:

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:

(3)[[Page An132 analysisSTAT. of whether the activity of algorithmic trading and entities that engage in algorithmic trading are subject to appropriate Federal supervision and regulation.

(4)1362]] A(3) recommendation<<NOTE: of whether-- (A) based on the analysis described in paragraphs (1), (2), and (3), any changes should be made to regulations;

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;

SECURITIES<<NOTE: AND EXCHANGE COMMISSION OVERPAYMENT CREDIT.

15 USC 78ee note.>> SECURITIES AND EXCHANGE COMMISSION OVERPAYMENT CREDIT.

(b)[[Page Credit132 forSTAT. Overpayment of Fees.--Notwithstanding section 31(j) of the Securities Exchange Act of 1934 (15 U.S.C.

1363]] (b) <<NOTE:

Deadline.>> Credit for Overpayment of Fees.-- Notwithstanding section 31(j) of the Securities Exchange Act of 1934 (15 U.S.C.

(b) Effective<<NOTE: 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.

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.

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-year3- 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.

ENCOURAGING<<NOTE: EMPLOYEE OWNERSHIP.

Not15 laterUSC than77e 60note.>> daysENCOURAGING afterEMPLOYEE theOWNERSHIP. 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.

TheNot Commissionlater shallthan index<<NOTE: for inflation such aggregate sales price or amount every 5 years to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics, rounding to the nearest $1,000,000.

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.

The<<NOTE: 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.

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 (15 U.S.C.

PARITY<<NOTE: FOR CLOSED-END COMPANIES REGARDING OFFERING AND PROXY RULES.

(a)15 RevisionUSC to80a-23 Rules.--Notnote.>> laterPARITY thanFOR theCLOSED-END endCOMPANIES ofREGARDING theOFFERING 1-yearAND periodPROXY beginningRULES. 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 (15 U.S.C.

(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.

TITLE[[Page VI--PROTECTIONS132 FORSTAT. STUDENT BORROWERS SEC.

1365]] TITLE VI--PROTECTIONS FOR STUDENT BORROWERS SEC.

(b) Applicability.--The<<NOTE: 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.

SEC.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.

``(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) the<<NOTE: 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;

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;

``(II) Feedback.--An<<NOTE: appropriate Federal banking agency shall provide feedback to a financial institution within 120 days of a request for approval under subclause (I).

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).

(b) GAO Study.-- (1)[[Page Study.--The132 ComptrollerSTAT. 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.

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.

``(3) Best practices for teaching financial literacy.-- ``(A) In general.--Aftergeneral. 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;

<<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;

``(iii) Information on how to target different student populations, including part-part-time time students, first-time students, and other nontraditional students.

``(iv)[[Page Ways132 toSTAT. clearly communicate the importance of graduating on a student's ability to repay student loans.

1368]] ``(iv) Ways to clearly communicate the importance of graduating on a student's ability to repay student loans.

PassedApproved theMay Senate24, March 14, 2018.

Attest:LEGISLATIVE HISTORY--S.

Secretary.2155:

115th--------------------------------------------------------------------------- CONGRESSCONGRESSIONAL 2dRECORD, SessionVol. S.

2155164 _______________________________________________________________________(2018): AN ACT To promote economic growth, provide tailored regulatory relief, and enhance consumer protections, and for other purposes.

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.

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