S. 2155 — what changed

Section 129C(b)(2) of the Truth in Lending Act (15 U.S.C. 1639c(b)(2)) is amended by adding at the end the following:

“(F) Safe harbor

“(i) Definitions—In this subparagraph—

“(I) the term covered institution means an insured depository institution or an insured credit union that, together with its affiliates, has less than $10,000,000,000 in total consolidated assets;

“(II) the term insured credit union has the meaning given the term in section 101 of the Federal Credit Union Act (12 U.S.C. 1752);

“(III) the term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813);

“(IV) the term interest-only means that, under the terms of the legal obligation, one or more of the periodic payments may be applied solely to accrued interest and not to loan principal; and

“(V) the term negative amortization means payment of periodic payments that will result in an increase in the principal balance under the terms of the legal obligation.

“(ii) Safe harbor—In this section—

“(I) the term qualified mortgage includes any residential mortgage loan—

“(aa) that is originated and retained in portfolio by a covered institution;

“(bb) that is in compliance with the limitations with respect to prepayment penalties described in subsections (c)(1) and (c)(3);

“(cc) that is in compliance with the requirements of clause (vii) of subparagraph (A);

“(dd) that does not have negative amortization or interest-only features; and

“(ee) for which the covered institution considers and documents the debt, income, and financial resources of the consumer in accordance with clause (iv); and

“(II) a residential mortgage loan described in subclause (I) shall be deemed to meet the requirements of subsection (a).

“(iii) Exception for certain transfers—A residential mortgage loan described in clause (ii)(I) shall not qualify for the safe harbor under clause (ii) if the legal title to the residential mortgage loan is sold, assigned, or otherwise transferred to another person unless the residential mortgage loan is sold, assigned, or otherwise transferred—

“(I) to another person by reason of the bankruptcy or failure of a covered institution;

changed “(II) to a covered institution so long as the loan is retained in portfolio by the covered institution to which the loan is sold, assigned, or otherwise transferred; ortransferred;

changed “(III) pursuant to a merger of a covered institution with another person or the acquisition of a covered institution by another person or of another person by a covered institution, so long as the loan is retained in portfolio by the person to whom the loan is sold, assigned, or otherwise transferred.; transferred; or

“(IV) to a wholly owned subsidiary of a covered institution, provided that, after the sale, assignment, or transfer, the residential mortgage loan is considered to be an asset of the covered institution for regulatory accounting purposes.

“(iv) Consideration and documentation requirements—The consideration and documentation requirements described in clause (ii)(I)(ee) shall—

“(I) not be construed to require compliance with, or documentation in accordance with, appendix Q to part 1026 of title 12, Code of Federal Regulations, or any successor regulation; and

“(II) be construed to permit multiple methods of documentation.”

Title XI of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3331 et seq.) is amended by adding at the end the following:

“1127. Exemption from appraisals of real estate located in rural areas

changed “(a) Definition—In Definitions—In this section, the term mortgage originator has the meaning given the term in section 103 of the Truth in Lending Act (15 U.S.C. 1602).section—

added “(1) the term mortgage originator has the meaning given the term in section 103 of the Truth in Lending Act (15 U.S.C. 1602); and

added “(2) the term transaction value means the amount of a loan or extension of credit, including a loan or extension of credit that is part of a pool of loans or extensions of credit.

“(b) Appraisal not required—Except as provided in subsection (d), notwithstanding any other provision of law, an appraisal in connection with a federally related transaction involving real property or an interest in real property is not required if—

“(1) the real property or interest in real property is located in a rural area, as described in section 1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations;

“(2) not later than 3 days after the date on which the Closing Disclosure Form, made in accordance with the final rule of the Bureau of Consumer Financial Protection entitled “Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth in Lending Act (Regulation Z)” (78 Fed. Reg. 79730 (December 31, 2013)), relating to the federally related transaction is given to the consumer, the mortgage originator or its agent, directly or indirectly—

removed “(A) has contacted not fewer than 3 State certified appraisers or State licensed appraisers, as applicable; and

removed “(B) has documented that no State certified appraiser or State licensed appraiser, as applicable, was available within a reasonable amount of time, as determined by the Federal financial institutions regulatory agency with oversight of the mortgage originator, to perform the appraisal in connection with the federally related transaction;

changed “(3) “(A) has contacted not fewer than 3 State certified appraisers or State licensed appraisers, as applicable, on the balance of mortgage originator’s approved appraiser list in the loantransaction value is less than $400,000; market area in accordance with part 226 of title 12, Code of Federal Regulations; and

added “(B) has documented that no State certified appraiser or State licensed appraiser, as applicable, was available within 5 business days beyond customary and reasonable fee and timeliness standards for comparable appraisal assignments, as documented by the mortgage originator or its agent;

added “(3) the transaction value is less than $400,000; and

“(4) the mortgage originator is subject to oversight by a Federal financial institutions regulatory agency.

“(c) Sale, assignment, or transfer—A mortgage originator that makes a loan without an appraisal under the terms of subsection (b) shall not sell, assign, or otherwise transfer legal title to the loan unless—

“(1) the loan is sold, assigned, or otherwise transferred to another person by reason of the bankruptcy or failure of the mortgage originator;

added “(2) the loan is sold, assigned, or otherwise transferred to another person regulated by a Federal financial institutions regulatory agency, so long as the loan is retained in portfolio by the person;

added “(3) the sale, assignment, or transfer is pursuant to a merger of the mortgage originator with another person or the acquisition of the mortgage originator by another person or of another person by the mortgage originator; or

removed “(2) the loan is sold, assigned, or otherwise transferred to another person regulated by a Federal financial institutions regulatory agency, so long as the loan is retained in portfolio by the person; or

removed “(3) the sale, assignment, or transfer is pursuant to a merger of the mortgage originator with another person or the acquisition of the mortgage originator by another person or of another person by the mortgage originator.; or

“(4) the sale, loan, or transfer is to a wholly owned subsidiary of the mortgage originator, provided that, after the sale, assignment, or transfer, the loan is considered to be an asset of the mortgage originator for regulatory accounting purposes.

“(d) Exception—Subsection (b) shall not apply if—

“(1) a Federal financial institutions regulatory agency requires an appraisal under section 225.63(c), 323.3(c), 34.43(c), or 722.3(e) of title 12, Code of Federal Regulations; or

“(2) the loan is a high-cost mortgage, as defined in section 103 of the Truth in Lending Act (15 U.S.C. 1602).

“(e) Anti-Evasion—Each Federal financial institutions regulatory agency shall ensure that any mortgage originator that the Federal financial institutions regulatory agency oversees that makes a significant amount of loans under subsection (b) is complying with the requirements of subsection (b)(2) with respect to each loan.”

“(i) Exemptions

“(1) Closed-end mortgage loans—With respect to an insured depository institution or insured credit union, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to closed-end mortgage loans if the insured depository institution or insured credit union originated fewer than 500 closed-end mortgage loans in each of the 2 preceding calendar years.

changed “(2) Open-end lines of credit—With respect to an insured depository institution or insured credit union, the requirements of paragraphs (5) and (6) of subsection (b) shall not apply with respect to open-end lines of credit if the insured depository institution or insured credit union originated fewer than 500 open-end lines of credit in each of the 2 preceding calendar years.”years.

added “(3) Required compliance—Notwithstanding paragraphs (1) and (2), an insured depository institution shall comply with paragraphs (5) and (6) of subsection (b) if the insured depository institution has received a rating of “needs to improve record of meeting community credit needs” during each of its 2 most recent examinations or a rating of “substantial noncompliance in meeting community credit needs” on its most recent examination under section 807(b)(2) of the Community Reinvestment Act of 1977 (12 U.S.C. 2906(b)(2)).”

“(o) Definitions—In this section—

“(1) the term insured credit union has the meaning given the term in section 101 of the Federal Credit Union Act (12 U.S.C. 1752); and

“(2) the term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).”

“1518. Employment transition of loan originators

“(a) Definitions—In this section:

“(1) Application State—The term application State means a State in which a registered loan originator or a State-licensed loan originator seeks to be licensed.

“(2) State-licensed mortgage company—The term State-licensed mortgage company means an entity that is licensed or registered under the law of any State to engage in residential mortgage loan origination and processing activities.

“(b) Temporary authority To originate loans for loan originators moving from a depository institution to a non-Depository institution

“(1) In general—Upon becoming employed by a State-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the individual—

“(A) has not had—

“(i) an application for a loan originator license denied; or

“(ii) a loan originator license revoked or suspended in any governmental jurisdiction;

“(B) has not been subject to, or served with, a cease and desist order—

“(i) in any governmental jurisdiction; or

“(ii) under section 1514(c);

changed “(C) has not been convicted of a misdemeanor or felony that would preclude licensure under the law of the application State;

“(D) has submitted an application to be a State-licensed loan originator in the application State; and

“(E) was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 1-year period preceding the date on which the information required under section 1505(a) is submitted.

“(2) Period—The period described in this paragraph shall begin on the date on which an individual described in paragraph (1) submits the information required under section 1505(a) and shall end on the earliest of the date—

“(A) on which the individual withdraws the application to be a State-licensed loan originator in the application State;

“(B) on which the application State denies, or issues a notice of intent to deny, the application;

“(C) on which the application State grants a State license; or

“(D) that is 120 days after the date on which the individual submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete.

“(c) Temporary authority To originate loans for State-Licensed loan originators moving interstate

“(1) In general—A State-licensed loan originator shall be deemed to have temporary authority to act as a loan originator in an application State for the period described in paragraph (2) if the State-licensed loan originator—

“(A) meets the requirements of subparagraphs (A), (B), (C), and (D) of subsection (b)(1);

“(B) is employed by a State-licensed mortgage company in the application State; and

“(C) was licensed in a State that is not the application State during the 30-day period preceding the date on which the information required under section 1505(a) was submitted in connection with the application submitted to the application State.

“(2) Period—The period described in this paragraph shall begin on the date on which the State-licensed loan originator submits the information required under section 1505(a) in connection with the application submitted to the application State and end on the earliest of the date—

“(A) on which the State-licensed loan originator withdraws the application to be a State-licensed loan originator in the application State;

“(B) on which the application State denies, or issues a notice of intent to deny, the application;

“(C) on which the application State grants a State license; or

“(D) that is 120 days after the date on which the State-licensed loan originator submits the application, if the application is listed on the Nationwide Mortgage Licensing System and Registry as incomplete.

“(d) Applicability

“(1) Employer of loan originators—Any person employing an individual who is deemed to have temporary authority to act as a loan originator in an application State under this section shall be subject to the requirements of this title and to applicable State law to the same extent as if that individual was a State-licensed loan originator licensed by the application State.

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

added “(1) have applied, are applying, or are licensed or registered through the Nationwide Mortgage Licensing System and Registry; and

added “(2) work in an industry with respect to which persons were licensed or registered through the Nationwide Mortgage Licensing System and Registry on the date of enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act.”

Section 103 of the Truth in Lending Act (15 U.S.C. 1602) is amended—

“(C) does not include any person who is—

“(i) not otherwise described in subparagraph (A) or (B) and who performs purely administrative or clerical tasks on behalf of a person who is described in any such subparagraph; or

“(ii) a retailer of manufactured or modular homes or an employee of the retailer if the retailer or employee, as applicable—

“(I) does not receive compensation or gain for engaging in activities described in subparagraph (A) that is in excess of any compensation or gain received in a comparable cash transaction;

“(II) discloses to the consumer—

changed “(aa) in writing any corporate affiliation with any lendercreditor; creditor; and

changed “(bb) if the retailer has a corporate affiliation with any lendercreditor, creditor, at least 1 unaffiliated lendercreditor; creditor; and

“(III) does not directly negotiate with the consumer or lender on loan terms (including rates, fees, and other costs).”

changed Section 129C(b)(3) 129D of the Truth in Lending Act (15 U.S.C. 1639c(b)(3)) 1639d) is amended by adding at the end the following:amended—

added “(1) In general—The Bureau”

added “(2) Treatment of loans held by smaller institutions—The Bureau shall, by regulation, exempt from the requirements of subsection (a) any loan made by an insured depository institution or an insured credit union secured by a first lien on the principal dwelling of a consumer if—

added “(A) the insured depository institution or insured credit union has assets of $10,000,000,000 or less;

added “(B) during the preceding calendar year, the insured depository institution or insured credit union and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling; and

added “(C) the transaction satisfies the criteria in sections 1026.35(b)(2)(iii)(A), 1026.35(b)(2)(iii)(D), and 1026.35(b)(2)(v) of title 12, Code of Federal Regulations, or any successor regulation.”

added “(3) Insured credit union—The term insured credit union has the meaning given the term in section 101 of the Federal Credit Union Act (12 U.S.C. 1752).

added “(4) Insured depository institution—The term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).”

removed “(C) Consideration of underwriting requirements for Property Assessed Clean Energy financing

removed “(i) Definition—In this subparagraph, the term Property Assessed Clean Energy financing means financing to cover the costs of home improvements that results in a tax assessment on the real property of the consumer.

removed “(ii) Regulations—The Bureau shall prescribe regulations that carry out the purposes of subsection (a) and apply section 130 with respect to violations under subsection (a) of this section with respect to Property Assessed Clean Energy financing, which shall account for the unique nature of Property Assessed Clean Energy financing.

removed “(iii) Collection of information and consultation—In prescribing the regulations under this subparagraph, the Bureau—

removed “(I) may collect such information and data that the Bureau determines is necessary; and

removed “(II) shall consult with State and local governments and bond-issuing authorities.”

added “(3) No wait for lower rate—If a creditor extends to a consumer a second offer of credit with a lower annual percentage rate, the transaction may be consummated without regard to the period specified in paragraph (1) with respect to the second offer.”

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

removed “(1) In general—The Bureau”

removed “(2) Treatment of loans held by smaller institutions—The Bureau shall, by regulation, exempt from the requirements of subsection (a) any loan made by an insured depository institution or an insured credit union secured by a first lien on the principal dwelling of a consumer if—

removed “(A) the insured depository institution or insured credit union has assets of $10,000,000,000 or less;

removed “(B) during the preceding calendar year, the insured depository institution or insured credit union and its affiliates originated 1,000 or fewer loans secured by a first lien on a principal dwelling; and

removed “(C) the transaction otherwise satisfies the criteria in sections 1026.35(b)(2)(iii)1026.35(b)(2)(iii)(A), 1026.35(b)(2)(iii)(D), and 1026.35(b)(2)(v) of title 12, Code of Federal Regulations, or any successor regulation.”

removed “(3) Insured credit union—The term insured credit union has the meaning given the term in section 101 of the Federal Credit Union Act (12 U.S.C. 1752).

removed “(4) Insured depository institution—The term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).”

changed Section 13(h) 13(h)(1) of the Bank Holding Company Act of 1956 (12 U.S.C. 1851(h)) 1851(h)(1)) is amended—

“(A) that functions solely in a trust or fiduciary capacity, if—”

removed “(B) with—

removed “(i) not more than $10,000,000,000 of total consolidated assets; and

“(B) that does not have and is not controlled by a company that has—

“(i) more than $10,000,000,000 in total consolidated assets; and

added “(ii) total trading assets and trading liabilities, as reported on the most recent applicable regulatory filing filed by the institution, that are more than 5 percent of total consolidated assets.”

removed “(ii) total trading assets and trading liabilities, as reported on the most recent applicable regulatory filing filed by the institution, that are not more than 5 percent of total consolidated assets.”

The Home Owners’ Loan Act (12 U.S.C. 1461 et seq.) is amended by inserting after section 5 (12 U.S.C. 1464) the following:

“5A. Election to operate as a covered savings association

“(a) Definition—In this section, the term covered savings association means a Federal savings association that makes an election that is approved under subsection (b).

“(b) Election

changed “(1) In general—Upon issuance of general—In accordance with the rules issued under subsection (f), and in accordance with those rules, a Federal savings association with total consolidated assets equal to or less than $15,000,000,000 $20,000,000,000, as reported by the association to the Comptroller as of December 31, 2017, may elect to operate as a covered savings association by submitting a notice to the Comptroller of that election.

“(2) Approval—A Federal savings association shall be deemed to be approved to operate as a covered savings association beginning on the date that is 60 days after the date on which the Comptroller receives the notice submitted under paragraph (1), unless the Comptroller notifies the Federal savings association that the Federal savings association is not eligible.

“(c) Rights and duties—Notwithstanding any other provision of law, and except as otherwise provided in this section, a covered savings association shall—

“(1) have the same rights and privileges as a national bank that has the main office of the national bank situated in the same location as the home office of the covered savings association; and

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

“(d) Treatment of covered savings associations—A covered savings association shall be treated as a Federal savings association for the purposes—

“(1) of governance of the covered savings association, including incorporation, bylaws, boards of directors, shareholders, and distribution of dividends;

“(2) of consolidation, merger, dissolution, conversion (including conversion to a stock bank or to another charter), conservatorship, and receivership; and

“(3) determined by regulation of the Comptroller.

“(e) Existing branches—A covered savings association may continue to operate any branch or agency that the covered savings association operated on the date on which an election under subsection (b) is approved.

“(f) Rule making—The Comptroller shall issue rules to carry out this section—

changed “(1) that establish streamlined standards and procedures that clearly identify required documentation orand and timelines for an election under subsection (b);

“(2) that require a Federal savings association that makes an election under subsection (b) to identify specific assets and subsidiaries that—

“(A) do not conform to the requirements for assets and subsidiaries of a national bank; and

“(B) are held by the Federal savings association on the date on which the Federal savings association submits a notice of the election;

“(3) that establish—

“(A) a transition process for bringing the assets and subsidiaries described in paragraph (2) into conformance with the requirements for a national bank; and

“(B) procedures for allowing the Federal savings association to submit to the Comptroller an application to continue to hold assets and subsidiaries described in paragraph (2) after electing to operate as a covered savings association;

“(4) that establish standards and procedures to allow a covered savings association to—

“(A) terminate an election under subsection (b) after an appropriate period of time; and

“(B) make a subsequent election under subsection (b) after terminating an election under subparagraph (A);

“(5) that clarify requirements for the treatment of covered savings associations, including the provisions of law that apply to covered savings associations; and

“(6) as the Comptroller determines necessary in the interests of safety and soundness.

changed “(g) Grandfathered covered savings associations—Subject to the rules issued under subsection (f), a covered savings association may continue to operate as a covered savings association if, after the date on which the election is made under subsection (b), the covered savings association has total consolidated assets greater than $15,000,000,000.”$20,000,000,000.”

added “38. Small public housing agencies

added “(a) Definitions—In this section:

added “(1) Housing voucher program—The term housing voucher program means a program for tenant-based assistance under section 8.

added “(2) Small public housing agency—The term small public housing agency means a public housing agency—

added “(A) for which the sum of the number of public housing dwelling units administered by the agency and the number of vouchers under section 8(o) administered by the agency is 550 or fewer; and

added “(B) that predominantly operates in a rural area, as described in section 1026.35(b)(2)(iv)(A) of title 12, Code of Federal Regulations.

added “(3) Troubled small public housing agency—The term troubled small public housing agency means a small public housing agency designated by the Secretary as a troubled small public housing agency under subsection (c)(3).

added “(b) Applicability—Except as otherwise provided in this section, a small public housing agency shall be subject to the same requirements as a public housing agency.

added “(c) Program inspections and evaluations

added “(1) Public housing projects

added “(A) Frequency of inspections by secretary—The Secretary shall carry out an inspection of the physical condition of a small public housing agency’s public housing projects not more frequently than once every 3 years, unless the agency has been designated by the Secretary as a troubled small public housing agency based on deficiencies in the physical condition of its public housing projects. Nothing contained in this subparagraph relieves the Secretary from conducting lead safety inspections or assessments in accordance with procedures established by the Secretary under section 302 of the Lead-Based Paint Poisoning Prevention Act (42 U.S.C. 4822).

added “(B) Standards—The Secretary shall apply to small public housing agencies the same standards for the acceptable condition of public housing projects that apply to projects assisted under section 8.

added “(2) Housing voucher program—Except as required by section 8(o)(8)(F), a small public housing agency administering assistance under section 8(o) shall make periodic physical inspections of each assisted dwelling unit not less frequently than once every 3 years to determine whether the unit is maintained in accordance with the requirements under section 8(o)(8)(A). Nothing contained in this paragraph relieves a small public housing agency from conducting lead safety inspections or assessments in accordance with procedures established by the Secretary under section 302 of the Lead-Based Paint Poisoning Prevention Act (42 U.S.C. 4822).

added “(3) Troubled small public housing agencies

added “(A) Public housing program—Notwithstanding any other provision of law, the Secretary may designate a small public housing agency as a troubled small public housing agency with respect to the public housing program of the small public housing agency if the Secretary determines that the agency has failed to maintain the public housing units of the small public housing agency in a satisfactory physical condition, based upon an inspection conducted by the Secretary.

added “(B) Housing voucher program—Notwithstanding any other provision of law, the Secretary may designate a small public housing agency as a troubled small public housing agency with respect to the housing voucher program of the small public housing agency if the Secretary determines that the agency has failed to comply with the inspection requirements under paragraph (2).

added “(C) Appeals

added “(i) Establishment—The Secretary shall establish an appeals process under which a small public housing agency may dispute a designation as a troubled small public housing agency.

added “(ii) Official—The appeals process established under clause (i) shall provide for a decision by an official who has not been involved, and is not subordinate to a person who has been involved, in the original determination to designate a small public housing agency as a troubled small public housing agency.

added “(D) Corrective action agreement

added “(i) Agreement required—Not later than 60 days after the date on which a small public housing agency is designated as a troubled public housing agency under subparagraph (A) or (B), the Secretary and the small public housing agency shall enter into a corrective action agreement under which the small public housing agency shall undertake actions to correct the deficiencies upon which the designation is based.

added “(ii) Terms of agreement—A corrective action agreement entered into under clause (i) shall—

added “(I) have a term of 1 year, and shall be renewable at the option of the Secretary;

added “(II) provide, where feasible, for technical assistance to assist the public housing agency in curing its deficiencies;

added “(III) provide for—

added “(aa) reconsideration of the designation of the small public housing agency as a troubled small public housing agency not less frequently than annually; and

added “(bb) termination of the agreement when the Secretary determines that the small public housing agency is no longer a troubled small public housing agency; and

added “(IV) provide that in the event of substantial noncompliance by the small public housing agency under the agreement, the Secretary may—

added “(aa) contract with another public housing agency or a private entity to manage the public housing of the troubled small public housing agency;

added “(bb) withhold funds otherwise distributable to the troubled small public housing agency;

added “(cc) assume possession of, and direct responsibility for, managing the public housing of the troubled small public housing agency;

added “(dd) petition for the appointment of a receiver, in accordance with section 6(j)(3)(A)(ii); and

added “(ee) exercise any other remedy available to the Secretary in the event of default under the public housing annual contributions contract entered into by the small public housing agency under section 5.

added “(E) Emergency actions—Nothing in this paragraph may be construed to prohibit the Secretary from taking any emergency action necessary to protect Federal financial resources or the health or safety of residents of public housing projects.

added “(d) Reduction of administrative burdens

added “(1) Exemption—Notwithstanding any other provision of law, a small public housing agency shall be exempt from any environmental review requirements with respect to a development or modernization project having a total cost of not more than $100,000.

added “(2) Streamlined procedures—The Secretary shall, by rule, establish streamlined procedures for environmental reviews of small public housing agency development and modernization projects having a total cost of more than $100,000.”

added “(D) Freeze of consumption levels

added “(i) In general—A small public housing agency, as defined in section 38(a), may elect to be paid for its utility and waste management costs under the formula for a period, at the discretion of the small public housing agency, of not more than 20 years based on the small public housing agency’s average annual consumption during the 3-year period preceding the year in which the election is made (in this subparagraph referred to as the “consumption base level”).

added “(ii) Initial adjustment in consumption base level—The Secretary shall make an initial one-time adjustment in the consumption base level to account for differences in the heating degree day average over the most recent 20-year period compared to the average in the consumption base level.

added “(iii) Adjustments in consumption base level—The Secretary shall make adjustments in the consumption base level to account for an increase or reduction in units, a change in fuel source, a change in resident controlled electricity consumption, or for other reasons.

added “(iv) Savings—All cost savings resulting from an election made by a small public housing agency under this subparagraph—

added “(I) shall accrue to the small public housing agency; and

added “(II) may be used for any public housing purpose at the discretion of the small public housing agency.

added “(v) Third parties—A small public housing agency making an election under this subparagraph—

added “(I) may use, but shall not be required to use, the services of a third party in its energy conservation program; and

added “(II) shall have the sole discretion to determine the source, and terms and conditions, of any financing used for its energy conservation program.”

removed Not later than 180 days after the date of enactment of this Act, the Board of Governors of the Federal Reserve System shall amend section 239.8(d)(2)(iv) of title 12, Code of Federal Regulations, by striking “12 months” each place that term appears and inserting “24 months”.

added Section 209(b) of the Federal Credit Union Act (12 U.S.C. 1789(b)) is amended—

added “(1) on an annual basis and prior to the submission of the detailed business-type budget required under paragraph (2)—

added “(A) make publicly available and publish in the Federal Register a draft of the detailed business-type budget; and

added “(B) hold a public hearing, with public notice provided of the hearing, during which the public may submit comments on the draft of the detailed business-type budget;”

removed Section 209(b) of the Federal Credit Union Act (12 U.S.C. 1789(b)) is amended—

removed “(1) on an annual basis and prior to the submission of the detailed business-type budget required under paragraph (2)—

removed “(A) make publicly available and publish in the Federal Register a draft of the detailed business-type budget; and

removed “(B) hold a public hearing, with public notice provided of the hearing, during which the public may submit comments on the draft of the detailed business-type budget;”

added The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended by adding at the end the following new section:

added “51. Capital requirements for certain acquisition, development, or construction loans

added “(a) In general—The appropriate Federal banking agencies may only require a depository institution to assign a heightened risk weight to a high volatility commercial real estate (HVCRE) exposure (as such term is defined under section 324.2 of title 12, Code of Federal Regulations, as of October 11, 2017, or if a successor regulation is in effect as of the date of the enactment of this section, such term or any successor term contained in such successor regulation) under any risk-based capital requirement if such exposure is an HVCRE ADC loan.

added “(b) HVCRE ADC loan defined—For purposes of this section and with respect to a depository institution, the term HVCRE ADC loan—

added “(1) means a credit facility secured by land or improved real property that, prior to being reclassified by the depository institution as a non-HVCRE ADC loan pursuant to subsection (d)—

added “(A) primarily finances, has financed, or refinances the acquisition, development, or construction of real property;

added “(B) has the purpose of providing financing to acquire, develop, or improve such real property into income-producing real property; and

added “(C) is dependent upon future income or sales proceeds from, or refinancing of, such real property for the repayment of such credit facility;

added “(2) does not include a credit facility financing—

added “(A) the acquisition, development, or construction of properties that are—

added “(i) one- to four-family residential properties;

added “(ii) real property that would qualify as an investment in community development; or

added “(iii) agricultural land;

added “(B) the acquisition or refinance of existing income-producing real property secured by a mortgage on such property, if the cash flow being generated by the real property is sufficient to support the debt service and expenses of the real property, in accordance with the institution’s applicable loan underwriting criteria for permanent financings;

added “(C) improvements to existing income-producing improved real property secured by a mortgage on such property, if the cash flow being generated by the real property is sufficient to support the debt service and expenses of the real property, in accordance with the institution’s applicable loan underwriting criteria for permanent financings; or

added “(D) commercial real property projects in which—

added “(i) the loan-to-value ratio is less than or equal to the applicable maximum supervisory loan-to-value ratio as determined by the appropriate Federal banking agency;

added “(ii) the borrower has contributed capital of at least 15 percent of the real property’s appraised, “as completed” value to the project in the form of—

added “(I) cash;

added “(II) unencumbered readily marketable assets;

added “(III) paid development expenses out-of-pocket; or

added “(IV) contributed real property or improvements; and

added “(iii) the borrower contributed the minimum amount of capital described under clause (ii) before the depository institution advances funds (other than the advance of a nominal sum made in order to secure the depository institution’s lien against the real property) under the credit facility, and such minimum amount of capital contributed by the borrower is contractually required to remain in the project until the credit facility has been reclassified by the depository institution as a non-HVCRE ADC loan under subsection (d);

added “(3) does not include any loan made prior to January 1, 2015; and

added “(4) does not include a credit facility reclassified as a non-HVCRE ADC loan under subsection (d).

added “(c) Value of contributed real property—For purposes of this section, the value of any real property contributed by a borrower as a capital contribution shall be the appraised value of the property as determined under standards prescribed pursuant to section 1110 of the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (12 U.S.C. 3339), in connection with the extension of the credit facility or loan to such borrower.

added “(d) Reclassification as a non-HVRCE ADC loan—For purposes of this section and with respect to a credit facility and a depository institution, upon—

added “(1) the substantial completion of the development or construction of the real property being financed by the credit facility; and

added “(2) cash flow being generated by the real property being sufficient to support the debt service and expenses of the real property,

added “(e) Existing authorities—Nothing in this section shall limit the supervisory, regulatory, or enforcement authority of an appropriate Federal banking agency to further the safe and sound operation of an institution under the supervision of the appropriate Federal banking agency.”

“(i) National security freeze

“(1) Definitions—For purposes of this subsection:

“(A) The term consumer reporting agency means a consumer reporting agency described in section 603(p).

“(B) The term proper identification has the meaning of such term as used under section 610.

changed “(C) The term security freeze means a restriction that prohibits a consumer reporting agency from disclosing the contents of a consumer report that is subject to such security freeze to any person requesting the consumer report for the purpose of opening a new account involving the extension of credit.report.

“(2) Placement of security freeze

“(A) In general—Upon receiving a direct request from a consumer that a consumer reporting agency place a security freeze, and upon receiving proper identification from the consumer, the consumer reporting agency shall, free of charge, place the security freeze not later than—

changed “(i) in the case of a request that is by toll-free telephone or secure electronic means, 1 business day after receiving the request directly from the consumer; or

“(ii) in the case of a request that is by mail, 3 business days after receiving the request directly from the consumer.

“(B) Confirmation and additional information—Not later than 5 business days after placing a security freeze under subparagraph (A), a consumer reporting agency shall—

“(i) send confirmation of the placement to the consumer; and

“(ii) inform the consumer of—

“(I) the process by which the consumer may remove the security freeze, including a mechanism to authenticate the consumer; and

“(II) the consumer’s right described in section 615(d)(1)(D).

“(C) Notice to third parties—A consumer reporting agency may advise a third party that a security freeze has been placed with respect to a consumer under subparagraph (A).

“(3) Removal of security freeze

“(A) In general—A consumer reporting agency shall remove a security freeze placed on the consumer report of a consumer only in the following cases:

“(i) Upon the direct request of the consumer.

“(ii) The security freeze was placed due to a material misrepresentation of fact by the consumer.

“(B) Notice if removal not by request—If a consumer reporting agency removes a security freeze under subparagraph (A)(ii), the consumer reporting agency shall notify the consumer in writing prior to removing the security freeze.

“(C) Removal of security freeze by consumer request—Except as provided in subparagraph (A)(ii), a security freeze shall remain in place until the consumer directly requests that the security freeze be removed. Upon receiving a direct request from a consumer that a consumer reporting agency remove a security freeze, and upon receiving proper identification from the consumer, the consumer reporting agency shall, free of charge, remove the security freeze not later than—

changed “(i) in the case of a request that is by toll-free telephone or secure electronic means, 1 hour after receiving the request for removal; or

“(ii) in the case of a request that is by mail, 3 business days after receiving the request for removal.

“(D) Third-party requests—If a third party requests access to a consumer report of a consumer with respect to which a security freeze is in effect, where such request is in connection with an application for credit, and the consumer does not allow such consumer report to be accessed, the third party may treat the application as incomplete.

added “(E) Temporary removal of security freeze—Upon receiving a direct request from a consumer under subparagraph (A)(i), if the consumer requests a temporary removal of a security freeze, the consumer reporting agency shall, in accordance with subparagraph (C), remove the security freeze for the period of time specified by the consumer.

“(4) Exceptions—A security freeze shall not apply to the making of a consumer report for use of the following:

“(A) A person or entity, or a subsidiary, affiliate, or agent of that person or entity, or an assignee of a financial obligation owed by the consumer to that person or entity, or a prospective assignee of a financial obligation owed by the consumer to that person or entity in conjunction with the proposed purchase of the financial obligation, with which the consumer has or had prior to assignment an account or contract including a demand deposit account, or to whom the consumer issued a negotiable instrument, for the purposes of reviewing the account or collecting the financial obligation owed for the account, contract, or negotiable instrument. For purposes of this subparagraph, “reviewing the account” includes activities related to account maintenance, monitoring, credit line increases, and account upgrades and enhancements.

removed “(B) A subsidiary, affiliate, agent, assignee, or prospective assignee of a person to whom access has been granted for purposes of facilitating the extension of credit or other permissible use.

changed “(C) “(B) Any Federal, State, or local agency, law enforcement agency, trial court, or private collection agency acting pursuant to a court order, warrant, or subpoena.

changed “(D) “(C) A child support agency acting pursuant to part D of title IV of the Social Security Act (42 U.S.C. 651 et seq.).

changed “(E) “(D) A Federal agency or a State or its agents or assigns acting to investigate fraud or acting to investigate or collect delinquent taxes or unpaid court orders or to fulfill any of its other statutory responsibilities, provided such responsibilities are consistent with a permissible purpose under section 604.

changed “(F) “(E) By a person using credit information for the purposes described under section 604(c).

changed “(G) “(F) Any person or entity administering a credit file monitoring subscription or similar service to which the consumer has subscribed.

changed “(H) “(G) Any person or entity for the purpose of providing a consumer with a copy of the consumer’s consumer report or credit score, upon the request of the consumer.

changed “(I) “(H) Any person using the information in connection with the underwriting of insurance.

changed “(J) “(I) Any person using the information for employment, tenant, or background screening purposes.

added “(J) Any person using the information for assessing, verifying, or authenticating a consumer’s identity for purposes other than the granting of credit, or for investigating or preventing actual or potential fraud.

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

“(6) Webpage

“(A) Consumer reporting agencies—A consumer reporting agency shall establish a webpage that—

“(i) allows a consumer to request a security freeze;

“(ii) allows a consumer to request an initial fraud alert;

“(iii) allows a consumer to request an extended fraud alert;

“(iv) allows a consumer to request an active duty fraud alert;

“(v) allows a consumer to opt-out of the use of information in a consumer report to send the consumer a solicitation of credit or insurance, in accordance with section 615(d); and

“(vi) shall not be the only mechanism by which a consumer may request a security freeze.

“(B) FTC—The Federal Trade Commission shall establish a single webpage that includes a link to each webpage established under subparagraph (A) within the Federal Trade Commission’s website www.Identitytheft.gov, or a successor website.

added “(j) National protection for files and credit records of protected consumers

removed “(j) National protection for files and credit records of minors

“(1) Definitions—As used in this subsection:

“(A) The term consumer reporting agency means a consumer reporting agency described in section 603(p).

removed “(B) The term minor means an individual who is under the age of 16 years at the time a request for the placement of a security freeze is made.

changed “(C) “(B) The term minor's representative protected consumer means a person an individual who provides to a consumer reporting agency sufficient proof of authority to act on behalf of a minor.is—

added “(i) under the age of 16 years at the time a request for the placement of a security freeze is made; or

added “(ii) an incapacitated person or a protected person for whom a guardian or conservator has been appointed.

added “(C) The term protected consumer's representative means a person who provides to a consumer reporting agency sufficient proof of authority to act on behalf of a protected consumer.

“(D) The term record means a compilation of information that—

added “(i) identifies a protected consumer;

removed “(i) identifies a minor;

“(ii) is created by a consumer reporting agency solely for the purpose of complying with this subsection; and

added “(iii) may not be created or used to consider the protected consumer’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living.

added “(E) The term security freeze means a restriction that prohibits a consumer reporting agency from disclosing the contents of a consumer report that is the subject of such security freeze or, in the case of a protected consumer for whom the consumer reporting agency does not have a file, a record that is subject to such security freeze to any person requesting the consumer report for the purpose of opening a new account involving the extension of credit.

added “(F) The term sufficient proof of authority means documentation that shows a protected consumer’s representative has authority to act on behalf of a protected consumer and includes—

removed “(iii) may not be created or used to consider the minor’s credit worthiness, credit standing, credit capacity, character, general reputation, personal characteristics, or mode of living.

removed “(E) The term security freeze means a restriction that prohibits a consumer reporting agency from disclosing the contents of a consumer report that is the subject of such security freeze or, in the case of a minor for whom the consumer reporting agency does not have a file, a record that is subject to such security freeze to any person requesting the consumer report for the purpose of opening a new account involving the extension of credit.

removed “(F) The term sufficient proof of authority means documentation that shows a minor’s representative has authority to act on behalf of a minor and includes—

“(i) an order issued by a court of law;

“(ii) a lawfully executed and valid power of attorney;

“(iii) a document issued by a Federal, State, or local government agency in the United States showing proof of parentage, including a birth certificate; or

added “(iv) with respect to a protected consumer who has been placed in a foster care setting, a written communication from a county welfare department or its agent or designee, or a county probation department or its agent or designee, certifying that the protected consumer is in a foster care setting under its jurisdiction.

added “(G) The term sufficient proof of identification means information or documentation that identifies a protected consumer and a protected consumer’s representative and includes—

removed “(iv) with respect to a minor who has been placed in a foster care setting, a written communication from a county welfare department or its agent or designee, or a county probation department or its agent or designee, certifying that the minor is in a foster care setting under its jurisdiction.

removed “(G) The term sufficient proof of identification means information or documentation that identifies a minor and a minor’s representative and includes—

“(i) a social security number or a copy of a social security card issued by the Social Security Administration;

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

“(iii) a copy of a driver’s license, an identification card issued by the motor vehicle administration, or any other government issued identification.

removed “(2) Placement of security freeze for a minor

removed “(A) In general—Upon receiving a direct request from a minor’s representative that a consumer reporting agency place a security freeze, and upon receiving sufficient proof of identification and sufficient proof of authority, the consumer reporting agency shall, free of charge, place the security freeze not later than—

removed “(i) in the case of a request that is by telephone or electronic means, 1 business day after receiving the request directly from the minor’s representative; or

changed “(ii) in the case “(2) Placement of security freeze for a request that is by mail, 3 business days after receiving the request directly from the minor’s representative.protected consumer

added “(A) In general—Upon receiving a direct request from a protected consumer’s representative that a consumer reporting agency place a security freeze, and upon receiving sufficient proof of identification and sufficient proof of authority, the consumer reporting agency shall, free of charge, place the security freeze not later than—

added “(i) in the case of a request that is by toll-free telephone or secure electronic means, 1 business day after receiving the request directly from the protected consumer’s representative; or

added “(ii) in the case of a request that is by mail, 3 business days after receiving the request directly from the protected consumer’s representative.

“(B) Confirmation and additional information—Not later than 5 business days after placing a security freeze under subparagraph (A), a consumer reporting agency shall—

removed “(i) send confirmation of the placement to the minor’s representative; and

removed “(ii) inform the minor’s representative of the process by which the minor may remove the security freeze, including a mechanism to authenticate the minor’s representative.

removed “(C) Creation of file—If a consumer reporting agency does not have a file pertaining to a minor when the consumer reporting agency receives a direct request under subparagraph (A), the consumer reporting agency shall create a record for the minor.

changed “(3) Prohibition on release of record or file “(i) send confirmation of minor—After a security freeze has been placed under paragraph (2)(A), and unless the security freeze is removed in accordance with this subsection, a consumer reporting agency may not release the minor’s consumer report, any information derived from the minor’s consumer report, or any record created for placement to the minor.protected consumer’s representative; and

changed “(4) Removal “(ii) inform the protected consumer’s representative of a minor the process by which the protected consumer may remove the security freezefreeze, including a mechanism to authenticate the protected consumer’s representative.

changed “(A) In general—A “(C) Creation of file—If a consumer reporting agency shall remove does not have a security freeze placed on file pertaining to a protected consumer when the consumer report of reporting agency receives a minor only in direct request under subparagraph (A), the following cases:consumer reporting agency shall create a record for the protected consumer.

changed “(i) Upon the direct request “(3) Prohibition on release of record or file of protected consumer—After a security freeze has been placed under paragraph (2)(A), and unless the minor’s representative.security freeze is removed in accordance with this subsection, a consumer reporting agency may not release the protected consumer’s consumer report, any information derived from the protected consumer’s consumer report, or any record created for the protected consumer.

changed “(ii) Upon the direct request of the minor, if the minor is not under the age of 16 years at the time “(4) Removal of the request.a protected consumer security freeze

changed “(iii) The “(A) In general—A consumer reporting agency shall remove a security freeze was placed due to a material misrepresentation on the consumer report of fact by a protected consumer only in the minor’s representative.following cases:

changed “(B) Notice if removal not by request—If a consumer reporting agency removes a security freeze under subparagraph (A)(iii), the consumer reporting agency shall notify “(i) Upon the minor’s representative in writing prior to removing direct request of the security freeze.protected consumer’s representative.

changed “(C) Removal of freeze by request—Except as provided in subparagraph (A)(iii), a security freeze shall remain in place until a minor’s representative or minor described in subparagraph (A)(ii) directly requests that the security freeze be removed. “(ii) Upon receiving a the direct request from of the minor’s representative or minor described in subparagraph (A)(ii) that a protected consumer, if the protected consumer reporting agency remove a security freeze, and upon receiving sufficient proof of identification and sufficient proof is not under the age of authority, 16 years at the consumer reporting agency shall, free time of charge, remove the security freeze not later than—request.

changed “(i) in the case of “(iii) The security freeze was placed due to a request that is material misrepresentation of fact by telephone or electronic means, 1 hour after receiving the request for removal; orprotected consumer’s representative.

changed “(ii) in the case of a request that is “(B) Notice if removal not by mail, 3 business days after receiving request—If a consumer reporting agency removes a security freeze under subparagraph (A)(iii), the request for removal.”consumer reporting agency shall notify the protected consumer’s representative in writing prior to removing the security freeze.

added “(C) Removal of freeze by request—Except as provided in subparagraph (A)(iii), a security freeze shall remain in place until a protected consumer’s representative or protected consumer described in subparagraph (A)(ii) directly requests that the security freeze be removed. Upon receiving a direct request from the protected consumer’s representative or protected consumer described in subparagraph (A)(ii) that a consumer reporting agency remove a security freeze, and upon receiving sufficient proof of identification and sufficient proof of authority, the consumer reporting agency shall, free of charge, remove the security freeze not later than—

added “(i) in the case of a request that is by toll-free telephone or secure electronic means, 1 hour after receiving the request for removal; or

added “(ii) in the case of a request that is by mail, 3 business days after receiving the request for removal.

added “(D) Temporary removal of security freeze—Upon receiving a direct request from a protected consumer or a protected consumer’s representative under subparagraph (A)(i), if the protected consumer or protected consumer’s representative requests a temporary removal of a security freeze, the consumer reporting agency shall, in accordance with subparagraph (C), remove the security freeze for the period of time specified by the protected consumer or protected consumer’s representative.”

added “(J) subsections (i) and (j) of section 605A relating to security freezes; or”

removed “(J) subsections (i) and (j) of section 605A relating to security freezes;”

“(z) Veteran—The term veteran has the meaning given the term in section 101 of title 38, United States Code.

“(aa) Veteran's medical debt—The term veteran’s medical debt—

changed “(1) means a medical collection debt of a veteran arising from health care provided in owed to a non-Department of Veterans Affairs facility under health care provider that was submitted to the laws administered Department for payment for health care authorized by the Secretary Department of Veterans Affairs; and

removed “(1) means a medical collection debt of a veteran owed to a health care provider in a non-Department of Veterans Affairs facility that was submitted to the Department of Veterans Affairs for repayment by the Veterans Choice Fund established by section 802 of the Veterans Access, Choice, and Accountability Act of 2014 (38 U.S.C. 1701 note); and

“(2) includes medical collection debt that the Department of Veterans Affairs has wrongfully charged a veteran.”

changed “(7) AnyWith With respect to a consumer reporting agency described in section 603(p), any information related to a veteran’s medical debt if the date on which the hospital care or care, medical services, or extended care services was rendered relating to the debt antedates the report by less than 1 year if the consumer reporting agency has actual knowledge that the information is related to a veteran’s medical debt and the consumer reporting agency is in compliance with its obligation under section 302(c)(5) of the Economic Growth, Regulatory Relief, and Consumer Protection Act.

changed “(8) AnyWith With respect to a consumer reporting agency described in section 603(p), any information related to a fully paid or settled veteran’s medical debt that had been characterized as delinquent, charged off, or in collection if the consumer reporting agency has actual knowledge that the information is related to a veteran’s medical debt and the consumer reporting agency is in compliance with its obligation under section 302(c)(5) of the Economic Growth, Regulatory Relief, and Consumer Protection Act.”

“(g) Dispute process for veteran’s medical debt

changed “(1) In general—With respect to a veteran's medical debt of a consumer, the consumer, debt, the veteran may submit a notice described in paragraph (2) along with, (2), proof of liability of the Department of Veterans Affairs for payment of that debt, or documentation that the Department of Veterans Affairs is in the process of making payment for authorized hospital care, medical services, or extended care services rendered to a consumer reporting agency or a reseller to dispute the inclusion of that debt on a consumer report of the consumerveteran.veteran.

“(2) Notification to veteran—The Department of Veterans Affairs shall submit to a veteran a notice that the Department of Veterans Affairs has assumed liability for part or all of a veteran's medical debt.

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

added “(k) Credit monitoring

added “(1) Definitions—In this subsection:

added “(A) The term active duty military consumer includes a member of the National Guard.

added “(B) The term National Guard has the meaning given the term in section 101(c) of title 10, United States Code.

added “(2) Credit monitoring—A consumer reporting agency described in section 603(p) shall provide a free electronic credit monitoring service that, at a minimum, notifies a consumer of material additions or modifications to the file of the consumer at the consumer reporting agency to any consumer who provides to the consumer reporting agency—

added “(A) appropriate proof that the consumer is an active duty military consumer; and

added “(B) contact information of the consumer.

added “(3) Rulemaking—Not later than 1 year after the date of enactment of this subsection, the Federal Trade Commission shall promulgate regulations regarding the requirements of this subsection, which shall at a minimum include—

added “(A) a definition of an electronic credit monitoring service and material additions or modifications to the file of a consumer; and

added “(B) what constitutes appropriate proof.

added “(4) Applicability

added “(A) Sections 616 and 617 shall not apply to any violation of this subsection.

added “(B) This subsection shall be enforced exclusively under section 621 by the Federal agencies and Federal and State officials identified in that section.”

added “(K) subsection (k) of section 605A, relating to credit monitoring for active duty military consumers, as defined in that subsection;”

added Section 129C(b)(3) of the Truth in Lending Act (15 U.S.C. 1639c(b)(3)) is amended by adding at the end the following:

added “(C) Consideration of underwriting requirements for Property Assessed Clean Energy financing

added “(i) Definition—In this subparagraph, the term Property Assessed Clean Energy financing means financing to cover the costs of home improvements that results in a tax assessment on the real property of the consumer.

added “(ii) Regulations—The Bureau shall prescribe regulations that carry out the purposes of subsection (a) and apply section 130 with respect to violations under subsection (a) of this section with respect to Property Assessed Clean Energy financing, which shall account for the unique nature of Property Assessed Clean Energy financing.

added “(iii) Collection of information and consultation—In prescribing the regulations under this subparagraph, the Bureau—

added “(I) may collect such information and data that the Bureau determines is necessary; and

added “(II) shall consult with State and local governments and bond-issuing authorities.”

removed “(E) Rehabilitation of qualified education loans

removed “(i) In general—Notwithstanding any other provision of this section, a consumer may request a financial institution to remove from a consumer report a reported default regarding a qualified education loan, and such information shall not be considered inaccurate, if—

removed “(I) the financial institution chooses to offer a loan rehabilitation program which includes, without limitation, a requirement of the consumer to make consecutive on-time monthly payments in a number that demonstrates, in the assessment of the financial institution offering the loan rehabilitation program, a renewed ability and willingness to repay the loan; and

removed “(II) the requirements of the loan rehabilitation program described in subclause (I) are successfully met.

removed “(ii) Banking agencies

removed “(I) In general—If a financial institution is supervised by a Federal banking agency, the financial institution shall seek written approval concerning the terms and conditions of the loan rehabilitation program described in clause (i) from the appropriate Federal banking agency.

removed “(II) Feedback—An appropriate Federal banking agency shall provide feedback to a financial institution within 120 days of a request for approval under subclause (I).

removed “(iii) Limitation

removed “(I) In general—A consumer may obtain the benefits available under this subsection with respect to rehabilitating a loan only 1 time per loan.

removed “(II) Rule of construction—Nothing in this subparagraph may be construed to require a financial institution to offer a loan rehabilitation program or to remove any reported default from a consumer report as a consideration of a loan rehabilitation program, except as described in clause (i).

removed “(iv) Definitions—For purposes of this subparagraph—

removed “(I) the term appropriate Federal banking agency has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813); and

removed “(II) the term qualified education loan has the meaning given the term in section 221(d) of the Internal Revenue Code of 1986.”

“(C) Risks to financial stability and safety and soundness—The Board of Governors may by order or rule promulgated pursuant to section 553 of title 5, United States Code, apply any prudential standard established under this section to any bank holding company or bank holding companies with total consolidated assets equal to or greater than $100,000,000,000 to which the prudential standard does not otherwise apply provided that the Board of Governors—

“(i) determines that application of the prudential standard is appropriate—

“(I) to prevent or mitigate risks to the financial stability of the United States, as described in paragraph (1); or

“(II) to promote the safety and soundness of the bank holding company or bank holding companies; and

“(ii) takes into consideration the bank holding company’s or bank holding companies’ capital structure, riskiness, complexity, financial activities (including financial activities of subsidiaries), size, and any other risk-related factors that the Board of Governors deems appropriate.”

added “(3) Tailoring assessments—In collecting assessments, fees, or other charges under paragraph (1) from each company described in paragraph (2) with total consolidated assets of between $100,000,000,000 and $250,000,000,000, the Board shall adjust the amount charged to reflect any changes in supervisory and regulatory responsibilities resulting from the Economic Growth, Regulatory Relief, and Consumer Protection Act with respect to each such company.”

“(aa) Treatment of certain municipal obligations

“(1) Definitions—In this subsection—

“(A) the term investment grade, with respect to an obligation, has the meaning given the term in section 1.2 of title 12, Code of Federal Regulations, or any successor thereto;

“(B) the term liquid and readily-marketable has the meaning given the term in section 249.3 of title 12, Code of Federal Regulations, or any successor thereto; and

“(C) the term municipal obligation means an obligation of—

“(i) a State or any political subdivision thereof; or

“(ii) any agency or instrumentality of a State or any political subdivision thereof.

“(2) Municipal obligations—For purposes of the final rule entitled “Liquidity Coverage Ratio: Liquidity Risk Measurement Standards” (79 Fed. Reg. 61439 (October 10, 2014)), the final rule entitled “Liquidity Coverage Ratio: Treatment of U.S. Municipal Securities as High-Quality Liquid Assets” (81 Fed. Reg. 21223 (April 11, 2016)), and any other regulation that incorporates a definition of the term high-quality liquid asset or another substantially similar term, the appropriate Federal banking agencies shall treat a municipal obligation as a high-quality liquid asset that is a level 2B liquid asset if that obligation is, as of the date of calculation—

“(A) liquid and readily-marketable; and

“(B) investment grade.”

changed Not later than 1 year after the date of enactment of this Act, the Secretary of the Treasury shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House Section 18(b)(1) of Representatives a report on the risks Securities Act of cyber threats to financial institutions and capital markets in the United States, including—1933 (15 U.S.C. 77r(b)(1)) is amended—

added Section 503 of the Small Business Investment Incentive Act of 1980 (15 U.S.C. 80c–1) is amended by adding at the end the following:

added “(e) The Commission shall—

added “(1) review the findings and recommendations of the forum; and

added “(2) each time the forum submits a finding or recommendation to the Commission, promptly issue a public statement—

added “(A) assessing the finding or recommendation of the forum; and

added “(B) disclosing the action, if any, the Commission intends to take with respect to the finding or recommendation.”