H.R. 10 — what changed
Financial CHOICE Act of 2017
From Reported in House to Engrossed in House. 78 sections amended, 6 added, and 9 removed between Reported in House and Engrossed in House.
Sec. 2 Directed rulemaking repeals
addedadded With respect to any directed rulemaking required by a provision of law repealed by this Act, to the extent any rule was issued or revised pursuant to such directed rulemaking, such rule or revision shall have no force or effect.
Sec. 151 Repeal and modification of provisions of the Financial Stability Act of 2010
Repeals— The following provisions of the Financial Stability Act of 2010 are repealed, and the provisions of law amended or repealed by such provisions are restored or revived as if such provisions had not been enacted:
Subtitle B.
Section 113.
Section 114.
Section 115.
Section 116.
Section 117.
Section 119.
Section 120.
Section 121.
Section 161.
Section 162.
Section 164.
Section 166.
Section 167.
Section 168.
Section 170.
Section 172.
Section 174.
Section 175.
Additional modifications— The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended—
in section 102(a), by striking paragraph (5);
in section 111—
in subsection (b)—
in paragraph (1)—
by striking “who shall each” and inserting “who shall, except as provided below, each”; and
by striking subparagraphs (B) through (J) and inserting the following:
“(B) each member of the Board of Governors, who shall collectively have 1 vote on the Council;
“(C) the Comptroller of the Currency;
“(D) the Director of the Consumer Law Enforcement Agency;
“(E) each member of the Commission, who shall collectively have 1 vote on the Council;
“(F) each member of the Corporation, who shall collectively have 1 vote on the Council;
“(G) each member of the Commodity Futures Trading Commission, who shall collectively have 1 vote on the Council;
“(H) the Director of the Federal Housing Finance Agency;
“(I) each member of the National Credit Union Administration Board, who shall collectively have 1 vote on the Council; and
“(J) the Independent Insurance Advocate.”
in paragraph (2)—
by striking subparagraphs (A) and (B); and
by redesignating subparagraphs (C), (D), and (E) as subparagraphs (A), (B), and (C), respectively; and
by adding at the end the following:
“(4) Voting by multi-person entity
“(A) Voting within the entity—An entity described under subparagraph (B), (E), (F), (G), or (I) of paragraph (1) shall determine the entity’s Council vote by using the voting process normally applicable to votes by the entity’s members.
“(B) Casting of entity vote—The 1 collective Council vote of an entity described under subparagraph (A) shall be cast by the head of such agency or, in the event such head is unable to cast such vote, the next most senior member of the entity available.”
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in subsection (c), (c)(1), by striking “subparagraphs “The independent member of the Council shall serve for a term of 6 years, and each nonvoting member described in subparagraphs (C), (D), and (E)” (E) of” and inserting “subparagraphs (B), (C), and (D)”;“Each nonvoting members described under”;
in subsection (e), by adding at the end the following:
“(3) Staff access—Any member of the Council may select to have one or more individuals on the member’s staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members themselves.
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“(4) Congressional oversight—All public meetings of the Council, whether or not open to the public, Council shall be open to the attendance by members of the Committee on Financial Services authorization and oversight committees of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.
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“(5) Member agency meetings—Any meeting of representatives of the member agencies other than the members themselves Transcription requirement for non-public meetings—The Council shall be open to attendance by staff of the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, create and Urban Affairs preserve transcripts for all non-public meetings of the Senate.”Council.
added “(6) Member agency meetings—Any meeting of representatives of the member agencies other than the members themselves shall be open to attendance by staff of the authorization and oversight committees of the House of Representatives and the Senate.”
by striking subsection (g) (relating to the nonapplicability of FACA);
by inserting after subsection (f) the following:
“(g) Open meeting requirement—The Council shall be an agency for purposes of section 552b of title 5, United States Code (commonly referred to as the “Government in the Sunshine Act”).
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“(h) Confidential congressional briefings—At the request of the Chairman of briefings—The Chairperson shall at regular times but not less than annually provide confidential briefings to the Committee on Financial Services of the House of Representatives or the Chairman of and the Committee on Banking, Housing, and Urban Affairs of the Senate, which may in the Chairperson shall appear before Congress to provide a confidential briefing.”discretion of the Chairman of the respective committee be attended by any combination of the committee’s members or staff.”
by redesignating subsections (h) through (j) as subsections (i) through (k), respectively;
in section 112—
in subsection (a)(2)—
in subparagraph (A), by striking “the Federal Insurance Office and, if necessary to assess risks to the United States financial system, direct the Office of Financial Research to” and inserting “and, if necessary to assess risks to the United States financial system,”;
by striking subparagraphs (B), (H), (I), and (J);
by redesignating subparagraphs (C), (D), (E), (F), (G), (K), (L), (M), and (N) as subparagraphs (B), (C), (D), (E), (F), (G), (H), (I), and (J), respectively;
in subparagraph (J), as so redesignated—
in clause (iii), by adding “and” at the end;
by striking clauses (iv) and (v); and
by redesignating clause (vi) as clause (iv); and
in subsection (d)—
in paragraph (1), by striking “the Office of Financial Research, member agencies, and the Federal Insurance Office” and inserting “member agencies”;
in paragraph (2), by striking “the Office of Financial Research, any member agency, and the Federal Insurance Office,” and inserting “member agencies”;
in paragraph (3)—
by striking “, acting through the Office of Financial Research,” each place it appears; and
in subparagraph (B), by striking “the Office of Financial Research or”; and
in paragraph (5)(A), by striking “, the Office of Financial Research,”;
by amending section 118 to read as follows:
“118. Council funding
“There is authorized to be appropriated to the Council $4,000,000 for fiscal year 2017 and each fiscal year thereafter to carry out the duties of the Council.”
in section 163—
by striking subsection (a);
by redesignating subsection (b) as subsection (a); and
in subsection (a), as so redesignated—
by striking “or a nonbank financial company supervised by the Board of Governors” each place such term appears;
in paragraph (4), by striking “In addition” and inserting the following:
“(A) In general—In addition”
by adding at the end the following:
“(B) Exception for qualifying banking organization—Subparagraph (A) shall not apply to a proposed acquisition by a qualifying banking organization, as defined under section 605 of the Financial CHOICE Act of 2017.”
in section 165—
by striking “nonbank financial companies supervised by the Board of Governors and” each place such term appears;
by striking “nonbank financial company supervised by the Board of Governors and” each place such term appears;
in subsection (a), by amending paragraph (2) to read as follows:
“(2) Tailored application—In prescribing more stringent prudential standards under this section, the Board of Governors may differentiate among companies on an individual basis or by category, taking into consideration their capital structure, riskiness, complexity, financial activities (including the financial activities of their subsidiaries), size, and any other risk-related factors that the Board of Governors deems appropriate.”
in subsection (b)—
in paragraph (1)(B)(iv), by striking “, on its own or pursuant to a recommendation made by the Council in accordance with section 115,”;
in paragraph (2)—
by striking “foreign nonbank financial company supervised by the Board of Governors or”;
by striking “shall—” and all that follows through “give due” and inserting “shall give due”;
in subparagraph (A), by striking “; and” and inserting a period; and
by striking subparagraph (B);
in paragraph (3)—
in subparagraph (A)—
by striking clause (i);
by redesignating clauses (ii), (iii), and (iv) as clauses (i), (ii), and (iii), respectively; and
in clause (iii), as so redesignated, by adding “and” at the end;
by striking subparagraphs (B) and (C); and
by redesignating subparagraph (D) as subparagraph (B); and
in paragraph (4), by striking “a nonbank financial company supervised by the Board of Governors or”;
in subsection (c)—
in paragraph (1), by striking “under section 115(c)”; and
in paragraph (2)—
by amending subparagraph (A) to read as follows:
“(A) any recommendations of the Council;”
in subparagraph (D), by striking “nonbank financial company supervised by the Board of Governors or”;
in subsection (d)—
by striking “a nonbank financial company supervised by the Board of Governors or” each place such term appears;
in paragraph (1), by striking “periodically” and inserting “not more often than every 2 years”;
in paragraph (3)—
by striking “The Board” and inserting the following:
“(A) In general—The Board”
by striking “shall review” and inserting the following:
“(i) review”
by striking the period and inserting “; and”; and
by adding at the end the following:
“(ii) not later than the end of the 6-month period beginning on the date the bank holding company submits the resolution plan, provide feedback to the bank holding company on such plan.
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“(B) Disclosure of assessment framework—The Board of Governors shall publicly disclose disclose, including on the website of the Board of Governors, the assessment framework that is used to review information under this paragraph and shall provide the public with a notice and comment period before finalizing such assessment framework.”
in paragraph (6), by striking “nonbank financial company supervised by the Board, any bank holding company,” and inserting “bank holding company”;
in subsection (e)—
in paragraph (1), by striking “a nonbank financial company supervised by the Board of Governors or”;
in paragraph (3), by striking “the nonbank financial company supervised by the Board of Governors or” each place such term appears; and
in paragraph (4), by striking “a nonbank financial company supervised by the Board of Governors or”;
in subsection (g)(1), by striking “and any nonbank financial company supervised by the Board of Governors”;
in subsection (h)—
by striking paragraph (1);
by redesignating paragraphs (2), (3), and (4) as paragraphs (1), (2), and (3), respectively;
in paragraph (1), as so redesignated, by striking “paragraph (3)” each place such term appears and inserting “paragraph (2)”; and
in paragraph (2), as so redesignated—
in subparagraph (A), by striking “the nonbank financial company supervised by the Board of Governors or bank holding company described in subsection (a), as applicable” and inserting “a bank holding company described in subsection (a)”; and
in subparagraph (B), by striking “the nonbank financial company supervised by the Board of Governors or a bank holding company described in subsection (a), as applicable” and inserting “a bank holding company described in subsection (a)”;
in subsection (i)—
in paragraph (1)—
in subparagraph (A), by striking “, in coordination with the appropriate primary financial regulatory agencies and the Federal Insurance Office,”;
in subparagraph (B)—
by amending clause (i) to read as follows:
“(i) shall—
“(I) issue regulations, after providing for public notice and comment, that provide for at least 3 different sets of conditions under which the evaluation required by this subsection shall be conducted, including baseline, adverse, and severely adverse, and methodologies, including models used to estimate losses on certain assets, and the Board of Governors shall not carry out any such evaluation until 60 days after such regulations are issued; and
“(II) provide copies of such regulations to the Comptroller General of the United States and the Panel of Economic Advisors of the Congressional Budget Office before publishing such regulations;”
in clause (ii), by striking “and nonbank financial companies”;
in clause (iv), by striking “and” at the end;
in clause (v), by striking the period and inserting the following: “, including any results of a resubmitted test;”; and
by adding at the end the following:
“(vi) shall, in establishing the severely adverse condition under clause (i), provide detailed consideration of the model’s effects on financial stability and the cost and availability of credit;
“(vii) shall, in developing the models and methodologies and providing them for notice and comment under this subparagraph, publish a process to test the models and methodologies for their potential to magnify systemic and institutional risks instead of facilitating increased resiliency;
“(viii) shall design and publish a process to test and document the sensitivity and uncertainty associated with the model system’s data quality, specifications, and assumptions; and
“(ix) shall communicate the range and sources of uncertainty surrounding the models and methodologies.”
by adding at the end the following:
“(C) CCAR requirements
“(i) Parameters and consequences applicable to CCAR—The requirements of subparagraph (B) shall apply to CCAR.
“(ii) Two-year limitation—The Board of Governors may not subject a company to CCAR more than once every two years.
“(iii) Mid-cycle resubmission—If a company receives a quantitative objection to, or otherwise desires to amend the company’s capital plan, the company may file a new streamlined plan at any time after a capital planning exercise has been completed and before a subsequent capital planning exercise.
“(iv) Limitation on qualitative capital planning objections—In carrying out CCAR, the Board of Governors may not object to a company’s capital plan on the basis of qualitative deficiencies in the company’s capital planning process.
“(v) Company inquiries—The Board of Governors shall establish and publish procedures for responding to inquiries from companies subject to CCAR, including establishing the time frame in which such responses will be made, and make such procedures publicly available.
“(vi) CCAR defined—For purposes of this subparagraph and subparagraph (E), the term CCAR means the Comprehensive Capital Analysis and Review established by the Board of Governors.”
in paragraph (2)—
in subparagraph (A)—
by striking “a bank holding company” and inserting “bank holding company”;
by striking “semiannual” and inserting “annual”;
by striking “All other financial companies” and inserting “All other bank holding companies”; and
by striking “and are regulated by a primary Federal financial regulatory agency”;
in subparagraph (B)—
by striking “and to its primary financial regulatory agency”; and
by striking “primary financial regulatory agency” the second time it appears and inserting “Board of Governors”; and
in subparagraph (C)—
by striking “Each Federal primary financial regulatory agency, in coordination with the Board of Governors and the Federal Insurance Office,” and inserting “The Board of Governors”; and
by striking “consistent and comparable”.
in subsection (j)—
in paragraph (1), by striking “or a nonbank financial company supervised by the Board of Governors”; and
in paragraph (2), by striking “the factors described in subsections (a) and (b) of section 113 and any other” and inserting “any”;
in subsection (k)(1), by striking “or nonbank financial company supervised by the Board of Governors”; and
by adding at the end the following:
“(l) Exemption for qualifying banking organizations—This section shall not apply to a proposed acquisition by a qualifying banking organization, as defined under section 605 of the Financial CHOICE Act of 2017.”
Treatment of other resolution plan requirements—
In general— With respect to an appropriate Federal banking agency that requires a banking organization to submit to the agency a resolution plan not described under section 165(d) of the Dodd-Frank Wall Street Reform and Consumer Protection Act—
the agency shall comply with the requirements of paragraphs (3) and (4) of such section 165(d);
the agency may not require the submission of such a resolution plan more often than every 2 years; and
paragraphs (6) and (7) of such section 165(d) shall apply to such a resolution plan.
Definitions— For purposes of this subsection, the terms appropriate Federal banking agency and banking organization have the meaning given those terms, respectively, under section 105.
Actions to create a bank holding company— Section 3(b)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(b)(1)) is amended—
by striking “Upon receiving” and inserting the following:
“(A) In general—Upon receiving”
by striking “Notwithstanding any other provision” and inserting the following:
“(B) Immediate action
“(i) In general—Notwithstanding any other provision”
by adding at the end the following:
“(ii) Exception—The Board may not take any action pursuant to clause (i) on an application that would cause any company to become a bank holding company unless such application involves the company acquiring a bank that is critically undercapitalized (as such term is defined under section 38(b) of the Federal Deposit Insurance Act).”
Concentration limits applied only to banking organizations— Section 14 of the Bank Holding Company Act of 1956 (12 U.S.C. 1852) is amended—
by striking “financial company” each place such term appears and inserting “banking organization”;
in subsection (a)—
by amending paragraph (2) to read as follows:
“(2) the term banking organization means—
“(A) an insured depository institution;
“(B) a bank holding company;
“(C) a savings and loan holding company;
“(D) a company that controls an insured depository institution; and
“(E) a foreign bank or company that is treated as a bank holding company for purposes of this Act; and”
in paragraph (3)—
in subparagraph (A)(ii), by adding “and” at the end;
in subparagraph (B)(ii), by striking “; and” and inserting a period; and
by striking subparagraph (C); and
in subsection (b), by striking “financial companies” and inserting “banking organizations”.
Conforming amendment— Section 3502(5) of title 44, United States Code, is amended by striking “the Office of Financial Research,”.
Clerical amendment— The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to subtitle B of title I and 113, 114, 115, 116, 117, 119, 120, 121, 161, 162, 164, 166, 167, 168, 170, 172, 174, and 175.
Sec. 311 Definitions
As used in this subtitle—
the term agency means the Board of Governors of the Federal Reserve System, the Consumer Law Enforcement Agency, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the National Credit Union Administration, and the Securities and Exchange Commission;
the term chief economist means—
with respect to the Board of Governors of the Federal Reserve System, the Director of the Division of Research and Statistics, or an employee of the agency with comparable authority;
with respect to the Consumer Law Enforcement Agency, the Head of the Office of Economic Analysis, or an employee of the agency with comparable authority;
with respect to the Commodity Futures Trading Commission, the Chief Economist, or an employee of the agency with comparable authority;
with respect to the Federal Deposit Insurance Corporation, the Director of the Division of Insurance and Research, or an employee of the agency with comparable authority;
with respect to the Federal Housing Finance Agency, the Chief Economist, or an employee of the agency with comparable authority;
with respect to the Office of the Comptroller of the Currency, the Director for Policy Analysis, or an employee of the agency with comparable authority;
with respect to the National Credit Union Administration, the Chief Economist, or an employee of the agency with comparable authority; and
with respect to the Securities and Exchange Commission, the Director of the Division of Economic and Risk Analysis, or an employee of the agency with comparable authority;
the term Council means the Chief Economists Council established under section 318; and
the term regulation—
means an agency statement of general applicability and future effect that is designed to implement, interpret, or prescribe law or policy or to describe the procedure or practice requirements of an agency, including rules, orders of general applicability, interpretive releases, and other statements of general applicability that the agency intends to have the force and effect of law; and
does not include—
a regulation issued in accordance with the formal rulemaking provisions of section 556 or 557 of title 5, United States Code;
a regulation that is limited to agency organization, management, or personnel matters;
a regulation promulgated pursuant to statutory authority that expressly prohibits compliance with this provision;
a regulation that is certified by the agency to be an emergency action, if such certification is published in the Federal Register;
changed
a regulation that is promulgated by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee under section 10A, 10B, 13, 13A, or 19 of the Federal Reserve Act, or any of subsections (a) through (f) of section 14 of that Act; orAct;
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a regulation filed with the Securities and Exchange Commission by the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, or any national securities association registered under section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o–4(a)) 78o–3(a)) for which the board or association has itself conducted the cost-benefit analysis and otherwise complied with the requirements of section 312.312; or
added
a regulation filed with the Securities and Exchange Commission by a national securities association registered under section 15A(k) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–3(k)).
Sec. 313 Rule of construction
changed
For purposes of the Paperwork Reduction Act (44 U.S.C. 3501 et seq.), obtaining, causing to be obtained, or soliciting information for purposes of complying with section 312 with respect to a proposed rulemaking shall not be construed to be a collection of information, provided Provided that the an agency has first issued an advanced notice of proposed rulemaking in connection with the a regulation, identifies that advanced notice of proposed rulemaking in its solicitation of information, and informs the person from whom the information agency is obtained or solicited that the provision not required to comply with section 3506(c)(2) of title 44, United States Code, with respect to any information is voluntary.collection request—
added
that identifies the advanced notice of proposed rulemaking in such request;
added
that informs the person from whom the information is obtained or solicited that the provision of such information is voluntary;
added
that is necessary to comply with section 312; and
added
with respect to which the information collected will not be used for purposes other than compliance with this title.
Sec. 314 Public availability of data and regulatory analysis
In general— At or before the commencement of the public comment period with respect to a regulation, the agency shall make available on its public website sufficient information about the data, methodologies, and assumptions underlying the analyses performed pursuant to section 312 so that the analytical results of the agency are capable of being substantially reproduced, subject to an acceptable degree of imprecision or error.
changed
Confidentiality— The agency shall comply with subsection (a) in a manner that preserves the confidentiality of nonpublic nature of confidential information, including confidential trade secrets, confidential commercial or financial information, and confidential information about positions, transactions, or business practices.
Sec. 315 Five-year regulatory impact analysis
In general— Not later than 5 years after the date of publication in the Federal Register of a notice of final rulemaking, the chief economist of the agency shall issue a report that examines the economic impact of the subject regulation, including the direct and indirect costs and benefits of the regulation.
Regulatory impact metrics— In preparing the report required by subsection (a), the chief economist shall employ the regulatory impact metrics included in the notice of final rulemaking pursuant to section 312(b)(1)(C).
Reproducibility— The report shall include the data, methodologies, and assumptions underlying the evaluation so that the agency’s analytical results are capable of being substantially reproduced, subject to an acceptable degree of imprecision or error.
changed
Confidentiality— The agency shall comply with subsection (c) in a manner that preserves the confidentiality of nonpublic nature of confidential information, including confidential trade secrets, confidential commercial or financial information, and confidential information about positions, transactions, or business practices.
changed
Report— The agency shall submit the report required by subsection (a) to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives and post it on the public website of the agency. The Notwithstanding the previous sentence, the Commodity Futures Trading Commission shall also only submit its report to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives.
Sec. 316 Retrospective review of existing rules
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Regulatory improvement plan— Not later than 1 year after the date of enactment of this Act and every 5 years thereafter, each agency shall develop, submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and post on the public website of the agency a plan, consistent with law and its resources and regulatory priorities, under which the agency will modify, streamline, expand, or repeal existing regulations so as to make the regulatory program of the agency more effective or less burdensome in achieving the regulatory objectives. The Notwithstanding the previous sentence, the Commodity Futures Trading Commission shall also only submit its plan to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives.
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Implementation progress report— Two years after the date of submission of each plan required under subsection (a), each agency shall develop, submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives, and post on the public website of the agency a report of the steps that it has taken to implement the plan, steps that remain to be taken to implement the plan, and, if any parts of the plan will not be implemented, reasons for not implementing those parts of the plan. The Notwithstanding the previous sentence, the Commodity Futures Trading Commission shall also only submit its plan to the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Agriculture of the House of Representatives.
Sec. 318 Chief Economists Council
Establishment— There is established the Chief Economists Council.
Membership— The Council shall consist of the chief economist of each agency. The members of the Council shall select the first chairperson of the Council. Thereafter the position of Chairperson shall rotate annually among the members of the Council.
Meetings— The Council shall meet at the call of the Chairperson, but not less frequently than quarterly.
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Report— One year after the effective date of this Act and annually thereafter, the Council shall prepare and submit to the Committee on Banking, Housing, and Urban Affairs and the Committee on Agriculture, Nutrition, and Forestry of the Senate and the Committee on Financial Services and the Committee on Agriculture of the House of Representatives Representatives, and make publicly available on the Council’s website, a report on—
the benefits and costs of regulations adopted by the agencies during the past 12 months;
the regulatory actions planned by the agencies for the upcoming 12 months;
the cumulative effect of the existing regulations of the agencies on economic activity, innovation, international competitiveness of entities regulated by the agencies, and net job creation (excluding jobs related to ensuring compliance with the regulation);
the training and qualifications of the persons who prepared the cost-benefit analyses of each agency during the past 12 months;
the sufficiency of the resources available to the chief economists during the past 12 months for the conduct of the activities required by this subtitle; and
recommendations for legislative or regulatory action to enhance the efficiency and effectiveness of financial regulation in the United States.
Sec. 320 Other regulatory entities
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Not later than 1 year after the date of enactment of this Act, the Securities and Exchange Commission shall provide to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives Representatives, and make publicly available on the Commission’s website a report setting forth a plan for subjecting the Public Company Accounting Oversight Board, the Municipal Securities Rulemaking Board, and any national securities association registered under section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o–4(a)) 78o–4(a)), other than subsection (k) of such section 15A, to the requirements of this subtitle, other than direct representation on the Council.
Sec. 331 Congressional review
changed
Before a rule may take effect, a Federal financial an agency shall publish in the Federal Register a list of information on which the rule is based, including data, scientific and economic studies, and cost-benefit analyses, and identify how the public can access such information online, and shall submit to each House of the Congress and to the Comptroller General a report containing—
a copy of the rule;
a concise general statement relating to the rule;
a classification of the rule as a major or nonmajor rule, including an explanation of the classification specifically addressing each criteria for a major rule contained within subparagraphs (A) through (C) of section 334(2);
a list of any other related regulatory actions intended to implement the same statutory provision or regulatory objective as well as the individual and aggregate economic effects of those actions; and
the proposed effective date of the rule.
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On the date of the submission of the report under subparagraph (A), the Federal financial agency shall submit to the Comptroller General and make available to each House of Congress—
a complete copy of the cost-benefit analysis of the rule, if any, including an analysis of any jobs added or lost, differentiating between public and private sector jobs;
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the Federal financial agency’s actions pursuant to sections 603, 604, 605, 607, and 609 of title 5, United States Code;
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the Federal financial agency’s actions pursuant to sections 202, 203, 204, and 205 of the Unfunded Mandates Reform Act of 1995; 1995 and subtitle G; and
any other relevant information or requirements under any other Act and any relevant Executive orders.
Upon receipt of a report submitted under subparagraph (A), each House shall provide copies of the report to the chairman and ranking member of each standing committee with jurisdiction under the rules of the House of Representatives or the Senate to report a bill to amend the provision of law under which the rule is issued.
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The Comptroller General shall provide a report on each major rule to the committees of jurisdiction by the end of 15 calendar days after the submission or publication date. The report of the Comptroller General shall include an assessment of the Federal financial agency’s compliance with procedural steps required by paragraph (1)(B) and an assessment of whether the major rule imposes any new limits or mandates on private-sector activity.
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Federal financial agencies Agencies shall cooperate with the Comptroller General by providing information relevant to the Comptroller General’s report under subparagraph (A).
A major rule relating to a report submitted under paragraph (1) shall take effect upon enactment of a joint resolution of approval described in section 332 or as provided for in the rule following enactment of a joint resolution of approval described in section 332, whichever is later.
A nonmajor rule shall take effect as provided by section 333 after submission to Congress under paragraph (1).
If a joint resolution of approval relating to a major rule is not enacted within the period provided in subsection (b)(2), then a joint resolution of approval relating to the same rule may not be considered under this subtitle in the same Congress by either the House of Representatives or the Senate.
A major rule shall not take effect unless the Congress enacts a joint resolution of approval described under section 332.
If a joint resolution described in subsection (a) is not enacted into law by the end of 70 session days or legislative days, as applicable, beginning on the date on which the report referred to in subsection (a)(1)(A) is received by Congress (excluding days either House of Congress is adjourned for more than 3 days during a session of Congress), then the rule described in that resolution shall be deemed not to be approved and such rule shall not take effect.
Notwithstanding any other provision of this section (except subject to paragraph (3)), a major rule may take effect for one 90-calendar-day period if the President makes a determination under paragraph (2) and submits written notice of such determination to the Congress.
Paragraph (1) applies to a determination made by the President by Executive order that the major rule should take effect because such rule is—
necessary because of an imminent threat to health or safety or other emergency;
necessary for the enforcement of criminal laws;
necessary for national security; or
issued pursuant to any statute implementing an international trade agreement.
An exercise by the President of the authority under this subsection shall have no effect on the procedures under section 332.
In addition to the opportunity for review otherwise provided under this subtitle, in the case of any rule for which a report was submitted in accordance with subsection (a)(1)(A) during the period beginning on the date occurring—
in the case of the Senate, 60 session days; or
in the case of the House of Representatives, 60 legislative days,
In applying sections 332 and 333 for purposes of such additional review, a rule described under paragraph (1) shall be treated as though—
such rule were published in the Federal Register on—
in the case of the Senate, the 15th session day; or
in the case of the House of Representatives, the 15th legislative day,
a report on such rule were submitted to Congress under subsection (a)(1) on such date.
Nothing in this paragraph shall be construed to affect the requirement under subsection (a)(1) that a report shall be submitted to Congress before a rule can take effect.
A rule described under paragraph (1) shall take effect as otherwise provided by law (including other subsections of this section).
Sec. 334 Definitions
For purposes of this subtitle:
changed
The term Federal financial agency means the Consumer Law Enforcement Agency, Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the National Credit Union Administration, and “agency” has the Securities and Exchange Commission.meaning given such term under section 311.
The term major rule means any rule, including an interim final rule, that the Administrator of the Office of Information and Regulatory Affairs of the Office of Management and Budget finds has resulted in or is likely to result in—
changed
an annual effect cost on the economy of $100 million $100,000,000 or more;more, adjusted annually for inflation;
a major increase in costs or prices for consumers, individual industries, Federal, State, or local government agencies, or geographic regions; or
significant adverse effects on competition, employment, investment, productivity, innovation, or on the ability of United States-based enterprises to compete with foreign-based enterprises in domestic and export markets.
The term nonmajor rule means any rule that is not a major rule.
The term rule has the meaning given such term in section 551 of title 5, United States Code, except that such term does not include—
any rule of particular applicability, including a rule that approves or prescribes for the future rates, wages, prices, services, or allowances therefore, corporate or financial structures, reorganizations, mergers, or acquisitions thereof, or accounting practices or disclosures bearing on any of the foregoing;
any rule relating to agency management or personnel; or
any rule of agency organization, procedure, or practice that does not substantially affect the rights or obligations of non-agency parties.
The term submission date or publication date, except as otherwise provided in this subtitle, means—
in the case of a major rule, the date on which the Congress receives the report submitted under section 331(a)(1)(A); and
in the case of a nonmajor rule, the later of—
the date on which the Congress receives the report submitted under section 331(a)(1)(A); and
the date on which the nonmajor rule is published in the Federal Register, if so published.
Sec. 338 Nonapplicability to monetary policy
addedadded Nothing in this subtitle shall apply to rules that concern monetary policy proposed or implemented by the Board of Governors of the Federal Reserve System or the Federal Open Market Committee.
Sec. 341 Scope of judicial review of agency actions
changed
In general— Notwithstanding any other provision of law, in any judicial review of an agency action pursuant to chapter 7 of title 5, United States Code, to the extent necessary to decision and when presented, the reviewing court shall determine the meaning or applicability of the terms of an agency action and decide de novo all relevant questions of law, including the interpretation of constitutional and statutory provisions, and rules made by an agency. If the reviewing court determines that a statutory or regulatory provision relevant to its decision contains a gap or ambiguity, the court shall not interpret that gap or ambiguity as an implicit delegation to the agency of legislative rule making authority and shall not rely on such gap or ambiguity as a justification either for interpreting agency authority expansively or for deferring to the agency's interpretation on the question of law. Notwithstanding any other provision of law, this section shall apply in any action for judicial review of agency action authorized under any provision of law. No law may exempt any such civil action from the application of this section except by specific reference to this section.
changed
Agency defined— For purposes of this section, the term agency means the Consumer Law Enforcement Agency, the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of the Comptroller of the Currency, the National Credit Union Administration, and “agency” has the Securities and Exchange Commission.meaning given such term under section 311.
Effective date— Subsection (a) shall take effect after the end of the 2-year period beginning on the date of the enactment of this Act.
Sec. 361 Bringing the Federal Deposit Insurance Corporation into the appropriations process
In general— Section 10(a) of the Federal Deposit Insurance Act (12 U.S.C. 1820(a)) is amended—
by striking “(a) The” and inserting the following:
“(a) Powers
“(1) In general—The”
by inserting “, subject to paragraph (2), ” after “The Board of Directors of the Corporation”; and
by adding at the end the following new paragraph:
changed
“(2) Appropriations requirementrequirement—Except as provided under paragraph (3), the Corporation may, only to the extent as provided in advance by appropriations Acts, cover the costs incurred in carrying out the provisions of this Act, including with respect to the administrative costs of the Corporation and the costs of the examination and supervision of insured depository institutions.
changed
“(A) Operating Fund—There is established an Operating Fund, to which Congress “(3) Exception for certain programs—Paragraph (2) shall provide annual appropriations not apply to the Corporation, which shall be separate from the Deposit Corporation’s Insurance Fund.Business Line Programs and Receivership Management Business Line Programs, as in existence on the date of enactment of this paragraph, and the proportion of the administrative costs of the Corporation related to such programs.”
removed
“(B) Recovery of costs of annual appropriation—The Corporation shall collect assessments and other fees, as provided under this Act, that are designed to recover the costs to the Government of the annual appropriation to the Corporation by Congress. Except as provided in (E) and subject to subparagraph (F), the Corporation may only incur obligations, or allow and pay expenses, from the Operating Fund pursuant to an appropriations Act.
removed
“(C) Deposits—Assessments and other fees described under subparagraph (B) for any fiscal year—
removed
“(i) shall be deposited in the Operating Fund; and
removed
“(ii) except as provided in subparagraph (E), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.
removed
“(D) Credits—Amounts deposited in the Operating Fund during a fiscal year shall be credited as offsetting the amount appropriated to the Operating Fund for such fiscal year.
removed
“(E) Lapse of Appropriation—If on the first day of a fiscal year an appropriation to the Corporation has not been enacted, the Corporation shall continue to collect the assessments and other fees described under subparagraph (B) at the rate in effect during the preceding fiscal year, until 60 days after the date such an appropriation is enacted.
removed
“(F) Exception for certain programs—This paragraph shall not apply to the Corporation’s Insurance Business Line Programs and Receivership Management Business Line Programs, as in existence on the date of enactment of this paragraph.”
changed
Conforming amendment—Examination fees— Subsection (d) of section 7 Section 10(e)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1817) 1820(e)(1)) is amended by striking “to meet the expenses of the Corporation in carrying out such examinations” and inserting “and may be expended by the Board only to read the extent as follows:provided in advance by appropriations Acts to cover the costs incurred in carrying out such examinations”.
removed
“(d) Deposit Insurance Fund exempt from apportionment—Notwithstanding any other provision of law, amounts received pursuant to any assessments or other fees that are deposited into the Deposit Insurance Fund shall not be subject to apportionment for the purposes of chapter 15 of title 31, United States Code, or under any other authority.”
changed
Effective date—Offset of additional fees— The amendments made by this section Federal Deposit Insurance Corporation shall apply with respect to expenses paid and fees collected on or after the date that is 90 days after the date of reduce the enactment amount of insurance premiums charged by the first appropriation Act that provides for appropriations to Corporation under the Federal Deposit Insurance Corporation and that is enacted after Act in an amount equal to any additional fees charged by the date Corporation by reason of the enactment of amendments made by this Act.section.
added
Effective date— The amendments made by this section shall apply with respect to expenses paid and fees collected on or after October 1, 2017.
Sec. 362 Bringing the Federal Housing Finance Agency into the appropriations process
In general— Section 1316 of the Housing and Community Development Act of 1992 (12 U.S.C. 4516) is amended—
by amending subsection (a) to read as follows:
“(a) Appropriations requirement
“(1) Recovery of costs of annual appropriation—The Agency shall collect assessments and other fees that are designed to recover the costs to the Government of the annual appropriation to the Agency by Congress.
“(2) Offsetting collections—Assessments and other fees described under paragraph (1) for any fiscal year—
“(A) shall be deposited and credited as offsetting collections to the account providing appropriations to the Agency; and
changed
“(B) except as provided in paragraph (3), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.Acts.”
removed
“(3) Lapse of Appropriation—If on the first day of a fiscal year an appropriation to the Agency has not been enacted, the Agency shall continue to collect (as offsetting collections) the assessments and other fees described under paragraph (1) at the rate in effect during the preceding fiscal year, until 60 days after the date such an appropriation is enacted.”
by striking subsection (f).
changed
Effective date— The amendments made by this section shall apply with respect to expenses paid and assessments and other fees collected on or after the date that is 90 days after the date of the enactment of the first appropriation Act that provides for appropriations to the Federal Housing Finance Agency and that is enacted after the date of the enactment of this Act.October 1, 2017.
Sec. 363 Bringing the examination and supervision functions of the National Credit Union Administration into the appropriations process
changed
In general—Operating fees— Section 105 105(d) of the Federal Credit Union Act (12 U.S.C. 1755) 1755(d)) is amended—
changed
by amending subsections (a) striking “All” and (b) to read as follows:inserting “(1) All”;
removed
“(a) Payment by Federal credit unions to Administration—Each insured credit union shall pay to the Administration an annual fee.
removed
“(b) Determinations of assessment periods and payment dates—The Board shall determine the periods for which the fee referred to under subsection (a) shall be assessed and the date for the payment of such fee or increments thereof.”
changed
in subsection (c), by striking “operating”;“for the account of the Administration and may be expended by the Board to defray the expenses incurred in carrying out the provisions of this Act including the examination and supervision of Federal credit unions” and inserting “and may be expended by the Board only to the extent as provided in advance by appropriations Acts, to cover the costs incurred in carrying out the provisions of this Act with respect to the costs of the examination and supervision of Federal credit unions and the proportion of the administrative costs of the Board related to the examination and supervision of Federal credit unions”; and
changed
by amending subsection (d) to read as follows:adding at the end the following:
changed
“(d) Appropriations requirement“(2)
changed
“(1) Recovery of costs of annual appropriation—The Administration shall collect fees other than those fees referred “(A) The Board may only use amounts in the NCUA Operating Fund to under subsection (a) from each insured credit union, the extent as provided under this Act, in an amount stated as a percentage of insured shares advance by appropriations Acts, including to pay for the costs incurred by the Board in carrying out the examination and supervision of each insured Federal credit union (which percentage shall be unions and the same for all insured credit unions). Such fees shall be designed to recover proportion of the administrative costs to the Government of the annual appropriation Board related to the Administration by Congress.examination and supervision of Federal credit unions.
changed
“(2) Offsetting collections—Fees described under paragraph (1) for any fiscal year—“(B) Subparagraph (A) shall not apply to the Board’s activities carried out pursuant to title II.”
removed
“(A) shall be deposited and credited as offsetting collections to the account providing appropriations to the Administration; and
removed
“(B) except as provided in paragraph (3), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.
removed
“(3) Lapse of appropriation—If on the first day of a fiscal year an appropriation to the Administration has not been enacted, the Administration shall continue to collect (as offsetting collections) the fees described under paragraph (1) at the rate in effect during the preceding fiscal year, until 60 days after the date such an appropriation is enacted.
removed
“(4) Exception for insurance functions—This subsection shall not apply to the National Credit Union Share Insurance Fund, including assessments and other fees that are deposited into, and amounts paid from, the National Credit Union Share Insurance Fund.”
removed
by striking subsection (e).
changed
Conforming amendments—Staff funding— The Section 120(j)(3) of the Federal Credit Union Act (12 U.S.C. 1751 et seq.) 1766(j)(3)) is amended—
changed
in section 120(j), by striking paragraph (3);inserting “related to the examination and supervision of Federal credit unions under this Act and the proportion of the administrative costs of the Board related to the examination and supervision of Federal credit unions under this Act” before “shall be paid”; and
changed
by amending section 128 striking “insured credit unions under this Act” and inserting “Federal credit unions under this title, only to read the extent as follows:provided in advance by appropriations Acts”.
removed
“128. National credit union share insurance fund exempt from apportionment
removed
“Notwithstanding any other provision of law, amounts received pursuant to any assessments or other fees that are deposited into the National Credit Union Share Insurance Fund or the Temporary Corporate Credit Union Stabilization Fund shall not be subject to apportionment for the purposes of chapter 15 of title 31, United States Code, or under any other authority.”
removed
in section 203(a), by striking “and for such administrative and other expenses incurred in carrying out the purposes of this title”.
changed
Effective date—Use of deposit funds— The amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is 90 days after the date of the enactment Section 202(c)(1)(B)(iv) of the first appropriation Act that provides for appropriations to the National Federal Credit Union Administration and that Act (12 U.S.C. 1782(c)(1)(B)(iv)) is enacted after the date of the enactment of this Act.amended—
added
by striking “The” and inserting “To the extent provided for in advance by appropriations Acts, the”; and
added
by adding at the end the following new sentence: “This clause shall not apply to the Board’s activities carried out pursuant to this title.”.
added
Effective date— The amendments made by this section shall apply with respect to expenses paid and fees collected on or after October 1, 2017.
Sec. 364 Bringing the Office of the Comptroller of the Currency into the appropriations process
In general— Section 5240A of the Revised Statutes of the United States (12 U.S.C. 16) is amended—
by striking “Sec. 5240A. The Comptroller of the Currency may collect an assessment, fee, or other charge from any entity described in section 3(q)(1) of the Federal Deposit Insurance Act (12 U.S.C. 1813(q)(1)), as the Comptroller determines is necessary or appropriate to carry out the responsibilities of the Office of the Comptroller of the Currency. In establishing the amount of an assessment, fee, or charge collected from an entity under this section,” and inserting the following:
“5240A. Collection of fees; appropriations requirement
“(a) In general—In establishing the amount of an assessment, fee, or charge collected from an entity under subsection (b),”
by striking “Funds derived” and all that follows through the end of the section; and
by adding at the end the following:
“(b) Appropriations requirement
“(1) Recovery of costs of annual appropriation—The Comptroller of the Currency shall impose and collect assessments, fees, or other charges that are designed to recover the costs to the Government of the annual appropriation to the Office of the Comptroller of the Currency by Congress.
“(2) Offsetting collections—Assessments and other fees described under paragraph (1) for any fiscal year—
“(A) shall be deposited and credited as offsetting collections to the account providing appropriations to the Office of the Comptroller of the Currency; and
changed
“(B) except as provided in paragraph (3), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.Acts.”
removed
“(3) Lapse of Appropriation—If on the first day of a fiscal year an appropriation to the Office of the Comptroller of the Currency has not been enacted, the Comptroller of the Currency shall continue to collect (as offsetting collections) the assessments and other fees described under paragraph (1) at the rate in effect during the preceding fiscal year, until 60 days after the date such an appropriation is enacted.”
Conforming amendment— Section 5240 (12 U.S.C. 481 et seq.) of the Revised Statutes of the United States is amended by striking the fourth undesignated paragraph.
changed
Effective Date— The amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is 90 days after the date of the enactment of the first appropriation Act that provides for appropriations to the Comptroller of the Currency and that is enacted after the date of the enactment of this Act.October 1, 2017.
Sec. 365 Bringing the non-monetary policy related functions of the Board of Governors of the Federal Reserve System into the appropriations process
In general— The Federal Reserve Act is amended by inserting after section 11B the following:
“11C. Appropriations requirement for non-monetary policy related administrative costs
“(a) Appropriations requirement
“(1) Recovery of costs of annual appropriation—The Board of Governors of the Federal Reserve System and the Federal reserve banks shall collect assessments and other fees, as provided under this Act, that are designed to recover the costs to the Government of the annual appropriation to the Board of Governors of the Federal Reserve System by Congress. The Board of Governors of the Federal Reserve System and the Federal reserve banks may only incur obligations or allow and pay expenses with respect to non-monetary policy related administrative costs pursuant to an appropriations Act.
“(2) Offsetting collections—Assessments and other fees described under paragraph (1) for any fiscal year—
“(A) shall be deposited and credited as offsetting collections to the account providing appropriations to the Board of Governors of the Federal Reserve System; and
changed
“(B) except as provided in paragraph (3), shall not be collected for any fiscal year except to the extent provided in advance in appropriation Acts.
changed
“(3) Lapse of Appropriation—If on the first day of a fiscal year an appropriation Limitation—This subsection shall only apply to the Board of Governors non-monetary policy related administrative costs of the Federal Reserve System has not been enacted, the Board of Governors of the Federal Reserve System shall continue to collect (as offsetting collections) the assessments and other fees described under paragraph (1) at the rate in effect during the preceding fiscal year, until 60 days after the date such an appropriation is enacted.System.
removed
“(4) Limitation—This subsection shall only apply to the non-monetary policy related administrative costs of the Board of Governors of the Federal Reserve System.
“(b) Definitions—For purposes of this section:
“(1) Monetary policy—The term monetary policy means a strategy for producing a generally acceptable exchange medium that supports the productive employment of economic resources by reliably serving as both a unit of account and store of value.
“(2) Non-monetary policy related administrative costs—The term non-monetary policy related administrative costs means administrative costs not related to the conduct of monetary policy, and includes—
“(A) direct operating expenses for supervising and regulating entities supervised and regulated by the Board of Governors of the Federal Reserve System, including conducting examinations, conducting stress tests, communicating with the entities regarding supervisory matters and laws, and regulations;
“(B) operating expenses for activities integral to carrying out supervisory and regulatory responsibilities, such as training staff in the supervisory function, research and analysis functions including library subscription services, and collecting and processing regulatory reports filed by supervised institutions; and
“(C) support, overhead, and pension expenses related to the items described under subparagraphs (A) and (B).”
changed
Effective date— The amendments made by this section shall apply with respect to expenses paid and fees collected on or after the date that is 90 days after the date of the enactment of the first appropriation Act that provides for appropriations to the Board of Governors of the Federal Reserve System and that is enacted after the date of the enactment of this Act.October 1, 2017.
Sec. 371 Requirements for international processes
Board of Governors requirements— Section 11 of the Federal Reserve Act (12 U.S.C. 248), as amended by section 1007(a), is further amended by adding at the end the following new subsection:
“(w) International processes
“(1) Notice of process; consultation—At least 30 calendar days before any member or employee of the Board of Governors of the Federal Reserve System participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Governors shall—
“(A) issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;
“(B) make such notice available to the public, including on the website of the Board of Governors; and
“(C) solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process.
changed
“(2) Public reports on process—After the end of any process described under paragraph (1), the Board of Governors shall issue a public report on the topics that were discussed during the process and any new or revised rulemakings or policy changes that the Board of Governors believes should be implemented as a result of the process.process and make the report available on the website of the Board of Governors.
“(3) Notice of agreements; consultation—At least 90 calendar days before any member or employee of the Board of Governors of the Federal Reserve System participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Governors shall—
“(A) issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;
“(B) make such notice available to the public, including on the website of the Board of Governors; and
“(C) consult with the committees described under subparagraph (A) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.
“(4) Definition—For purposes of this subsection, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).”
FDIC requirements— The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by adding at the end the following new section:
“51. International processes
“(a) Notice of process; consultation—At least 30 calendar days before the Board of Directors participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Directors shall—
“(1) issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;
“(2) make such notice available to the public, including on the website of the Corporation; and
“(3) solicit public comment, and consult with the committees described under paragraph (1), with respect to the subject matter, scope, and goals of the process.
changed
“(b) Public reports on process—After the end of any process described under subsection (a), the Board of Directors shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Board of Directors believes should be implemented as a result of the process.process and make the report available on the website of the Corporation.
“(c) Notice of agreements; consultation—At least 90 calendar days before the Board of Directors participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board of Directors shall—
“(1) issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;
“(2) make such notice available to the public, including on the website of the Corporation; and
“(3) consult with the committees described under paragraph (1) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.
“(d) Definition—For purposes of this section, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).”
Treasury requirements— Section 325 of title 31, United States Code, is amended by adding at the end the following new subsection:
“(d) International processes
“(1) Notice of process; consultation—At least 30 calendar days before the Secretary participates in a process of setting financial standards as a part of any foreign or multinational entity, the Secretary shall—
“(A) issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;
“(B) make such notice available to the public, including on the website of the Department of the Treasury; and
“(C) solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process.
changed
“(2) Public reports on process—After the end of any process described under paragraph (1), the Secretary shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Secretary believes should be implemented as a result of the process.process and make the report available on the website of the Department of the Treasury.
“(3) Notice of agreements; consultation—At least 90 calendar days before the Secretary participates in a process of setting financial standards as a part of any foreign or multinational entity, the Secretary shall—
“(A) issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;
“(B) make such notice available to the public, including on the website of the Department of the Treasury; and
“(C) consult with the committees described under subparagraph (A) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.
“(4) Definition—For purposes of this subsection, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).”
OCC requirements— Chapter one of title LXII of the Revised Statutes of the United States (12 U.S.C. 21 et seq.) is amended—
by adding at the end the following new section:
“5156B. International processes
changed
“(a) Notice of process; consultation—At least 30 calendar days before the Comptroller of the Currency participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board Comptroller of Directors the Currency shall—
“(1) issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;
“(2) make such notice available to the public, including on the website of the Office of the Comptroller of the Currency; and
“(3) solicit public comment, and consult with the committees described under paragraph (1), with respect to the subject matter, scope, and goals of the process.
changed
“(b) Public reports on process—After the end of any process described under subsection (a), the Board Comptroller of Directors the Currency shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Board Comptroller of Directors the Currency believes should be implemented as a result of the process.
changed
“(c) Notice of agreements; consultation—At least 90 calendar days before the Board Comptroller of Directors the Currency participates in a process of setting financial standards as a part of any foreign or multinational entity, the Board Comptroller of Directors the Currency shall—
“(1) issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;
“(2) make such notice available to the public, including on the website of the Office of the Comptroller of the Currency; and
“(3) consult with the committees described under paragraph (1) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.
“(d) Definition—For purposes of this section, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).”
in the table of contents for such chapter, by adding at the end the following new item:
Securities and Exchange Commission requirements— Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d), as amended by section 818(a), is further amended by adding at the end the following new subsection:
changed
“(j) “(k) International processes
“(1) Notice of process; consultation—At least 30 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall—
“(A) issue a notice of the process, including the subject matter, scope, and goals of the process, to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;
“(B) make such notice available to the public, including on the website of the Commission; and
“(C) solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process.
changed
“(2) Public reports on process—After the end of any process described under paragraph (1), the Commission shall issue a public report on the topics that were discussed at the process and any new or revised rulemakings or policy changes that the Commission believes should be implemented as a result of the process.process and make the report available on the website of the Commission.
“(3) Notice of agreements; consultation—At least 90 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall—
“(A) issue a notice of agreement to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate;
“(B) make such notice available to the public, including on the website of the Commission; and
“(C) consult with the committees described under subparagraph (A) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.
“(4) Definition—For purposes of this subsection, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).”
Commodity Futures Trading Commission Requirements— Section 2 of the Commodity Exchange Act (7 U.S.C. 2) is amended by adding at the end the following:
“(k) International processes
“(1) Notice of process; consultation—At least 30 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall—
“(A) issue a notice of the process, including the subject matter, scope, and goals of the process, to—
changed
“(i) the Committees Committee on Financial Services and Agriculture of the House of Representatives; and
changed
“(ii) the Committees Committee on Banking, Housing, and Urban Affairs and Agriculture, Nutrition, and Forestry of the Senate;
“(B) make such notice available to the public, including on the website of the Commission; and
“(C) solicit public comment, and consult with the committees described under subparagraph (A), with respect to the subject matter, scope, and goals of the process.
changed
“(2) Public reports on process—After the end of any process described under paragraph (1), the Commission shall issue a public report on the topics that were discussed during the process and any new or revised rulemakings or policy changes that the Commission believes should be implemented as a result of the process.process and make the report available on the website of the Commission.
“(3) Notice of agreements; consultation—At least 90 calendar days before the Commission participates in a process of setting financial standards as a part of any foreign or multinational entity, the Commission shall—
“(A) issue a notice of agreement to—
changed
“(i) the Committees Committee on Financial Services and Agriculture of the House of Representatives; and
changed
“(ii) the Committees Committee on Banking, Housing, and Urban Affairs and Agriculture, Nutrition, and Forestry of the Senate;
“(B) make such notice available to the public, including on the website of the Commission; and
“(C) consult with the committees described under subparagraph (A) with respect to the nature of the agreement and any anticipated effects such agreement will have on the economy.
“(4) Definition—For purposes of this subsection, the term process shall include any official proceeding or meeting on financial regulation of a recognized international organization with authority to set financial standards on a global or regional level, including the Financial Stability Board, the Basel Committee on Banking Supervision (or a similar organization), and the International Association of Insurance Supervisors (or a similar organization).”
Sec. 381 Definitions
changed
For purposes of this title:subtitle:
changed
Agency— The term agency “agency” has the meaning given such term under section 311.
changed
Other definitions—Direct costs— Except as provided under paragraph (1), The term “direct costs” has the definitions meaning given such term under section 421 421(3) of the Congressional Budget and Impoundment Control Act of 1974 shall apply to this title.(2 U.S.C. 658(3)), except that—
added
in the case of a Federal intergovernmental mandate, the term means the aggregate estimated amounts that all State, local, and Tribal governments would incur or be required to spend or would be prohibited from raising in revenues in order to comply with the Federal intergovernmental mandate; and
added
in the case of a Federal private sector mandate, the term means the aggregate estimated amounts that the private sector will be required to spend or could forgo in profits, including costs passed on to consumers or other entities taking into account, to the extent practicable, behavioral changes, in order to comply with the Federal private sector mandate.
added
Other definitions— Except as provided under paragraphs (1) and (2), the definitions under section 421 of the Congressional Budget and Impoundment Control Act of 1974 shall apply to this subtitle.
Sec. 382 Application of the Unfunded Mandates Reform Act
changed
In general— Unless otherwise expressly prohibited by law, before promulgating any general notice The Unfunded Mandates Reform Act of proposed rulemaking or any final rule, or within six months after promulgating any final rule that was not preceded by a general notice 1995 (2 U.S.C. 1501 et seq.) shall apply to the Board of proposed rulemaking, if Governors of the proposed rulemaking or final rule includes a Federal mandate that may result in an annual effect on State, local, or tribal governments, or to Reserve System, the private sector, in Consumer Law Enforcement Agency, the aggregate Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, the Office of $100,000,000 or more in any 1 year, the agency shall prepare a written statement containing Comptroller of the following:Currency, the National Credit Union Administration, and the Securities and Exchange Commission.
added
Statements to Accompany Significant Regulatory Actions—
added
In general— Unless otherwise expressly prohibited by law, before promulgating any general notice of proposed rulemaking or any final rule, or within six months after promulgating any final rule that was not preceded by a general notice of proposed rulemaking, if the proposed rulemaking or final rule includes a Federal mandate that may result in an annual effect on State, local, or Tribal governments, or to the private sector, in the aggregate of $100,000,000 or more in any 1 year, the agency shall prepare a written statement containing the following:
added
The text of the draft proposed rulemaking or final rule, together with the information required under subsections (a) and (b)(1) of section 312, as applicable, including an explanation of the manner in which the proposed rulemaking or final rule is consistent with the statutory requirement and avoids undue interference with State, local, and Tribal governments in the exercise of their governmental functions.
removed
The text of the draft proposed rulemaking or final rule, together with the information required under subsections (a) and (b)(1) of section 312, as applicable, including an explanation of the manner in which the proposed rulemaking or final rule is consistent with the statutory requirement and avoids undue interference with State, local, and tribal governments in the exercise of their governmental functions.
renumbered
was (2)(4)
Estimates by the agency, if and to the extent that the agency determines that accurate estimates are reasonably feasible, of—
renumbered
was (2)(4)(2)
the future compliance costs of the Federal mandate; and
added
any disproportionate budgetary effects of the Federal mandate upon any particular regions of the nation or particular State, local, or Tribal governments, urban or rural or other types of communities, or particular segments of the private sector.
added
added
A detailed description of the extent of the agency’s prior consultation with the private sector and elected representatives (under subsection (c) and section 204 of the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1534) of the affected State, local, and tribal governments.
added
A detailed summary of the comments and concerns that were presented by the private sector and State, local, or Tribal governments either orally or in writing to the agency.
removed
any disproportionate budgetary effects of the Federal mandate upon any particular regions of the nation or particular State, local, or tribal governments, urban or rural or other types of communities, or particular segments of the private sector.
removed
removed
A detailed description of the extent of the agency’s prior consultation with the private sector and elected representatives (under section 384) of the affected State, local, and tribal governments.
removed
A detailed summary of the comments and concerns that were presented by the private sector and State, local, or tribal governments either orally or in writing to the agency.
renumbered
was (2)(5)(3)
A detailed summary of the agency’s evaluation of those comments and concerns.
added
A detailed summary of how the agency complied with section 312, as applicable.
added
Prevention of duplicative requirements— If an agency is required to prepare a written statement under both paragraph (1) and section 202(a) of the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1532(a)), the agency shall prepare only one written statement that consolidates and meets the requirements of such paragraph and such section.
added
State, local, and Tribal government and private sector input—
added
In general— Each agency shall, to the extent permitted in law, develop an effective process to permit impacted parties within the private sector (including small businesses) to provide meaningful and timely input in the development of regulatory proposals containing significant Federal mandates.
added
Prevention of duplicative processes— If an agency is required to develop a process under both paragraph (1) and section 204(a) of the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1534(a)), the agency shall develop only one process that consolidates and meets the requirements of such paragraph and such section.
added
Guidelines— For appropriate implementation of this subsection and of section 204 of the Unfunded Mandates Reform Act, consistent with applicable laws and regulations, the following guidelines shall be followed: —
added
Consultations shall take place as early as possible, before issuance of a notice of proposed rulemaking, continue through the final rule stage, and be integrated explicitly into the rulemaking process.
added
Agencies shall consult with a wide variety of State, local, and Tribal officials and impacted parties within the private sector (including small businesses). Geographic, political, and other factors that may differentiate varying points of view should be considered.
added
Agencies should estimate benefits and costs to assist with these consultations. The scope of the consultation should reflect the cost and significance of the Federal mandate being considered.
added
Agencies shall, to the extent practicable—
added
seek out the views of State, local, and Tribal governments, and impacted parties within the private sector (including small businesses), on costs, benefits, and risks; and
added
solicit ideas about alternative methods of compliance and potential flexibilities, and input on whether the Federal regulation will harmonize with and not duplicate similar laws in other levels of government.
added
Consultations shall address the cumulative impact of regulations on the affected entities.
added
Agencies may accept electronic submissions of comments by relevant parties but may not use those comments as the sole method of satisfying the guidelines in this subsection.
added
Office of Information and Regulatory Affairs responsibilities—
added
In general— The Administrator of the Office of Information and Regulatory Affairs shall provide meaningful guidance and oversight so that each agency’s regulations for which a written statement is required under subsection (b) and section 202 of the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1532) are consistent with the principles and requirements of this title, as well as other applicable laws, and do not conflict with the policies or actions of another Federal agency (as the term “agency” is defined under section 551 of title 5, United States Code). If the Administrator determines that an agency’s regulations for which a written statement is required under subsection (b) and section 202 of the Unfunded Mandates Reform Act of 1995 do not comply with such principles and requirements, are not consistent with other applicable laws, or conflict with the policies or actions of another Federal agency (as the term “agency” is defined under section 551 of title 5, United States Code), the Administrator shall identify areas of noncompliance, notify the agency, and request that the agency comply before the agency finalizes the regulation concerned.
added
Annual statements to Congress on agency compliance— The Administrator of the Office of Information and Regulatory Affairs shall submit to the Director of the Office of Management and Budget for inclusion in the annual report required by section 208 of the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1538) a written report detailing compliance by each agency with the requirements of this title that relate to regulations for which a written statement is required by subsection (b) and section 202 of the Unfunded Mandates Reform Act of 1995 (2 U.S.C. 1532), including activities undertaken at the request of the Administrator to improve compliance, during the preceding reporting period. The report shall also contain an appendix detailing compliance by each agency with subsection (c) and section 204 of the Unfunded Mandates Reform Act.
added
Expanded judicial review—
added
Agency statements on significant regulatory actions—
added
In general— Compliance or noncompliance by any agency with the provisions of subsection (b) and sections 202, 203(a)(1) and (2), and 205 of the Unfunded Mandates Reform Act of 1995 shall be subject to judicial review in accordance with this subsection.
added
Limited review of agency compliance or noncompliance—
added
Scope of review under Title 5— Agency compliance or noncompliance with the provisions of subsection (b) and sections 202, 203(a)(1) and (2), and 205 of the Unfunded Mandates Reform Act of 1995 shall be subject to judicial review under section 706(1) of title 5, United States Code, and as provided under clause (ii).
added
Court may compel preparation of written statement— If an agency fails to prepare the written statement (including the preparation of the estimates, analyses, statements, or descriptions) under subsection (b) and section 202 of the Unfunded Mandates Reform Act, prepare a written plan under paragraphs (1) and (2) of section 203 of the Unfunded Mandates Reform Act, or comply with section 205 of the Unfunded Mandates Reform Act, a court may compel the agency to prepare such written statement, prepare such written plan, or comply with such section.
added
Review of agency rules— In any judicial review under any other Federal law of an agency rule for which compliance with this subtitle is required, the inadequacy or failure to prepare required material, or to comply with provisions of subsection (b) and sections 202, 203(a)(1) and (2), and 205 of the Unfunded Mandates Reform Act of 1995 may be used as a basis for staying, enjoining, invalidating or otherwise affecting such agency rule.
added
Certain information as part of record— Any information generated under subsection (b) and sections 202, 203(a)(1) and (2), and 205 of the Unfunded Mandates Reform Act of 1995 that is part of the rulemaking record for judicial review under the provisions of any other Federal law may be considered as part of the record for judicial review conducted under such other provisions of Federal law.
added
Application of other Federal law— For any petition under subparagraph (B) the provisions of such other Federal law shall control all other matters, such as exhaustion of administrative remedies, the time for and manner of seeking review and venue, except that if such other Federal law does not provide a limitation on the time for filing a petition for judicial review that is less than 180 days, such limitation shall be 180 days after a final rule is promulgated by the appropriate agency.
added
Effective date— This paragraph shall apply to any agency rule for which a general notice of proposed rulemaking is promulgated on or after the date of the enactment of this Act.
added
Judicial review and rule of construction— Except as provided in paragraph (1)—
added
any estimate, analysis, statement, description, or report prepared under this subtitle, any compliance or noncompliance with the provisions of this subtitle, and any determination concerning the applicability of the provisions of this subtitle shall not be subject to judicial review; and
added
no provision of this subtitle shall be construed to create any right or benefit, substantive or procedural, enforceable by any person in any administrative or judicial action.
removed
A detailed summary of how the agency complied with each of the regulatory principles described under section 312, as applicable.
removed
Promulgation— In promulgating a general notice of proposed rulemaking or a final rule for which a statement under subsection (a) is required, the agency shall include in the promulgation a summary of the information contained in the statement.
removed
Preparation in conjunction with other statement— Any agency may prepare any statement required under subsection (a) in conjunction with or as a part of any other statement or analysis, provided that the statement or analysis satisfies the provisions of subsection (a).
Sec. 383 Small government agency plan
removed
removed
Before establishing any regulatory requirements that might significantly or uniquely affect small governments, agencies shall have developed a plan under which the agency shall—
removed
provide notice of the requirements to potentially affected small governments, if any;
removed
enable officials of affected small governments to provide meaningful and timely input in the development of regulatory proposals containing significant Federal intergovernmental mandates; and
removed
inform, educate, and advise small governments on compliance with the requirements.
Sec. 384 State, local, and tribal government and private sector input
removed
removed
In general— Each agency shall, to the extent permitted in law, develop an effective process to permit elected officers of State, local, and tribal governments (or their designated employees with authority to act on their behalf), and impacted parties within the private sector (including small business), to provide meaningful and timely input in the development of regulatory proposals containing significant Federal mandates.
removed
Meetings between state, local, tribal and federal officers— The Federal Advisory Committee Act (5 U.S.C. App.) shall not apply to actions in support of intergovernmental communications where—
removed
meetings are held exclusively between Federal officials and elected officers of State, local, and tribal governments (or their designated employees with authority to act on their behalf) acting in their official capacities; and
removed
such meetings are solely for the purposes of exchanging views, information, or advice relating to the management or implementation of Federal programs established pursuant to public law that explicitly or inherently share intergovernmental responsibilities or administration.
removed
Guidelines— For appropriate implementation of subsections (a) and (b) consistent with applicable laws and regulations, the following guidelines shall be followed:
removed
Consultations shall take place as early as possible, before issuance of a notice of proposed rulemaking, continue through the final rule stage, and be integrated explicitly into the rulemaking process.
removed
Agencies shall consult with a wide variety of State, local, and tribal officials and impacted parties within the private sector (including small businesses). Geographic, political, and other factors that may differentiate varying points of view should be considered.
removed
Agencies should estimate benefits and costs to assist with these consultations. The scope of the consultation should reflect the cost and significance of the Federal mandate being considered.
removed
Agencies shall, to the extent practicable—
removed
seek out the views of State, local, and tribal governments, and impacted parties within the private sector (including small business), on costs, benefits, and risks; and
removed
solicit ideas about alternative methods of compliance and potential flexibilities, and input on whether the Federal regulation will harmonize with and not duplicate similar laws in other levels of government.
removed
Consultations shall address the cumulative impact of regulations on the affected entities.
removed
Agencies may accept electronic submissions of comments by relevant parties but may not use those comments as the sole method of satisfying the guidelines in this subsection.
Sec. 385 Least burdensome option or explanation required
removed
removed
In general— Except as provided in subsection (b), before promulgating any rule for which a written statement is required under section 382, the agency shall identify and consider a reasonable number of regulatory alternatives and from those alternatives select the least costly, most cost-effective or least burdensome alternative that achieves the objectives of the rule, for—
removed
State, local, and tribal governments, in the case of a rule containing a Federal intergovernmental mandate; and
removed
the private sector, in the case of a rule containing a Federal private sector mandate.
removed
Exception— The provisions of subsection (a) shall apply unless—
removed
the head of the affected agency publishes with the final rule an explanation of why the least costly, most cost-effective or least burdensome method of achieving the objectives of the rule was not adopted; or
removed
the provisions are inconsistent with law.
removed
Certification— No later than 1 year after the date of the enactment of this Act, the Administrator of the Office of Information and Regulatory Affairs shall certify to Congress, with a written explanation, agency compliance with this section and include in that certification agencies and rulemakings that fail to adequately comply with this section.
Sec. 386 Assistance to the Office of Information and Regulatory Affairs
removed
removed
The Administrator of the Office of Information and Regulatory Affairs shall—
removed
collect from agencies the statements prepared under section 382; and
removed
periodically forward copies of such statements to the Director of the Congressional Budget Office on a reasonably timely basis after promulgation of the general notice of proposed rulemaking or of the final rule for which the statement was prepared.
Sec. 387 Office of Information and Regulatory Affairs responsibilities
removed
removed
In General— The Administrator of the Office of Information and Regulatory Affairs shall provide meaningful guidance and oversight so that each agency’s regulations for which a written statement is required under section 382 are consistent with the principles and requirements of this title, as well as other applicable laws, and do not conflict with the policies or actions of another agency. If the Administrator determines that an agency’s regulations for which a written statement is required under section 382 do not comply with such principles and requirements, are not consistent with other applicable laws, or conflict with the policies or actions of another agency, the Administrator shall identify areas of non-compliance, notify the agency, and request that the agency comply before the agency finalizes the regulation concerned.
removed
Annual statements to Congress on agency compliance— The Administrator of the Office of Information and Regulatory Affairs annually shall submit to Congress a written report detailing compliance by each agency with the requirements of this title that relate to regulations for which a written statement is required by section 382, including activities undertaken at the request of the Administrator to improve compliance, during the preceding reporting period. The report shall also contain an appendix detailing compliance by each agency with section 384.
Sec. 388 Judicial review
removed
removed
Agency statements on significant regulatory actions—
removed
In general— Compliance or noncompliance by any agency with the provisions of section 382, paragraphs (1) and (2) of section 383(a), and subsections (a) and (b) of section 385 shall be subject to judicial review in accordance with this section.
removed
Limited review of agency compliance or noncompliance—
removed
Agency compliance or noncompliance with the provisions of section 382, paragraphs (1) and (2) of section 383(a), and subsections (a) and (b) of section 385 shall be subject to judicial review under section 706(1) of title 5, United States Code, and as provided under subparagraph (B).
removed
If an agency fails to prepare the written statement (including the preparation of the estimates, analyses, statements, or descriptions) under section 382, prepare the written plan under paragraphs (1) and (2) of section 383(a), or comply with subsections (a) and (b) of section 385, a court may compel the agency to prepare such written statement, prepare such written plan, or comply with such section;
removed
Review of agency rules— In any judicial review under any other Federal law of an agency rule for which a written statement under section 382, a written plan under paragraphs (1) and (2) of section 383(a), or compliance with subsections (a) and (b) of section 385 is required, the inadequacy or failure to prepare such statement (including the inadequacy or failure to prepare any estimate, analysis, statement, or description), to prepare such written plan, or to comply with such section may be used as a basis for staying, enjoining, invalidating or otherwise affecting such agency rule.
removed
Certain information as part of record— Any information generated under section 382, paragraphs (1) and (2) of section 383(a), and subsections (a) and (b) of section 385 that is part of the rulemaking record for judicial review under the provisions of any other Federal law may be considered as part of the record for judicial review conducted under such other provisions of Federal law.
removed
Application of other Federal law— For any petition under paragraph (2) the provisions of such other Federal law shall control all other matters, such as exhaustion of administrative remedies, the time for and manner of seeking review and venue, except that if such other Federal law does not provide a limitation on the time for filing a petition for judicial review that is less than 180 days, such limitation shall be 180 days after a final rule is promulgated by the appropriate agency.
removed
Effective date— This subsection shall apply to any agency rule for which a general notice of proposed rulemaking is promulgated on or after the date of the enactment of this Act.
removed
Judicial review and rule of construction— Except as provided in subsection (a)—
removed
any estimate, analysis, statement, description or report prepared under this title, and any compliance or noncompliance with the provisions of this title, and any determination concerning the applicability of the provisions of this title shall not be subject to judicial review; and
removed
no provision of this title shall be construed to create any right or benefit, substantive or procedural, enforceable by any person in any administrative or judicial action.
Sec. 391 Policies to minimize duplication of enforcement efforts
added
In general— Each agency (as defined under section 311) shall, not later than the end of the 90-day period beginning on the date of the enactment of this Act, implement policies and procedures—
removed
Each agency (as defined under section 311) shall, not later than the end of the 90-day period beginning on the date of the enactment of this Act, implement policies and procedures—
renumbered
was (3)
to minimize duplication of efforts with other Federal or State authorities when bringing an administrative or judicial action against an individual or entity;
renumbered
was (4)
to establish when joint investigations, administrative actions, or judicial actions or the coordination of law enforcement activities are necessary and appropriate and in the public interest; and
renumbered
was (5)
to, in the course of a joint investigation, administrative action, or judicial action, establish a lead agency to avoid duplication of efforts and unnecessary burdens and to ensure consistent enforcement, as necessary and appropriate and in the public interest.
added
Rule of construction— Nothing in this section may be construed to preempt State law or mandate coordination by a State authority.
Sec. 438 Parity for business development companies regarding offering and proxy rules
Revision to rules— Not later than 1 year after the date of enactment of this Act, the Securities and Exchange Commission shall revise any rules to the extent necessary to allow a business development company that has filed an election pursuant to section 54 of the Investment Company Act of 1940 (15 U.S.C. 80a–53) to use the securities offering and proxy rules that are available to other issuers that are required to file reports under section 13 or section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m; 78o(d)). Any action that the Commission takes pursuant to this subsection shall include the following:
changed
The Commission shall revise rule 405 under the Securities Act of 1933 (17 C.F.R. CFR 230.405)—
to remove the exclusion of a business development company from the definition of a well-known seasoned issuer provided by that rule; and
to add registration statements filed on Form N–2 to the definition of automatic shelf registration statement provided by that rule.
changed
The Commission shall revise rules 168 and 169 under the Securities Act of 1933 (17 C.F.R. CFR 230.168 and 230.169) to remove the exclusion of a business development company from an issuer that can use the exemptions provided by those rules.
changed
The Commission shall revise rules 163 and 163A under the Securities Act of 1933 (17 C.F.R. CFR 230.163 and 230.163A) to remove a business development company from the list of issuers that are ineligible to use the exemptions provided by those rules.
changed
The Commission shall revise rule 134 under the Securities Act of 1933 (17 C.F.R. CFR 230.134) to remove the exclusion of a business development company from that rule.
changed
The Commission shall revise rules 138 and 139 under the Securities Act of 1933 (17 C.F.R. CFR 230.138 and 230.139) to specifically include a business development company as an issuer to which those rules apply.
changed
The Commission shall revise rule 164 under the Securities Act of 1933 (17 C.F.R. CFR 230.164) to remove a business development company from the list of issuers that are excluded from that rule.
changed
The Commission shall revise rule 433 under the Securities Act of 1933 (17 C.F.R. CFR 230.433) to specifically include a business development company that is a well-known seasoned issuer as an issuer to which that rule applies.
changed
The Commission shall revise rule 415 under the Securities Act of 1933 (17 C.F.R. CFR 230.415)—
to state that the registration for securities provided by that rule includes securities registered by a business development company on Form N–2; and
to provide an exception for a business development company from the requirement that a Form N–2 registrant must furnish the undertakings required by item 34.4 of Form N–2.
changed
The Commission shall revise rule 497 under the Securities Act of 1933 (17 C.F.R. CFR 230.497) to include a process for a business development company to file a form of prospectus that is parallel to the process for filing a form of prospectus under rule 424(b).
changed
The Commission shall revise rules 172 and 173 under the Securities Act of 1933 (17 C.F.R. CFR 230.172 and 230.173) to remove the exclusion of an offering of a business development company from those rules.
changed
The Commission shall revise rule 418 under the Securities Act of 1933 (17 C.F.R. CFR 230.418) to provide that a business development company that would otherwise meet the eligibility requirements of General Instruction I.A of Form S–3 shall be exempt from paragraph (a)(3) of that rule.
changed
The Commission shall revise rule 14a–101 under the Securities Exchange Act of 1934 (17 C.F.R. CFR 240.14a–101) to provide that a business development company that would otherwise meet the requirements of General Instruction I.A of Form S–3 shall be deemed to meet the requirements of Form S–3 for purposes of Schedule 14A.
changed
The Commission shall revise rule 103 under Regulation FD (17 C.F.R. CFR 243.103) to provide that paragraph (a) of that rule applies for purposes of Form N–2.
Revision to form N–2— Not later than 1 year after the date of enactment of this Act, the Commission shall revise Form N–2—
to include an item or instruction that is similar to item 12 on Form S–3 to provide that a business development company that would otherwise meet the requirements of Form S–3 shall incorporate by reference its reports and documents filed under the Securities Exchange Act of 1934 into its registration statement filed on Form N–2; and
to include an item or instruction that is similar to the instruction regarding automatic shelf offerings by well-known seasoned issuers on Form S–3 to provide that a business development company that is a well-known seasoned issuer may file automatic shelf offerings on Form N–2.
Treatment if revisions not completed in timely manner— If the Commission fails to complete the revisions required by subsections (a) and (b) by the time required by such subsections, a business development company shall be entitled to treat such revisions as having been completed in accordance with the actions required to be taken by the Commission by such subsections until such time as such revisions are completed by the Commission.
Rule of construction— Any reference in this section to a rule or form means such rule or form or any successor rule or form.
Sec. 452 Clarification of general solicitation
changed
In general— Not later than 6 months after the date of enactment of this Act, the Securities and Exchange Commission shall revise Regulation D of its rules (17 C.F.R. CFR 230.500 et seq.) to require that in carrying out the prohibition against general solicitation or general advertising contained in section 230.502(c) of title 17, Code of Federal Regulations, the prohibition shall not apply to a presentation or other communication made by or on behalf of an issuer which is made at an event—
sponsored by—
the United States or any territory thereof, by the District of Columbia, by any State, by a political subdivision of any State or territory, or by any agency or public instrumentality of any of the foregoing;
a college, university, or other institution of higher education;
a nonprofit organization;
an angel investor group;
a venture forum, venture capital association, or trade association; or
any other group, person or entity as the Securities and Exchange Commission may determine by rule;
where any advertising for the event does not reference any specific offering of securities by the issuer;
the sponsor of which—
does not make investment recommendations or provide investment advice to event attendees;
does not engage in an active role in any investment negotiations between the issuer and investors attending the event;
does not charge event attendees any fees other than administrative fees; and
does not receive any compensation with respect to such event that would require registration of the sponsor as a broker or a dealer under the Securities Exchange Act of 1934, or as an investment advisor under the Investment Advisers Act of 1940; and
where no specific information regarding an offering of securities by the issuer is communicated or distributed by or on behalf of the issuer, other than—
that the issuer is in the process of offering securities or planning to offer securities;
the type and amount of securities being offered;
the amount of securities being offered that have already been subscribed for; and
the intended use of proceeds of the offering.
Rule of construction— Subsection (a) may only be construed as requiring the Securities and Exchange Commission to amend the requirements of Regulation D with respect to presentations and communications, and not with respect to purchases or sales.
Sec. 461 Exemptions for micro-offerings
In general— Section 4 of the Securities Act of 1933 (15 U.S.C. 77d) is amended—
in subsection (a), by adding at the end the following:
“(8) transactions meeting the requirements of subsection (e).”
changed
as amended by section 434(2), 431(2), by adding at the end inserting after subsection (d) the following:
“(e) Certain micro-Offerings—The transactions referred to in subsection (a)(8) are transactions involving the sale of securities by an issuer (including all entities controlled by or under common control with the issuer) that meet all of the following requirements:
“(1) Pre-existing relationship—Each purchaser has a substantive pre-existing relationship with an officer of the issuer, a director of the issuer, or a shareholder holding 10 percent or more of the shares of the issuer.
“(2) 35 or fewer purchasers—There are no more than, or the issuer reasonably believes that there are no more than, 35 purchasers of securities from the issuer that are sold in reliance on the exemption provided under subsection (a)(8) during the 12-month period preceding such transaction.
“(3) Small offering amount—The aggregate amount of all securities sold by the issuer, including any amount sold in reliance on the exemption provided under subsection (a)(8), during the 12-month period preceding such transaction, does not exceed $500,000.”
Exemption under State regulations— Section 18(b)(4) of the Securities Act of 1933 (15 U.S.C. 77r(b)(4)) is amended—
in subparagraph (F), by striking “or” at the end;
in subparagraph (G), by striking the period and inserting “; or”; and
by adding at the end the following:
“(H) section 4(a)(8).”
Sec. 466 Revisions to SEC Regulation D
changed
Not later than 45 days following the date of the enactment of this Act, the Securities and Exchange Commission shall revise Regulation D (17 C.F.R. CFR 501 et seq.) in accordance with the following:
The Commission shall revise Form D filing requirements to require an issuer offering or selling securities in reliance on an exemption provided under Rule 506 of Regulation D to file with the Commission a single notice of sales containing the information required by Form D for each new offering of securities no earlier than 15 days after the date of the first sale of securities in the offering. The Commission shall not require such an issuer to file any notice of sales containing the information required by Form D except for the single notice described in the previous sentence.
The Commission shall make the information contained in each Form D filing available to the securities commission (or any agency or office performing like functions) of each State and territory of the United States and the District of Columbia.
changed
The Commission shall not condition the availability of any exemption for an issuer under Rule 506 of Regulation D (17 C.F.R. CFR 230.506) on the issuer’s or any other person’s filing with the Commission of a Form D or any similar report.
The Commission shall not require issuers to submit written general solicitation materials to the Commission in connection with a Rule 506(c) offering, except when the Commission requests such materials pursuant to the Commission’s authority under section 8A or section 20 of the Securities Act of 1933 (15 U.S.C. 77h–1 or 77t) or section 9, 10(b), 21A, 21B, or 21C of the Securities Exchange Act of 1934 (15 U.S.C. 78i, 78j(b), 78u–1, 78u–2, or 78u–3).
The Commission shall not extend the requirements contained in Rule 156 to private funds.
changed
The Commission shall revise Rule 501(a) of Regulation D to provide that a person who is a “knowledgeable employee” of a private fund or the fund’s investment adviser, as defined in Rule 3c–5(a)(4) (17 C.F.R. CFR 270.3c–5(a)(4)), shall be an accredited investor for purposes of a Rule 506 offering of a private fund with respect to which the person is a knowledgeable employee.
Sec. 476 Crowdfunding exemption
Securities Act of 1933— Section 4(a) of the Securities Act of 1933 (15 U.S.C. 77d) is amended by striking paragraph (6) and inserting the following:
“(6) transactions involving the offer or sale of securities by an issuer, provided that—
“(A) in the case of a transaction involving an intermediary between the issuer and the investor, such intermediary complies with the requirements under section 4A(a); and
“(B) in the case of a transaction not involving an intermediary between the issuer and the investor, the issuer complies with the requirements under section 4A(b).”
Requirements to qualify for crowdfunding exemption— Section 4A of the Securities Act of 1933 (15 U.S.C. 77d–1) is amended to read as follows:
“4A. Requirements with respect to certain small transactions
“(a) Requirements on intermediaries—For purposes of section 4(a)(6), a person acting as an intermediary in a transaction involving the offer or sale of securities shall comply with the requirements of this subsection if the intermediary—
“(1) warns investors, including on the intermediary’s website used for the offer and sale of such securities, of the speculative nature generally applicable to investments in startups, emerging businesses, and small issuers, including risks in the secondary market related to illiquidity;
“(2) warns investors that they are subject to the restriction on sales requirement described under subsection (e);
“(3) takes reasonable measures to reduce the risk of fraud with respect to such transaction;
“(4) registers with the Commission and the Financial Industry Regulatory Authority, including by providing the Commission with the intermediary’s physical address, website address, and the names of the intermediary and employees of the intermediary, and keep such information up-to-date;
“(5) provides the Commission with continuous investor-level access to the intermediary’s website;
“(6) requires each potential investor to answer questions demonstrating—
“(A) an understanding of the level of risk generally applicable to investments in startups, emerging businesses, and small issuers;
“(B) an understanding of the risk of illiquidity; and
“(C) such other areas as the Commission may determine appropriate by rule or regulation, including information relating to the owners’ and management’s experience, and any related party transactions and conflicts of interest;
“(7) carries out a background check on the issuer’s principals;
“(8) provides the Commission and potential investors with notice of the offering not less than 10 days prior to such offering, not later than the first day securities are offered to potential investors, including—
“(A) the issuer’s name, legal status, physical address, and website address;
“(B) the names of the issuer’s principals;
“(C) the stated purpose and intended use of the proceeds of the offering sought by the issuer; and
“(D) the target offering amount and the deadline to reach the target offering amount;
“(9) outsources cash-management functions to a qualified third party custodian, such as a broker or dealer registered under section 15(b)(1) of the Securities Exchange Act of 1934, a trust company, or an insured depository institution;
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“(10) makes available on the intermediary’s website a method of communication that permits the issuer and investors to communicate with one another;another; and
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“(11) provides the Commission with a notice upon completion of the offering, which shall include the aggregate offering amount and the number of purchasers; andpurchasers.
“(b) Requirements on issuers if no intermediary—For purposes of section 4(a)(6), an issuer who offers or sells securities without an intermediary shall comply with the requirements of this subsection if the issuer—
“(1) warns investors, including on the issuer’s website, of the speculative nature generally applicable to investments in startups, emerging businesses, and small issuers, including risks in the secondary market related to illiquidity;
“(2) warns investors that they are subject to the restriction on sales requirement described under subsection (e);
“(3) takes reasonable measures to reduce the risk of fraud with respect to such transaction;
“(4) provides the Commission with the issuer’s physical address, website address, and the names of the principals and employees of the issuers, and keeps such information up-to-date;
“(5) provides the Commission with continuous investor-level access to the issuer’s website;
“(6) requires each potential investor to answer questions demonstrating—
“(A) an understanding of the level of risk generally applicable to investments in startups, emerging businesses, and small issuers;
“(B) an understanding of the risk of illiquidity; and
“(C) such other areas as the Commission may determine appropriate by rule or regulation;
“(7) provides the Commission with notice of the offering not less than 10 days prior to such offering, not later than the first day securities are offered to potential investors, including—
“(A) the stated purpose and intended use of the proceeds of the offering sought by the issuer; and
“(B) the target offering amount and the deadline to reach the target offering amount;
“(8) outsources cash-management functions to a qualified third party custodian, such as a broker or dealer registered under section 15(b)(1) of the Securities Exchange Act of 1934, a trust company, or an insured depository institution;
“(9) makes available on the issuer’s website a method of communication that permits the issuer and investors to communicate with one another;
“(10) does not offer personalized investment advice;
“(11) provides the Commission with a notice upon completion of the offering, which shall include the aggregate offering amount and the number of purchasers; and
“(c) Verification of income—For purposes of section 4(a)(6), an issuer or intermediary may rely on certifications as to annual income provided by the person to whom the securities are sold to verify the investor’s income.
“(d) Information Available to States—The Commission shall make the notices described under subsections (a)(9), (a)(13), (b)(8), and (b)(13) and the information described under subsections (a)(4) and (b)(4) available to the States.
“(e) Restriction on sales—With respect to a transaction involving the issuance of securities described under section 4(a)(6), a purchaser may not transfer such securities during the 1-year period beginning on the date of purchase, unless such securities are sold to—
“(1) the issuer of such securities; or
“(2) an accredited investor.
“(f) Construction
“(1) No registration as broker—With respect to a transaction described under section 4(a)(6) involving an intermediary, such intermediary shall not be required to register as a broker under section 15(a)(1) of the Securities Exchange Act of 1934 solely by reason of participation in such transaction.
“(2) No preclusion of other capital raising—Nothing in this section or section 4(a)(6) shall be construed as preventing an issuer from raising capital through methods not described under section 4(a)(6).”
Rulemaking— Not later than 180 days after the date of enactment of this Act, the Securities and Exchange Commission shall issue or revise such rules as may be necessary to carry out section 4A of the Securities Act of 1933, ans amended by this Act. In issuing or revising such rules, the Commission shall consider the costs and benefits of the action.
Disqualification— Not later than 180 days after the date of enactment of this Act, the Securities and Exchange Commission shall by rule or regulation establish disqualification provisions under which an issuer shall not be eligible to utilize the exemption under section 4(a)(6) of the Securities Act of 1933 (as amended by this Act) based on the disciplinary history of the issuer or its predecessors, affiliates, officers, directors, or persons fulfilling similar roles. The Commission shall also establish disqualification provisions under which an intermediary shall not be eligible to act as an intermediary in connection with an offering utilizing the exemption under section 4(a)(6) of the Securities Act of 1933 based on the disciplinary history of the intermediary or its predecessors, affiliates, officers, directors, or persons fulfilling similar roles. Such provisions shall be substantially similar to the disqualification provisions contained in the regulations adopted in accordance with section 926 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 U.S.C. 77d note).
Sec. 478 Preemption of State law
In general— Section 18(b)(4)(C) of the Securities Act of 1933 (15 U.S.C. 77r(b)(4)(C)) is amended by striking “section 4(6)” and inserting “section 4(a)(6)”.
Clarification of the preservation of State enforcement authority—
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In general— The amendments made by section 305(a) of the Jumpstart Our Business Startups Act, as amended by subsection (a) (a), relate solely to State registration, documentation, and offering requirements, as described under section 18(a) of Securities Act of 1933 (15 U.S.C. 77r(a)), and shall have no impact or limitation on other State authority to take enforcement action with regard to an issuer, intermediary, or any other person or entity using the exemption from registration provided by section 4(a)(6) of such Act, except that Act. Notwithstanding monetary penalties or sanctions, a State may not impose any fees filing or fee under such authority.
Clarification of State jurisdiction over unlawful conduct of intermediaries, issuers, and custodians— Section 18(c)(1) of the Securities Act of 1933 is amended by striking “in connection with securities or securities transactions” and all that follows and inserting the following:
“(A) fraud or deceit;
“(B) unlawful conduct by a broker or dealer; and
“(C) with respect to a transaction described under section 4(a)(6), unlawful conduct by an intermediary, issuer, or custodian.”
Sec. 491 Immunity
Definitions— In this subtitle—
the term Bank Secrecy Act Officer means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31, United States Code;
the term broker-dealer means a broker or dealer, as those terms are defined, respectively, in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));
the term covered agency means—
a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator;
each of the Federal financial institutions regulatory agencies;
the Securities and Exchange Commission;
a law enforcement agency;
and State or local agency responsible for administering adult protective service laws; and
a State attorney general.
the term covered financial institution means—
a credit union;
a depository institution;
an investment advisor;
a broker-dealer;
an insurance company;
a State attorney general; and
a transfer agent.
the term credit union means a Federal credit union, State credit union, or State-chartered credit union, as those terms are defined in section 101 of the Federal Credit Union Act (12 U.S.C. 1752);
the term depository institution has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c));
the term exploitation means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or fiduciary, that—
uses the resources of a senior citizen for monetary personal benefit, profit, or gain; or
results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings or assets;
the term Federal financial institutions regulatory agencies has the meaning given the term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3302);
the term investment adviser has the meaning given the term in section 202 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2);
the term insurance company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–2(a));
the term registered representative means an individual who represents a broker-dealer in effecting or attempting to affect a purchase or sale of securities;
the term senior citizen means an individual who is not less than 65 years of age;
the term State insurance regulator has the meaning given such term in section 315 of the Gramm-Leach-Bliley Act (15 U.S.C. 6735);
the term State securities or law enforcement authority has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 (15 U.S.C. 78x(f)(4)); and
the term transfer agent has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)).
Immunity from suit—
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Immunity for individuals— An individual who has received the training described in section 1092 492 shall not be liable, including in any civil or administrative proceeding, for disclosing the possible exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure—
served as a supervisor, compliance officer (including a Bank Secrecy Act Officer), or registered representative for a covered financial institution; and
made the disclosure with reasonable care including reasonable efforts to avoid disclosure other than to a covered agency.
Immunity for covered financial institutions— A covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in paragraph (1) if—
the individual was employed by, or, in the case of a registered representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and
before the time of the disclosure, the covered financial institution provided the training described in section 492 to each individual described in section 492(a).
Sec. 493 Relationship to State law
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Nothing in this Act shall be construed to preempt or limit any provision of State law, except only to the extent that section 1091 491 provides a greater level of protection against liability to an individual described in section 491(b)(1) or to a covered financial institution described in section 491(b)(2) than is provided under State law.
Sec. 499A Parity for closed-end companies regarding offering and proxy rules
added
added
Revision to rules— Not later than 1 year after the date of enactment of this Act, the Securities and Exchange Commission shall revise any rules to the extent necessary to allow any closed-end company, as defined in section 5(a)(2) of the Investment Company Act of 1940 (15 U.S.C. 80a-5), that is registered as an investment company under such Act to use the securities offering and proxy rules that are available to other issuers that are required to file reports under section 13 or section 15(d) of the Securities Exchange Act of 1934 (15 U.S.C. 78m; 78o(d)). Any action that the Commission takes pursuant to this subsection shall include the following:
added
The Commission shall revise section 230.405 of title 17, Code of Federal Regulations, to—
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remove the exclusion of a registered closed-end company from the definition of a well-known seasoned issuer provided by that section; and
added
add registration statements filed on Form N–2 to the definition of automatic shelf registration statement provided by that section.
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The Commission shall revise sections 230.168 and 230.169 of title 17, Code of Federal Regulations, to remove the exclusion of a registered closed-end company from the list of issuers that can use the exemptions provided by those sections.
added
The Commission shall revise sections 230.163 and 230.163A of title 17, Code of Federal Regulations, to remove a registered closed-end company from the list of issuers that are ineligible to use the exemptions provided by those sections.
added
The Commission shall revise section 230.134 of title 17, Code of Federal Regulations, to remove the exclusion of a registered closed-end company from that section.
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The Commission shall revise sections 230.138 and 230.139 of title 17, Code of Federal Regulations, to specifically include any registered closed-end company as an issuer to which those sections apply.
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The Commission shall revise section 230.164 of title 17, Code of Federal Regulations, to remove a registered closed-end company from the list of issuers that are excluded from that section.
added
The Commission shall revise section 230.433, of title 17, Code of Federal Regulations, to specifically include any registered closed-end company that is a well-known seasoned issuer as an issuer to which that section applies.
added
The Commission shall revise section 230.415 of title 17, Code of Federal Regulations, to—
added
state that the registration for securities provided by that section includes securities registered by any registered closed-end company on Form N–2; and
added
eliminate the requirement that a Form N–2 registrant must furnish the undertakings required by item 34.4 of Form N–2.
added
The Commission shall revise section 230.497 of title 17, Code of Federal Regulations, to include a process for any registered closed-end company to file a form of prospectus that is parallel to the process for filing a form of prospectus under section 230.424(b) of such title.
added
The Commission shall revise sections 230.172 and 230.173 of title 17, Code of Federal Regulations, to remove the exclusion of an offering of any registered closed-end company from those sections.
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The Commission shall revise section 230.418 of title 17, Code of Federal Regulations, to provide that any registered closed-end company that would otherwise meet the eligibility requirements of General Instruction I.A of Form S–3 shall be exempt from paragraph (a)(3) of that section.
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The Commission shall revise section 240.14a–101 of title 17, Code of Federal Regulations, to provide that any registered closed-end company that would otherwise meet the requirements of General Instruction I.A of Form S–3 shall be deemed to meet the requirements of Form S–3 for purposes of Schedule 14A.
added
The Commission shall revise section 243.103 of title 17, Code of Federal Regulations, to provide that paragraph (a) of that section applies for purposes of Form N–2.
added
Revisions to Form N–2— Not later than 1 year after the date of enactment of this Act, the Commission shall revise Form N–2 to—
added
include an item or instruction that is similar to item 12 on Form S–3 to provide that any registered closed-end company that would otherwise meet the requirements of Form S–3 shall incorporate by reference its reports and documents filed under the Securities Exchange Act of 1934 into its registration statement filed on Form N–2; and
added
include an item or instruction that is similar to the instruction regarding automatic shelf offerings by well-known seasoned issuers on Form S–3 to provide that any registered closed-end company that is a well-known seasoned issuer may file automatic shelf offerings on Form N–2.
added
Treatment if revisions not completed in a timely manner— If the Commission fails to complete the revisions required by subsections (a) and (b) by the time required by such subsections, any registered closed-end company shall be entitled to treat such revisions as having been completed in accordance with the actions required to be taken by the Commission by such subsections until such time as such revisions are completed by the Commission.
added
Rules of construction—
added
No effect on Rule 482— (1) Nothing in this section or the amendments made by this section shall be construed to impair or limit in any way a registered closed-end company from using section 230.482 of title 17, Code of Federal Regulations, to distribute sales material.
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References— Any reference in this section to a section of title 17, Code of Federal Regulations, or to any form or schedule means such rule, section, form, or schedule, or any successor to any such rule, section, form, or schedule.
Sec. 506 Definition of points and fees
Amendment to section 103 of TILA— Paragraph (4) of section 103(aa) of the Truth in Lending Act, as redesignated by section 502, is amended—
by striking “paragraph (1)(B)” and inserting “paragraph (1)(A) and section 129C”;
in subparagraph (C)—
by inserting “and insurance” after “taxes”;
changed
in clause (ii), by inserting “, except as retained by a creditor or its affiliate as a result of their participation in an affiliated business arrangement (as defined in section 3(7) of the Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2602(7))” 2602(7)),” after “compensation”; and
by striking clause (iii) and inserting the following:
“(iii) the charge is—
“(I) a bona fide third-party charge not retained by the mortgage originator, creditor, or an affiliate of the creditor or mortgage originator; or
“(II) a charge set forth in section 106(e)(1);”
in subparagraph (D)—
by striking “accident,”; and
by striking “or any payments” and inserting “and any payments”.
Amendment to section 129C of TILA— Section 129C of the Truth in Lending Act (15 U.S.C. 1639c) is amended—
in subsection (a)(5)(C), by striking “103” and all that follows through “or mortgage originator” and inserting “103(aa)(4)”; and
in subsection (b)(2)(C)(i), by striking “103” and all that follows through “or mortgage originator)” and inserting “103(aa)(4)”.
Sec. 526 Changes required to small bank holding company policy statement on assessment of financial and managerial factors
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In general— Before the end of the 6-month period beginning on the date of the enactment of this Act, the Board of Governors of the Federal Reserve System shall revise the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors (12 C.F.R. CFR part 225—appendix C) to raise the consolidated asset threshold under such policy statement from $1,000,000,000 (as adjusted by Public Law 113–250) to $10,000,000,000.
Conforming amendment— Subparagraph (C) of section 171(b)(5) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5371(b)(5)) is amended to read as follows:
changed
“(C) any bank holding company or savings and loan holding company that is subject to the application of the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors of the Board of Governors (12 C.F.R. CFR part 225—appendix C).”
Sec. 536 Timeliness of examination reports
In general— The Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended by adding at the end the following:
“1012. Timeliness of examination reports
“(a) In general
“(1) Final examination report—A Federal financial institutions regulatory agency shall provide a final examination report to a financial institution not later than 60 days after the later of—
“(A) the exit interview for an examination of the institution; or
“(B) the provision of additional information by the institution relating to the examination.
“(2) Exit interview—If a financial institution is not subject to a resident examiner program, the exit interview shall occur not later than the end of the 9-month period beginning on the commencement of the examination, except that such period may be extended by the Federal financial institutions regulatory agency by providing written notice to the institution and the Independent Examination Review Director describing with particularity the reasons that a longer period is needed to complete the examination.
“(b) Examination materials—Upon the request of a financial institution, the Federal financial institutions regulatory agency shall include with the final report an appendix listing all examination or other factual information relied upon by the agency in support of a material supervisory determination.
“1013. Examination standards
“(a) In general—In the examination of a financial institution—
“(1) a commercial loan shall not be placed in non-accrual status solely because the collateral for such loan has deteriorated in value;
“(2) a modified or restructured commercial loan shall be removed from non-accrual status if the borrower demonstrates the ability to perform on such loan over a maximum period of 6 months, except that with respect to loans on a quarterly, semiannual, or longer repayment schedule such period shall be a maximum of 3 consecutive repayment periods;
“(3) a new appraisal on a performing commercial loan shall not be required unless an advance of new funds is involved; and
“(4) in classifying a commercial loan in which there has been deterioration in collateral value, the amount to be classified shall be the portion of the deficiency relating to the decline in collateral value and repayment capacity of the borrower.
“(b) Well capitalized institutions—The Federal financial institutions regulatory agencies may not require a financial institution that is well capitalized to raise additional capital in lieu of an action prohibited under subsection (a).
“(c) Consistent loan classifications—The Federal financial institutions regulatory agencies shall develop and apply identical definitions and reporting requirements for non-accrual loans.
“1014. Office of Independent Examination Review
“(a) Establishment—There is established in the Council an Office of Independent Examination Review (the “Office”).
changed
“(b) Head of Office—There is established the position of the Independent Examination Review Director (the “Director”), as the head of the Office. The Director shall be appointed by the Council Secretary of the Treasury and shall be independent from any member agency of the Council.
“(c) Staffing—The Director is authorized to hire staff to support the activities of the Office.
“(d) Duties—The Director shall—
“(1) receive and, at the Director’s discretion, investigate complaints from financial institutions, their representatives, or another entity acting on behalf of such institutions, concerning examinations, examination practices, or examination reports;
“(2) hold meetings, at least once every three months and in locations designed to encourage participation from all sections of the United States, with financial institutions, their representatives, or another entity acting on behalf of such institutions, to discuss examination procedures, examination practices, or examination policies;
“(3) review examination procedures of the Federal financial institutions regulatory agencies to ensure that the written examination policies of those agencies are being followed in practice and adhere to the standards for consistency established by the Council;
“(4) conduct a continuing and regular review of examination quality assurance for all examination types conducted by the Federal financial institutions regulatory agencies;
“(5) adjudicate any supervisory appeal initiated under section 1015; and
“(6) report annually to the Committee on Financial Services of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Council, on the reviews carried out pursuant to paragraphs (3) and (4), including compliance with the requirements set forth in section 1012 regarding timeliness of examination reports, and the Council’s recommendations for improvements in examination procedures, practices, and policies.
“(e) Confidentiality—The Director shall keep confidential all meetings with, discussions with, and information provided by financial institutions.
“1015. Right to independent review of material supervisory determinations
“(a) In general—A financial institution shall have the right to obtain an independent review of a material supervisory determination contained in a final report of examination.
“(b) Notice
“(1) Timing—A financial institution seeking review of a material supervisory determination under this section shall file a written notice with the Independent Examination Review Director (the “Director”) within 60 days after receiving the final report of examination that is the subject of such review.
“(2) Identification of determination—The written notice shall identify the material supervisory determination that is the subject of the independent examination review, and a statement of the reasons why the institution believes that the determination is incorrect or should otherwise be modified.
“(3) Information to be provided to institution—Any information relied upon by the agency in the final report that is not in the possession of the financial institution may be requested by the financial institution and shall be delivered promptly by the agency to the financial institution.
“(c) Right to hearing
“(1) In general—The Director shall determine the merits of the appeal on the record or, at the financial institution’s election, shall refer the appeal to an Administrative Law Judge to conduct a confidential hearing pursuant to the procedures set forth under sections 556 and 557 of title 5, United States Code, which hearing shall take place not later than 60 days after the petition for review was received by the Director, and to issue a proposed decision to the Director based upon the record established at such hearing.
“(2) Standard of review—In rendering a determination or recommendation under this subsection, neither the Administrative Law Judge nor the Director shall defer to the opinions of the examiner or agency, but shall conduct a de novo review to independently determine the appropriateness of the agency’s decision based upon the relevant statutes, regulations, and other appropriate guidance, as well as evidence adduced at any hearing.
“(d) Final decision—A decision by the Director on an independent review under this section shall—
“(1) be made not later than 60 days after the record has been closed; and
“(2) be deemed final agency action and shall bind the agency whose supervisory determination was the subject of the review and the financial institution requesting the review.
“(e) Right to judicial review—A financial institution shall have the right to petition for review of final agency action under this section by filing a Petition for Review within 60 days of the Director’s decision in the United States Court of Appeals for the District of Columbia Circuit or the Circuit in which the financial institution is located.
“(f) Report—The Director shall report annually to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate on actions taken under this section, including the types of issues that the Director has reviewed and the results of those reviews. In no case shall such a report contain information about individual financial institutions or any confidential or privileged information shared by financial institutions.
“(g) Retaliation prohibited—A Federal financial institutions regulatory agency may not—
“(1) retaliate against a financial institution, including service providers, or any institution-affiliated party (as defined under section 3 of the Federal Deposit Insurance Act), for exercising appellate rights under this section; or
“(2) delay or deny any agency action that would benefit a financial institution or any institution-affiliated party on the basis that an appeal under this section is pending under this section.
“(h) Rule of construction—Nothing in this section may be construed—
“(1) to affect the right of a Federal financial institutions regulatory agency to take enforcement or other supervisory actions related to a material supervisory determination under review under this section; or
“(2) to prohibit the review under this section of a material supervisory determination with respect to which there is an ongoing enforcement or other supervisory action.”
Additional amendments—
Riegle Community Development and Regulatory Improvement Act of 1994— Section 309 of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4806) is amended—
in subsection (a), by inserting after “appropriate Federal banking agency” the following: “, the Consumer Law Enforcement Agency,”;
in subsection (b)—
in paragraph (2), by striking “the appellant from retaliation by agency examiners” and inserting “the insured depository institution or insured credit union from retaliation by the agencies referred to in subsection (a)”; and
by adding at the end the following flush-left text:
in subsection (e)(2)—
in subparagraph (B), by striking “and” at the end;
in subparagraph (C), by striking the period and inserting “; and”; and
by adding at the end the following:
“(D) ensure that appropriate safeguards exist for protecting the insured depository institution or insured credit union from retaliation by any agency referred to in subsection (a) for exercising its rights under this subsection.”
in subsection (f)(1)(A)—
in clause (ii), by striking “and” at the end;
in clause (iii), by striking “and” at the end; and
by adding at the end the following:
“(iv) any issue specifically listed in an exam report as a matter requiring attention by the institution’s management or board of directors; and
“(v) any suspension or removal of an institution’s status as eligible for expedited processing of applications, requests, notices, or filings on the grounds of a supervisory or compliance concern, regardless of whether that concern has been cited as a basis for another material supervisory determination or matter requiring attention in an examination report, provided that the conduct at issue did not involve violation of any criminal law; and”
Federal Credit Union Act— Section 205(j) of the Federal Credit Union Act (12 U.S.C. 1785(j)) is amended by inserting “the Consumer Law Enforcement Agency,” before “the Administration” each place such term appears.
Federal Financial Institutions Examination Council Act of 1978— The Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended—
in section 1003, by amending paragraph (1) to read as follows:
“(1) the term Federal financial institutions regulatory agencies—
“(A) means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration; and
“(B) for purposes of sections 1012, 1013, 1014, and 1015, includes the Consumer Law Enforcement Agency;”
in section 1005, by striking “One-fifth” and inserting “One-fourth”.
Sec. 571 Study regarding privacy of information collected under the Home Mortgage Disclosure Act of 1975
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Study— The Comptroller General of the United States shall conduct a study to determine whether the data required to be published, made available, or disclosed under the final rule, in connection with other publicly available data sources, including data made publicly available under Regulation C (12 C.F.R. CFR 1003) before the effective date of the final rule, could allow for or increase the probability of—
exposure of the identity of mortgage applicants or mortgagors through reverse engineering;
exposure of mortgage applicants or mortgagors to identity theft or the loss of sensitive personal financial information;
the marketing or sale of unfair or deceptive financial products to mortgage applicants or mortgagors based on such data;
personal financial loss or emotional distress resulting from the exposure of mortgage applicants or mortgagors to identify theft or the loss of sensitive personal financial information; and
the potential legal liability facing the Consumer Law Enforcement Agency and market participants in the event the data required to be published, made available, or disclosed under the final rule leads or contributes to identity theft or the capture of sensitive personal financial information.
Report— The Comptroller General of the United States shall submit to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate a report that includes—
the findings and conclusions of the Comptroller General with respect to the study required under subsection (a); and
any recommendations for legislative or regulatory actions that—
would enhance the privacy of a consumer when accessing mortgage credit; and
are consistent with consumer protections and safe and sound banking operations.
Suspension of data sharing requirements— Notwithstanding any other provision of law, including the final rule—
depository institutions shall not be required to publish, disclose, or otherwise make available to the public, pursuant to the Home Mortgage Disclosure Act of 1975 (or regulations issued under such Act) any data that was not required to be published, disclosed, or otherwise made available pursuant to such Act (or regulations issued under such Act) on the day before the date of the enactment of the Dodd-Frank Wall Street Reform and Consumer Protection Act; and
changed
the Consumer Law Enforcement Agency and the Financial Institutions Examination Council shall not publish, disclose, or otherwise make available to the public any such information received from a depository institution pursuant to the final rule.rule, except as required by law.
added
Temporary suspension of data reporting requirements. Notwithstanding any other provision of law, the effective date for new reporting requirements contained in the final rule shall be January 1, 2019.
renumbered
was (5)
Definitions— For purposes of this section:
renumbered
was (5)(3)
Depository institution— The term depository institution has the meaning given that term under section 303 of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2802).
renumbered
was (5)(4)
Final rule— The term final rule means the final rule issued by the Bureau of Consumer Financial Protection titled “Home Mortgage Disclosure (Regulation C)” (October 28, 2015; 80 Fed. Reg. 66128).
Sec. 586 Fund transparency
Section 203 of the Federal Credit Union Act (12 U.S.C. 1783) is amended by adding at the end the following:
“(g) Fund transparency
“(1) In general—The Board shall accompany each annual budget submitted pursuant to section 209(b) with a report containing—
“(A) a detailed analysis of how the expenses of the Administration are assigned between prudential activities and insurance-related activities and the extent to which those expenses are paid from the fees collected pursuant to section 105 or from the Fund; and
“(B) the Board’s supporting rationale for any proposed use of amounts in the Fund contained in such budget, including detailed breakdowns and supporting rationales for any such proposed use related to titles of this Act other than this title.
changed
“(2) Public disclosure—The Board shall make each report described under paragraph (1) available to the public.”public and available on the Board’s website.”
Sec. 596 Sense of Congress related to protection of consumer information by consumer reporting agencies
added
added
In general— It is the sense of the Congress that consumer reporting agencies and subsidiaries of consumer reporting agencies should, when providing access to consumers to the information contained in the file of the consumer maintained by the consumer reporting agency, use strong multi-factor authentication procedures to verify the identity of consumers.
added
Definitions— For purposes of this section, the terms “consumer”, “consumer reporting agency”, and “file” have the meanings given those terms in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a).
Sec. 597 Treasury report on legitimate financial transactions
addedadded Not later than the end of the 90-day period beginning on the date of the enactment of this Act, the Secretary of the Treasury shall issue a report to the Congress on—
added
the Secretary’s efforts to ensure that legitimate financial transactions move freely and globally; and
added
how the Secretary coordinates on such efforts with Federal bank regulators, financial institutions, and money service businesses.
Sec. 598 Dividend waiver authority for mutual holding companies
addedadded Section 10(o)(11) of the Home Owners’ Loan Act (12 U.S.C. 1467a(o)(11)) is amended—
added
in subparagraph (D)—
added
in clause (i), by adding “and” at the end;
added
in clause (ii), by striking “; and” and inserting a period; and
added
by striking clause (iii);
added
by amending subparagraph (E) to read as follows:
added “(E) Valuation—The appropriate Federal banking agency may not consider waived dividends in determining an appropriate exchange ratio in the event of a full conversion to stock form.”
added
by adding at the end the following new subparagraph:
added “(F) Rule of construction—Nothing in this paragraph shall be construed to authorize the appropriate Federal banking agency to require a vote of members of a mutual holding company to approve one or more dividend waivers or to place any additional restrictions on dividend waivers by mutual holding companies that are inconsistent with or exceed the requirements set forth in this paragraph.”
Sec. 711 Consumer Law Enforcement Agency
Making the Bureau an independent Consumer Law Enforcement Agency— The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is amended—
in section 1011—
in the heading of such section, by striking “BUREAU OF CONSUMER FINANCIAL PROTECTION” and inserting “Consumer Law Enforcement Agency”;
in subsection (a)—
in the heading of such subsection, by striking “Bureau” and inserting “Agency”;
by striking “in the Federal Reserve System,”;
by striking “independent bureau” and inserting “independent agency”; and
changed
by striking “Bureau ““Bureau of Consumer Financial Protection” Protection”” and inserting “Consumer ““Consumer Law Enforcement Agency Agency” (hereinafter in this section referred to as the “Agency”)”;
in subsection (b)(5), by amending subparagraph (A) to read as follows:
“(A) shall be appointed by the President; and”
in subsection (c), by striking paragraph (3);
in subsection (e), by striking “, including in cities in which the Federal reserve banks, or branches of such banks, are located,”; and
by striking “Bureau” each place such term appears and inserting “Agency”; and
in section 1012—
in subsection (a)(10), by striking “examinations,”; and
by striking subsection (c).
Deeming of name— Any reference in a law, regulation, document, paper, or other record of the United States to the Bureau of Consumer Financial Protection shall be deemed a reference to the Consumer Law Enforcement Agency.
Conforming amendments—
Dodd-Frank Wall Street Reform and Consumer Protection Act— The Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.) is amended—
in the table of contents in section 1(b)—
by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”; and
in the table of contents relating to title X, in the items relating to subtitle B, subtitle C, and section 1027, by striking “Bureau” each place such term appears and inserting “Agency”;
in section 2, by amending paragraph (4) to read as follows:
“(4) Agency—The term Agency means the Consumer Law Enforcement Agency established under title X.”
in section 342 by striking “Bureau” each place such term appears in headings and text and inserting “Agency”;
in section 1400(b)—
by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”; and
in the subsection heading, by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”;
in section 1411(a)(1), by striking “Bureau” and inserting “Agency”; and
in section 1447, by striking “Director of the Bureau” each place such term appears and inserting “Director of the Consumer Law Enforcement Agency”.
Alternative Mortgage Transaction Parity Act of 1982— The Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. 3801 et seq.) is amended—
by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”; and
in the subsection heading of subsection (d) of section 804 (12 U.S.C. 3803(d)), by striking “Bureau” and inserting “Agency”.
Electronic Fund Transfer Act— The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is amended—
by amending the second paragraph (4) (defining the term Bureau) to read as follows:
“(4) the term Agency means the Consumer Law Enforcement Agency;”
in section 916(d)(1), by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”; and
by striking “Bureau” each place that term appears in heading or text and inserting “Agency”.
Equal Credit Opportunity Act— The Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.) is amended—
in section 702 (15 U.S.C. 1691a), by amending subsection (c) to read as follows:
“(c) The term Agency means the Consumer Law Enforcement Agency.”
by striking “Bureau” each place that term appears in heading or text and inserting “Agency”.
Expedited Funds Availability Act— The Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) is amended—
by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”; and
in the heading of section 605(f)(1), by striking “board and bureau” and inserting “Board and Agency”.
changed
Fair and Accurate Credit Transactions Act of 2003— The Fair and Accurate Credit Transactions Act of 2003 (Public Law 108–159) is amended by striking “Bureau” each place such term appears in heading and text and inserting “Agency”.
Fair Credit Reporting Act— The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is amended—
by amending section 603(w) to read as follows:
“(w) Agency—The term Agency means the Consumer Law Enforcement Agency.”
by striking “Bureau” each place such term appears, other than in sections 626 and 603(v), and inserting “Agency”.
Fair Debt Collection Practices Act— The Fair Debt Collection Practices Act (15 U.S.C. 1692 et seq.) is amended—
by amending section 803(1) to read as follows:
“(1) The term Agency means the Consumer Law Enforcement Agency.”
by striking “Bureau” each place such term appears in heading or text and inserting “Agency”.
Federal Deposit Insurance Act— The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended—
in the second paragraph (6) (with the heading “Referral to bureau of consumer financial protection”) of section 8(t) (12 U.S.C. 1818(t))—
in the paragraph heading, by striking “bureau of consumer financial protection”; and inserting “Consumer Law Enforcement Agency”; and
by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”;
by amending clause (vi) of section 11(t)(2)(A) (12 U.S.C. 1821(t)(2)(A)(vi)) to read as follows:
“(vi) The Consumer Law Enforcement Agency.”
in section 18(x) (12 U.S.C. 1828(x)), by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”;
by striking “Bureau” each place such term appears and inserting “Agency”; and
in section 43(e) (12 U.S.C. 1831t(e)), by amending paragraph (5) to read as follows:
“(5) Agency—The term Agency means the Consumer Law Enforcement Agency.”
Federal Financial Institutions Examination Council Act of 1978— The Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended—
in section 1004(a)(4), by striking “Consumer Financial Protection Bureau” and inserting “Consumer Law Enforcement Agency”; and
in section 1011, by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”.
Financial Institutions Reform, Recovery, and Enforcement Act of 1989— The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Public Law 101–73; 103 Stat. 183) is amended—
in section 1112(b) (12 U.S.C. 3341), by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”;
in section 1124 (12 U.S.C. 3353), by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”;
in section 1125 (12 U.S.C. 3354), by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”; and
changed
in section 1206(a) (12 U.S.C. 1833b(a)), by striking “Federal Housing Finance Board” and all that follows through “Farm Credit Administration” and inserting “Federal Housing Finance Board, Agency, the Consumer Law Enforcement Agency, and the Farm Credit Administration”.
Financial Literacy and Education Improvement Act— Section 513 of the Financial Literacy and Education Improvement Act (20 U.S.C. 9702) is amended by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”.
Gramm-Leach-Bliley Act— Title V of the Gramm-Leach-Bliley Act (15 U.S.C. 6801 et seq.) is amended—
by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”; and
in section 505(a)(8) (15 U.S.C. 6805(a)(8)), by striking “Bureau” and inserting “Agency”.
Home Mortgage Disclosure Act of 1975— The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) is amended—
by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”;
by striking “Bureau” each place such term appears and inserting “Agency”; and
in section 303, by amending paragraph (1) to read as follows:
“(1) the term Agency means the Consumer Law Enforcement Agency;”
Homeowners Protection Act of 1998— Section 10(a)(4) of the Homeowners Protection Act of 1998 (12 U.S.C. 4909(a)(4)) is amended by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”.
Home Ownership and Equity Protection Act of 1994— Section 158(a) of the Home Ownership and Equity Protection Act of 1994 (15 U.S.C. 1601 note) is amended by striking “Bureau” and inserting “Consumer Law Enforcement Agency”.
Interstate Land Sales Full Disclosure Act— The Interstate Land Sales Full Disclosure Act (12 U.S.C. 1701 et seq.) is amended—
by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Agency”;
in section 1402, by amending paragraph (12) to read as follows:
“(12) “Agency” means the Consumer Law Enforcement Agency.”
in section 1416, by striking “Bureau” each place such term appears and inserting “Agency”.
Real Estate Settlement Procedures Act of 1974— The Real Estate Settlement Procedures Act of 1974 (12 U.S.C. 2601 et seq.) is amended—
by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”;
by striking “Bureau” each place such term appears and inserting “Agency”; and
in section 3, by amending paragraph (9) to read as follows:
“(9) the term Agency means the Consumer Law Enforcement Agency.”
Revised Statues of the United States— Section 5136C(b)(3)(B) of the Revised Statutes of the United States (12 U.S.C. 25b(b)(3)(B)) is amended by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”.
Right to Financial Privacy Act of 1978— The Right to Financial Privacy Act of 1978 (12 U.S.C. 3401 et seq.) is amended—
by amending subparagraph (B) of section 1101(7) (12 U.S.C. 3401(7)(B)) to read as follows:
“(B) the Consumer Law Enforcement Agency;”
by striking “Bureau of Consumer Financial Protection” each place such term appears in heading or text and inserting “Consumer Law Enforcement Agency”.
S.A.F.E. Mortgage Licensing Act of 2008— The S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5101 et seq.) is amended—
in section 1507, by striking “Bureau, and the Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”;
by striking “Bureau of Consumer Financial Protection” each place such term appears and inserting “Consumer Law Enforcement Agency”;
by striking “Bureau” each place such appears, other than in sections 1505(a)(1), 1507(a)(2)(A), and 1511(b), and inserting “Agency”;
in section 1503, by amending paragraph (1) to read as follows:
“(1) Agency—The term Agency means the Consumer Law Enforcement Agency.”
in the heading of section 1508, by striking “BUREAU OF CONSUMER FINANCIAL PROTECTION” and inserting “Consumer Law Enforcement Agency”; and
in the heading of section 1514, by striking “BUREAU” and inserting “AGENCY”.
Telemarketing and Consumer Fraud and Abuse Prevention Act— The Telemarketing and Consumer Fraud and Abuse Prevention Act (15 U.S.C. 6101 et seq.) is amended by striking “Bureau of Consumer Financial Protection” each place such term appears in heading or text and inserting “Consumer Law Enforcement Agency”.
Title 5, United States Code— Title 5, United States Code, is amended—
in section 552a(w)—
in the subsection heading, by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”;
by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”;
in section 609(d)(2), by striking “Consumer Financial Protection Bureau of the Federal Reserve System” and inserting “Consumer Law Enforcement Agency”; and
changed
in section 3132(a)(1)(D), as amended by section 151(a)(1), is further amended by inserting “the Consumer Law Enforcement Agency,” before “and the National Credit Union Administration”.
Title 10, United States Code—
Section 987— Section 987(h)(3)(E) of title 10, United States Code, is amended by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”.
NDAA FY 2015— Section 557(a) of the Carl Levin and Howard P. “Buck” McKeon National Defense Authorization Act for Fiscal Year 2015 (Public Law 113–29; 128 Stat. 3381; 10 U.S.C. 1144 note), is amended by striking “Consumer Financial Protection Bureau” each place such term appears and inserting “Consumer Law Enforcement Agency”.
Title 44, United States Code— Title 44, United States Code, is amended—
changed
in section 3502(5), by striking “the Bureau of Consumer Financial Protection, the Office of Financial Research,” and inserting “the Consumer Law Enforcement Agency,”; Protection,”; and
in section 3513(c), by striking “Bureau of Consumer Financial Protection” and inserting “Consumer Law Enforcement Agency”.
Truth in Lending Act— The Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended—
by amending section 103(b) (15 U.S.C. 1602(b)) to read as follows:
“(b) Agency—The term Agency means the Consumer Law Enforcement Agency.”
by amending section 103(c) (15 U.S.C. 1602(c)) to read as follows:
“(c) Board—The term Board means the Board of Governors of the Federal Reserve System.”
in section 128(f) (15 U.S.C. 1638(f)), by striking “Board” each place such term appears and inserting “Agency”;
in sections 129B (15 U.S.C. 1639b) and 129C (15 U.S.C. 1639c), by striking “Board” each place such term appears and inserting “Agency”;
in section 140A (15 U.S.C. 1651), by striking “in consultation with the Bureau” and inserting “in consultation with the Federal Trade Commission”;
removed
by striking “National Credit Union Administration Bureau” each place such term appears and inserting “National Credit Union Administration Board”;
renumbered
was (4)(27)(9)
by striking “Bureau” each place such term appears in heading or text and inserting “Agency”; and
renumbered
was (4)(27)(10)
by striking “bureau” and inserting “Agency” in the paragraph headings for—
renumbered
was (4)(27)(10)(2)
section 122(d)(2) (15 U.S.C. 1632(d)(2));
renumbered
was (4)(27)(10)(3)
section 127(c)(5) (15 U.S.C. 1637(c)(5));
renumbered
was (4)(27)(10)(4)
section 127(r)(3) (15 U.S.C. 1637(r)(3)); and
renumbered
was (4)(27)(10)(5)
section 127A(a)(14) (15 U.S.C. 1637a(a)(14)).
Truth in Savings Act— The Truth in Savings Act (12 U.S.C. 4301 et seq.) is amended—
by amending paragraph (4) of section 274 (12 U.S.C. 4313(4)) to read as follows:
“(4) Agency—The term Agency means the Consumer Law Enforcement Agency.”
by striking “National Credit Union Administration Bureau” each place such term appears and inserting “National Credit Union Administration Board”; and
changed
by striking “Bureau” each place such term appears and inserting “Agency”.“Agency”, except in section 233(b)(4)(B).
Sec. 712 Bringing the Agency into the regular appropriations process
changed
Section 1022 1017 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512) 5497) is amended by adding at the end the following:amended—
added
in subsection (a)—
added
by amending the heading of such subsection to read as follows: “Budget, financial management, and audit.—”;
added
by striking paragraphs (1), (2), and (3);
added
by redesignating paragraphs (4) and (5) as paragraphs (1) and (2), respectively; and
added
by striking subparagraphs (E) and (F) of paragraph (1), as so redesignated;
added
by striking subsections (b) and (c);
added
by redesignating subsections (d) and (e) as subsections (b) and (c), respectively; and
added
in subsection (c), as so redesignated—
added
by striking paragraphs (1), (2), and (3) and inserting the following:
added “(1) Authorization of appropriations—There is authorized to be appropriated to the Agency for each of fiscal years 2017 and 2018 an amount equal to the aggregate amount of funds transferred by the Board of Governors to the Bureau of Consumer Financial Protection during fiscal year 2015.”
added
by redesignating paragraph (4) as paragraph (2).
removed
“(e) Authority of the Office of Information and Regulatory Affairs—The Office of Information and Regulatory Affairs shall have the same duties and authorities with respect to the Consumer Law Enforcement Agency as the Office of Information and Regulatory Affairs has with respect to any other agency that is not an independent regulatory agency (as such terms are defined, respectively, under section 3502 of title 44, United States Code).”
Sec. 713 Consumer Law Enforcement Agency Inspector General Reform
added
Appointment of Inspector General— The Inspector General Act of 1978 (5 U.S.C. App.) is amended—
added
in section 8G—
added
in subsection (a)(2), by striking “and the Bureau of Consumer Financial Protection”;
added
in subsection (c), by striking “For purposes of implementing this section” and all that follows through the end of the subsection; and
added
in subsection (g)(3), by striking “and the Bureau of Consumer Financial Protection”; and
added
in section 12—
added
in paragraph (1), by inserting “the Consumer Law Enforcement Agency;” after “the President of the Export-Import Bank;”; and
added
in paragraph (2), by inserting “the Consumer Law Enforcement Agency,” after “the Export-Import Bank,”.
added
Requirements for the Inspector General for the Consumer Law Enforcement Agency—
removed
Section 1017 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5497) is amended—
removed
in subsection (a)—
changed
Establishment— by amending Section 1011 of the heading Consumer Financial Protection Act of such subsection to read 2010 (12 U.S.C. 5491), as follows: “Budget, financial management, and audit.—”;amended by section 311, is further amended by adding at the end the following:
added “(f) Inspector General—There is established the position of the Inspector General of the Agency.”
changed
Hearings— Section 1016 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5496) is amended by striking paragraphs (1), (2), and (3);inserting after subsection (c) the following:
added “(d) Additional Requirement for Inspector General—On a separate occasion from that described in subsection (a), the Inspector General of the Agency shall appear before each of the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings no less frequently than twice annually, at a date determined by the chairman of the respective committee, to testify regarding the reports required under subsection (b) and the reports required under section 5 of the Inspector General Act of 1978 (5 U.S.C. App.).”
changed
Participation in the Council of Inspectors General on Financial Oversight— by redesignating paragraphs (4) and (5) as paragraphs (1) Section 989E(a)(1) of the Dodd-Frank Wall Street Reform and (2), respectively; andConsumer Protection Act is amended by adding at the end the following:
added “(J) The Consumer Law Enforcement Agency.”
changed
Appointment— by striking subparagraphs (E) and (F) The President shall appoint an Inspector General for the Consumer Law Enforcement Agency in accordance with section 3 of paragraph (1), as so redesignated;the Inspector General Act of 1978 (5 U.S.C. App.).
changed
Transition period— by striking subsections (b) The Inspector General of the Board of Governors of the Federal Reserve System and (c);the Bureau of Consumer Financial Protection shall serve in that position until the confirmation of an Inspector General for the Consumer Law Enforcement Agency. At that time, the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall become the Inspector General of the Board of Governors of the Federal Reserve System.
removed
by redesignating subsections (d) and (e) as subsections (b) and (c), respectively; and
removed
in subsection (c), as so redesignated—
removed
by striking paragraphs (1), (2), and (3) and inserting the following:
removed
“(1) Authorization of appropriations—There is authorized to be appropriated to the Agency for each of fiscal years 2017 and 2018 an amount equal to the aggregate amount of funds transferred by the Board of Governors to the Bureau of Consumer Financial Protection during fiscal year 2015.”
removed
by redesignating paragraph (4) as paragraph (2).
Sec. 714 Private parties authorized to compel the Agency to seek sanctions by filing civil actions; Adjudications deemed actions
added Section 1053 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5563) is amended by adding at the end the following:
added “(f) Private parties authorized to compel the Agency to seek sanctions by filing civil actions
added “(1) Termination of administrative proceeding—In the case of any person who is a party to a proceeding brought by the Agency under this section, to which chapter 5 of title 5, United States Code, applies, and against whom an order imposing a cease and desist order or a penalty may be issued at the conclusion of the proceeding, that person may, not later than 20 days after receiving notice of such proceeding, and at that person’s discretion, require the Agency to terminate the proceeding.
added “(2) Civil action authorized—If a person requires the Agency to terminate a proceeding pursuant to paragraph (1), the Agency may bring a civil action against that person for the same remedy that might be imposed.
added “(g) Adjudications deemed actions—Any administrative adjudication commenced under this section shall be deemed an “action” for purposes of section 1054(g).”
removed
Appointment of Inspector General— The Inspector General Act of 1978 (5 U.S.C. App.) is amended—
removed
in section 8G—
removed
in subsection (a)(2), by striking “and the Bureau of Consumer Financial Protection”;
removed
in subsection (c), by striking “For purposes of implementing this section” and all that follows through the end of the subsection; and
removed
in subsection (g)(3), by striking “and the Bureau of Consumer Financial Protection”; and
removed
in section 12—
removed
in paragraph (1), by inserting “the Consumer Law Enforcement Agency;” after “the President of the Export-Import Bank;”; and
removed
in paragraph (2), by inserting “the Consumer Law Enforcement Agency,” after “the Export-Import Bank,”.
removed
Requirements for the Inspector General for the Consumer Law Enforcement Agency—
removed
Establishment— Section 1011 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5491), as amended by section 311, is further amended by adding at the end the following:
removed
“(i) Inspector General—There is established the position of the Inspector General of the Agency.”
removed
Hearings— Section 1016 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5496) is amended by inserting after subsection (c) the following:
removed
“(d) Additional Requirement for Inspector General—On a separate occasion from that described in subsection (a), the Inspector General of the Agency shall appear, upon invitation, before the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives at semi-annual hearings regarding the reports required under subsection (b) and the reports required under section 5 of the Inspector General Act of 1978 (5 U.S.C. App.).”
removed
Participation in the Council of Inspectors General on Financial Oversight— Section 989E(a)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by adding at the end the following:
removed
“(J) The Consumer Law Enforcement Agency.”
removed
Deadline for appointment— Not later than 60 days after the date of the enactment of this Act, the President shall appoint an Inspector General for the Consumer Law Enforcement Agency in accordance with section 3 of the Inspector General Act of 1978 (5 U.S.C. App.).
removed
Transition period— The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall serve in that position until the confirmation of an Inspector General for the Consumer Law Enforcement Agency. At that time, the Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall become the Inspector General of the Board of Governors of the Federal Reserve System.
Sec. 715 Civil investigative demands to be appealed to courts
changed
Section 1053 1052 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5563) 5562) is amended by adding at the end the following:amended—
added
in subsection (c)—
added
in paragraph (2), by inserting after “shall state” the following: “with specificity”; and
added
by adding at the end the following:
added “(14) Meeting requirement—The recipient of a civil investigative demand shall meet and confer with an Agency investigator within 30 calendar days after receipt of the demand to discuss and attempt to resolve all issues regarding compliance with the civil investigative demand, unless the Agency grants an extension requested by such recipient.”
added
in subsection (f)—
added
by amending paragraph (1) to read as follows:
added “(1) In general—Not later than 45 days after the service of any civil investigative demand upon any person under subsection (c), or at any time before the return date specified in the demand, whichever period is shorter, or within such period exceeding 45 days after service or in excess of such return date as may be prescribed in writing, subsequent to service, by any Agency investigator named in the demand, such person may file, in the district court of the United States for any judicial district in which such person resides, is found, or transacts business, a petition for an order modifying or setting aside the demand.”
added
in paragraph (2), by striking “at the Bureau”; and
added
in subsection (h)—
added
by striking “(1) In general.—”; and
added
by striking paragraph (2).
removed
“(f) Private parties authorized to compel the Agency to seek sanctions by filing civil actions
removed
“(1) Termination of administrative proceeding—In the case of any person who is a party to a proceeding brought by the Agency under this section, to which chapter 5 of title 5, United States Code, applies, and against whom an order imposing a cease and desist order or a penalty may be issued at the conclusion of the proceeding, that person may, not later than 20 days after receiving notice of such proceeding, and at that person’s discretion, require the Agency to terminate the proceeding.
removed
“(2) Civil action authorized—If a person requires the Agency to terminate a proceeding pursuant to paragraph (1), the Agency may bring a civil action against that person for the same remedy that might be imposed.
removed
“(g) Adjudications deemed actions—Any administrative adjudication commenced under this section shall be deemed an “action” for purposes of section 1054(g).”
Sec. 716 Agency dual mandate and economic analysis
added
Purpose— Section 1021(a) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5511(a)) is amended by adding at the end the following: “In addition, the Director shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of strengthening participation in markets by covered persons, without Government interference or subsidies, to increase competition and enhance consumer choice.”.
added
Office of Economic Analysis—
removed
Section 1052 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5562) is amended—
removed
in subsection (c)—
changed
In general— in paragraph (2), Section 1013 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5493), as amended by inserting after “shall state” section 725, is further amended by adding at the following: “with specificity”; andend the following:
added “(h) Office of Economic Analysis
added “(1) Establishment—The Director shall, not later than the end of the 60-day period beginning on the date of the enactment of this subsection, establish an Office of Economic Analysis.
added “(2) Direct reporting—The head of the Office of Economic Analysis shall report directly to the Director.
added “(3) Review and assessment of proposed rules and regulations—The Office of Economic Analysis shall—
added “(A) review all proposed rules and regulations, including regulatory guidance, of the Agency;
added “(B) assess the impact of such rules and regulations, including regulatory guidance, on consumer choice, price, and access to credit products; and
added “(C) publish a report on such reviews and assessments in the Federal Register.
added “(4) Measuring existing rules and regulations—The Office of Economic Analysis shall—
added “(A) review each rule and regulation issued by the Agency after 1, 2, 6, and 11 years of the date such rule became effective;
added “(B) measure the rule or regulation’s success in solving the problem that the rule or regulation was intended to solve when issued; and
added “(C) publish a report on such review and measurement in the Federal Register.
added “(5) Cost-benefit analysis related to administrative enforcement and civil actions—The Office of Economic Analysis shall—
added “(A) carry out a cost-benefit analysis of any proposed administrative enforcement action, civil lawsuit, or consent order of the Agency; and
added “(B) assess the impact of such complaint, lawsuit, or order on consumer choice, price, and access to credit products.”
changed
Consideration of review and assessment; rulemaking requirements— Section 1022(b) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(b)) is amended by adding at the end the following:
changed
“(14) Meeting requirement—The recipient “(5) Consideration of a civil investigative demand shall meet review and confer with an Agency investigator within 30 calendar days after receipt of assessment by the demand to discuss and attempt to resolve all issues regarding compliance with Office of Economic Analysis—Before issuing any rule or regulation, the civil investigative demand, unless Director shall consider the Agency grants an extension requested by review and assessment of such recipient.”rule or regulation, including regulatory guidance, carried out by the Office of Economic Analysis.
added “(6) Identification of problems and metrics for judging success
added “(A) In general—The Director shall, in each proposed rulemaking of the Agency—
added “(i) identify the problem that the particular rule or regulations is seeking to solve; and
added “(ii) specify the metrics by which the Agency will measure the success of the rule or regulation in solving such problem.
added “(B) Required metrics—The metrics specified under subparagraph (A)(ii) shall include a measurement of changes to consumer access to, and cost of, consumer financial products and services.”
added
Consideration of cost-benefit review related to administrative actions— The Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.) is amended—
added
in subtitle E of title X, by adding at the end the following:
added “1059. Consideration of cost-benefit analysis related to administrative enforcement and civil actions
added “Before initiating any administrative enforcement action or civil lawsuit or entering into a consent order, the Director shall consider the cost-benefit analysis of such action, lawsuit, or order carried out by the Office of Economic Analysis.”
added
in the table of contents under section 1(b), by inserting after the item relating to section 1058 the following:
changed
Avoidance of duplicative or unnecessary analyses— The Consumer Law Enforcement Agency may perform any of the analyses required by the amendments made by this section in subsection (f)—conjunction with, or as part of, any other agenda or analysis required by any other provision of law, if such other agenda or analysis satisfies the provisions of this section.
removed
by amending paragraph (1) to read as follows:
removed
“(1) In general—Not later than 45 days after the service of any civil investigative demand upon any person under subsection (c), or at any time before the return date specified in the demand, whichever period is shorter, or within such period exceeding 45 days after service or in excess of such return date as may be prescribed in writing, subsequent to service, by any Agency investigator named in the demand, such person may file, in the district court of the United States for any judicial district in which such person resides, is found, or transacts business, a petition for an order modifying or setting aside the demand.”
removed
in paragraph (2), by striking “at the Bureau”; and
removed
in subsection (h)—
removed
by striking “(1) In general.—”; and
removed
by striking paragraph (2).
Sec. 717 No deference to Agency interpretation
added The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is amended—
added
in section 1022(b)(4)—
removed
Purpose— Section 1021(a) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5511(a)) is amended by adding at the end the following: “In addition, the Director shall seek to implement and, where applicable, enforce Federal consumer financial law consistently for the purpose of strengthening participation in markets by covered persons, without Government interference or subsidies, to increase competition and enhance consumer choice.”.
removed
Office of Economic Analysis—
changed
In general— Section 1013 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5493) is amended by adding at the end the following:striking “(A) In general.—”; and
removed
“(h) Office of Economic Analysis
removed
“(1) Establishment—The Director shall, not later than the end of the 60-day period beginning on the date of the enactment of this subsection, establish an Office of Economic Analysis.
removed
“(2) Direct reporting—The head of the Office of Economic Analysis shall report directly to the Director.
removed
“(3) Review and assessment of proposed rules and regulations—The Office of Economic Analysis shall—
removed
“(A) review all proposed rules and regulations of the Agency;
removed
“(B) assess the impact of such rules and regulations on consumer choice, price, and access to credit products; and
removed
“(C) publish a report on such reviews and assessments in the Federal Register.
removed
“(4) Measuring existing rules and regulations—The Office of Economic Analysis shall—
removed
“(A) review each rule and regulation issued by the Commission after 1, 2, 6, and 11 years;
removed
“(B) measure the rule or regulation’s success in solving the problem that the rule or regulation was intended to solve when issued; and
removed
“(C) publish a report on such review and measurement in the Federal Register.
removed
“(5) Cost-benefit analysis related to administrative enforcement and civil actions—The Office of Economic Analysis shall—
removed
“(A) carry out a cost-benefit analysis of any proposed administrative enforcement action, civil lawsuit, or consent order of the Agency; and
removed
“(B) assess the impact of such complaint, lawsuit, or order on consumer choice, price, and access to credit products.”
changed
Consideration of review and assessment; rulemaking requirements— Section 1022(b) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(b)) is amended by adding at the end the following:striking subparagraph (B); and
removed
“(5) Consideration of review and assessment by the Office of Economic Analysis—Before issuing any rule or regulation, the Director shall consider the review and assessment of such rule or regulation carried out by the Office of Economic Analysis.
removed
“(6) Identification of problems and metrics for judging success
removed
“(A) In general—The Director shall, in each proposed rulemaking of the Agency—
removed
“(i) identify the problem that the particular rule or regulations is seeking to solve; and
removed
“(ii) specify the metrics by which the Agency will measure the success of the rule or regulation in solving such problem.
removed
“(B) Required metrics—The metrics specified under subparagraph (A)(ii) shall include a measurement of changes to consumer access to, and cost of, consumer financial products and services.”
removed
Consideration of cost-benefit review related to administrative actions— The Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.) is amended—
removed
in subtitle E of title X, by adding at the end the following:
removed
“1059. Consideration of cost-benefit analysis related to administrative enforcement and civil actions
removed
“Before initiating any administrative enforcement action or civil lawsuit or entering into a consent order, the Director shall consider the cost-benefit analysis of such action, lawsuit, or order carried out by the Office of Economic Analysis.”
removed
in the table of contents under section 1(b), by inserting after the item relating to section 1058 the following:
changed
Avoidance of duplicative or unnecessary analyses— The Consumer Law Enforcement Agency may perform any of the analyses required by the amendments made by this section in conjunction with, or as part of, any other agenda or analysis required by any other provision of law, if such other agenda or analysis satisfies the provisions of this section.section 1061(b)(5)(E)—
added
by striking “affords to the—” and all that follows through “(i) Federal Trade Commission” and inserting “affords to the Federal Trade Commission”;
added
by striking “; or” and inserting a period; and
added
by striking clause (ii).
Sec. 718 No deference to Agency interpretation
removed
removed
The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is amended—
removed
in section 1022(b)(4)—
removed
by striking “(A) In general.—”; and
removed
by striking subparagraph (B); and
removed
in section 1061(b)(5)(E)—
removed
by striking “affords to the—” and all that follows through “(i) Federal Trade Commission” and inserting “affords to the Federal Trade Commission”;
removed
by striking “; or” and inserting a period; and
removed
by striking clause (ii).
Sec. 721 Advisory opinions
changed
Section 1022(b) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(b)), as amended by section 717, 716, is further amended by adding at the end the following:
“(7) Advisory opinions
“(A) Establishing procedures
“(i) In general—The Director shall establish a procedure and, as necessary, promulgate rules to provide written opinions in response to inquiries concerning the conformance of specific conduct with Federal consumer financial law. In establishing the procedure, the Director shall consult with the prudential regulators and such other Federal departments and agencies as the Director determines appropriate, and obtain the views of all interested persons through a public notice and comment period.
“(ii) Scope of request—A request for an opinion under this paragraph must relate to specific proposed or prospective conduct by a covered person contemplating the proposed or prospective conduct.
“(iii) Submission—A request for an opinion under this paragraph may be submitted to the Director either by or on behalf of a covered person.
“(iv) Right to withdraw inquiry—Any inquiry under this paragraph may be withdrawn at any time prior to the Director issuing an opinion in response to such inquiry, and any opinion based on an inquiry that has been withdrawn shall have no force or effect.
“(B) Issuance of opinions
“(i) In general—The Director shall, within 90 days of receiving the request for an opinion under this paragraph, either—
“(I) issue an opinion stating whether the described conduct would violate Federal consumer financial law;
“(II) if permissible under clause (iii), deny the request; or
“(III) explain why it is not feasible to issue an opinion.
“(ii) Extension—Notwithstanding clause (i), if the Director determines that the Agency requires additional time to issue an opinion, the Director may make a single extension of the deadline of 90 days or less.
“(iii) Denial of requests—The Director shall not issue an opinion, and shall so inform the requestor, if the request for an opinion—
“(I) asks a general question of interpretation;
“(II) asks about a hypothetical situation;
“(III) asks about the conduct of someone other than the covered person on whose behalf the request is made;
“(IV) asks about past conduct that the covered person on whose behalf the request is made does not plan to continue in the future; or
“(V) fails to provide necessary supporting information requested by the Agency within a reasonable time established by the Agency.
“(iv) Amendment and revocation—An advisory opinion issued under this paragraph may be amended or revoked at any time.
“(v) Public disclosure—An opinion rendered pursuant to this paragraph shall be placed in the Agency’s public record 90 days after the requesting party has received the advice, subject to any limitations on public disclosure arising from statutory restrictions, Agency regulations, or the public interest. The Agency shall redact any personal, confidential, or identifying information about the covered person or any other persons mentioned in the advisory opinion, unless the covered person consents to such disclosure.
“(vi) Report to Congress—The Agency shall, concurrent with the semi-annual report required under section 1016(b), submit information regarding the number of requests for an advisory opinion received, the subject of each request, the number of requests denied pursuant to clause (iii), and the time needed to respond to each request.
“(C) Reliance on opinion—Any person may rely on an opinion issued by the Director pursuant to this paragraph that has not been amended or withdrawn. No liability under Federal consumer financial law shall attach to conduct consistent with an advisory opinion that had not been amended or withdrawn at the time the conduct was undertaken.
changed
“(D) Confidentiality—Any document or other material that is received by the Agency or any other Federal department or agency in connection with an inquiry under this paragraph shall be exempt from disclosure under section 552 of title 5, United States Code (commonly referred to as the “Freedom of Information Act”) and may not, except with the consent of the covered person making such inquiry, be made publicly available, regardless of whether the Director responds to such inquiry or the covered person withdraws such inquiry before receiving an opinion.Assistance for small businesses
removed
“(E) Assistance for small businesses
“(i) In general—The Agency shall assist, to the maximum extent practicable, small businesses in preparing inquiries under this paragraph.
“(ii) Small business defined—For purposes of this subparagraph, the term small business has the meaning given the term small business concern under section 3 of the Small Business Act (15 U.S.C. 632).
added “(E) Inquiry fee
removed
“(F) Inquiry fee
“(i) In general—The Director shall develop a system to charge a fee for each inquiry made under this paragraph in an amount sufficient, in the aggregate, to pay for the cost of carrying out this paragraph.
“(ii) Notice and comment—Not later than 45 days after the date of the enactment of this paragraph, the Director shall publish a description of the fee system described in clause (i) in the Federal Register and shall solicit comments from the public for a period of 60 days after publication.
“(iii) Finalization—The Director shall publish a final description of the fee system and implement such fee system not later than 30 days after the end of the public comment period described in clause (ii).”
Sec. 722 Reform of Consumer Financial Civil Penalty Fund
changed
Segregated Accounts— Section 1017(b) of the Consumer Financial Protection Act of 2010, as redesignated by section 713, 712, is amended by redesignating paragraph (2) as paragraph (3), and by inserting after paragraph (1) the following new paragraph:
“(2) Segregated Accounts in Civil Penalty Fund
“(A) In General—The Agency shall establish and maintain a segregated account in the Civil Penalty Fund each time the Agency obtains a civil penalty against any person in any judicial or administrative action under Federal consumer financial laws.
“(B) Deposits in Segregated Accounts—The Agency shall deposit each civil penalty collected into the segregated account established for such penalty under subparagraph (A).”
Payment to Victims— Paragraph (3) of section 1017(b) of such Act, as redesignated by subsection (a), is amended to read as follows:
“(3) Payment to victims
“(A) In general
“(i) Identification of class—Not later than 60 days after the date of deposit of amounts in a segregated account in the Civil Penalty Fund, the Agency shall identify the class of victims of the violation of Federal consumer financial laws for which such amounts were collected and deposited under paragraph (2).
“(ii) Payments—The Agency, within 2 years after the date on which such class of victims is identified, shall locate and make payments from such amounts to each victim.
“(B) Funds deposited in Treasury
“(i) In general—The Agency shall deposit into the general fund of the Treasury any amounts remaining in a segregated account in the Civil Penalty Fund at the end of the 2-year period for payments to victims under subparagraph (A).
“(ii) Impossible or impractical payments—If the Agency determines before the end of the 2-year period for payments to victims under subparagraph (A) that such victims cannot be located or payments to such victims are otherwise not practicable, the Agency shall deposit into the general fund of the Treasury the amounts in the segregated account in the Civil Penalty Fund.”
Effective date—
In general— The amendments made by this section shall apply with respect to civil penalties collected after the date of enactment of this Act.
Amounts in Consumer Financial Civil Penalty Fund on date of enactment— With respect to amounts in the Consumer Financial Civil Penalty Fund on the date of enactment of this Act that were not allocated for consumer education and financial literacy programs on or before September 30, 2015, the Consumer Law Enforcement Agency shall separate such amounts into segregated accounts in accordance with, and for purposes of, section 1017(d) of the Consumer Financial Protection Act of 2010, as amended by this section. The date of deposit of such amounts shall be deemed to be the date of enactment of this Act.
Sec. 725 Reforms to mandatory functional units
The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is amended—
in section 1013—
in subsection (b)—
in paragraph (1), by striking “shall establish” and inserting “may establish”;
in paragraph (2), by striking “shall establish” and inserting “may establish”; and
paragraph (3)(D)—
by striking “To facilitate preparation of the reports required under subparagraph (C), supervision and enforcement activities, and monitoring of the market for consumer financial products and services, the” and inserting “The”; and
changed
by adding at the end the following: “Information collected under this paragraph may not be made publicly available.”;available, except as required by law.”;
in subsection (c)—
in paragraph (1), by striking “shall establish” and inserting “may establish”; and
in paragraph (3), by striking “There is established the” and inserting “At any time when the Office of Fair Lending and Equal Opportunity exists within the Agency, there shall be a”;
in subsection (d)—
in paragraph (1), by striking “shall establish” and inserting “may establish”;
in paragraph (3)—
in subparagraph (A), by inserting “, if such Office exists within the Agency,” after “Community Affairs Office”; and
in subparagraph (B), by striking “established by the Director” and inserting “, if established by the Director,”; and
in paragraph (4), by striking “Not later than 24 months after the designated transfer date, and annually thereafter,” and inserting “Annually, at any time when the Office of Financial Education exists within the Agency,”;
in subsection (e)(1), by striking “shall establish” and inserting “may establish”;
by striking subsection (f);
by redesignating subsections (g) and (h) as subsections (f) and (g), respectively; and
in subsection (f), as so redesignated—
in paragraph (1)—
by striking “Before the end of the 180-day period beginning on the designated transfer date, the Director shall” and inserting “The Director may”; and
by striking “on protection from unfair, deceptive, and abusive practices and”;
in paragraph (2), by striking “The Office” and inserting “At any time when the Office of Financial Protection for Older Americans exists within the Agency, the Office”; and
in paragraph (3)—
in subparagraph (A)—
by striking clause (i);
by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively; and
in clause (ii), as so redesignated, by striking “to respond to consumer problems caused by unfair, deceptive, or abusive practices”;
in subparagraph (B), by striking “and alert the Commission and State regulators of certifications or designations that are identified as unfair, deceptive, or abusive”; and
in subparagraph (D)—
by striking clause (i); and
by redesignating clauses (ii) and (iii) as clauses (i) and (ii), respectively;
in section 1029(e), by inserting after “Affairs,” the following: “if established under this title,”; and
in section 1035—
in subsection (a), by striking “shall designate” and inserting “may designate”; and
in subsection (b), by striking “The Secretary” and inserting “If the Secretary designates the Ombudsman under subsection (a), the Secretary”.
Sec. 727 Elimination of supervision authority
In general— The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is amended—
in section 1002(15)(B)(ii)(I), by striking “examination or”;
in section 1013(a)(1)(B), by striking “compliance examiners, compliance supervision analysts,”;
in section 1016(c)—
in paragraph (5), by striking “supervisory and”; and
in paragraph (6), by striking “orders, and supervisory actions” and inserting “and orders”;
in section 1024—
in the heading, by striking “SUPERVISION OF” and inserting “AUTHORITY WITH RESPECT TO CERTAIN”;
in subsection (a)—
in paragraph (1)(B), by striking “as defined by rule in accordance with paragraph (2)” and inserting “as of the date of the enactment of the Financial CHOICE Act of 2017”;
by striking paragraph (2);
by redesignating paragraph (3) as paragraph (2); and
in subparagraph (A) of paragraph (2), as so redesignated, by striking “1025(a) or”;
by striking subsection (b);
by redesignating subsections (c), (d), (e), and (f) as subsections (b), (c), (d), and (e), respectively;
in subsection (c), as so redesignated—
in the heading, by striking “and Examination Authority”; and
by striking “, conduct examinations,” each place such term appears;
in subsection (d), as so redesignated—
by inserting “rulemaking and enforcement, but not supervisory,” before “authority of the Bureau”; and
by striking “conducting any examination or requiring any report from a service provider subject to this subsection” and inserting “carrying out any authority pursuant to this subsection with respect to a service provider”;
by striking section 1025;
in section 1026—
by amending subsection (a) to read as follows:
“(a) Scope of coverage—This section shall apply to any covered person that is an insured depository institution or an insured credit union.”
in subsection (b)(3), by striking “report of examination or related”;
by striking subsection (c);
changed
by redesignating subsections (d) and (e) as subsections (c) and (d), respectively; andrespectively;
added
in subsection (c), as so redesignated, by adding at the end the following:
added “(3) Very large institutions
added “(A) Primary enforcement authority—Notwithstanding paragraph (1), to the extent that the Agency and another Federal agency are authorized to enforce a Federal consumer financial law, the Agency shall have primary authority to enforce that Federal consumer financial law with respect to an insured depository institution or insured credit union, if such depository institution or credit union has total assets of more than $10,000,000,000, and any affiliate thereof.
added “(B) Referral—Any Federal agency, other than the Federal Trade Commission, that is authorized to enforce a Federal consumer financial law may recommend, in writing, to the Agency that the Agency initiate an enforcement proceeding with respect to a person described in subparagraph (A), as the Agency is authorized to do by that Federal consumer financial law.
added “(C) Backup enforcement authority—If the Agency does not, before the end of the 120-day period beginning on the date on which the Agency receives a recommendation under subparagraph (B), initiate an enforcement proceeding, the other agency referred to in subparagraph (B) may initiate an enforcement proceeding.”
renumbered
was (2)(8)(6)
in subsection (d), as so redesignated—
added
by inserting after “subsection (a)” the following: “, or to any person described under subsection (c)(3)(A),”;
renumbered
was (2)(8)(6)(2)
by striking “section 1025” and inserting “this section”; and
renumbered
was (2)(8)(6)(3)
by striking “When conducting any examination or requiring any report from a service provider subject to this subsection” and inserting “In carrying out any authority pursuant to this subsection with respect to a service provider”;
in section 1027—
by striking “supervisory,” each place such term appears;
in subsection (e)(1), by striking “supervisory or”; and
in subsection (p), by striking “section 1024(c)(1)” and inserting “section 1024(b)(1)”;
in section 1034—
by striking subsections (b) and (c); and
by redesignating subsection (d) as subsection (b);
in section 1053—
in subsection (b)(1)(A), by striking “sections 1024, 1025, and 1026” and inserting “sections 1024 and 1026”; and
in subsection (c)(3)(B)(ii)(II), by striking “, by examination or otherwise,”;
in section 1054(a), by striking “sections 1024, 1025, and 1026” and inserting “sections 1024 and 1026”;
in section 1061—
in subsection (a)(1)—
changed
in subparagraph (A), by striking “; and” at the end and inserting a period; andperiod;
added
by striking “means—” and all that follows through “(A) all” and inserting “means all”; and
renumbered
was (2)(13)(2)(3)
by striking subparagraph (B); and
in subsection (c)—
by amending paragraph (1) to read as follows:
“(1) Examination—A transferor agency that is a prudential regulator shall have exclusive authority (relative to the Bureau) to require reports from and conduct examinations for compliance with Federal consumer financial laws with respect to a person described in section 1026(a).”
in paragraph (2)—
by striking subparagraph (A); and
by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively;
in section 1063, by striking “sections 1024, 1025, and 1026” each place such term appears and inserting “sections 1024 and 1026”; and
in section 1067, by striking subsection (e).
Home Mortgage Disclosure Act of 1975— Section 305(d) of the Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2804(d)) is amended by striking “examine and”.
Omnibus Appropriations Act, 2009— Section 626 of the Omnibus Appropriations Act, 2009 (15 U.S.C. 1638 note) is repealed.
Clerical amendment— The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended—
in the item relating to section 1024, by striking “SUPERVISION OF” and inserting “AUTHORITY WITH RESPECT TO CERTAIN”; and
by striking the item relating to section 1025.
Sec. 728 Transfer of old OTS building from OCC to GSA
added
In general— Within 180 days of the date of the enactment of this Act, the Comptroller of the Currency shall transfer, at no cost, the parcel of real property in the District of Columbia located at 1700 G Street, Northwest, to the administrative jurisdiction, custody, and control of the Administrator of General Services.
added
GSA study—
added
Study— The Administrator of General Services shall carry out a study to determine—
added
the Consumer Law Enforcement Agency’s office real estate leasing needs, in light of the changes to the Agency’s structure made by this Act;
added
whether the office space referenced in subsection (a) is the most cost-effective use of taxpayer money in meeting those needs, relative to alternative leasing options in the Washington, D.C. Metropolitan Area; and
added
if there is a Government department or agency that has building needs that could be met by moving all or a portion of the employees of such department or agency to the property described under subsection (a).
added
Report— Not later than the end of the 6-month period beginning on the date of the enactment of this Act, the Administrator of General Services shall issue a report to the Congress containing all findings and determinations made in carrying out the study required under paragraph (1).
added
Authority to sell property— If, after carrying out the study required under paragraph (1), the Administrator of General Services determines that—
added
the Consumer Law Enforcement Agency’s office real estate leasing needs have changed in light of the changes to the Agency’s structure made by this Act, and
added
that there is no Government department or agency that has building needs that could be met by moving all or a portion of the employees of such department or agency to the property described under subsection (a),
removed
Not later than 180 days after the date of enactment of this Act, the Comptroller of the Currency shall transfer administrative jurisdiction over the Federal property located at 1700 G Street, Northwest, in the District of Columbia to the Administrator of General Services.
Sec. 731 Consumer right to financial privacy
changed
Requirement of the Agency to obtain permission before collecting nonpublic personal information— Section 1022 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512), as amended by section 724(3), 724(2), is further amended by inserting after subsection (b) the following:
“(c) Consumer privacy
“(1) In general—The Agency may not request, obtain, access, collect, use, retain, or disclose any nonpublic personal information about a consumer unless—
“(A) the Agency clearly and conspicuously discloses to the consumer, in writing or in an electronic form, what information will be requested, obtained, accessed, collected, used, retained, or disclosed; and
“(B) before such information is requested, obtained, accessed, collected, used, retained, or disclosed, the consumer informs the Agency that such information may be requested, obtained, accessed, collected, used, retained, or disclosed.
“(2) Application of requirement to contractors of the Agency—Paragraph (1) shall apply to any person directed or engaged by the Agency to collect information to the extent such information is being collected on behalf of the Agency.
“(3) Definition of nonpublic personal information—In this subsection, the term nonpublic personal information has the meaning given the term in section 509 of the Gramm-Leach-Bliley Act (15 U.S.C. 6809).”
Removal of exemption for the Agency from the Right to Financial Privacy Act— Section 1113 of the Right to Financial Privacy Act of 1978 (12 U.S.C. 3413) is amended by striking subsection (r).
Sec. 734 Reforming indirect auto financing guidance
Nullification of auto lending guidance— Bulletin 2013–02 of the Bureau of Consumer Financial Protection (published March 21, 2013) shall have no force or effect.
Guidance requirements— Section 1022(b) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5512(b)), as amended by section 721, is further amended by adding at the end the following:
“(8) Guidance on indirect auto financing—In proposing and issuing guidance primarily related to indirect auto financing, the Agency shall—
“(A) provide for a public notice and comment period before issuing the guidance in final form;
“(B) make available to the public, including on the website of the Agency, all studies, data, methodologies, analyses, and other information relied on by the Agency in preparing such guidance;
changed
“(C) redact any such information that is exempt from disclosure under paragraph (3), (4), (6), (7), or (8) of section 552(b) as necessary to maintain the nonpublic nature of title 5, United States Code;confidential information, such as trade secrets and other confidential commercial or financial information, and personally identifiable information;
“(D) consult with the Board of Governors of the Federal Reserve System, the Federal Trade Commission, and the Department of Justice; and
“(E) conduct a study on the costs and impacts of such guidance to consumers and women-owned, minority-owned, veteran-owned, and small businesses, including consumers and small businesses in rural areas.”
Rule of construction— Nothing in this section shall be construed to apply to guidance issued by the Consumer Law Enforcement Agency that is not primarily related to indirect auto financing.
Sec. 735 Removal of Agency UDAAP authority
changed
In general— Section 1075 of the The Consumer Financial Protection Act of 2010 (12 U.S.C. 5481 et seq.) is hereby repealed and the provisions of law amended by such section are revived or restored as if such section had not been enacted.amended—
added
in section 1021(b)(2), by striking “from unfair, deceptive, or abusive acts and practices and”;
added
by striking section 1031;
added
in section 1036(a)—
added
in paragraph (1)—
added
by striking “provider” and all that follows through “to offer” and inserting “provider to offer”;
added
by striking subparagraph (B); and
added
in paragraph (2)(C), by striking “; or” at the end and inserting a period; and
added
by striking paragraph (3); and
added
in section 1061(b)(5)—
added
in subparagraph (B)—
added
by striking “(i) In general.—”; and
added
by striking clause (ii);
added
by striking subparagraph (D); and
added
by redesignating subparagraph (E) (as amended by section 717(2)) as subparagraph (D); and
added
in section 1076(b)(2), by striking “determine—” and all that follows through “(B) provide for” and inserting “determine, provide for”.
changed
Clerical amendment—Telemarketing and Consumer Fraud and Abuse Prevention Act— The table of contents under section 1(b) Section 3(c) of the Dodd-Frank Wall Street Reform Telemarketing and Consumer Protection Fraud and Abuse Prevention Act (15 U.S.C. 6102) is amended by striking the item relating to section 1075.amended—
added
in paragraph (1), by striking “; and” at the end and inserting a period;
added
by striking paragraph (2); and
added
by striking “subsection (a)—” and all that follows through “(1) shall” and inserting “subsection (a) shall”.
added
Clerical amendment— The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the item relating to section 1031.
Sec. 736 Preservation of UDAP authority for Federal banking regulators
changed
In general— The Consumer Financial Protection Act Section 18(f) of 2010 (12 the Federal Trade Commission Act (15 U.S.C. 5481 et seq.) 57a(f)) is amended—amended to read as follows:
added “(f) Unfair or deceptive acts or practices by depository institutions
added “(1) In general—In order to prevent unfair or deceptive acts or practices in or affecting commerce (including acts or practices which are unfair or deceptive to consumers) by depository institutions, each Federal banking regulator shall prescribe regulations to carry out the purposes of this section, including regulations defining with specificity such unfair or deceptive acts or practices, and containing requirements prescribed for the purpose of preventing such acts or practices.
added “(2) Promulgating substantially similar regulations—Whenever the Commission prescribes a rule under subsection (a)(1)(B), then within 60 days after such rule takes effect each Federal banking regulator shall promulgate substantially similar regulations prohibiting acts or practices of depository institutions which are substantially similar to those prohibited by rules of the Commission and which impose substantially similar requirements, unless—
added “(A) the Federal banking regulator finds that such acts or practices of depository institutions are not unfair or deceptive; or
added “(B) the Board of Governors of the Federal Reserve System finds that implementation of similar regulations with respect to depository institutions would seriously conflict with essential monetary and payments systems policies of such Board, and publishes any such finding, and the reasons therefor, in the Federal Register.
added “(3) Enforcement
added “(A) In general—Compliance with regulations prescribed under this subsection shall be enforced—
added “(i) under section 8 of the Federal Deposit Insurance Act, with respect to a depository institution other than a Federal credit union; and
added “(ii) under sections 120 and 206 of the Federal Credit Union Act, with respect to a Federal credit union.
added “(B) Deeming of violation—For the purpose of the exercise by a Federal banking regulator of the regulator’s powers under any Act referred to in subparagraph (A), a violation of any regulation prescribed under this subsection shall be deemed to be a violation of a requirement imposed under that Act.
added “(C) Enforcement through any existing authority—In addition to its powers under any provision of law specifically referred to in subparagraph (A), each Federal banking regulator may exercise, for the purpose of enforcing compliance with any regulation prescribed under this subsection, any other authority conferred on the regulator by law.
added “(4) Rule of construction—The authority of the Board of Governors of the Federal Reserve System to issue regulations under this subsection does not impair the authority of any other Federal banking regulator to make rules respecting the regulator’s own procedures in enforcing compliance with regulations prescribed under this subsection.
added “(5) Report to Congress—Each Federal banking regulator exercising authority under this subsection shall transmit to the Congress each year a detailed report on its activities under this subsection during the preceding calendar year.
added “(6) Definitions—For purposes of this Act:
added “(A) Bank—The term bank means—
added “(i) national banks and Federal branches and Federal agencies of foreign banks;
added “(ii) member banks of the Federal Reserve System (other than national banks), branches and agencies of foreign banks (other than Federal branches, Federal agencies, and insured State branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act; and
added “(iii) banks insured by the Federal Deposit Insurance Corporation (other than banks referred to in clause (i) or (ii)) and insured State branches of foreign banks.
added “(B) Depository institution—The term depository institution means a bank, a savings and loan institution, or a Federal credit union.
added “(C) Federal banking regulator—The term Federal banking regulator—
added “(i) has the meaning given the term appropriate Federal banking agency under section 3 of the Federal Deposit Insurance Act; and
added “(ii) means the National Credit Union Administration, in the case of a Federal credit union.
added “(D) Federal credit union—The term Federal credit union has the same meaning as in section 101 of the Federal Credit Union Act.
added “(E) Savings and loan institution—The term savings and loan institution has the same meaning as in section 3 of the Federal Deposit Insurance Act.
added “(F) Other terms—The terms used in this paragraph that are not defined in this Act or otherwise defined in section 3(s) of the Federal Deposit Insurance Act shall have the meaning given to them in section 1(b) of the International Banking Act of 1978.”
removed
in section 1021(b)(2), by striking “unfair, deceptive, or abusive acts and practices and”;
removed
by striking section 1031;
removed
in section 1036(a)—
removed
in paragraph (1)—
removed
by striking “provider” and all that follows through “to offer” and inserting “provider to offer”;
removed
by striking subparagraph (B); and
removed
in paragraph (2)(C), by striking “; or” at the end and inserting a period; and
removed
by striking paragraph (3); and
removed
in section 1061(b)(5)—
removed
in subparagraph (B), by striking clause (ii);
removed
by striking subparagraph (D); and
removed
by redesignating subparagraph (E) (as amended by section 718(2)) as subparagraph (D); and
removed
in section 1076(b)(2), by striking “determine—” and all that follows through “(B) provide for” and inserting “determine, provide for”.
changed
Telemarketing and Consumer Fraud and Abuse Prevention Act—Conforming amendments— Section 3(c) of the Telemarketing and Consumer Fraud and Abuse Prevention The Federal Trade Commission Act (15 U.S.C. 6102) 41 et seq.) is amended—
changed
in paragraph (1), section 6(j)(6), by striking “; and” at the end “section 18(f)(3) (15 U.S.C. 57a(f)(3)), a Federal credit union described in section 18(f)(4) (15 U.S.C. 57a(f)(4))” and inserting “section 18(f), a period;Federal credit union described in section 18(f)”;
changed
in section 21(b)(6)(C), by striking paragraph (2); and“section 18(f)(3) of the Federal Trade Commission Act (15 U.S.C. 57a(f)(3)), or a Federal credit union described in section 18(f)(4) of the Federal Trade Commission Act (15 U.S.C. 57a(f)(4))” and inserting “section 18(f), or a Federal credit union described in section 18(f)”;
changed
by striking “subsection (a)—” and all that follows through “(1) shall” “section 18(f)(2)” and inserting “subsection (a) shall”.“section 18(f)”;
added
by striking “section 18(f)(3)” each place such term appears and inserting “section 18(f)”; and
added
by striking “section 18(f)(4)” each place such term appears and inserting “section 18(f)”.
removed
Clerical amendment— The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the item relating to section 1031.
Sec. 737 Repeal of authority to restrict arbitration
changed
In general— Section 18(f) 1028 of the Federal Trade Commission Consumer Financial Protection Act (15 of 2010 (12 U.S.C. 57a(f)) 5518) is amended to read as follows:hereby repealed.
removed
“(f) Unfair or deceptive acts or practices by depository institutions
removed
“(1) In general—In order to prevent unfair or deceptive acts or practices in or affecting commerce (including acts or practices which are unfair or deceptive to consumers) by depository institutions, each Federal banking regulator shall prescribe regulations to carry out the purposes of this section, including regulations defining with specificity such unfair or deceptive acts or practices, and containing requirements prescribed for the purpose of preventing such acts or practices.
removed
“(2) Promulgating substantially similar regulations—Whenever the Commission prescribes a rule under subsection (a)(1)(B), then within 60 days after such rule takes effect each Federal banking regulator shall promulgate substantially similar regulations prohibiting acts or practices of depository institutions which are substantially similar to those prohibited by rules of the Commission and which impose substantially similar requirements, unless—
removed
“(A) the Federal banking regulator finds that such acts or practices of depository institutions are not unfair or deceptive; or
removed
“(B) the Board of Governors of the Federal Reserve System finds that implementation of similar regulations with respect to depository institutions would seriously conflict with essential monetary and payments systems policies of such Board, and publishes any such finding, and the reasons therefor, in the Federal Register.
removed
“(3) Enforcement
removed
“(A) In general—Compliance with regulations prescribed under this subsection shall be enforced—
removed
“(i) under section 8 of the Federal Deposit Insurance Act, with respect to a depository institution other than a Federal credit union; and
removed
“(ii) under sections 120 and 206 of the Federal Credit Union Act, with respect to a Federal credit union.
removed
“(B) Deeming of violation—For the purpose of the exercise by a Federal banking regulator of the regulator’s powers under any Act referred to in subparagraph (A), a violation of any regulation prescribed under this subsection shall be deemed to be a violation of a requirement imposed under that Act.
removed
“(C) Enforcement through any existing authority—In addition to its powers under any provision of law specifically referred to in subparagraph (A), each Federal banking regulator may exercise, for the purpose of enforcing compliance with any regulation prescribed under this subsection, any other authority conferred on the regulator by law.
removed
“(4) Rule of construction—The authority of the Board of Governors of the Federal Reserve System to issue regulations under this subsection does not impair the authority of any other Federal banking regulator to make rules respecting the regulator’s own procedures in enforcing compliance with regulations prescribed under this subsection.
removed
“(5) Report to Congress—Each Federal banking regulator exercising authority under this subsection shall transmit to the Congress each year a detailed report on its activities under this subsection during the preceding calendar year.
removed
“(6) Definitions—For purposes of this Act:
removed
“(A) Bank—The term bank means—
removed
“(i) national banks and Federal branches and Federal agencies of foreign banks;
removed
“(ii) member banks of the Federal Reserve System (other than national banks), branches and agencies of foreign banks (other than Federal branches, Federal agencies, and insured State branches of foreign banks), commercial lending companies owned or controlled by foreign banks, and organizations operating under section 25 or 25A of the Federal Reserve Act; and
removed
“(iii) banks insured by the Federal Deposit Insurance Corporation (other than banks referred to in clause (i) or (ii) and insured State branches of foreign banks.
removed
“(B) Depository institution—The term depository institution means a bank, a savings and loan institution, or a Federal credit union.
removed
“(C) Federal banking regulator—The term Federal banking regulator—
removed
“(i) has the meaning given the term appropriate Federal banking agency under section 3 of the Federal Deposit Insurance Act; and
removed
“(ii) means the National Credit Union Administration, in the case of a Federal credit union.
removed
“(D) Federal credit union—The term Federal credit union has the same meaning as in section 101 of the Federal Credit Union Act.
removed
“(E) Savings and loan institution—The term savings and loan institution has the same meaning as in section 3 of the Federal Deposit Insurance Act.
removed
“(F) Other terms—The terms used in this paragraph that are not defined in this Act or otherwise defined in section 3(s) of the Federal Deposit Insurance Act shall have the meaning given to them in section 1(b) of the International Banking Act of 1978.”
changed
Conforming amendments—Clerical amendment— The Federal Trade Commission table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 U.S.C. 41 et seq.) is amended—amended by striking the item relating to section 1028.
removed
in section 6(j)(6), by striking “section 18(f)(3) (15 U.S.C. 57a(f)(3)), a Federal credit union described in section 18(f)(4) (15 U.S.C. 57a(f)(4))” and inserting “section 18(f), a Federal credit union described in section 18(f)”;
removed
in section 21(b)(6)(C), by striking “section 18(f)(3) of the Federal Trade Commission Act (15 U.S.C. 57a(f)(3)), or a Federal credit union described in section 18(f)(4) of the Federal Trade Commission Act (15 U.S.C. 57a(f)(4))” and inserting “18(f), or a Federal credit union described in section 18(f)”;
removed
by striking “section 18(f)(2)” each place such term appears and inserting “section 18(f)”;
removed
by striking “section 18(f)(3)” each place such term appears and inserting “section 18(f)”; and
removed
by striking “section 18(f)(4)” each place such term appears and inserting “section 18(f)”.
Sec. 738 Repeal of authority to restrict arbitration
removed
removed
In general— Section 1028 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5518) is hereby repealed.
removed
Clerical amendment— The table of contents under section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the item relating to section 1028.
Sec. 801 Authorization of appropriations
Section 35 of the Securities Exchange Act of 1934 (15 U.S.C. 78kk) is amended by striking paragraphs (1) through (5) and inserting the following:
changed
“(1) for fiscal year 2017, $1,555,000,000;$1,605,000,000;
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“(2) for fiscal year 2018, $1,605,000,000;$1,655,000,000;
changed
“(3) for fiscal year 2019, $1,655,000,000;$1,705,000,000;
changed
“(4) for fiscal year 2020, $1,705,000,000;$1,755,000,000;
changed
“(5) for fiscal year 2021, $1,755,000,000; $1,805,000,000; and
changed
“(6) for fiscal year 2022, $1,805,000,000.”$1,855,000,000.”
Sec. 802 Report on unobligated appropriations
Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w) is amended by adding at the end the following:
changed “(e) Report on unobligated appropriations—If, at the end of any fiscal year, there remain unobligated any funds that were appropriated to the Commission for such fiscal year, the Commission shall, not later than 30 days after the last day of such fiscal year, submit to the Committee on Financial Services and the Committee on Appropriations of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs and the Committee on Appropriations of the Senate and make available on the Commission’s website a report stating the amount of such unobligated funds. If there is any material change in the amount stated in the report, the Commission shall, not later than 7 days after determining the amount of the change, submit to such committees and make available on the Commission’s website a supplementary report stating the amount of and reason for the change.”
Sec. 805 Commission Federal construction funding prohibition
changed
The Securities and Exchange Commission may not obligate any funds for the purpose of constructing Federal construction of a new headquarters facility of the Commission.
Sec. 810 Investor Advisory Committee improvements
Section 39 of the Securities Exchange Act of 1934 (15 U.S.C. 78pp) is amended—
changed
in subsection (a)(2)(B), by striking “submit” and inserting, inserting “in consultation with the Small Business Capital Formation Advisory Committee established under section 40, submit”;
in subsection (b)—
in paragraph (1)—
in subparagraph (C), by striking “and”;
in subparagraph (D)(iv), by striking the period at the end and inserting “; and”; and
by adding at the end the following:
“(E) a member of the Small Business Capital Formation Advisory Committee who shall be a nonvoting member.”
by amending paragraph (2) to read as follows:
“(2) Term
“(A) Length of term for members of the Committee—Each member of the Committee appointed under paragraph (1), other than the Investor Advocate, shall serve for a term of 4 years.
“(B) Limitation on multiple terms—A member of the Committee may not serve for more than one term, except for the Investor Advocate, a representative of State securities commissions, and the member of the Small Business Capital Formation Advisory Committee.”
in paragraph (3), by striking “paragraph (1)(B)” and inserting “paragraph (1)”;
in subsection (c), by amending paragraph (2) to read as follows:
“(2) Term
“(A) Length of term—Each member elected under paragraph (1) shall serve for a term of 3 years in the capacity for which the member was elected under paragraph (1).
“(B) Limitation on multiple terms—A member elected under paragraph (1) may not serve for more than one term in the capacity for which the member was elected under paragraph (1).”
by striking subsections (i) and (j).
Sec. 815 Limitation on pilot programs
In general— Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d), as amended by section 371(e), is further amended by adding at the end the following:
changed
“(k) “(l) Limitation on pilot programs
“(1) In general—Any pilot program established by self-regulatory organizations, either individually or jointly, and filed with the Commission, including under section 11A or 19, shall terminate after the end of the 5-year period beginning on the date that the Commission approved such program, unless the Commission issues a rule to permanently continue such program or approves such program on a permanent basis.
“(2) Extension—With respect to a particular pilot program described under paragraph (1), the Commission may extend the 5-year period described under such paragraph for an additional 3 years if the Commission determines such extension is necessary or appropriate in the public interest or for the protection of investors.
“(3) Lack of statutory authority—If, with respect to a pilot program described under paragraph (1), the Commission determines that the pilot program should continue permanently, but the Commission lacks sufficient statutory authority to permanently continue the program, the Commission shall, not later than 1 year before such pilot program is scheduled to terminate pursuant to paragraph (1), notify the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate that the Commission believes the program should continue permanently but does not have sufficient statutory authority to continue the program.”
Treatment of existing pilot programs— For purposes of section 4(k) of Securities Exchange Act of 1934, as added by subsection (a), the date on which the Commission approved a pilot program that was in existence on the date of the enactment of this Act shall be deemed to be the date of the enactment of this Act.
Sec. 816 Procedure for obtaining certain intellectual property
Persons under Securities Act of 1933— Section 8 of the Securities Act of 1933 (15 U.S.C. 77h) is amended by adding at the end the following:
“(g) Procedure for obtaining certain intellectual property—The Commission is not authorized to compel under this title a person to produce or furnish source code, including algorithmic trading source code or similar intellectual property, to the Commission unless the Commission first issues a subpoena.”
changed
Persons under the Securities Exchange Act of 1934— Section 23 of the Securities Exchange Act of 1934 (15 U.S.C. 78w) 78w), as amended by section 802, is further amended by adding at the end the following:
changed
“(e) “(f) Procedure for obtaining certain intellectual property—The Commission is not authorized to compel under this title a person to produce or furnish source code, including algorithmic trading source code or similar intellectual property, to the Commission unless the Commission first issues a subpoena.”
Investment Companies— Section 31 of the Investment Company Act of 1940 (15 U.S.C. 80a–30) is amended by adding at the end the following:
“(e) Procedure for obtaining certain intellectual property—The Commission is not authorized to compel under this title an investment company to produce or furnish source code, including algorithmic trading source code or similar intellectual property, to the Commission unless the Commission first issues a subpoena.”
Investment Advisers— Section 204 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–4) is amended—
by adding at the end the following:
“(f) Procedure for obtaining certain intellectual property—The Commission is not authorized to compel under this title an investment adviser to produce or furnish source code, including algorithmic trading source code or similar intellectual property, to the Commission unless the Commission first issues a subpoena.”
in the second subsection (d), by striking “(d)” and inserting “(e)”.
Sec. 818 Enforcement Ombudsman
changed
In general— Section 4 of the Securities Exchange Act of 1934 (15 U.S.C. 78d), as amended by section 803, is further amended by adding at the end inserting after subsection (h) the following:
“(i) Enforcement Ombudsman
“(1) Establishment—The Commission shall have an Enforcement Ombudsman, who shall be appointed by and report directly to the Commission.
“(2) Duties—The Enforcement Ombudsman shall—
“(A) act as a liaison between the Commission and any person who is the subject of an investigation (including a preliminary or informal investigation) by the Commission or an administrative or judicial action brought by the Commission in resolving problems that such persons may have with the Commission or the conduct of Commission staff; and
“(B) establish safeguards to maintain the confidentiality of communications between the persons described in subparagraph (A) and the Enforcement Ombudsman.
“(3) Limitation—In carrying out the duties of the Enforcement Ombudsman under paragraph (2), the Enforcement Ombudsman shall utilize personnel of the Commission to the extent practicable. Nothing in this subsection shall be construed as replacing, altering, or diminishing the activities of any ombudsman or similar office of any other agency.
“(4) Report—The Enforcement Ombudsman shall submit to the Commission and to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate an annual report that describes the activities and evaluates the effectiveness of the Enforcement Ombudsman during the preceding year.”
Deadline for initial appointment— The Securities and Exchange Commission shall appoint the initial Enforcement Ombudsman under subsection (i) of section 4 of the Securities Exchange Act of 1934, as added by subsection (a), not later than 180 days after the date of the enactment of this Act.
Sec. 819 Adequate notice
Section 21 of the Securities Exchange Act of 1934 (15 U.S.C. 78u) is amended by adding at the end the following:
changed
“(k) “(j) Adequate notice required before bringing an enforcement action
“(1) In general—No person shall be subject to an enforcement action by the Commission for an alleged violation of the securities laws or the rules and regulations issued thereunder if such person did not have adequate notice of such law, rule, or regulation.
changed
“(2) Publishing of interpretation deemed adequate notice—With respect to an enforcement action, adequate notice of a securities law or a rule or regulation issued thereunder shall be deemed to have been provided to a person if the Commission approved a statement or guidance, in accordance with Section section 4I, with respect to the conduct that is the subject of the enforcement action, prior to the time that the person engaged in the conduct that is the subject of the enforcement action.”
Sec. 820 Advisory committee on Commission’s enforcement policies and practices
Establishment— Not later than 6 months after the date of the enactment of this Act, the Chairman shall establish an advisory committee on the Commission’s enforcement policies and practices (in this section referred to as the “Committee”).
Duties—
Analysis and recommendations—
In general— The Committee shall conduct an analysis of the policies and practices of the Commission relating to the enforcement of the securities laws and make recommendations to the Commission regarding changes to such policies and practices.
Specific matters included— In carrying out subparagraph (A), the Committee shall analyze and make recommendations to the Commission regarding matters including the following:
How the Commission’s enforcement objectives and strategies may be more effective.
The Commission’s enforcement practices and procedures from the point of view of due process, the relationship of enforcement action to notice of legal requirements, the attribution of responsibility for violations, and the protection of reputation and rights of privacy.
The Commission’s enforcement policies and practices in light of its statutory responsibility to protect investors, maintain fair, orderly, and efficient markets, and facilitate capital formation.
The appropriate blend of regulation, publicity, and formal enforcement action and on methods of furthering voluntary compliance.
Criteria for the selection and disposition of enforcement actions, the adequacy of sanctions authorized by law, and the suitability and effectiveness of sanctions imposed by the Commission proceedings.
Report— Not later than 1 year after the establishment of the Committee under subsection (a), the Committee shall submit to the Commission and the appropriate congressional committees a report containing the results of the analysis and the recommendations required by paragraph (1)(A).
Membership—
Number and appointment— The Committee shall be composed of not less than 3 and not greater than 7 members appointed by the Chairman.
Chairperson— The Chairperson of the Committee shall be designated by the Chairman at the time of appointment of the members.
Support— The Commission shall provide the Committee with the administrative, professional, and technical support required by the Committee to carry out its responsibilities under this section.
Termination of Committee— The Committee established by subsection (a) shall terminate on the date that the report required by subsection (b)(2) is submitted.
Consideration and adoption of recommendations by Commission— Not later than 180 days after the Committee submits the report required by subsection (b)(2), the Commission shall—
consider the analysis and recommendations included in such report;
adopt such recommendations, with any modifications, as the Commission considers appropriate; and
submit to the appropriate congressional committees a report that—
lists each recommendation included in such report that the Commission does not adopt or adopts with material modifications; and
for each recommendation listed under subparagraph (A), explains why the Commission does not consider it appropriate or does not have sufficient authority to adopt the recommendation or to adopt the recommendation without material modification.
Definitions— In this section:
Appropriate congressional committees— The term appropriate congressional committees means the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate.
Chairman— The term Chairman means the Chairman of the Commission.
Commission— The term Commission means the Securities and Exchange Commission.
Securities laws— The term securities laws has the meaning given such term in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)).
added
Application of the Federal Advisory Committee Act— The Committee is an advisory committee for purposes of the Federal Advisory Committee Act (5 U.S.C. App.).
Sec. 822 Publication of enforcement manual
In general— Not later than 1 year after the date of the enactment of this Act, the Securities and Exchange Commission shall approve, by vote of the Commission, and publish an updated manual that sets forth the policies and practices that the Commission will follow in the enforcement of the securities laws (as defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a))). Such manual shall include policies and practices required by this Act, and by the amendments made by this Act, and shall be developed so as to ensure transparency in such enforcement and uniform application of such laws by the Commission.
changed
Enforcement plan and report— Beginning on the date that is one year after the date of enactment of this Act, and each year thereafter, and the Securities and Exchange Commission shall transmit to Congress and publish on its Internet website an annual enforcement plan and report that shall—
detail the priorities of the Commission with regard to enforcement and examination activities for the forthcoming year;
report on the Commission’s enforcement and examination activities for the previous year, including an assessment of how such activities comported with the priorities identified for that year pursuant to paragraph (1);
contain an analysis of litigated decisions found not in favor of the Commission over the preceding year;
contain a description of any emerging trends the Commission has focused on as part of its enforcement program, including whether and how the Commission has alerted or communicated with those who may be subject to the Commission’s regulation of emerging trends;
contain a description of legal theories or standards employed by the Commission in enforcement over the preceding year that had not previously been employed, and a summary justifying each such theory or standard; and
provide an opportunity and mechanism for public comment.
Sec. 826 Subpoena duration and renewal
Section 21(b) of the Securities Exchange Act of 1934 (15 U.S.C. 78u(b)) is amended—
by inserting “Subpoena.—” after the enumerator;
by striking “For the purpose of” and inserting the following:
“(1) In general—For the purpose of”
by adding at the end the following:
“(2) Omnibus orders of investigation
“(A) Duration and renewal—An omnibus order of investigation shall not be for an indefinite duration and may be renewed only by Commission action.
changed
“(B) Definition—In paragraph subparagraph (A), the term omnibus order of investigation means an order of the Commission authorizing 1 of or more members of the Commission or its staff to issue subpoenas under paragraph (1) to multiple persons in relation to a particular subject matter area.”
Sec. 829 Clarification of authority to impose sanctions on persons associated with a broker or dealer
changed
Section 24(d) 15(b)(6)(A)(i) of the Securities Exchange Act of 1934 (15 U.S.C. 78x(d)) 78o(b)(6)(A)(i)) is amended to read as follows:by striking “enumerated” and all that follows and inserting “enumerated in subparagraph (A), (D), (E), (G), or (H) of paragraph (4) of this subsection;”.
removed
“(d) Records obtained from foreign securities and law enforcement authorities—Except as provided in subsection (g), the Commission shall not be compelled to disclose records obtained from a foreign securities authority, or from a foreign law enforcement authority as defined in subsection (f)(4), if—
removed
“(1) the foreign securities authority or foreign law enforcement authority has in good faith determined and represented to the Commission that the records are confidential under the laws of the country of such authority; and
removed
“(2) the Commission obtains such records pursuant to—
removed
“(A) such procedure as the Commission may authorize for use in connection with the administration or enforcement of the securities laws; or
removed
“(B) a memorandum of understanding.”
Sec. 830 Complaint and burden of proof requirements for certain actions for breach of fiduciary duty
changed
Section 15(b)(6)(A)(i) 36(b) of the Securities Exchange Investment Company Act of 1934 1940 (15 U.S.C. 78o(b)(6)(A)(i)) 80a–35(b)) is amended by striking “enumerated” and all that follows and inserting “enumerated in subparagraph (A), (D), (E), (G), or (H) of paragraph (4) of this subsection;”.adding at the end the following:
added “(7) In any such action brought by a security holder of a registered investment company on behalf of such company—
added “(A) the complaint shall state with particularity all facts establishing a breach of fiduciary duty, and, if an allegation of any such facts is based on information and belief, the complaint shall state with particularity all facts on which that belief is formed; and
added “(B) such security holder shall have the burden of proving a breach of fiduciary duty by clear and convincing evidence.”
Sec. 831 Congressional access to information held by the Public Company Accounting Oversight Board
changed
Section 36(b) 105(b)(5) of the Investment Company Sarbanes-Oxley Act of 1940 2002 (15 U.S.C. 80a–35(b)) 7215(b)(5)) is amended by adding at the end the following:amended—
added
in subparagraph (A), by striking “subparagraphs (B) and (C)” and inserting “subparagraphs (B), (C), and (D)”; and
added
by adding at the end the following:
added “(D) Availability to the Congressional Committees—The Board shall make available to the Committees specified under section 101(h)—
added “(i) such information as the Committees shall request; and
added “(ii) with respect to any confidential or privileged information provided in response to a request under clause (i), including any information subject to section 104(g) and subparagraph (A), or any confidential or privileged information provided orally in response to such a request, such information shall maintain the protections provided in subparagraph (A), and shall retain its confidential and privileged status in the hands of the Board and the Committees.”
removed
“(7) In any such action brought by a security holder of a registered investment company on behalf of such company—
removed
“(A) the complaint shall state with particularity all facts establishing a breach of fiduciary duty, and, if an allegation of any such facts is based on information and belief, the complaint shall state with particularity all facts on which that belief is formed; and
removed
“(B) such security holder shall have the burden of proving a breach of fiduciary duty by clear and convincing evidence.”
Sec. 832 Abolishing Investor Advisory Group
changed
Section 105(b)(5) of The Public Company Accounting Oversight Board shall abolish the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7215(b)(5)) is amended—Investor Advisory Group.
removed
in subparagraph (A), by striking “subparagraphs (B) and (C)” and inserting “subparagraphs (B), (C) and (D)”; and
removed
by adding at the end the following:
removed
“(D) Availability to the Congressional Committees—The Board shall make available to the Committees specified under section 101(h)—
removed
“(i) such information as the Committees shall request; and
removed
“(ii) with respect to any confidential or privileged information provided in response to a request under clause (i), including any information subject to section 104(g) and subparagraph (A), or any confidential or privileged information provided orally in response to such a request, such information shall maintain the protections provided in subparagraph (A), and shall retain its confidential and privileged status in the hands of the Board and the Committees.”
Sec. 833 Repeal of requirement for Public Company Accounting Oversight Board to use certain funds for merit scholarship program
added
In general— Section 109(c) of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7219(c)) is amended by striking paragraph (2).
added
Conforming amendments— Section 109 of the Sarbanes-Oxley Act of 2002 (15 U.S.C. 7219) is amended—
added
in subsection (c), by striking “uses of funds” and all that follows through “The budget” and inserting “uses of funds.—The budget”; and
added
in subsection (f), by striking “subsection (c)(1)” and inserting “subsection (c)”.
removed
The Public Company Accounting Oversight Board shall abolish the Investor Advisory Group.
Sec. 834 Reallocation of fines for violations of rules of municipal securities rulemaking board
changed
In general— Section 109(c) 15B(c)(9) of the Sarbanes-Oxley Securities Exchange Act of 2002 1934 (15 U.S.C. 7219(c)) 78o–4(c)(9)) is amended by striking paragraph (2).to read as follows:
added “(9) Fines collected for violations of the rules of the Board shall be deposited and credited as general revenue of the Treasury, except as otherwise provided in section 308 of the Sarbanes-Oxley Act of 2002 or section 21F of this title.”
changed
Conforming amendments—Effective date— Section 109 of The amendment made by subsection (a) shall apply to fines collected after the Sarbanes-Oxley Act date of 2002 (15 U.S.C. 7219) is amended—enactment of this Act.
removed
in subsection (c), by striking “uses of funds” and all that follows through “The budget” and inserting “uses of funds.—The budget”; and
removed
in subsection (f), by striking “subsection (c)(1)” and inserting “subsection (c)”.
Sec. 835 Reallocation of fines for violations of rules of municipal securities rulemaking board
removed
removed
In general— Section 15B(c)(9) of the Securities Exchange Act of 1934 (15 U.S.C. 78o–4(c)(9)) is amended to read as follows:
removed
“(9) Fines collected for violations of the rules of the Board shall be deposited and credited as general revenue of the Treasury, except as otherwise provided in section 308 of the Sarbanes-Oxley Act of 2002 or section 21F of this title.”
removed
Effective date— The amendment made by subsection (a) shall apply to fines collected after the date of enactment of this Act.
Sec. 841 Repeal of Department of Labor fiduciary rule and requirements prior to rulemaking relating to standards of conduct for brokers and dealers
Repeal of Department of Labor fiduciary rule— The final rule of the Department of Labor titled “Definition of the Term “Fiduciary”; Conflict of Interest Rule—Retirement Investment Advice” and related prohibited transaction exemptions published April 8, 2016 (81 Fed. Reg. 20946) shall have no force or effect.
Stay on rules defining certain fiduciaries— After the date of enactment of this Act, the Secretary of Labor shall not prescribe any regulation under the Employee Retirement Income Security Act of 1974 (29 U.S.C. 1001 et seq.) defining the circumstances under which an individual is considered a fiduciary until the date that is 60 days after the Securities and Exchange Commission issues a final rule relating to standards of conduct for brokers and dealers pursuant to the second subsection (k) of section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o(k)).
removed
Requirement after stay— If, after the stay described under subsection (b), the Secretary of Labor prescribes a regulation described under such subsection, the Secretary of Labor shall prescribe a substantially identical definition of what constitutes fiduciary investment advice and impose substantially identical standards of care and conditions as the Securities and Exchange Commission has imposed on brokers, dealers, or investment advisers.
renumbered
was (5)
Requirements prior to rulemaking relating to standards of conduct for brokers and dealers— The second subsection (k) of section 15 of the Securities Exchange Act of 1934 (15 U.S.C. 78o(k)), as added by section 913(g)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301 et seq.), is amended by adding at the end the following:
added “(3) Requirements prior to rulemaking—The Commission shall not promulgate a rule pursuant to paragraph (1) before providing a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate and making such report available on the Commission’s website describing whether—
removed
“(3) Requirements prior to rulemaking—The Commission shall not promulgate a rule pursuant to paragraph (1) before providing a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate describing whether—
“(A) retail investors (and such other customers as the Commission may provide) are being harmed due to brokers or dealers operating under different standards of conduct than those that apply to investment advisors under section 211 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–11);
“(B) alternative remedies will reduce any confusion or harm to retail investors due to brokers or dealers operating under different standards of conduct than those standards that apply to investment advisors under section 211 of the Investment Advisers Act of 1940 (15 U.S.C. 80b–11), including—
“(i) simplifying the titles used by brokers, dealers, and investment advisers; and
“(ii) enhancing disclosure surrounding the different standards of conduct currently applicable to brokers, dealers, and investment advisers;
“(C) the adoption of a uniform fiduciary standard of conduct for brokers, dealers, and investment advisors would adversely impact the commissions of brokers and dealers, the availability of proprietary products offered by brokers and dealers, and the ability of brokers and dealers to engage in principal transactions with customers; and
“(D) the adoption of a uniform fiduciary standard of conduct for brokers or dealers and investment advisors would adversely impact retail investor access to personalized and cost-effective investment advice, recommendations about securities, or the availability of such advice and recommendations.
“(4) Economic analysis—The Commission’s conclusions contained in the report described in paragraph (3) shall be supported by economic analysis.
“(5) Requirements for promulgating a rule—The Commission shall publish in the Federal Register alongside the rule promulgated pursuant to paragraph (1) formal findings that such rule would reduce confusion or harm to retail customers (and such other customers as the Commission may by rule provide) due to different standards of conduct applicable to brokers, dealers, and investment advisors.
“(6) Requirements under Investment Advisers Act of 1940—In proposing rules under paragraph (1) for brokers or dealers, the Commission shall consider the differences in the registration, supervision, and examination requirements applicable to brokers, dealers, and investment advisors.”
Sec. 860 Definition of accredited investor
In general— Section 2(a)(15) of the Securities Act of 1933 (15 U.S.C. 77b(a)(15)) is amended—
changed
by redesignating clauses (i) and (ii) as subparagraphs (A) and (F), (G), respectively; and
in subparagraph (A) (as so redesignated), by striking “; or” at the end and inserting a semicolon, and inserting after such subparagraph the following:
“(B) any natural person whose individual net worth, or joint net worth with that person’s spouse, exceeds $1,000,000 (which amount, along with the amounts set forth in subparagraph (C), shall be adjusted for inflation by the Commission every 5 years to the nearest $10,000 to reflect the change in the Consumer Price Index for All Urban Consumers published by the Bureau of Labor Statistics) where, for purposes of calculating net worth under this subparagraph—
“(i) the person’s primary residence shall not be included as an asset;
“(ii) indebtedness that is secured by the person’s primary residence, up to the estimated fair market value of the primary residence at the time of the sale of securities, shall not be included as a liability (except that if the amount of such indebtedness outstanding at the time of sale of securities exceeds the amount outstanding 60 days before such time, other than as a result of the acquisition of the primary residence, the amount of such excess shall be included as a liability); and
“(iii) indebtedness that is secured by the person's primary residence in excess of the estimated fair market value of the primary residence at the time of the sale of securities shall be included as a liability;
“(C) any natural person who had an individual income in excess of $200,000 in each of the 2 most recent years or joint income with that person’s spouse in excess of $300,000 in each of those years and has a reasonable expectation of reaching the same income level in the current year;
“(D) any natural person who, by reason of their net worth or income, is an accredited investor under section 230.215 of title 17, Code of Federal Regulations (as in effect on the day before the date of enactment of this subparagraph);
“(E) any natural person who is currently licensed or registered as a broker or investment adviser by the Commission, the Financial Industry Regulatory Authority, or an equivalent self-regulatory organization (as defined in section 3(a)(26) of the Securities Exchange Act of 1934), or the securities division of a State or the equivalent State division responsible for licensing or registration of individuals in connection with securities activities;
“(F) any natural person the Commission determines, by regulation, to have demonstrable education or job experience to qualify such person as having professional knowledge of a subject related to a particular investment, and whose education or job experience is verified by the Financial Industry Regulatory Authority or an equivalent self-regulatory organization (as defined in section 3(a)(26) of the Securities Exchange Act of 1934); or”
added
Repeal— Section 413 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203) is hereby repealed.
removed
Repeal—
removed
In general— Section 413 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203) is hereby repealed.
removed
Clerical amendment— The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to section 413.
Sec. 861 Repeal of certain provisions requiring a study and report to Congress
added The following provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act are repealed:
removed
Repeal— The following provisions of the Dodd-Frank Wall Street Reform and Consumer Protection Act are repealed:
renumbered
was (2)(3)
Section 412.
renumbered
was (2)(4)
Section 415.
renumbered
was (2)(5)
Section 416.
renumbered
was (2)(6)
Section 417.
removed
Clerical amendment— The table of contents in section 1(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act is amended by striking the items relating to sections 412, 415, 416, and 417.
Sec. 872 Treatment of transactions between affiliates
Commodity Exchange Act— Section 1a(47) of the Commodity Exchange Act (7 U.S.C. 1a(47)) is amended by adding at the end the following:
“(G) Treatment of swap transactions between affiliates
“(i) Exemption from swap rules—Except as provided under clause (ii), the Commission may not regulate a swap under this Act if all of the following apply to such swap:
“(I) Affiliation—One counterparty, directly or indirectly, holds a majority ownership interest in the other counterparty, or a third party, directly or indirectly, holds a majority ownership interest in both counterparties.
“(II) Financial statements—The affiliated counterparty that holds the majority interest in the other counterparty or the third party that, directly or indirectly, holds the majority interests in both affiliated counterparties, reports its financial statements on a consolidated basis under generally accepted accounting principles or International Financial Reporting Standards, or other similar standards, and the financial statements include the financial results of the majority-owned affiliated counterparty or counterparties.
“(ii) Requirements for exempted swaps—With respect to a swap described under clause (i):
“(I) Reporting requirement—If at least one counterparty is a swap dealer or major swap participant, that counterparty shall report the swap pursuant to section 4r, within such time period as the Commission may by rule or regulation prescribe—
“(aa) to a swap data repository; or
“(bb) if there is no swap data repository that would accept the agreement, contract or transaction, to the Commission.
“(II) Risk management requirement—If at least one counterparty is a swap dealer or major swap participant, the swap shall be subject to a centralized risk management program pursuant to section 4s(j) that is reasonably designed to monitor and to manage the risks associated with the swap.
“(III) Anti-evasion requirement—The swap shall not be structured to evade the Dodd-Frank Wall Street Reform and Consumer Protection Act in violation of any rule promulgated by the Commission pursuant to section 721(c) of such Act.”
changed
Securities Exchange Act of 1934— Section 3(a)(68) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)(68)) is amended by inserting before subsection (b) adding at the end the following:
“(F) Treatment of security-based swap transactions between affiliates
“(i) Exemption from security-based swap rules—Except as provided under clause (ii), the Commission may not regulate a security-based swap under this Act if all of the following apply to such security-based swap:
“(I) Affiliation—One counterparty, directly or indirectly, holds a majority ownership interest in the other counterparty, or a third party, directly or indirectly, holds a majority ownership interest in both counterparties.
“(II) Financial statements—The affiliated counterparty that holds the majority interest in the other counterparty or the third party that, directly or indirectly, holds the majority interests in both affiliated counterparties, reports its financial statements on a consolidated basis under generally accepted accounting principles or International Financial Reporting Standards, or other similar standards, and the financial statements include the financial results of the majority-owned affiliated counterparty or counterparties.
“(ii) Requirements for exempted security-based swaps—With respect to a security-based swap described under clause (i):
“(I) Reporting requirement—If at least one counterparty is a security-based swap dealer or major security-based swap participant, that counterparty shall report the security-based swap pursuant to section 13A, within such time period as the Commission may by rule or regulation prescribe—
“(aa) to a security-based swap data repository; or
“(bb) if there is no security-based swap data repository that would accept the agreement, contract or transaction, to the Commission.
“(II) Risk management requirement—If at least one counterparty is a security-based swap dealer or major security-based swap participant, the security-based swap shall be subject to a centralized risk management program pursuant to section 15F(j) that is reasonably designed to monitor and to manage the risks associated with the security-based swap.
“(III) Anti-evasion requirement—The security-based swap shall not be structured to evade the Dodd-Frank Wall Street Reform and Consumer Protection Act in violation of any rule promulgated by the Commission pursuant to section 761(b)(3) of such Act.”
Sec. 1101 Repeal of the Federal Insurance Office; Creation of the Office of the Independent Insurance Advocate
Establishment— Section 313 of title 31, United States Code, is amended to read as follows (and conforming the table of contents for chapter 3 of such title accordingly):
“313. Office of the Independent Insurance Advocate
“(a) Establishment—There is established in the Department of the Treasury a bureau to be known as the Office of the Independent Insurance Advocate (in this section referred to as the “Office”).
“(b) Independent insurance advocate
“(1) Establishment of position—The chief officer of the Office of the Independent Insurance Advocate shall be known as the Independent Insurance Advocate. The Independent Insurance Advocate shall perform the duties of such office under the general direction of the Secretary of the Treasury.
“(2) Appointment—The Independent Insurance Advocate shall be appointed by the President, by and with the advice and consent of the Senate, from among persons having insurance expertise.
“(3) Term
“(A) In general—The Independent Insurance Advocate shall serve a term of 6 years, unless sooner removed by the President upon reasons which shall be communicated to the Senate.
“(B) Service after expiration—If a successor is not nominated and confirmed by the end of the term of service of the Independent Insurance Advocate, the person serving as Independent Insurance Advocate shall continue to serve until such time a successor is appointed and confirmed.
“(C) Vacancy—An Independent Insurance Advocate who is appointed to serve the remainder of a predecessor’s uncompleted term shall be eligible thereafter to be appointed to a full 6 year term.
changed
“(D) Acting official on Financial Stability Oversight Council—In the event of a vacancy in the office of the Independent Insurance Advocate, and pending the appointment and confirmation of a successor, or during the absence or disability of the Independent Insurance Advocate, the Independent Member President shall appoint a federal official appointed by the President and confirmed by the Senate from a member agency of the Financial Stability Oversight Council, not otherwise serving on the Council, who shall serve as a member of the Council and act in the place of the Independent Insurance Advocate until such vacancy, absence, or disability concludes.
“(4) Employment—The Independent Insurance Advocate shall be an employee of the Federal Government within the definition of employee under section 2105 of title 5, United States Code.
“(c) Independence; oversight
“(1) Independence—The Secretary of the Treasury may not delay or prevent the issuance of any rule or the promulgation of any regulation by the Independent Insurance Advocate, and may not intervene in any matter or proceeding before the Independent Insurance Advocate, unless otherwise specifically provided by law.
“(2) Oversight by Inspector General—The Office of the Independent Insurance Advocate shall be an office in the establishment of the Department of the Treasury for purposes of the Inspector General Act of 1978 (5 U.S.C. App.).
“(d) Retention of existing State regulatory authority—Nothing in this section or section 314 shall be construed to establish or provide the Office or the Department of the Treasury with general supervisory or regulatory authority over the business of insurance.
“(e) Budget
“(1) Annual transmittal—For each fiscal year, the Independent Insurance Advocate shall transmit a budget estimate and request to the Secretary of the Treasury, which shall specify the aggregate amount of funds requested for such fiscal year for the operations of the Office of the Independent Insurance Advocate.
“(2) Inclusions—In transmitting the proposed budget to the President for approval, the Secretary of the Treasury shall include—
“(A) an aggregate request for the Independent Insurance Advocate; and
“(B) any comments of the Independent Insurance Advocate with respect to the proposal.
“(3) President’s budget—The President shall include in each budget of the United States Government submitted to the Congress—
“(A) a separate statement of the budget estimate prepared in accordance with paragraph (1);
“(B) the amount requested by the President for the Independent Insurance Advocate; and
“(C) any comments of the Independent Insurance Advocate with respect to the proposal if the Independent Insurance Advocate concludes that the budget submitted by the President would substantially inhibit the Independent Insurance Advocate from performing the duties of the office.
“(f) Assistance—The Secretary of the Treasury shall provide the Independent Insurance Advocate such services, funds, facilities and other support services as the Independent Insurance Advocate may request and as the Secretary may approve.
“(g) Personnel
“(1) Employees—The Independent Insurance Advocate may fix the number of, and appoint and direct, the employees of the Office, in accordance with the applicable provisions of title 5, United States Code. The Independent Insurance Advocate is authorized to employ attorneys, analysts, economists, and other employees as may be deemed necessary to assist the Independent Insurance Advocate to carry out the duties and functions of the Office. Unless otherwise provided expressly by law, any individual appointed under this paragraph shall be an employee as defined in section 2105 of title 5, United States Code, and subject to the provisions of such title and other laws generally applicable to the employees of the Executive Branch.
“(2) Compensation—Employees of the Office shall be paid in accordance with the provisions of chapter 51 and subchapter III of chapter 53 of title 5, United States Code, relating to classification and General Schedule pay rates.
“(3) Procurement of temporary and intermittent services—The Independent Insurance Advocate may procure temporary and intermittent services under section 3109(b) of title 5, United States Code, at rates for individuals which do not exceed the daily equivalent of the annual rate of basic pay prescribed for Level V of the Executive Schedule under section 5316 of such title.
“(4) Details—Any employee of the Federal Government may be detailed to the Office with or without reimbursement, and such detail shall be without interruption or loss of civil service status or privilege. An employee of the Federal Government detailed to the Office shall report to and be subject to oversight by the Independent Insurance Advocate during the assignment to the office, and may be compensated by the branch, department, or agency from which the employee was detailed.
“(5) Intergovernmental personnel—The Independent Insurance Advocate may enter into agreements under subchapter VI of chapter 33 of title 5, United States Code, with State and local governments, institutions of higher education, Indian tribal governments, and other eligible organizations for the assignment of intermittent, part-time, and full-time personnel, on a reimbursable or non-reimbursable basis.
“(h) Ethics
“(1) Designated ethics official—The Legal Counsel of the Financial Stability Oversight Council, or in the absence of a Legal Counsel of the Council, the designated ethics official of any Council member agency, as chosen by the Independent Insurance Advocate, shall be the ethics official for the Independent Insurance Advocate.
“(2) Restriction on representation—In addition to any restriction under section 205(c) of title18, United States Code, except as provided in subsections (d) through (i) of section 205 of such title, the Independent Insurance Advocate (except in the proper discharge of official duties) shall not, with or without compensation, represent anyone to or before any officer or employee of—
“(A) the Financial Stability Oversight Council on any matter; or
“(B) the Department of Justice with respect to litigation involving a matter described in subparagraph (A).
“(3) Compensation for services provided by another—For purposes of section 203 of title 18, United States Code, and if a special government employee—
“(A) the Independent Insurance Advocate shall not be subject to the restrictions of subsection (a)(1) of section 203,of title 18, United States Code, for sharing in compensation earned by another for representations on matters covered by such section; and
“(B) a person shall not be subject to the restrictions of subsection (a)(2) of such section for sharing such compensation with the Independent Insurance Advocate.
“(i) Advisory, technical, and professional committees—The Independent Insurance Advocate may appoint such special advisory, technical, or professional committees as may be useful in carrying out the functions of the Office and the members of such committees may be staff of the Office, or other persons, or both.
“(j) Mission and functions
“(1) Mission—In carrying out the functions under this subsection, the mission of the Office shall be to act as an independent advocate on behalf of the interests of United States policyholders on prudential aspects of insurance matters of importance, and to provide perspective on protecting their interests, separate and apart from any other Federal agency or State insurance regulator.
“(2) Office—The Office shall have the authority—
“(A) to coordinate Federal efforts on prudential aspects of international insurance matters, including representing the United States, as appropriate, in the International Association of Insurance Supervisors (or a successor entity) and assisting the Secretary in negotiating covered agreements (as such term is defined in subsection (q)) in coordination with States (including State insurance commissioners) and the United States Trade Representative;
“(B) to consult with the States (including State insurance regulators) regarding insurance matters of national importance and prudential insurance matters of international importance;
“(C) to assist the Secretary in administering the Terrorism Insurance Program established in the Department of the Treasury under the Terrorism Risk Insurance Act of 2002 (15 U.S.C. 6701 note);
“(D) to observe all aspects of the insurance industry, including identifying issues or gaps in the regulation of insurers that could contribute to a systemic crisis in the insurance industry or the United States financial system; and
“(E) to make determinations and exercise the authority under subsection (m) with respect to covered agreements and State insurance measures.
“(3) Membership on Financial Stability Oversight Council
“(A) In general—The Independent Insurance Advocate shall serve, pursuant to section 111(b)(1)(J) of the Financial Stability Act of 2010 (12 U.S.C. 5321(b)(1)(J)), as a member on the Financial Stability Oversight Council.
“(B) Authority—To assist the Financial Stability Oversight Council with its responsibilities to monitor international insurance developments, advise the Congress, and make recommendations, the Independent Insurance Advocate shall have the authority—
“(i) to regularly consult with international insurance supervisors and international financial stability counterparts;
“(ii) to consult with the Board of Governors of the Federal Reserve System and the States with respect to representing the United States, as appropriate, in the International Association of Insurance Supervisors (including to become a non-voting member thereof), particularly on matters of systemic risk;
“(iii) to participate at the Financial Stability Board of The Group of Twenty and to join with other members from the United States including on matters related to insurance; and
“(iv) to participate with the United States delegation to the Organization for Economic Cooperation and Development and observe and participate at the Insurance and Private Pensions Committee.
“(4) Limitations on participation in supervisory colleges—The Office may not engage in any activities that it is not specifically authorized to engage in under this section or any other provision of law, including participation in any supervisory college or other meetings or fora for cooperation and communication between the involved insurance supervisors established for the fundamental purpose of facilitating the effectiveness of supervision of entities which belong to an insurance group.
“(k) Scope—The authority of the Office as specified and limited in this section shall extend to all lines of insurance except—
“(1) health insurance, as determined by the Secretary in coordination with the Secretary of Health and Human Services based on section 2791 of the Public Health Service Act (42 U.S.C. 300gg-91);
“(2) long-term care insurance, except long-term care insurance that is included with life or annuity insurance components, as determined by the Secretary in coordination with the Secretary of Health and Human Services, and in the case of long-term care insurance that is included with such components, the Secretary shall coordinate with the Secretary of Health and Human Services in performing the functions of the Office; and
“(3) crop insurance, as established by the Federal Crop Insurance Act (7 U.S.C. 1501 et seq.).
“(l) Access to information—In carrying out the functions required under subsection (j), the Office may coordinate with any relevant Federal agency and any State insurance regulator (or other relevant Federal or State regulatory agency, if any, in the case of an affiliate of an insurer) and any publicly available sources for the provision to the Office of publicly available information. Notwithstanding any other provision of law, each such relevant Federal agency and State insurance regulator or other Federal or State regulatory agency is authorized to provide to the Office such data or information.
“(m) Preemption pursuant to covered agreements
“(1) Standards—A State insurance measure shall be preempted pursuant to this section or section 314 if, and only to the extent that the Independent Insurance Advocate determines, in accordance with this subsection, that the measure—
“(A) results in less favorable treatment of a non-United States insurer domiciled in a foreign jurisdiction that is subject to a covered agreement than a United States insurer domiciled, licensed, or otherwise admitted in that State; and
“(B) is inconsistent with a covered agreement.
“(2) Determination
“(A) Notice of potential inconsistency—Before making any determination under paragraph (1), the Independent Insurance Advocate shall—
“(i) notify and consult with the appropriate State regarding any potential inconsistency or preemption;
“(ii) notify and consult with the United States Trade Representative regarding any potential inconsistency or preemption;
“(iii) cause to be published in the Federal Register notice of the issue regarding the potential inconsistency or preemption, including a description of each State insurance measure at issue and any applicable covered agreement;
“(iv) provide interested parties a reasonable opportunity to submit written comments to the Office; and
“(v) consider any comments received.
“(B) Scope of review—For purposes of this subsection, any determination of the Independent Insurance Advocate regarding State insurance measures, and any preemption under paragraph (1) as a result of such determination, shall be limited to the subject matter contained within the covered agreement involved and shall achieve a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation.
“(C) Notice of determination of inconsistency—Upon making any determination under paragraph (1), the Director shall—
“(i) notify the appropriate State of the determination and the extent of the inconsistency;
“(ii) establish a reasonable period of time, which shall not be less than 30 days, before the determination shall become effective; and
“(iii) notify the Committees on Financial Services and Ways and Means of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Finance of the Senate.
“(3) Notice of effectiveness—Upon the conclusion of the period referred to in paragraph (2)(C)(ii), if the basis for such determination still exists, the determination shall become effective and the Independent Insurance Advocate shall—
“(A) cause to be published a notice in the Federal Register that the preemption has become effective, as well as the effective date; and
“(B) notify the appropriate State.
“(4) Limitation—No State may enforce a State insurance measure to the extent that such measure has been preempted under this subsection.
“(5) Applicability of Administrative Procedures Act—Determinations of inconsistency made pursuant to paragraph (2) shall be subject to the applicable provisions of subchapter II of chapter 5 of title 5, United States Code (relating to administrative procedure), and chapter 7 of such title (relating to judicial review), except that in any action for judicial review of a determination of inconsistency, the court shall determine the matter de novo.
“(n) Consultation—The Independent Insurance Advocate shall consult with State insurance regulators, individually or collectively, to the extent the Independent Insurance Advocate determines appropriate, in carrying out the functions of the Office.
“(o) Notices and requests for comment—In addition to the other functions and duties specified in this section, the Independent Insurance Advocate may prescribe such notices and requests for comment in the Federal Register as are deemed necessary related to and governing the manner in which the duties and authorities of the Independent Insurance Advocate are carried out;
“(p) Savings Provisions—Nothing in this section shall—
“(1) preempt—
“(A) any State insurance measure that governs any insurer's rates, premiums, underwriting, or sales practices;
“(B) any State coverage requirements for insurance;
“(C) the application of the antitrust laws of any State to the business of insurance; or
“(D) any State insurance measure governing the capital or solvency of an insurer, except to the extent that such State insurance measure results in less favorable treatment of a non-United State insurer than a United States insurer; or
“(2) affect the preemption of any State insurance measure otherwise inconsistent with and preempted by Federal law.
“(q) Retention of authority of Federal financial regulatory agencies—Nothing in this section or section 314 shall be construed to limit the authority of any Federal financial regulatory agency, including the authority to develop and coordinate policy, negotiate, and enter into agreements with foreign governments, authorities, regulators, and multinational regulatory committees and to preempt State measures to affect uniformity with international regulatory agreements.
“(r) Retention of authority of United States Trade Representative—Nothing in this section or section 314 shall be construed to affect the authority of the Office of the United States Trade Representative pursuant to section 141 of the Trade Act of 1974 (19 U.S.C. 2171) or any other provision of law, including authority over the development and coordination of United States international trade policy and the administration of the United States trade agreements program.
“(s) Congressional testimony—The Independent Insurance Advocate shall appear before the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs at semi-annual hearings and shall provide testimony, which shall include submitting written testimony in advance of such appearances to such committees and to the Committee on Ways and Means of the House of Representatives and the Committee on Finance of the Senate, on the following matters:
“(1) Office activities—The efforts, activities, objectives, and plans of the Office.
“(2) Section 313(l) actions—Any actions taken by the Office pursuant to subsection (l) (regarding preemption pursuant to covered agreements).
“(3) Insurance industry—The state of, and developments in, the insurance industry.
“(4) U.S. and global insurance and reinsurance markets—The breadth and scope of the global insurance and reinsurance markets and the critical role such markets plays in supporting insurance in the United States and the ongoing impacts of part II of the Nonadmitted and Reinsurance Reform Act of 2010 on the ability of State regulators to access reinsurance information for regulated companies in their jurisdictions.
“(5) Other—Any other matters as deemed relevant by the Independent Insurance Advocate or requested by such Committees.
“(t) Report upon end of term of office—Not later than two months prior to the expiration of the term of office, or discontinuation of service, of each individual serving as the Independent Insurance Advocate, the Independent Insurance Advocate shall submit a report to the Committees on Financial Services and Ways and Means of the House of Representatives and the Committees on Banking, Housing, and Urban Affairs and Finance of the Senate setting forth recommendations regarding the Financial Stability Oversight Council and the role, duties, and functions of the Independent Insurance Advocate.
“(u) Definitions—In this section and section 314, the following definitions shall apply:
“(1) Affiliate—The term affiliate means, with respect to an insurer, any person who controls, is controlled by, or is under common control with the insurer.
“(2) Covered agreement—The term covered agreement means a written bilateral or multilateral agreement regarding prudential measures with respect to the business of insurance or reinsurance that—
“(A) is entered into between the United States and one or more foreign governments, authorities, or regulatory entities; and
“(B) relates to the recognition of prudential measures with respect to the business of insurance or reinsurance that achieves a level of protection for insurance or reinsurance consumers that is substantially equivalent to the level of protection achieved under State insurance or reinsurance regulation.
“(3) Insurer—The term insurer means any person engaged in the business of insurance, including reinsurance.
“(4) Federal financial regulatory agency—The term Federal financial regulatory agency means the Department of the Treasury, the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Office of Thrift Supervision, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Deposit Insurance Corporation, the Federal Housing Finance Agency, or the National Credit Union Administration.
“(5) Financial Stability Oversight Council—The term Financial Stability Oversight Council means the Financial Stability Oversight Council established under section 111(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5321(a)).
“(6) Member agency—The term member agency has the meaning given such term in section 111(a) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5321(a)).
“(7) Non-United States insurer—The term non-United States insurer means an insurer that is organized under the laws of a jurisdiction other than a State, but does not include any United States branch of such an insurer.
“(8) Office—The term Office means the Office of the Independent Insurance Advocate established by this section.
“(9) State insurance measure—The term State insurance measure means any State law, regulation, administrative ruling, bulletin, guideline, or practice relating to or affecting prudential measures applicable to insurance or reinsurance.
“(10) State insurance regulator—The term State insurance regulator means any State regulatory authority responsible for the supervision of insurers.
“(11) Substantially equivalent to the level of protection achieved—The term substantially equivalent to the level of protection achieved means the prudential measures of a foreign government, authority, or regulatory entity achieve a similar outcome in consumer protection as the outcome achieved under State insurance or reinsurance regulation.
“(12) United States insurer—The term United States insurer means—
“(A) an insurer that is organized under the laws of a State; or
“(B) a United States branch of a non-United States insurer.”
Pay at Level III of Executive Schedule— Section 5314 of title 5, United States Code, is amended by adding at the end the following new item:
“Independent Insurance Advocate, Department of the Treasury.”
removed
Voting member of FSOC— Paragraph (1) of section 111(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5321(b)(1)) is amended by striking subparagraph (J) and inserting the following new subparagraph:
removed
“(J) the Independent Insurance Advocate appointed pursuant to section 313 of title 31, United States Code.”
renumbered
was (5)
Independence— Section 111 of Public Law 93–495 (12 U.S.C. 250) is amended—
renumbered
was (5)(3)
by inserting “the Independent Insurance Advocate of the Department of the Treasury,” after “Federal Housing Finance Agency,”; and
renumbered
was (5)(4)
by inserting “or official” before “submitting them”.
renumbered
was (6)
Transfer of employees— All employees of the Department of Treasury who are performing staff functions for the independent member of the Financial Stability Oversight Council under section 111(b)(2)(J) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5321(b)(2)(J)) on a full-time equivalent basis as of the date of enactment of this Act shall be eligible for transfer to the Office of the Independent Insurance Advocate established pursuant to the amendment made by subsection (a) of this section for appointment as an employee and shall be transferred at the joint discretion of the Independent Insurance Advocate and the eligible employee. Any employee eligible for transfer that is not appointed within 360 days from the date of enactment of this Act shall be eligible for detail under section 313(f)(4) of title 31, United States Code.
renumbered
was (7)
Temporary service; transition— Notwithstanding the amendment made by subsection (a) of this section, during the period beginning on the date of the enactment of this Act and ending on the date on which the Independent Insurance Advocate is appointed and confirmed pursuant to section 313(b)(2) of title 31, United States Code, as amended by such amendment, the person serving, on such date of enactment, as the independent member of the Financial Stability Oversight Council pursuant to section 111(b)(1)(J) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5321(b)(1)(J)) shall act for all purposes as, and with the full powers of, the Independent Insurance Advocate.
added
Comparability in compensation schedules— Subsection (a) of section 1206 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b(a)), as amended by section 711(c)(11)(D), is further amended by inserting “the Office of the Independent Insurance Advocate of the Department of the Treasury,” before “and the Farm Credit Administration,”.
removed
Comparability in compensation schedules— Subsection (a) of section 1206 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 1833b(a)) is amended by inserting “the Office of the Independent Insurance Advocate of the Department of the Treasury,” before “and the Farm Credit Administration,”.
renumbered
was (9)
Senior executives— Subparagraph (D) of section 3132(a)(1) of title 5, United States Code, is amended by inserting “the Office of the Independent Insurance Advocate of the Department of the Treasury,” after “Finance Agency,”.
Sec. 1102 Treatment of covered agreements
Subsection (c) of section 314 of title 31, United States Code is amended—
changed
by designating redesignating paragraphs (1) and (2) as paragraphs (2) and (3), respectively; and
by inserting before paragraph (2), as so redesignated, the following new paragraph:
“(1) the Secretary of the Treasury and the United States Trade Representative have caused to be published in the Federal Register, and made available for public comment for a period of not fewer than 30 days and not greater than 90 days (which period may run concurrently with the 90-day period for the covered agreement referred to in paragraph (3)), the proposed text of the covered agreement;”
Sec. 1201 Table of contents; Definitional corrections
changed
Table of contents— The table of contents for the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 1376) is amended by striking the items relating to section sections 407 through 414 and inserting the following:
Definitions— Section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301) is amended—
in paragraph (1)—
by striking “section 3” and inserting “section 3(w)”; and
by striking “(12 U.S.C. 1813)” and inserting “(12 U.S.C. 1813(w))”;
in paragraph (6), by striking “1 et seq.” and inserting “1a”; and
in paragraph (18)(A)—
by striking ““bank holding company”,”; and
by inserting ““includes”,” before ““including”,”.
Sec. 1204 Title III corrections
In general— Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5401 et seq.) is amended—
in section 327(b)(5) (12 U.S.C. 5437(b)(5)), by striking “in” and inserting “into”;
in section 333(b)(2) (124 Stat. 1539), by inserting “the second place that term appears” before “and inserting”; and
in section 369(5) (124 Stat. 1559)—
in subparagraph (D)(i)—
in subclause (III), by redesignating items (aa), (bb), and (cc) as subitems (AA), (BB), and (CC), respectively, and adjusting the margins accordingly;
changed
in subclause (IV), by redesignating items (aa) and (bb) as subitems (AA) and (BB), respectively, and adjusting the margins accordingly;
in subclause (V), by redesignating items (aa), (bb), and (cc) as subitems (AA), (BB), and (CC), respectively, and adjusting the margins accordingly; and
by redesignating subclauses (III), (IV), and (V) as items (bb), (cc), and (dd), respectively, and adjusting the margins accordingly;
in subparagraph (F)—
in clause (ii), by adding “and” at the end;
changed
in clause (iii), by striking “; and” “and” at the end and inserting a period; semicolon; and
by striking clause (iv); and
in subparagraph (G)(i), by inserting “each place such term appears” before “and inserting”.
Effective dates—
Section 333— The amendment made by subsection (a)(2) of this section shall take effect as though enacted as part of subtitle C of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1538).
Section 369— The amendments made by subsection (a)(3) of this section shall take effect as though enacted as part of subtitle E of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1546).
Sec. 1207 Title VII corrections
In general— Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 U.S.C. 8301 et seq.) is amended—
in section 719(c)(1)(B) (15 U.S.C. 8307(c)(1)(B)), by adding a period at the end;
in section 723(a)(1)(B) (124 Stat. 1675), by inserting “, as added by section 107 of the Commodity Futures Modernization Act of 2000 (Appendix E of Public Law 106–554; 114 Stat. 2763A–382),” after “subsection (i)”;
added
in section 724(a), by striking “adding at the end” and inserting “inserting after subsection (e)”;
renumbered
was (2)(5)
in section 734(b)(1) (124 Stat. 1718), by striking “is amended” and all that follows through “(B) in” and inserting “is amended in”;
renumbered
was (2)(6)
in section 741(b)(10) (124 Stat. 1732), by striking “1a(19)(A)(iv)(II)” each place it appears and inserting “1a(18)(A)(iv)(II)”; and
renumbered
was (2)(7)
in section 749 (124 Stat. 1746)—
renumbered
was (2)(7)(2)
in subsection (a)(2), by striking “adding at the end” and inserting “inserting after subsection (f)”; and
renumbered
was (2)(7)(3)
in subsection (h)(1)(B), by inserting “the second place that term appears” before the semicolon.
changed
Effective date— The amendments made by paragraphs (3), (4), (5), and (5) (6) of subsection (a) of this section shall take effect as though enacted as part of part II of subtitle A of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1658).
Sec. 1209 Title X corrections
In general— Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5481 et seq.) is amended—
in section 1002(12)(G) (12 U.S.C. 5481(12)(G)), by striking “Home Owners” and inserting “Homeowners”;
changed
in section 1013(a)(1)(C) (12 U.S.C. 5493(a)(1)(C)), by striking “section 11(1)” 11(1) of the Federal Reserve Act (12 U.S.C. 248(1))” and inserting “subsection (l) of section 11”;11 of the Federal Reserve Act (12 U.S.C. 248(l)”;
changed
in section 1017(a)(2) (as so redesignated by section 713) 712) (12 U.S.C. 5497(a)(5))—
in subparagraph (A), in the last sentence by striking “716(c) of title 31, United States Code” and inserting “716 of title 31, United States Code”; and
in subparagraph (C), by striking “section 3709 of the Revised Statutes of the United States (41 U.S.C. 5)” and inserting “section 6101 of title 41, United States Code”;
in section 1027(d)(1)(B) (12 U.S.C. 5517(d)(1)(B)), by inserting a comma after “(A)”;
in section 1029(d) (12 U.S.C. 5519(d)), by striking the period after “Commission Act”;
in section 1061(b)(7) (12 U.S.C. 5581(b)(7))—
by striking “Secretary of the Department of Housing and Urban Development” each place that term appears and inserting “Department of Housing and Urban Development”; and
in subparagraph (A), by striking “(12 U.S.C. 5102 et seq.)” and inserting “(12 U.S.C. 5101 et seq.)”;
in section 1063 (12 U.S.C. 5583)—
in subsection (f)(1)(B), by striking “that”; and
in subsection (g)(1)(A)—
by striking “(12 U.S.C. 5102 et seq.)” and inserting “(12 U.S.C. 5101 et seq.)”; and
by striking “seq)” and inserting “seq.)”;
in section 1064(i)(1)(A)(iii) (12 U.S.C. 5584(i)(1)(A)(iii)), by inserting a period before “If an”;
in section 1073(c)(2) (12 U.S.C. 5601(c)(2))—
in the paragraph heading, by inserting “and education” after “financial literacy”; and
by striking “its duties” and inserting “their duties”;
in section 1076(b)(1) (12 U.S.C. 5602(b)(1)), by inserting before the period at the end the following: “, the Agency may, after notice and opportunity for comment, prescribe regulations”;
in section 1077(b)(4)(F) (124 Stat. 2076), by striking “associates” and inserting “associate’s”;
in section 1084(1) (124 Stat. 2081), by inserting a comma after “2009)”;
in section 1089 (124 Stat. 2092)—
in paragraph (3)—
in subparagraph (A), by striking “and” at the end; and
in subparagraph (B)(vi), by striking the period at the end and inserting “; and”; and
by redesignating paragraph (4) as subparagraph (C) and adjusting the margins accordingly; and
in section 1098(6) (124 Stat. 2104), by inserting “the first place that term appears” before “and”.
Effective date— The amendments made by paragraphs (11), (12), (13), (14), and (15) of subsection (a) shall take effect as though enacted as part of subtitle H of title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2080).
Sec. 1212 Technical corrections to other statutes
Alternative mortgage transaction parity act of 1982— The Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. 3801 et seq.) is amended—
in section 802(a)(3) (12 U.S.C. 3801(a)(3)), by striking “the Director of the Office of Thrift Supervision” and inserting “the Consumer Law Enforcement Agency”;
in section 804 (12 U.S.C. 3803)—
in subsection (a), by striking “the Director of the Office of Thrift Supervision” each place such term appears and inserting “the Comptroller of the Currency”; and
in subsection (d)(1), by striking the comma after “Administration”.
Bank Holding Company Act Amendments of 1970— Section 106(b)(1) of the Bank Holding Company Act Amendments of 1970 (12 U.S.C. 1972(1)) is amended, in the undesignated matter at the end, by striking “Federal Deposit Insurance Company” and inserting “Federal Deposit Insurance Corporation”.
Balanced Budget and Emergency Deficit Control Act— Section 255(g)(1)(A) of the Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C. 905(g)(1)(A)) is amended by striking “Office of Thrift Supervision (20–4108–0–3–373).”.
Bretton Woods Agreements Act— Section 68(a)(1) of the Bretton Woods Agreements Act (22 U.S.C. 286tt(a)(1)) is amended by striking “Fund ,” and inserting “Fund,”.
changed
CAN–SPAM Act of 2003— Section 7(b)(1)(D) of the CAN–SPAM Act of 2003 (15 U.S.C. 7706(b)(1)(D)) is amended by striking “Director of the Office of Thrift Supervision” and inserting “Comptroller of the Currency or the Board of Directors of Federal Deposit Insurance Corporation, as applicable,”.applicable”.
changed
Children's Online Privacy Protection Act of 1998— Section 1306(b)(2) of the Children's Online Privacy Protection Act of 1998 (15 U.S.C. 6505(b)(2)) is amended by striking “Director of the Office of Thrift Supervision” and inserting “Comptroller of the Currency and or the Board of Directors of Federal Deposit Insurance Corporation, as applicable,”.applicable”.
Community Reinvestment Act of 1977— The Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.) is amended—
in section 803(1)(C) (12 U.S.C. 2902(1)(C)), by striking the period at the end and inserting a semicolon; and
in section 806 (12 U.S.C. 2905), by striking “companies,,” and inserting “companies,”.
Credit Repair Organizations Act— Section 403(4) of the Credit Repair Organizations Act (15 U.S.C. 1679a(4)) is amended by striking “103(e)” and inserting “103(f)”.
Depository Institution Management Interlocks Act— Section 205(9) of the Depository Institution Management Interlocks Act (12 U.S.C. 3204(9)) is amended by striking “Director of the Office of Thrift Supervision” and inserting “appropriate Federal banking agency”.
Economic Growth and Regulatory Paperwork Reduction Act of 1996— Section 2227(a)(1) of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12 U.S.C. 252(a)(1)) is amended by striking “the Director of the Office of Thrift Supervision,”.
Electronic Fund Transfer Act— The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is amended—
in section 903 (15 U.S.C. 1693a)—
in paragraph (2), by striking “103(i)” and inserting “103(j)”; and
by redesignating the first paragraph designated as paragraph (4) (defining the term Board), as paragraph (3);
in section 904(a) (15 U.S.C. 1693b(a))—
changed
by redesignating the second paragraph designated as paragraph (1) (relating to consultation with other agencies), the second paragraph designated as paragraph (2) (relating to the preparation of an analysis of economic impact), paragraph (3), and paragraph (4), as subparagraphs (A), (B), (C), and (D), respectively, and adjusting the margins accordingly; andaccordingly;
by striking “In prescribing such regulations, the Board shall:” and inserting the following:
“(3) Regulations—In prescribing regulations under this subsection, the Agency and the Board shall—”
added
in paragraph (3)(C), as so redesignated, by striking “the Board shall”; and
added
in paragraph (3)(D), as so redesignated—
added
by inserting “send promptly” before “any”; and
added
by striking “shall be sent promptly to Congress by the Board” and inserting “to Congress”;
in section 909(c) (15 U.S.C. 1693g(c)), by striking “103(e)” and inserting “103(f)”;
in section 918(a)(4) (15 U.S.C. 1693o(a)(4), by striking “Act and” and inserting “Act; and”;
by redesignating the section added by section 1073(4) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (relating to remittance transfers) (15 U.S.C. 1693o–1) as section 920 of the Electronic Fund Transfer Act;
changed
by redesignating the section headed “Relation to State laws” “Reasonable fees and rules for payment card transaction” (15 U.S.C. 1693q) 1693o–2) as section 921 of the Electronic Fund Transfer Act;
changed
by redesignating the section headed “Exemption for “Relation to State regulation” laws” (15 U.S.C. 1693r) 1693q) as section 922 of the Electronic Fund Transfer Act; andAct;
changed
by redesignating the section headed “Effective date” “Exemption for State regulation” (15 U.S.C. 1693 note) 1693r) as section 923 of the Electronic Fund Transfer Act.Act; and
added
by redesignating the section headed “Effective date” (15 U.S.C. 1693 note) as section 924 of the Electronic Fund Transfer Act.
Emergency Economic Stabilization Act of 2008— Section 101(b) of the Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(b)) is amended by striking “the Director of the Office of Thrift Supervision,”.
Equal Credit Opportunity Act— The Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.) is amended—
in section 703 (15 U.S.C. 1691b)—
in each of subsections (c) and (d), by striking “paragraph” each place that term appears and inserting “subsection”; and
in subsection (g), by adding a period at the end;
in section 704 (15 U.S.C. 1691c)—
in subsection (a)—
by striking “Consumer Protection Financial Protection Act of 2010 with” and inserting “Consumer Financial Protection Act of 2010, compliance with”;
in paragraph (1)—
by striking “section 8” and inserting “Section 8”; and
in subparagraph (C), by striking “banks;” and inserting “banks.”;
in each of paragraphs (6) and (7), by striking the semicolon at the end and inserting a period; and
in paragraph (8), by striking “; and” and inserting a period; and
in subsection (c), in the second sentence, by striking “subchapter” and inserting “title”; and
in section 706(k) (15 U.S.C. 1691e(k)), by striking “, (2), or (3)” and inserting “or (2)”.
Expedited Funds Availability Act— The Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) is amended—
in section 605(f)(2)(A) (12 U.S.C. 4004(f)(2)(A)), by striking “,,” and inserting a semicolon; and
in section 610(a)(2) (12 U.S.C. 4009(a)(2)), by striking “Director of the Office of Thrift Supervision” and inserting “Comptroller of the Currency and the Board of Directors of the Federal Deposit Insurance Corporation, as appropriate,”.
Fair Credit Reporting Act— The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is amended—
in section 603 (15 U.S.C. 1681a)—
in subsection (d)(2)(D), by striking “(x)” and inserting “(y)”;
in subsection (q)(5), by striking “103(i)” and inserting “103(j)”; and
in subsection (v), by striking “Bureau” and inserting “Federal Trade Commission”;
in section 604 (15 U.S.C. 1681b)—
in subsection (b)—
in paragraph (2)(B)(i), by striking “section 615(a)(3)” and inserting “section 615(a)(4)”;
in paragraph (3)(B)(ii), by striking “clause (B)(i)(IV)” and inserting “clause (i)(IV)”;
in paragraph (4)(A)(ii), by inserting “and” after the semicolon; and
by striking “section 609(c)(3)” each place that term appears and inserting “section 609(c)”; and
in subsection (g)(5), by striking “paragraph (2).—” and all that follows through “The Bureau” and inserting “paragraph (2).—The Agency”;
in section 605 (15 U.S.C. 1681c)—
in subsection (f), by striking “who” and inserting “which”; and
in subsection (h)(2)(A)—
by striking “shall,,” and inserting “shall,”; and
by striking “Commission,,” and inserting “Commission,”;
changed
in paragraphs (1)(A), (1)(B)(i), (2)(A)(i), and (2)(B) of section 605A(h)(1)(A) 605A(h) (15 U.S.C. 1681c–1(h)(1)(A)), by striking “103(i)” and inserting “103(j)”;1681c–1(h))—
added
by striking “103(i)” each place that term appears and inserting “103(j)” ; and
added
by striking “open-end” each place that term appears and inserting “open end”;
in section 607(e)(3)(A) (15 U.S.C. 1681e(e)(3)(A)), by striking “section 604(b)(4)(E)(i)” and inserting “section 604(b)(4)(D)(i)”;
in section 609 (15 U.S.C. 1681g)—
in subsection (a)(3)(C)(i), by striking “section 604(b)(4)(E)(i)” and inserting “section 604(b)(4)(D)(i)”;
in subsection (c)(1)—
in the paragraph heading, by striking “Commission” and inserting “Bureau”; and
in subparagraph (B)(vi), by striking “603(w)” and inserting “603(x)”;
in subsection (e)(2)(B)(ii)(II), by striking “an”; and
by striking “The Commission” each place that term appears and inserting “The Bureau”;
in section 610 (15 U.S.C. 1681h)—
in subsection (b)(1), by inserting “section” after “under”; and
in subsection (e), by inserting a comma after “on the report”;
in section 611 (15 U.S.C. 1681i), by striking “The Commission” each place that term appears and inserting “The Agency”;
in section 612 (15 U.S.C. 1681j)—
in subsection (a)(1)—
by striking “(w)” and inserting “(x)”; and
in subparagraph (C), by striking “603(w)” each place that term appears and inserting “603(x)”;
in subsection (g), by striking “televison” and inserting “television”; and
by striking “The Commission” each place that term appears and inserting “The Bureau”;
in section 621 (15 U.S.C. 1681s)—
in subsection (a)(1), in the first sentence, by striking “, subsection (b)”;
in subsection (e)(2), by inserting a period after “provisions of this title”; and
in subsection (f)(2), by striking “The Commission” and inserting “The Agency” and
in section 623(a)(5) (15 U.S.C. 1681s–2(a)(5)), by striking “of accounts.—(A) In general.—A person” and inserting
“(A) In general—A person”
Federal Credit Union Act— Section 206(g)(7)(D)(iv) of the Federal Credit Union Act (12 U.S.C. 1786(g)(7)(D)(iv)) is amended by striking the semicolon at the end and inserting a period.
Federal Deposit Insurance Act— The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended—
in section 3(q)(2)(C) (12 U.S.C. 1813(q)(2)(C)), by adding “and” at the end;
in section 7 (12 U.S.C. 1817)—
in subsection (b)(2)—
in subparagraph (A), by striking “(D)” and inserting “(C)”; and
by redesignating subparagraphs (D) and (E) as subparagraphs (C) and (D), respectively; and
in subsection (e)(2)(C), by adding a period at the end;
in section 8 (12 U.S.C. 1818)—
in subsection (b)(3), by striking “Act))” and inserting “Act)”; and
in subsection (t)(2)(C), by striking “depositors or” and inserting “depositors; or”;
in section 11 (12 U.S.C. 1821)—
in subsection (d)(2)(I)(ii), by striking “and section 21A(b)(4)”; and
in subsection (m), in each of paragraphs (16) and (18), by striking the comma after “Comptroller of the Currency” each place it appears; and
in section 26(a) (12 U.S.C. 1831c(a)), by striking “Holding Company Act” each place that term appears and inserting “Holding Company Act of 1956”.
Federal Fire Prevention and Control Act of 1974— Section 31(a)(5)(B) of the Federal Fire Prevention and Control Act of 1974 (15 U.S.C. 2227(a)(5)(B)) is amended by striking “the Federal Deposit Insurance Corporation” and all that follows through the period and inserting “or the Federal Deposit Insurance Corporation under the affordable housing program under section 40 of the Federal Deposit Insurance Act.”.
Federal Home Loan Bank Act— The Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amended—
in section 10(h)(1) (12 U.S.C. 1430(h)(1)), by striking “Director of the Office of Thrift Supervision” and inserting “Comptroller of the Currency or the Board of Directors of the Federal Deposit Insurance Corporation, as applicable”; and
in section 22(a) (12 U.S.C. 1442(a))—
in the matter preceding paragraph (1), by striking “Comptroller of the Currency” and all that follows through “Supervision” and inserting “Comptroller of the Currency, the Chairman of the Board of Governors of the Federal Reserve System, the Chairperson of the Federal Deposit Insurance Corporation, and the Chairman of the National Credit Union Administration”; and
in the undesignated matter following paragraph (2), by striking “Comptroller of the Currency” and all that follows through “Supervision” and inserting “Comptroller of the Currency, the Chairman of the Board of Governors of the Federal Reserve System, and the Chairman of the National Credit Union Administration”.
Federal Reserve Act— Paragraph (8)(B) of section 11(s) of the Federal Reserve Act (headed “Federal Reserve Transparency and Release of Information”) (12 U.S.C. 248) is amended by striking “this section” and inserting “this subsection”.
Financial Institutions Reform, Recovery, and Enforcement Act of 1989— The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Public Law 101–73; 103 Stat. 183) is amended in section 1121(6) (12 U.S.C. 3350(6)), by striking “the Office of Thrift Supervision,”.
Gramm-Leach-Bliley Act— The Gramm-Leach-Bliley Act (Public Law 106–102; 113 Stat. 1338) is amended—
in section 132(a) (12 U.S.C. 1828b(a)), by striking “the Director of the Office of Thrift Supervision,”;
in section 206(a) (15 U.S.C. 78c note), by striking “Except as provided in subsection (e), for” and inserting “For”;
in section 502(e)(5) (15 U.S.C. 6802(e)(5)), by striking “a Federal” and inserting “, a Federal”;
in section 504(a)(2) (15 U.S.C. 6804(a)(2)), by striking “and, as appropriate, and with” and inserting “and, as appropriate, with”;
in section 509(2) (15 U.S.C. 6809(2))—
by striking subparagraph (D); and
by redesignating subparagraphs (E) and (F) as subparagraphs (D) and (E), respectively; and
in section 522(b)(1)(A)(iv) (15 U.S.C. 6822(b)(1)(A)(iv)), by striking “Director of the Office of Thrift Supervision” and inserting “Comptroller of the Currency and the Board of Directors of the Federal Deposit Insurance Corporation, as appropriate”.
Helping Families Save Their Homes Act of 2009— Section 104 of the Helping Families Save Their Homes Act of 2009 (12 U.S.C. 1715z–25) is amended—
in subsection (a)—
added
in the matter preceding paragraph (1)—
renumbered
was (24)(3)(2)
by striking “and the Director of the Office of Thrift Supervision, shall jointly” and inserting “shall”;
added
by striking “Senate,” and inserting “Senate and”;
renumbered
was (24)(3)(3)
by striking “and the Office of Thrift Supervision”; and
renumbered
was (24)(3)(4)
by striking “each such” and inserting “such”; and
added
in paragraph (1), by striking “and the Office of Thrift Supervision”; and
in subsection (b)(1)—
in subparagraph (A)—
in the first sentence—
by striking “and the Director of the Office of Thrift Supervision,”; and
changed
by striking “or the Director”;Director”; and
in the second sentence, by striking “and the Director of the Office of Thrift Supervision”; and
in subparagraph (B), by striking “and the Director of the Office of Thrift Supervision”.
Home Mortgage Disclosure Act of 1975— The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) is amended—
in section 304—
in subsection (b)(5)(A), by striking “15 U.S.C. 1602(aa)(4)” and inserting “section 103(aa)(4) of the Truth in Lending Act”; and
in subsection (j)(3) (12 U.S.C. 2803(j)(3)), by adding a period at the end; and
changed
in section 305(b)(1)(A)(iii) 305(b)(1)(A) (12 U.S.C. 2804(b)(1)(A)(iii)), by striking “bank as,” and inserting “bank, as”.2804(b)(1)(A))—
added
in the matter preceding clause (i), by inserting “by” before “the appropriate Federal banking agency”; and
added
in clause (iii), by striking “bank as,” and inserting “bank, as”.
Home Owners' Loan Act— The Home Owners' Loan Act (12 U.S.C. 1461 et seq.) is amended—
in section 5 (12 U.S.C. 1464)—
in subsection (d)(2)(E)(ii)—
in the first sentence, by striking “Except as provided in section 21A of the Federal Home Loan Bank Act, the” and inserting “The”; and
by striking “, at the Director’s discretion,”;
in subsection (i)(6), by striking “the Office of Thrift Supervision or”;
in subsection (m), by striking “Director's” each place that term appears and inserting “appropriate Federal banking agency's”;
in subsection (n)(9)(B), by striking “Director’s” and inserting “Comptroller’s”; and
in subsection (s)—
in paragraph (1)—
in the matter preceding subparagraph (A), by striking “of such Act)” and all that follows through “shall require” and inserting “of such Act), the appropriate Federal banking agency shall require”; and
in subparagraph (B), by striking “other methods” and all that follows through “determines” and inserting “other methods as the appropriate Federal banking agency determines”;
in paragraph (2)—
by striking “determined” and all that follows through “may, consistent” and inserting “determined by appropriate federal banking agency case-by-case.—The appropriate Federal banking agency may, consistent”; and
changed
by striking “capital-to-assets” and all that follows through “determines to be necessary” and inserting “capital-to-assets as the appropriate Federal banking agency determines to be necessary”;necessary”; and
added
in paragraph (3)—
added
by striking “agency, may” and inserting “agency may”; and
added
by striking “the Comptroller” and inserting “the appropriate Federal banking agency”;
in section 6(c) (12 U.S.C. 1465(c)), by striking “sections” and inserting “section”;
in section 10 (12 U.S.C. 1467a)—
in subsection (b)(6), by striking “time” and all that follows through “release” and inserting “time, upon the motion or application of the Board, release”;
in subsection (c)(2)(H)—
in the matter preceding clause (i)—
by striking “1841(p))” and inserting “1841(p)))”; and
by inserting “(12 U.S.C. 1843(k))” before “if—”; and
in clause (i), by inserting “of 1956 (12 U.S.C. 1843(l) and (m))” after “Company Act”; and
in subsection (e)(7)(B)(iii)—
by striking “Board of the Office of Thrift Supervision” and inserting “Director of the Office of Thrift Supervision”; and
by inserting “, as defined in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301)” after “transfer date”; and
in section 13 (12 U.S.C. 1468b), by striking “the a” and inserting “a”.
Housing act of 1948— Section 502(c)(3) of the Housing Act of 1948 (12 U.S.C. 1701c(c)(3)) is amended by striking “Federal Home Loan Bank Agency” and inserting “Federal Housing Finance Agency”.
Housing and Urban Development Act of 1968— Section 106(h)(5) of the Housing and Urban Development Act of 1968 (12 U.S.C. 1701x(h)(5)) is amended by striking “authorised” and inserting “authorized”.
International Banking Act of 1978— Section 15 of the International Banking Act of 1978 (12 U.S.C. 3109) is amended—
in each of subsections (a) and (b)—
by striking “, and Director of the Office of Thrift Supervision” each place that term appears; and
by inserting “and” before “Federal Deposit” each place that term appears;
in subsection (a), by striking “Comptroller, Corporation, or Director” and inserting “Comptroller of the Currency, or Corporation”; and
in subsection (c)(4)—
by inserting “and” before “the Federal Deposit”; and
by striking “, and the Director of the Office of Thrift Supervision”.
International Lending Supervision Act of 1983— Section 912 of the International Lending Supervision Act of 1983 (12 U.S.C. 3911) is amended—
by amending the section heading to read as follows: “Equal representation for Federal Deposit Insurance Corporation”;
changed
by striking “(a) In general.—”; andgeneral.—”;
changed
by striking subsection (b).(b); and
added
by striking “4” and inserting “3”.
Interstate Land Sales Full Disclosure Act— The Interstate Land Sales Full Disclosure Act (15 U.S.C. 1701 et seq.) is amended in each of section 1411(b) (15 U.S.C. 1710(b)) and subsections (b)(4) and (d) of section 1418a (15 U.S.C. 1717a), by striking “Secretary’s” each place that term appears and inserting “Director’s”.
added
Investment Advisers Act of 1940— Section 224 of the Investment Company Act of 1940 (15 U.S.C. 80b–18c) is amended in the heading of the section by striking “COMMODITIES” and inserting “COMMODITY”.
renumbered
was (32)
Legal Certainty for Bank Products Act of 2000— Section 403(b)(1) of the Legal Certainty for Bank Products Act of 2000 (7 U.S.C. 27a(b)(1)) is amended by striking “that section” and inserting “section”.
renumbered
was (33)
Public law 93–495— Section 111 of Public Law 93–495 (12 U.S.C. 250) is amended by striking “the Director of the Office of Thrift Supervision,”.
renumbered
was (34)
Revised Statutes of the United States— Section 5136C(i) of the Revised Statutes of the United States (12 U.S.C. 25b(i)) is amended by striking “powers.—” and all that follows through “In accordance” and inserting “powers.—In accordance”.
renumbered
was (35)
Riegle Community Development and Regulatory Improvement Act of 1994— Section 117(e) of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4716(e)) is amended by striking “the Director of the Office of Thrift Supervision,”.
renumbered
was (36)
S.A.F.E. Mortgage Licensing Act of 2008— Section 1514 of the S.A.F.E. Mortgage Licensing Act of 2008 (12 U.S.C. 5113) is amended in each of subsections (b)(5) and (c)(4)(C), by striking “Secretary’s” each place that term appears and inserting “Director’s”.
renumbered
was (37)
Securities Exchange Act of 1934— The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended—
removed
in section 3C(g)(4)(B)(v) (15 U.S.C. 78c–3(g)(4)(B)(v)), by striking “of that Act” and inserting “of that section”;
renumbered
was (37)(4)
in section 3D(d)(10)(A) (15 U.S.C. 78c–4(d)(10)(A)), by striking “taking” and inserting “take”;
renumbered
was (37)(5)
in section 3E(b)(1) (15 U.S.C. 78c–5(b)(1)), by striking “though” and inserting “through”;
renumbered
was (37)(6)
in section 4(g)(8)(A) (15 U.S.C. 78d(g)(8)(A)), by striking “(2)(A)(i)” and inserting “(2)(A)(ii)”;
renumbered
was (37)(7)
in section 15 (15 U.S.C. 78o)—
renumbered
was (37)(7)(2)
in each of subparagraphs (B)(ii) and (C) of subsection (b)(4), by striking “dealer municipal advisor,,” and inserting “dealer, municipal advisor,”;
added
by redesignating subsection (j) (relating to the authority of the Commission) as subsection (p) and moving that subsection after subsection (o);
added
as amended by section 841(d), by redesignating the second subsection (k) and second subsection (l) (relating to standard of conduct and other matters, respectively), as added by section 913(g)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1828), as subsections (q) and (r), respectively and moving those subsections to the end; and
removed
by redesignating subsection (j) (relating to the authority of the Commission) as subsection (p) and moving that subsection to the end;
removed
as amended by section 841(d), by redesignating the section subsection (k) and second subsection (l) (relating to standard of conduct and other matters, respectively), as added by section 913(g)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1828), as subsections (q) and (r), respectively and moving those subsections to the end; and
renumbered
was (37)(7)(5)
in subsection (m), by inserting “the” before “same extent”;
renumbered
was (37)(8)
in section 15F(h) (15 U.S.C. 78o–10(h))—
added
in paragraph (2)—
added
in subparagraph (A), by inserting “a” after “that acts as an advisor to”; and
added
in subparagraph (B), by inserting “a” after “offers to enter into”; and
removed
in paragraph (2)(A), by inserting “a” after “that acts as an advisor to”;
removed
in paragraph (2)(B), by inserting “a” after “offers to enter into”; and
renumbered
was (37)(8)(4)
in paragraph (5)(A)(i)—
renumbered
was (37)(8)(4)(2)
by inserting “(A)” after “(18)”; and
renumbered
was (37)(8)(4)(3)
in subclause (VII), by striking “act of” and inserting “Act of”;
renumbered
was (37)(9)
in section 15G (15 U.S.C. 78o–11)—
removed
in subsection (b)(2), by inserting “Board of Directors of the” before “Federal Housing”;
renumbered
was (37)(9)(3)
in subsection (e)(4)(A), by striking “subsection” and inserting “section”;
renumbered
was (37)(9)(4)
in subsection (e)(4)(C)—
renumbered
was (37)(9)(4)(2)
by striking “129C(c)(2)” and inserting “129C(b)(2)(A)”; and
renumbered
was (37)(9)(4)(3)
by inserting “(15 U.S.C. 1639c(b)(2)(A))” after “Lending Act”; and
renumbered
was (37)(9)(5)
in subsection (e)(5), by striking “subsection” and inserting “section”; and
renumbered
was (37)(10)
in section 17A (15 U.S.C. 78q–1), by redesignating subsection (g), as added by section 929W of the Dodd-Frank Wall Street Reform and Consumer Protection Act (relating to due diligence for the delivery of dividends, interest, and other valuable property rights) as subsection (n) and moving that subsection to the end.
renumbered
was (38)
Telemarketing and consumer fraud and abuse prevention act— Section 3(b) of the Telemarketing and Consumer Fraud and Abuse Prevention Act (15 U.S.C. 6102(b)) is amended by inserting before the period at the end the following: “, provided, however, nothing in this section shall conflict with or supersede section 6 of the Federal Trade Commission Act (15 U.S.C. 46)”.
renumbered
was (39)
Title 5— Title 5, United States Code, is amended—
renumbered
was (39)(3)
in section 3132(a)(1)(D), as amended by section 711, by striking “the Office of Thrift Supervision,, the Resolution Trust Corporation,”; and
renumbered
was (39)(4)
in section 5314, by striking “Director of the Office of Thrift Supervision.”.
added
Title 31—
removed
Title 31—
renumbered
was (40)(2)
Amendments— Title 31, United States Code, is amended—
renumbered
was (40)(2)(3)
by striking section 309; and
renumbered
was (40)(2)(4)
in section 714(d)(3)(B) by striking “a audit” and inserting “an audit”.
renumbered
was (40)(3)
Analysis— The analysis for subchapter I of chapter 3 of title 31, United States Code, is amended by striking the item relating to section 309.
renumbered
was (41)
Truth in Lending Act— The Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended—
renumbered
was (41)(3)
in section 105 (15 U.S.C. 1604), by inserting subsection (h), as added by section 1472(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2187), before subsection (i), as added by section 1100A(7) of that Act (124 Stat. 2108);
renumbered
was (41)(4)
in section 106(f)(2)(B)(i) (15 U.S.C. 1605(f)(2)(B)(i)), by striking “103(w)” and inserting “103(x)”;
renumbered
was (41)(5)
in section 121(b) (15 U.S.C. 1631(b)), by striking “103(f)” and inserting “103(g)”;
renumbered
was (41)(6)
in section 122(d)(5) (15 U.S.C. 1632(d)(5)), by striking “section 603)” and all that follows through “promulgate” and inserting “section 603), may promulgate”;
renumbered
was (41)(7)
in section 125(e)(1) (15 U.S.C. 1635(e)(1)), by striking “103(w)” and inserting “103(x)”;
renumbered
was (41)(8)
in section 129 (15 U.S.C. 1639)—
renumbered
was (41)(8)(2)
in subsection (q), by striking “(l)(2)” and inserting “(p)(2)”; and
renumbered
was (41)(8)(3)
in subsection (u)(3), by striking “Board” each place that term appears and inserting “Agency”;
renumbered
was (41)(9)
in section 129C (15 U.S.C. 1639c)—
renumbered
was (41)(9)(2)
in subsection (b)(2)(B), by striking the second period at the end; and
renumbered
was (41)(9)(3)
in subsection (c)(1)(B)(ii)(I), by striking “a original” and inserting “an original”;
renumbered
was (41)(10)
in section 148(d) (15 U.S.C. 1665c(d)), by striking “Bureau” and inserting “Board”;
renumbered
was (41)(11)
in section 149 (15 U.S.C. 1665d)—
renumbered
was (41)(11)(2)
by striking “the Director of the Office of Thrift Supervision,” each place that term appears;
added
by striking “National Credit Union Administration Bureau” each place that term appears and inserting “National Credit Union Administration Board”; and
added
by striking “Bureau of Directors of the Federal Deposit Insurance Corporation” each place that term appears and inserting “Board of Directors of the Federal Deposit Insurance Corporation”; and
removed
by striking “National Credit Union Administration Bureau” and inserting “National Credit Union Administration Board” each place that term appears; and
removed
by striking “Bureau of Directors of the Federal Deposit Insurance Corporation” and inserting “Board of Directors of the Federal Deposit Insurance Corporation” each place that term appears; and
renumbered
was (41)(12)
in section 181(1) (15 U.S.C. 1667(1)), by striking “103(g)” and inserting “103(h)”.
renumbered
was (42)
Truth in Savings Act— The Truth in Savings Act (12 U.S.C. 4301 et seq.) is amended in each of sections 269(a)(4) (12 U.S.C. 4308(a)(4)), 270(a)(2) (12 U.S.C. 4309(a)(2)), and 274(6) (12 U.S.C. 4313(6)), by striking “Administration Bureau” each place that term appears and inserting “Administration Board”.