US Codex
Bill
Notes

S. 2155 — what changed

Economic Growth, Regulatory Relief, and Consumer Protection Act

From Introduced in Senate to Reported in Senate. 14 sections amended, 8 added, and 2 removed between Introduced in Senate and Reported in Senate.

Sec. 101 Minimum standards for residential mortgage loans

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

“(F) Safe harbor

“(i) Definitions—In this subparagraph—

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

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

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

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

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

“(ii) Safe harbor—In this section—

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

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

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

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

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

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

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

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

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

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

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

added “(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.”

Sec. 103 Exemption from appraisals of real property located in rural areas

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

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

“(a) Definition—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).

“(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—

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

“(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) the balance of the loan loantransaction value is less than $400,000; and

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

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

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

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

changed “(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.originator.; or

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

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

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

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

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

Sec. 107 Protecting access to manufactured homes

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

(1)
by redesignating the second subsection (cc) (relating to definitions relating to mortgage origination and residential mortgage loans) and subsection (dd) as subsections (dd) and (ee), respectively; and
(2)
in paragraph (2) of subsection (dd), as so redesignated, by striking subparagraph (C) and inserting the following:

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

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

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

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

“(II) discloses to the consumer—

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

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

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

Sec. 109 Escrow requirements relating to certain consumer credit transactions

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

(1)
added byin subsection (c)—
(A)
renumbered was (3) by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D), respectively, and adjusting the margins accordingly;
(2)(B)
renumbered was (4) in the matter preceding subparagraph (A), as so redesignated, by striking “The Board” and inserting the following:

“(1) In general—The Bureau”

(3)(C)
renumbered was (5) in paragraph (1), as so redesignated, by striking “the Board” each place that term appears and inserting “the Bureau”; and
(4)(D)
renumbered was (6) by adding at the end the following:

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

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

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

added “(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.”

(2)
added in subsection (i), by adding at the end the following:

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

Sec. 201 Capital simplification for qualifying community banks

(a)
Definitions— In this section:
(1)
Community Bank Leverage Ratio— The term Community Bank Leverage Ratio means the ratio of the tangible equity capital of a qualifying community bank, as reported on the qualifying community bank’s applicable regulatory filing with the qualifying community bank’s appropriate Federal banking agency, to the average total consolidated assets of the qualifying community bank, as reported on the qualifying community bank’s applicable regulatory filing with the qualifying community bank’s appropriate Federal banking agency.
(2)
Generally applicable leverage capital requirements; generally applicable risk-based capital requirements— The terms generally applicable leverage capital requirements and generally applicable risk-based capital requirements have the meanings given those terms in section 171(a) of the Financial Stability Act of 2010 (12 U.S.C. 5371(a)).
(3)
Qualifying community bank—
(A)
Asset threshold— The term qualifying community bank means a depository institution or depository institution holding company with total consolidated assets of less than $10,000,000,000.
(B)
Risk profile— The appropriate Federal banking agencies may determine that a depository institution or depository institution holding company (or a class of depository institutions or depository institution holding companies) described in subparagraph (A) is not a qualifying community bank based on the depository institution’s or depository institution holding company’s risk profile, which shall be based on consideration of—
(i)
off-balance sheet exposures;
(ii)
trading assets and liabilities;
(iii)
total notional derivatives exposures; and
(iv)
such other factors as the appropriate Federal banking agencies determine appropriate.
(b)
Community Bank Leverage Ratio— The appropriate Federal banking agencies shall, through notice and comment rule making under section 553 of title 5, United States Code—
(1)
develop a Community Bank Leverage Ratio of not less than 8 percent and not more than 10 percent for qualifying community banks; and
(2)
changed establish procedures for treatment of a qualified qualifiedqualifying community bank that has a Community Bank Leverage Ratio that is isfalls below the percentage developed under paragraph (1) after exceeding the percentage developed under paragraph (1).
(c)
Capital compliance—
(1)
changed In general— Any qualifying community bank that meets meetsexceeds the Community Bank Leverage Ratio developed under subsection (b)(1) shall be considered to have met—
(A)
the generally applicable leverage capital requirements and the generally applicable risk-based capital requirements;
(B)
in the case of a qualifying community bank that is a depository institution, the capital ratio requirements that are required in order to be considered well capitalized under section 38 of the Federal Deposit Insurance Act (12 U.S.C. 1831o) and any regulation implementing that section; and
(C)
any other capital or leverage requirements to which the qualifying community bank is subject.
(2)
Existing authorities— Nothing in paragraph (1) shall limit the authority of the appropriate Federal banking agencies as in effect on the date of enactment of this Act.
(d)
added Consultation— The appropriate Federal banking agencies shall—
(1)
added consult with the applicable State bank supervisors in carrying out this section; and
(2)
added notify the applicable State bank supervisor of any qualifying community bank that it supervises that exceeds, or does not exceed after previously exceeding, the Community Bank Leverage ratio developed under subsection (b)(1).

Sec. 203 Community bank relief

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

(1)
in paragraph (1)—
(A)
in subparagraph (D), by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively, and adjusting the margins accordingly;
(B)
by redesignating subparagraphs (A) through (D) as clauses (i) through (iv), respectively, and adjusting the margins accordingly;
(C)
in the matter preceding clause (i), as so redesignated, in the second sentence, by striking “institution that functions solely in a trust or fiduciary capacity, if—” and inserting the following:

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

(D)
in clause (iv)(II), as so redesignated, by striking the period at the end and inserting “; or”; and
(E)
by adding at the end the following:

“(B) with—

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

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

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

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

Sec. 206 Option for Federal savings associations to operate as covered savings associations

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

“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

“(1) In general—Upon issuance of rules 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 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 or orand 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.

“(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.”

Sec. 210 Small public housing agencies

removed
(a)
removed Small public housing agencies— Title I of the United States Housing Act of 1937 (42 U.S.C. 1437 et seq.) is amended by adding at the end the following:

removed “38. Small public housing agencies

removed “(a) Definitions—In this section:

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

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

removed “(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

removed “(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.

removed “(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).

removed “(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.

removed “(c) Program inspections and evaluations

removed “(1) Public housing projects

removed “(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.

removed “(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.

removed “(2) Housing voucher program—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).

removed “(3) Troubled small public housing agencies

removed “(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.

removed “(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).

removed “(C) Appeals

removed “(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.

removed “(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.

removed “(D) Corrective action agreement

removed “(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.

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

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

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

removed “(III) provide for—

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

removed “(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

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

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

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

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

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

removed “(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.

removed “(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.

removed “(d) Reduction of administrative burdens

removed “(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.

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

(b)
removed Energy conservation— Section 9(e)(2) of the United States Housing Act of 1937 (42 U.S.C. 1437g(e)(2)) is amended by adding at the end the following:

removed “(D) Freeze of consumption levels

removed “(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”).

removed “(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.

removed “(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.

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

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

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

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

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

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

(c)
removed Reporting by agencies operating in consortia— Not later than 180 days after the date of enactment of this Act, the Secretary of Housing and Urban Development shall develop and deploy all electronic information systems necessary to accommodate full consolidated reporting by public housing agencies, as defined in section 3(b)(6) of the United States Housing Act of 1937 (42 U.S.C. 1437a(b)(6)), electing to operate in consortia under section 13(a) of such Act (42 U.S.C. 1437k(a)).
(d)
removed Effective date— The amendments made by subsections (a) and (b) shall take effect on the date that is 60 days after the date of enactment of this Act.

Sec. 211 Examination cycle

removed

removed Section 10(d)(4)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1820(d)(4)(A)) is amended by striking “$1,000,000,000” and inserting “$3,000,000,000”.

Sec. 21009 Small public housing agencies

added
(a)
added Small public housing agencies— Title I of the United States Housing Act of 1937 (42 U.S.C. 1437 et seq.) is amended by adding at the end the following:

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—A smallExcept 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.”

(b)
added Energy conservation— Section 9(e)(2) of the United States Housing Act of 1937 (42 U.S.C. 1437g(e)(2)) is amended by adding at the end the following:

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.”

(c)
added Reporting by agencies operating in consortia— Not later than 180 days after the date of enactment of this Act, the Secretary of Housing and Urban Development shall develop and deploy all electronic information systems necessary to accommodate full consolidated reporting by public housing agencies, as defined in section 3(b)(6) of the United States Housing Act of 1937 (42 U.S.C. 1437a(b)(6)), electing to operate in consortia under section 13(a) of such Act (42 U.S.C. 1437k(a)).
(d)
added Effective date— The amendments made by subsections (a) and (b) shall take effect on the date that is 60 days after the date of enactment of this Act.
(e)
added Shared waiting lists— Not later than 1 year after the date of enactment of this Act, the Secretary of Housing and Urban Development shall make available to interested public housing agencies and owners of multifamily properties receiving assistance from the Department of Housing and Urban Development 1 or more software programs that will facilitate the voluntary use of a shared waiting list by multiple public housing agencies or owners receiving assistance, and shall publish on the website of the Department of Housing and Urban Development procedural guidance for implementing shared waiting lists that includes information on how to obtain the software.

Sec. 2110 Examination cycle

added

added Section 10(d)(4)(A) of the Federal Deposit Insurance Act (12 U.S.C. 1820(d)(4)(A)) is amended byamended—

(1)
added in paragraph (4)(A), by striking “$1,000,000,000” and inserting “$3,000,000,000”.; and
(2)
added in paragraph (10), by striking “$1,000,000,000” and inserting “$3,000,000,000”.

Sec. 2121 National securities exchange regulatory parity

added

added Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 77r(b)(1)) is amended—

(1)
added by striking subparagraph (A);
(2)
added in subparagraph (B)—
(A)
added by inserting “a security designated as qualified for trading in the national market system pursuant to section 11A(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78k–1(a)(2)) that is” before “listed”; and
(B)
added by striking “that has listing standards that the Commission determines by rule (on its own initiative or on the basis of a petition) are substantially similar to the listing standards applicable to securities described in subparagraph (A)”;
(3)
added in subparagraph (C), by striking “or (B)”; and
(4)
added by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively.

Sec. 212 International insurance capital standards accountability

(a)
added Findings— Congress finds that—
(1)
added the Secretary of the Treasury, Board of Governors of the Federal Reserve System, and Director of the Federal Insurance Office shall support increasing transparency at any global insurance or international standard-setting regulatory or supervisory forum in which they participate, including supporting and advocating for greater public observer access to working groups and committee meetings of the International Association of Insurance Supervisors; and
(2)
added to the extent that the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office take a position or reasonably intend to take a position with respect to an insurance proposal by a global insurance regulatory or supervisory forum, the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office shall achieve consensus positions with State insurance regulators through the National Association of Insurance Commissioners, when they are United States participants in negotiations on insurance issues before the International Association of Insurance Supervisors, Financial Stability Board, or any other international forum of financial regulators or supervisors that considers such issues.
(b)
added Insurance policy advisory committee—
(1)
added Establishment— There is established the Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues at the Board of Governors of the Federal Reserve System.
(2)
added Membership— The Committee shall be composed of not more than 21 members, all of whom represent a diverse set of expert perspectives from the various sectors of the United States insurance industry, including life insurance, property and casualty insurance and reinsurance, agents and brokers, academics, consumer advocates, or experts on issues facing underserved insurance communities and consumers.
(c)
added Reports—
(1)
added Reports and testimony by Secretary of the Treasury and Chairman of the Federal Reserve—
(A)
added In general— The Secretary of the Treasury and the Chairman of the Board of Governors of the Federal Reserve System, or their designee, shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives, an annual report and provide annual testimony to the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Committee on Financial Services of the House of Representatives on the efforts of the Secretary and the Chairman with the National Association of Insurance Commissioners with respect to global insurance regulatory or supervisory forums, including—
(i)
added a description of the insurance regulatory or supervisory standard-setting issues under discussion at international standard-setting bodies, including the Financial Stability Board and the International Association of Insurance Supervisors;
(ii)
added a description of the effects that proposals discussed at international insurance regulatory or supervisory forums of insurance could have on consumer and insurance markets in the United States;
(iii)
added a description of any position taken by the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office in international insurance discussions; and
(iv)
added a description of the efforts by the Secretary of the Treasury, the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office to increase transparency at the Financial Stability Board with respect to insurance proposals and the International Association of Insurance Supervisors, including efforts to provide additional public access to working groups and committees of the International Association of Insurance Supervisors.
(B)
added Termination— This paragraph shall terminate on December 31, 2022.

removed Section 18(b)(1) of the Securities Act of 1933 (15 U.S.C. 77r(b)(1)) is amended—

(1)
removed by striking subparagraph (A);
(2)
removed in subparagraph (B)—
(A)
removed by inserting “a security designated as qualified for trading in the national market system pursuant to section 11A(a)(2) of the Securities Exchange Act of 1934 (15 U.S.C. 78k–1(a)(2)) that is” before “listed”; and
(2)
changed Reports and testimony by National Association of Insurance Commissioners— by striking “that has listing standards that the Commission determines by rule (on its own initiative or on the basis The National Association of a petition) are substantially similar Insurance Commissioners may provide testimony to Congress on the listing standards applicable to securities issues described in subparagraph (A)”;paragraph (1)(A).
(3)
added Joint report by the Chairman of the Federal Reserve and the Director of the Federal Insurance Office—
(A)
added In general— The Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office shall, in consultation with the National Association of Insurance Commissioners, complete a study on, and submit to Congress a report on the results of the study, the impact on consumers and markets in the United States before supporting or consenting to the adoption of any key elements in any international insurance proposal or international insurance capital standard.
(B)
added Notice and comment—
(i)
added Notice— The Secretary of the Treasury, the Chairman of the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office shall provide public notice before the date on which drafting a report required under subparagraph (A) is commenced and after the date on which the draft of the report is completed.
(ii)
added Opportunity for comment— There shall be an opportunity for public comment for a period beginning on the date on which the report is submitted under subparagraph (A) and ending on the date that is 60 days after the date on which the report is submitted.
(C)
added Review by Comptroller General— The Secretary of the Treasury, Chairman of the Board of Governors of the Federal Reserve System, and the Director of the Federal Insurance Office shall submit to the Comptroller General of the United States the report described in subparagraph (A) for review.
(4)
added Report on increase in transparency— Not later than 180 days after the date of enactment of this Act, the Chairman of the Board of Governors of the Federal Reserve System and the Secretary of the Treasury, or their designees, shall submit to Congress a report and provide testimony to Congress on the efforts of the Chairman and the Secretary to increase transparency at meetings of the International Association of Insurance Supervisors.
(3)
removed in subparagraph (C), by striking “or (B)”; and
(4)
removed by redesignating subparagraphs (B) and (C) as subparagraphs (A) and (B), respectively.

Sec. 213 Budget transparency for the NCUA

added

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

(1)
added by redesignating paragraphs (1) and (2) as paragraphs (2) and (3), respectively;
(2)
added by inserting before paragraph (2), as so redesignated, the following:

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;”

(3)
added in paragraph (2), as so redesignated—
(A)
added by inserting “detailed” after “submit a”; and
(B)
added by inserting “, which shall address any comment submitted by the public under paragraph (1)(B)” after “Control Act”.

Sec. 214 Making online banking initiation legal and easy

added
(a)
added Definitions— In this section:
(1)
added Affiliate— The term affiliate has the meaning given the term in section 2 of the Bank Holding Company Act of 1956 (12 U.S.C. 1841).
(2)
added Driver's license— The term driver's license means a license issued by a State to an individual that authorizes the individual to operate a motor vehicle on public streets, roads, or highways.
(3)
added Federal bank secrecy laws— The term Federal bank secrecy laws means—
(A)
added section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b);
(B)
added section 123 of Public Law 91–508 (12 U.S.C. 1953); and
(C)
added subchapter II of chapter 53 of title 31, United States Code.
(4)
added Financial institution— The term financial institution means—
(A)
added an insured depository institution;
(B)
added an insured credit union; or
(C)
added any affiliate of an insured depository institution or insured credit union.
(5)
added Financial product or service— The term financial product or service has the meaning given the term in section 1002 of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5481).
(6)
added Insured credit union— The term insured credit union has the meaning given the term in section 101 of the Federal Credit Union Act (12 U.S.C. 1752).
(7)
added Insured depository institution— The term insured depository institution has the meaning given the term in section 3 of the Federal Deposit Insurance Act (12 U.S.C. 1813).
(8)
added Online service— The term online service means any Internet-based service, such as a website or mobile application.
(9)
added Personal identification card— The term personal identification card means an identification document issued by a State or local government to an individual solely for the purpose of identification of that individual.
(10)
added Personal information— The term personal information means the information displayed on or electronically encoded on a driver’s license or personal identification card that is reasonably necessary to fulfill the purpose and uses permitted by subsection (b).
(11)
added Scan— The term scan means the act of using a device or software to decipher, in an electronically readable format, personal information displayed on or electronically encoded on a driver’s license or personal identification card.
(12)
added State— The term State means any State of the United States, the District of Columbia, the Commonwealth of Puerto Rico, and any other commonwealth, possession, or territory of the United States.
(b)
added Use of a driver's license or personal identification card—
(1)
added In general— When an individual initiates a request through an online service to open an account with a financial institution or obtain a financial product or service from a financial institution, the financial institution may record personal information from a scan of the driver’s license or personal identification card of the individual, or make a copy or receive an image of the driver’s license or personal identification card of the individual, and store or retain such information in any electronic format for the purposes described in paragraph (2).
(2)
added Uses of information— Except as required to comply with Federal bank secrecy laws, a financial institution may only use the information obtained under paragraph (1)—
(A)
added to verify the authenticity of the driver’s license or personal identification card;
(B)
added to verify the identity of the individual; and
(C)
added to comply with a legal requirement to record, retain, or transmit the personal information in connection with opening an account or obtaining a financial product or service.
(3)
added Deletion of image— A financial institution that makes a copy or receives an image of a driver’s license or personal identification card of an individual in accordance with paragraphs (1) and (2) shall, after using the image for the purposes described in paragraph (2), permanently delete—
(A)
added any image of the driver’s license or personal identification card, as applicable; and
(B)
added any copy of any such image.
(4)
added Disclosure of personal information— Nothing in this section shall be construed to amend, modify, or otherwise affect any State or Federal law that governs a financial institution’s disclosure and security of personal information that is not publicly available.
(c)
added Relation to State law— The provisions of this section shall preempt and supersede any State law that conflicts with a provision of this section, but only to the extent of such conflict.

Sec. 301 Protecting consumers’ credit

(a)
added In general— Section 605A of the Fair Credit Reporting Act (15 U.S.C. 1681c–1) is amended—

removed Section 605A of the Fair Credit Reporting Act (15 U.S.C. 1681c–1) is amended—

(1)
renumbered was (3) in subsection (a)(1)(A), by striking “90 days” and inserting “1 year”; and
(2)
renumbered was (4) by adding at the end the following:

added “(i) National security freeze

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

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

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

added “(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.

added “(2) Placement of security freeze

added “(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—

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

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

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

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

added “(ii) inform the consumer of—

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

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

added “(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).

added “(3) Removal of security freeze

added “(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:

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

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

added “(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.

added “(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—

added “(i) in the case of a request that is by telephone or 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) 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 “(4) Exceptions—A security freeze shall not apply to the making of a consumer report for use of the following:

added “(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.

added “(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.

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

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

added “(E) 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.

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

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

added “(H) 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.

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

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

added “(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:

added “(6) Webpage

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

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

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

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

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

added “(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

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

added “(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 minors

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

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

added “(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.

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

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

added “(i) identifies a minor;

added “(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 minor’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 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.

added “(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—

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

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

added “(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 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.

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

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

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

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

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

added “(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—

added “(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

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

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

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

added “(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.

added “(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.

added “(3) Prohibition on release of record or file 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 the minor.

added “(4) Removal of a minor security freeze

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

added “(i) Upon the direct request of the minor’s representative.

added “(ii) Upon the direct request of the minor, if the minor is not under the age of 16 years at the time of the request.

added “(iii) The security freeze was placed due to a material misrepresentation of fact by the minor’s representative.

added “(B) Notice if removal not by request—If a consumer reporting agency removes a security freeze under subparagraph (A)(iii), the consumer reporting agency shall notify the minor’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 minor’s representative or minor described in subparagraph (A)(ii) directly requests that the security freeze be removed. Upon receiving a direct request from the minor’s representative or minor 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 telephone or 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.”

(b)
added Conforming amendment— Section 625(b)(1) of the Fair Credit Reporting Act (15 U.S.C. 1681t(b)(1)) is amended—
(1)
added in subparagraph (H), by striking “or” at the end;
(2)
added in subparagraph (I), by adding “or” at the end; and
(3)
added by adding at the end the following:

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

(c)
added Effective date— The amendments made by this section shall take effect on the date that is 120 days after the date of enactment of this Act.

removed “(i) Free annual freeze alerts; additional protections for credit reports of minor consumers

removed “(1) Definition—In this subsection, the term freeze alert means a restriction placed on the file of a consumer, prohibiting the ability of a consumer reporting agency to furnish to any person, for the purpose of opening a new account involving the extension of credit, the consumer report of the consumer.

removed “(2) Free annual freeze alert

removed “(A) In general—Notwithstanding any other provision of State law, once every calendar year, free of charge, upon the direct request of a consumer, or an individual acting on behalf of or as a personal representative of the consumer, a consumer reporting agency that maintains a file on the consumer and has received appropriate proof of the identity of the requester shall provide 1 freeze alert in the file of that consumer that shall remain in effect until the consumer or requester requests that such freeze alert be removed.

removed “(B) Removal of alert—Notwithstanding any other provision of State law, once every calendar year, free of charge, upon the direct request of a consumer, or an individual acting on behalf of or as a personal representative of the consumer, a consumer reporting agency that receives a request to remove a freeze alert provided under paragraph (1) shall remove such a freeze alert.

removed “(C) Rule of construction—Nothing in this paragraph shall be construed to limit the authority of a State to require consumer reporting agencies to require freeze alerts free of charge.

removed “(3) Additional protections for credit reports of minor consumers

removed “(A) In general—Upon the direct request of an individual acting on behalf of or as a personal representative of a minor, a consumer reporting agency that maintains a file on the minor and has received appropriate proof of the identity of the requester shall include a freeze alert, free of charge, in the file of that minor that shall remain in effect until an individual acting on behalf of or as a personal representative of the minor, or in the case of a minor who is no longer a minor, the minor, requests that such freeze alert be removed.

removed “(B) Block of information—While a freeze alert under subparagraph (A) is in place, a consumer reporting agency may not release—

removed “(i) the consumer report of the minor;

removed “(ii) any information derived from the consumer report of the minor; or

removed “(iii) any record created for the minor.

removed “(C) Removal—Notwithstanding any other provision of State law, a consumer reporting agency that receives a request for a freeze alert for a minor or a request to remove a freeze alert for a minor shall provide or remove the freeze alert, as applicable, free of charge.”

Sec. 302 Protecting veterans’ credit

(a)
Purposes— The purposes of this section are—
(1)
to rectify problematic reporting of medical debt included in a consumer report of a veteran due to inappropriate or delayed payment for hospital care or medical services provided in a non-Department of Veterans Affairs facility under the laws administered by the Secretary of Veterans Affairs; and
(2)
to clarify the process of debt collection for such medical debt.
(b)
Amendments to Fair Credit Reporting Act—
(1)
Veteran’s medical debt defined— Section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a) is amended by adding at the end the following:

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

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

“(1) means a debt of a veteran arising from health care provided in a non-Department of Veterans Affairs facility under the laws administered by the Secretary of Veterans Affairs; and

changed “(2) includes “(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 has wrongfully charged a veteran.”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

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

(2)
Exclusion for veteran’s medical debt— Section 605(a) of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)) is amended by adding at the end the following:

changed “(7) Any AnyWith 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 medical services was rendered relating to the debt antedates the report by less than 1 year.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) Any AnyWith 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.”collection if the consumer reporting agency has actual knowledge that the information is related to a veteran’s medical debt and the consumer reporting agency is in compliance with its obligation under section 302(c)(5) of the Economic Growth, Regulatory Relief, and Consumer Protection Act.”

(3)
Removal of veteran’s medical debt from consumer report— Section 611 of the Fair Credit Reporting Act (15 U.S.C. 1681i) is amended—
(A)
in subsection (a)(1)(A), by inserting “and except as provided in subsection (g)” after “subsection (f)”; and
(B)
by adding at the end the following:

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

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

“(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 and, proof of liability 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 consumer consumerveteran and notify the furnisher and the consumer consumerveteran of that deletion.”

(c)
added Verification of veteran’s medical debt—
(1)
added Definitions— For purposes of this subsection—
(A)
added the term consumer reporting agency means a consumer reporting agency described in section 603(p) of the Fair Credit Reporting Act (15 U.S.C. 1681a(p)); and
(B)
added the terms veteran and veteran’s medical debt have the meanings given those terms in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a), as added by subsection (b)(1).
(2)
added Establishment— Not later than 1 year after the date of enactment of this Act, the Secretary of Veterans Affairs shall establish a database to allow consumer reporting agencies to verify whether a debt furnished to a consumer reporting agency is a veteran’s medical debt.
(3)
added Database features— The Secretary of Veterans Affairs shall ensure that the database established under paragraph (2) provides consumer reporting agencies with—
(A)
added sufficiently detailed and specific information to verify whether a debt being furnished to the consumer reporting agency is a veteran’s medical debt;
(B)
added access to verification information in a secure electronic format;
(C)
added timely access to verification information; and
(D)
added any other features that would promote the efficient, timely, and secure delivery of information that consumer reporting agencies could use to verify whether a debt is a veteran’s medical debt.
(4)
added Stakeholder input— Prior to establishing the database for verification under paragraph (2), the Secretary of Veterans Affairs shall publish in the Federal Register a notice and request for comment that solicits input from consumer reporting agencies and other stakeholders.
(5)
added Verification— Provided the database established under paragraph (2) is fully functional and the data available to consumer reporting agencies, a consumer reporting agency shall use the database as a means to identify a veteran’s medical debt pursuant to paragraphs (7) and (8) of section 605(a) of the Fair Credit Reporting Act (15 U.S.C. 1681c(a)), as added by subsection (b)(2).
(c)(d)
added Effective date— The amendments made by this section shall take effect on the date that is 180 days1 year after the date of enactment of this Act.
(c)
removed Effective date— The amendments made by this section shall take effect on the date that is 180 days after the date of enactment of this Act.

Sec. 303 Immunity from suit for disclosure of financial exploitation of senior citizens

(a)
Immunity—
(1)
Definitions— In this section—
(A)
the term Bank Secrecy Act officer means an individual responsible for ensuring compliance with the requirements mandated by subchapter II of chapter 53 of title 31, United States Code (commonly known as the “Bank Secrecy Act”);
(B)
the term broker-dealer means a broker and a dealer, as those terms are defined in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a));
(C)
the term covered agency means—
(i)
a State financial regulatory agency, including a State securities or law enforcement authority and a State insurance regulator;
(ii)
changed each of the entities entitiesFederal agencies represented in the membership of the Financial Institutions Examination Council established under section 1004 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3303);
(iii)
a securities association registered under section 15A of the Securities Exchange Act of 1934 (15 U.S.C. 78o–3);
(iv)
the Securities and Exchange Commission;
(v)
changed a law enforcement agency; andandor
(vi)
a State or local agency responsible for administering adult protective service laws;
(D)
the term covered financial institution means—
(i)
a credit union;
(ii)
a depository institution;
(iii)
an investment adviser;
(iv)
a broker-dealer;
(v)
an insurance company;
(vi)
changed an insurance agency; andandor
(vii)
a transfer agent;
(E)
the term credit union has the meaning given the term in section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301);
(F)
the term depository institution has the meaning given the term in section 3(c) of the Federal Deposit Insurance Act (12 U.S.C. 1813(c));
(G)
the term exploitation means the fraudulent or otherwise illegal, unauthorized, or improper act or process of an individual, including a caregiver or a fiduciary, that—
(i)
uses the resources of a senior citizen for monetary or personal benefit, profit, or gain; or
(ii)
results in depriving a senior citizen of rightful access to or use of benefits, resources, belongings, or assets;
(H)
the term insurance agency means any business entity that sells, solicits, or negotiates insurance coverage;
(I)
the term insurance company has the meaning given the term in section 2(a) of the Investment Company Act of 1940 (15 U.S.C. 80a–2(a));
(J)
the term insurance producer means an individual who is required under State law to be licensed in order to sell, solicit, or negotiate insurance coverage;
(K)
the term investment adviser has the meaning given the term in section 202(a) of the Investment Advisers Act of 1940 (15 U.S.C. 80b–2(a));
(L)
the term investment adviser representative means an individual who—
(i)
is employed by, or associated with, an investment adviser; and
(ii)
does not perform solely clerical or ministerial acts;
(M)
the term registered representative means an individual who represents a broker-dealer in effecting or attempting to effect a purchase or sale of securities;
(N)
the term senior citizen means an individual who is not younger than 65 years of age;
(O)
the term State means each of the several States, the District of Columbia, and any territory or possession of the United States;
(P)
the term State insurance regulator has the meaning given the term in section 315 of the Gramm-Leach-Bliley Act (15 U.S.C. 6735);
(Q)
the term State securities or law enforcement authority has the meaning given the term in section 24(f)(4) of the Securities Exchange Act of 1934 (15 U.S.C. 78x(f)(4)); and
(R)
the term transfer agent has the meaning given the term in section 3(a) of the Securities Exchange Act of 1934 (15 U.S.C. 78c(a)).
(2)
Immunity from suit—
(A)
Immunity for individuals— An individual who has received the training described in subsection (b) shall not be liable, including in any civil or administrative proceeding, for disclosing the suspected exploitation of a senior citizen to a covered agency if the individual, at the time of the disclosure—
(i)
changed served as a supervisor or compliance officer officerin a compliance or legal function (including as a Bank Secrecy Act officer) for, or, in the case of a registered representative, investment adviser representative, or insurance producer, was affiliated or associated with, a covered financial institution; and
(ii)
made the disclosure—
(I)
in good faith; and
(II)
with reasonable care.
(B)
Immunity for covered financial institutions— A covered financial institution shall not be liable, including in any civil or administrative proceeding, for a disclosure made by an individual described in subparagraph (A) if—
(i)
the individual was employed by, or, in the case of a registered representative, insurance producer, or investment adviser representative, affiliated or associated with, the covered financial institution at the time of the disclosure; and
(ii)
before the time of the disclosure, each individual described in subsection (b)(1) received the training described in subsection (b).
(C)
Rule of construction— Nothing in subparagraph (A) or (B) shall be construed to limit the liability of an individual or a covered financial institution in a civil action for any act, omission, or fraud that is not a disclosure described in subparagraph (A).
(b)
Training—
(1)
In general— A covered financial institution or a third party selected by a covered financial institution may provide the training described in paragraph (2)(A) to each officer or employee of, or registered representative, insurance producer, or investment adviser representative affiliated or associated with, the covered financial institution who—
(A)
is described in subsection (a)(2)(A)(i);
(B)
may come into contact with a senior citizen as a regular part of the professional duties of the individual; or
(C)
may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services to a senior citizen.
(2)
Content—
(A)
In general— The content of the training that a covered financial institution or a third party selected by the covered financial institution may provide under paragraph (1) shall—
(i)
be maintained by the covered financial institution and made available to a covered agency with examination authority over the covered financial institution, upon request, except that a covered financial institution shall not be required to maintain or make available such content with respect to any individual who is no longer employed by, or affiliated or associated with, the covered financial institution;
(ii)
instruct any individual attending the training on how to identify and report the suspected exploitation of a senior citizen internally and, as appropriate, to government officials or law enforcement authorities, including common signs that indicate the financial exploitation of a senior citizen;
(iii)
discuss the need to protect the privacy and respect the integrity of each individual customer of the covered financial institution; and
(iv)
be appropriate to the job responsibilities of the individual attending the training.
(B)
Timing— The training under paragraph (1) shall be provided—
(i)
as soon as reasonably practicable; and
(ii)
with respect to an individual who begins employment, or becomes affiliated or associated, with a covered financial institution after the date of enactment of this Act, not later than 1 year after the date on which the individual becomes employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), or (C) of paragraph (1).
(C)
Records— A covered financial institution shall—
(i)
maintain a record of each individual who—
(I)
is employed by, or affiliated or associated with, the covered financial institution in a position described in subparagraph (A), (B), or (C) of paragraph (1); and
(II)
has completed the training under paragraph (1), regardless of whether the training was—
(aa)
provided by the covered financial institution or a third party selected by the covered financial institution;
(bb)
completed before the individual was employed by, or affiliated or associated with, the covered financial institution; and
(cc)
completed before, on, or after the date of enactment of this Act; and
(ii)
upon request, provide a record described in clause (i) to a covered agency with examination authority over the covered financial institution.
(c)
Relationship to State law— Nothing in this section shall be construed to preempt or limit any provision of State law, except only to the extent that subsection (a) provides a greater level of protection against liability to an individual described in subsection (a)(2)(A) or to a covered financial institution described in subsection (a)(2)(B) than is provided under State law.

Sec. 306 Family self-sufficiency program

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

added “(b) Continuation of prior required programs

added “(1) In general—Each public housing agency that was required to administer a local Family Self-Sufficiency program on the date of enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act shall operate such local program for, at a minimum, the number of families the agency was required to serve on the date of enactment of such Act, subject only to the availability under appropriations Acts of sufficient amounts for housing assistance and the requirements of paragraph (2).

added “(2) Reduction—The number of families for which a public housing agency is required to operate such local program under paragraph (1) shall be decreased by 1 for each family from any supported rental housing program administered by such agency that, after October 21, 1998, fulfills its obligations under the contract of participation.

added “(3) Exception—The Secretary shall not require a public housing agency to carry out a mandatory program for a period of time upon the request of the public housing agency and upon a determination by the Secretary that implementation is not feasible because of local circumstances, which may include—

added “(A) lack of supportive services accessible to eligible families, which shall include insufficient availability of resources for programs under title I of the Workforce Investment Act of 1998 (29 U.S.C. 2801 et seq.);

added “(B) lack of funding for reasonable administrative costs;

added “(C) lack of cooperation by other units of State or local government; or

added “(D) any other circumstances that the Secretary may consider appropriate.”

(3)
added by striking subsection (i);
(4)
added by redesignating subsections (c), (d), (e), (f), (g), and (h) as subsections (d), (e), (f), (g), (h), and (i) respectively;
(5)
added by inserting after subsection (b), as amended, the following:

added “(c) Eligibility

added “(1) Eligible families—A family is eligible to participate in a local Family Self-Sufficiency program under this section if—

added “(A) at least 1 household member seeks to become and remain employed in suitable employment or to increase earnings; and

added “(B) the household member receives direct assistance under section 8 or resides in a unit assisted under section 8 or 9.

added “(2) Eligible entities—The following entities are eligible to administer a local Family Self-Sufficiency program under this section:

added “(A) A public housing agency administering housing assistance to or on behalf of an eligible family under section 8 or 9.

added “(B) The owner or sponsor of a multifamily property receiving project-based rental assistance under section 8, in accordance with the requirements under subsection (l).”

(6)
added in subsection (d), as so redesignated—
(A)
added in paragraph (1)—
(i)
added by striking “public housing agency” the first time it appears and inserting “eligible entity”;
(ii)
added in the first sentence, by striking “each leaseholder receiving assistance under the certificate and voucher programs of the public housing agency under section 8 or residing in public housing administered by the agency” and inserting “a household member of an eligible family”; and
(iii)
added by striking the third sentence and inserting the following: “Housing assistance may not be terminated as a consequence of either successful completion of the contract of participation or failure to complete such contract. A contract of participation shall remain in effect until the participating family exits the Family Self-Sufficiency program upon successful graduation or expiration of the contract of participation, or for other good cause.”;
(B)
added in paragraph (2)—
(i)
added in the matter preceding subparagraph (A)—
(I)
added in the first sentence—
(aa)
added by striking “A local program under this section” and inserting “An eligible entity”;
(bb)
added by striking “provide” and inserting “coordinate”; and
(cc)
added by striking “to” and inserting “for”; and
(II)
added in the second sentence—
(aa)
added by striking “provided during” and inserting “coordinated for”;
(bb)
added by striking “under section 8 or residing in public housing” and inserting “pursuant to section 8 or 9 and for the duration of the contract of participation”; and
(cc)
added by inserting “, but are not limited to” after “may include”;
(ii)
added in subparagraph (D), by inserting “or attainment of a high school equivalency certificate” after “high school”;
(iii)
added by striking subparagraph (G);
(iv)
added by redesignating subparagraphs (E), (F), and (J) as subparagraphs (F), (G), and (K) respectively;
(v)
added by inserting after subparagraph (D) the following:

added “(E) education in pursuit of a post-secondary degree or certification;”

(vi)
added in subparagraph (H), by inserting “financial literacy, such as training in financial management, financial coaching, and asset building, and” after “training in”;
(vii)
added in subparagraph (I), by striking “and” at the end; and
(viii)
added by inserting after subparagraph (I) the following:

added “(J) homeownership education and assistance; and”

(C)
added in paragraph (3)—
(i)
added in the first sentence, by inserting “the first recertification of income after” after “not later than 5 years after”; and
(ii)
added in the second sentence—
(I)
added by striking “public housing agency” and inserting “eligible entity”; and
(II)
added by striking “of the agency”;
(D)
added by amending paragraph (4) to read as follows:

added “(4) Employment—The contract of participation shall require 1 household member of the participating family to seek and maintain suitable employment.”

(E)
added by adding at the end the following:

added “(5) Nonparticipation—Assistance under section 8 or 9 for a family that elects not to participate in a Family Self-Sufficiency program shall not be delayed by reason of such election.”

(7)
added in subsection (e), as so redesignated—
(A)
added in paragraph (1), by striking “whose monthly adjusted income does not exceed 50 percent” and all that follows through the period at the end of the third sentence and inserting “shall be calculated under the rental provisions of section 3 or section 8(o), as applicable.”;
(B)
added in paragraph (2)—
(i)
added by striking the first sentence and inserting the following: “For each participating family, an amount equal to any increase in the amount of rent paid by the family in accordance with the provisions of section 3 or 8(o), as applicable, that is attributable to increases in earned income by the participating family, shall be placed in an interest-bearing escrow account established by the eligible entity on behalf of the participating family. Notwithstanding any other provision of law, an eligible entity may use funds it controls under section 8 or 9 for purposes of making the escrow deposit for participating families assisted under, or residing in units assisted under, section 8 or 9, respectively, provided such funds are offset by the increase in the amount of rent paid by the participating family.”;
(ii)
added by striking the second sentence and inserting the following: “All Family Self-Sufficiency programs administered under this section shall include an escrow account.”;
(iii)
added in the fourth sentence, by striking “subsection (c)” and inserting “subsection (d)”; and
(iv)
added in the last sentence—
(I)
added by striking “A public housing agency” and inserting “An eligible entity”; and
(II)
added by striking “the public housing agency” and inserting “such eligible entity”; and
(C)
added by amending paragraph (3) to read as follows:

added “(3) Forfeited escrow—Any amount placed in an escrow account established by an eligible entity for a participating family as required under paragraph (2), that exists after the end of a contract of participation by a household member of a participating family that does not qualify to receive the escrow, shall be used by the eligible entity for the benefit of participating families in good standing.”

(8)
added in subsection (f), as so redesignated, by striking “, unless the income of the family equals or exceeds 80 percent of the median income of the area (as determined by the Secretary with adjustments for smaller and larger families)”;
(9)
added in subsection (g), as so redesignated—
(A)
added in paragraph (1)—
(i)
added by striking “public housing agency” and inserting “eligible entity”;
(ii)
added by striking “the public housing agency” and inserting “such eligible entity”; and
(iii)
added by striking “subsection (g)” and inserting “subsection (h)”; and
(B)
added in paragraph (2)—
(i)
added by striking “public housing agency” and inserting “eligible entity” each place that term appears;
(ii)
added by striking “or the Job Opportunities and Basic Skills Training Program under part F of title IV of the Social Security Act ”;
(iii)
added by inserting “primary, secondary, and post-secondary” after “public and private”; and
(iv)
added in the second sentence, by inserting “and tenants served by the program” after “the unit of general local government”;
(10)
added in subsection (h), as so redesignated—
(A)
added in paragraph (1)—
(i)
added by striking “public housing agency” and inserting “eligible entity”;
(ii)
added by striking “participating in the” and inserting “carrying out a”; and
(iii)
added by striking “to the Secretary”;
(B)
added in paragraph (2)—
(i)
added by striking “public housing agency” and inserting “eligible entity”;
(ii)
added by striking “subsection (f)” and inserting “subsection (g)”;
(iii)
added by striking “residents of the public housing” and inserting “the current and prospective participants of the program”; and
(iv)
added by striking “or the Job Opportunities and Basic Skills Training Program under part F of title IV of the Social Security Act”; and
(C)
added in paragraph (3)—
(i)
added in subparagraph (C)—
(I)
added by striking “subsection (c)(2)” and inserting “subsection (d)(2)”;
(II)
added by striking “provided to” and inserting “coordinated on behalf of participating”;
(III)
added by inserting “direct” before “assistance”; and
(IV)
added by striking “the section 8 and public housing programs” and inserting “sections 8 and 9”;
(ii)
added in subparagraph (D)—
(I)
added by striking “subsection (d)” and inserting “subsection (e)”; and
(II)
added by striking “public housing agency” and inserting “eligible entity”;
(iii)
added in subparagraph (E), by striking “deliver” and inserting “coordinate”;
(iv)
added in subparagraph (H), by striking “the Job Opportunities and Basic Skills Training Program under part F of title IV of the Social Security Act and”; and
(v)
added in subparagraph (I), by striking “public housing or section 8 assistance” and inserting “assistance under section 8 or 9”;
(11)
added by amending subsection (i), as so redesignated, to read as follows:

added “(i) Family Self-Sufficiency Awards

added “(1) In general—Subject to appropriations, the Secretary shall establish a formula by which annual funds shall be awarded or as otherwise determined by the Secretary for the costs incurred by an eligible entity in administering the Family Self-Sufficiency program under this section.

added “(2) Eligibility for awards—The award established under paragraph (1) shall provide funding for family self-sufficiency coordinators as follows:

added “(A) Base award—An eligible entity serving 25 or more participants in the Family Self-Sufficiency program under this section is eligible to receive an award equal to the costs, as determined by the Secretary, of 1 full-time family self-sufficiency coordinator position. The Secretary may, by regulation or notice, determine the policy concerning the award for an eligible entity serving fewer than 25 such participants, including providing prorated awards or allowing such entities to combine their programs under this section for purposes of employing a coordinator.

added “(B) Additional award—An eligible entity that meets performance standards set by the Secretary is eligible to receive an additional award sufficient to cover the costs of filling an additional family self-sufficiency coordinator position if such entity has 75 or more participating families, and an additional coordinator for each additional 50 participating families, or such other ratio as may be established by the Secretary based on the award allocation evaluation under subparagraph (E).

added “(C) State and regional agencies—For purposes of calculating the award under this paragraph, each administratively distinct part of a State or regional eligible entity may be treated as a separate agency.

added “(D) Determination of number of coordinators—In determining whether an eligible entity meets a specific threshold for funding pursuant to this paragraph, the Secretary shall consider the number of participants enrolled by the eligible entity in its Family Self-Sufficiency program as well as other criteria determined by the Secretary.

added “(E) Award allocation evaluation—The Secretary shall submit to Congress a report evaluating the award allocation under this subsection, and make recommendations based on this evaluation and other related findings to modify such allocation, within 4 years after the date of enactment of the Economic Growth, Regulatory Relief, and Consumer Protection Act, and not less frequently than every 4 years thereafter. The report requirement under this subparagraph shall terminate after the Secretary has submitted 2 such reports to Congress.

added “(3) Renewals and allocation

added “(A) In general—Funds allocated by the Secretary under this subsection shall be allocated in the following order of priority:

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

added “(ii) Second priority—New or incremental coordinator funding authorized under this section.

added “(B) Guidance—If the first priority, as described in subparagraph (A)(i), cannot be fully satisfied, the Secretary may prorate the funding for each eligible entity, as long as—

added “(i) each eligible entity that has received funding for at least 1 part-time coordinator in the prior fiscal year is provided sufficient funding for at least 1 part-time coordinator as part of any such proration; and

added “(ii) each eligible entity that has received funding for at least 1 full-time coordinator in the prior fiscal year is provided sufficient funding for at least 1 full-time coordinator as part of any such proration.

added “(4) Recapture or offset—Any awards allocated under this subsection by the Secretary in a fiscal year that have not been spent by the end of the subsequent fiscal year or such other time period as determined by the Secretary may be recaptured by the Secretary and shall be available for providing additional awards pursuant to paragraph (2)(B), or may be offset as determined by the Secretary. Funds appropriated pursuant to this section shall remain available for 3 years in order to facilitate the re-use of any recaptured funds for this purpose.

added “(5) Performance reporting—Programs under this section shall be required to report the number of families enrolled and graduated, the number of established escrow accounts and positive escrow balances, and any other information that the Secretary may require. Program performance shall be reviewed periodically as determined by the Secretary.

added “(6) Incentives for innovation and high performance—The Secretary may reserve up to 5 percent of the amounts made available under this subsection to provide support to or reward Family Self-Sufficiency programs based on the rate of successful completion, increased earned income, or other factors as may be established by the Secretary.”

(12)
added in subsection (j)—
(A)
added by striking “public housing agency” and inserting “eligible entity”;
(B)
added by striking “public housing” before “units”;
(C)
added by striking “in public housing projects administered by the agency”;
(D)
added by inserting “or coordination” after “provision”; and
(E)
added by striking the last sentence;
(13)
added in subsection (k), by striking “public housing agencies” and inserting “eligible entities”;
(14)
added by striking subsection (n);
(15)
added by striking subsection (o);
(16)
added by redesignating subsections (l) and (m) as subsections (m) and (n), respectively;
(17)
added by inserting after subsection (k) the following:

added “(l) Programs for tenants in privately owned properties with project-Based assistance

added “(1) Voluntary availability of FSS program—The owner of a privately owned property may voluntarily make a Family Self-Sufficiency program available to the tenants of such property in accordance with procedures established by the Secretary. Such procedures shall permit the owner to enter into a cooperative agreement with a local public housing agency that administers a Family Self-Sufficiency program or, at the owner's option, operate a Family Self-Sufficiency program on its own or in partnership with another owner. An owner, who voluntarily makes a Family Self-Sufficiency program available pursuant to this subsection, may access funding from any residual receipt accounts for the property to hire a family self-sufficiency coordinator or coordinators for their program.

added “(2) Cooperative agreement—Any cooperative agreement entered into pursuant to paragraph (1) shall require the public housing agency to open its Family Self-Sufficiency program waiting list to any eligible family residing in the owner’s property who resides in a unit assisted under project-based rental assistance.

added “(3) Treatment of families assisted under this subsection—A public housing agency that enters into a cooperative agreement pursuant to paragraph (1) may count any family participating in its Family Self-Sufficiency program as a result of such agreement as part of the calculation of the award under subsection (i).

added “(4) Escrow

added “(A) Cooperative agreement—A cooperative agreement entered into pursuant to paragraph (1) shall provide for the calculation and tracking of the escrow for participating residents and for the owner to make available, upon request of the public housing agency, escrow for participating residents, in accordance with paragraphs (2) and (3) of subsection (e), residing in units assisted under section 8.

added “(B) Calculation and tracking by owner—The owner of a privately owned property who voluntarily makes a Family Self-Sufficiency program available pursuant to paragraph (1) shall calculate and track the escrow for participating residents and make escrow for participating residents available in accordance with paragraphs (2) and (3) of subsection (e).

added “(5) Exception—This subsection shall not apply to properties assisted under section 8(o)(13).

added “(6) Suspension of enrollment—In any year, the Secretary may suspend the enrollment of new families in Family Self-Sufficiency programs under this subsection based on a determination that insufficient funding is available for this purpose.”

(18)
added in subsection (m), as so redesignated—
(A)
added in paragraph (1)—
(i)
added in the first sentence, by striking “Each public housing agency” and inserting “Each eligible entity”;
(ii)
added in the second sentence, by striking “The report shall include” and inserting “The contents of the report shall include”; and
(iii)
added in subparagraph (D)—
(I)
added by striking “public housing agency” and inserting “eligible entity”; and
(II)
added by striking “local”; and
(B)
added in paragraph (2), by inserting “and describing any additional research needs of the Secretary to evaluate the effectiveness of the program” after “under paragraph (1)”;
(19)
added in subsection (n), as so redesignated, by striking “may” and inserting “shall”; and
(20)
added by adding at the end the following:

added “(o) Definitions—In this section:

added “(1) Eligible entity—The term eligible entity means an entity that meets the requirements under subsection (c)(2) to administer a Family Self-Sufficiency program under this section.

added “(2) Eligible family—The term eligible family means a family that meets the requirements under subsection (c)(1) to participate in the Family Self-Sufficiency program under this section.

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

(b)
added Effective date— Not later than 360 days after the date of enactment of this Act, the Secretary of Housing and Urban Development shall issue regulations to implement this section and any amendments made by this section, and this section and any amendments made by this section shall take effect upon such issuance.

Sec. 307 Rehabilitation of qualified education loans

added
(a)
added In general— Section 623(a)(1) of the Fair Credit Reporting Act (15 U.S.C. 1681s–2(a)(1)) is amended by adding at the end the following:

added “(E) Rehabilitation of qualified education loans

added “(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—

added “(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

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

added “(ii) Banking agencies

added “(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.

added “(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).

added “(iii) Limitation

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

added “(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).

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

added “(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

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

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

Sec. 401 Enhanced supervision and prudential standards for certain bank holding companies

(a)
In general— Section 165 of the Financial Stability Act of 2010 (12 U.S.C. 5365) is amended—
(1)
in subsection (a)—
(A)
in paragraph (1), in the matter preceding subparagraph (A), by striking “$50,000,000,000” and inserting “$250,000,000,000”; and
(B)
in paragraph (2)—
(i)
in subparagraph (A), by striking “may” and inserting “shall”;
(ii)
in subparagraph (B), by striking “$50,000,000,000” and inserting “the applicable threshold”; and
(iii)
by adding at the end the following:

“(C) 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.”

(2)
in subsection (b)(1)—
(A)
in subparagraph (A)(iv), by striking “and credit exposure report”; and
(B)
in subparagraph (B)(ii), by inserting “, including credit exposure reports” before the semicolon at the end;
(3)
in subsection (d)(2), in the matter preceding subparagraph (A), by striking “shall” and inserting “may”;
(4)
in subsection (h)(2), by striking “$10,000,000,000” each place that term appears and inserting “$50,000,000,000”;
(5)
in subsection (i)—
(A)
in paragraph (1)(B)(i)—
(i)
by striking “3” and inserting “2”; and
(ii)
by striking “, adverse,”; and
(B)
in paragraph (2)(A)—
(i)
added in subparagraph (A)—
(i)(I)
renumbered was (2)(7)(3)(2) in the first sentence, by striking “semiannual” and inserting “periodic”; and
(ii)(II)
renumbered was (2)(7)(3)(3) in the second sentence—
(I)(aa)
renumbered was (2)(7)(3)(3)(2) by striking “$10,000,000,000” and inserting “$250,000,000,000”; and
(II)(bb)
renumbered was (2)(7)(3)(3)(3) by striking “annual” and inserting “periodic”; and
(ii)
added in subparagraph (C)(ii)—
(I)
added by striking “3” and inserting “2”; and
(II)
added by striking “, adverse,”; and
(6)
in subsection (j)(1), in the first sentence, by striking “$50,000,000,000” and inserting “$250,000,000,000”.
(b)
Rule of construction— Nothing in subsection (a) shall be construed to limit—
(1)
the authority of the Board of Governors of the Federal Reserve System, in prescribing prudential standards under section 165 of the Financial Stability Act of 2010 (12 U.S.C. 5365) or any other law, to tailor or differentiate among companies on an individual basis or by category, taking into consideration their capital structure, riskiness, complexity, financial activities (including financial activities of their subsidiaries), size, and any other risk-related factors that the Board of Governors deems appropriate; or
(2)
the supervisory, regulatory, or enforcement authority of an appropriate Federal banking agency to further the safe and sound operation of an institution under the supervision of the appropriate Federal banking agency.
(c)
Technical and conforming amendments—
(1)
Financial Stability Act of 2010— The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended—
(A)
in section 115(a)(2)(B) (12 U.S.C. 5325(a)(2)(B)), by striking “$50,000,000,000” and inserting “the applicable threshold”;
(B)
in section 116(a) (12 U.S.C. 5326(a)), in the matter preceding paragraph (1), by striking “$50,000,000,000” and inserting “$250,000,000,000”;
(C)
changed in section 121(a) (12 U.S.C. 5311(a)), 5311(a)5331(a)), in the matter preceding paragraph (1), by striking “$50,000,000,000” and inserting “$250,000,000,000”;
(D)
in section 155(d) (12 U.S.C. 5345(d)), by striking “50,000,000,000” and inserting “$250,000,000,000”;
(E)
in section 163(b) (12 U.S.C. 5363(b)), by striking “$50,000,000,000” each place that term appears and inserting “$250,000,000,000”; and
(F)
in section 164 (12 U.S.C. 5364), by striking “$50,000,000,000” and inserting “$250,000,000,000”.
(2)
Federal Reserve Act— Paragraph (2) of the second subsection (s) (relating to assessments) of section 11 of the Federal Reserve Act (12 U.S.C. 248(s)(2)) is amended—
(A)
in subparagraph (A)—
(i)
by striking “$50,000,000,000” and inserting “$250,000,000,000”; and
(ii)
by inserting “and” after the semicolon at the end;
(B)
by striking subparagraph (B); and
(C)
by redesignating subparagraph (C) as subparagraph (B).
(d)
Effective date—
(1)
In general— Except as provided in paragraph (2), the amendments made by this section shall take effect on the date that is 18 months after the date of enactment of this Act.
(2)
Exception— Notwithstanding paragraph (1), the amendments made by this section shall take effect on the date of enactment of this Act with respect to any bank holding company with total consolidated assets of less than $100,000,000,000.
(3)
Additional authority— Before the effective date described in paragraph (1), the Board of Governors of the Federal Reserve System may by order exempt any bank holding company with total consolidated assets of less than $250,000,000,000 from any prudential standard under section 165 of the Financial Stability Act of 2010 (12 U.S.C. 5365).
(4)
Rule of construction— Nothing in this section shall be construed to prohibit the Board of Governors of the Federal Reserve System from issuing an order or rule making under section 165(a)(2)(C) of the Financial Stability Act of 2010 (12 U.S.C. 5365(a)(2)(C)), as added by this section, before the effective date described in paragraph (1).
(e)
changed Supervisory stress test— Beginning on the effective date described in subsection (d)(1), the Board of Governors of the Federal Reserve System shall, on a periodic basis, conduct supervisory stress tests of bank holding companies with total consolidated assets equal to or greater than $100,000,000,000 and total consolidated assets of not more moreless than $250,000,000,000 to evaluate whether such bank holding companies have the capital, on a total consolidated basis, necessary to absorb losses as a result of adverse economic conditions.
(f)
Global systemically important bank holding companies— Any bank holding company, regardless of asset size, that has been identified as a global systemically important BHC under section 217.402 of title 12, Code of Federal Regulations, shall be considered a bank holding company with total consolidated assets equal to or greater than $250,000,000,000 with respect to the application of standards or requirements under—
(1)
this section;
(2)
sections 116(a), 121(a), 155(d), 163(b), 164, and 165 of the Financial Stability Act of 2010 (12 U.S.C. 5326(a), 5331(a), 5345(d), 5363(b), 5364, 5365); and
(3)
paragraph (2)(A) of the second subsection (s) (relating to assessments) of section 11 of the Federal Reserve Act (12 U.S.C. 248(s)(2)).

Sec. 402 Supplementary leverage ratio for custodial banks

(a)
changed Definition— In this section, the term custodial bank means any depository institution or depository institution holding company for which the level of assets under custody is not less than 30 times the total consolidated assets of the depository institution or depository institution holding company, as applicable.applicable.holding company predominantly engaged in custody, safekeeping, and asset servicing activities, including any insured depository institution subsidiary of such a holding company.
(b)
Regulations—
(1)
Definition— In this subsection, the term central bank means—
(A)
the Federal Reserve System;
(B)
the European Central Bank; and
(C)
central banks of member countries of the Organisation for Economic Co-operation and Development, if—
(i)
changed the central bank of such member country has been assigned a zero percent risk weight under the final rule of the Office of the Comptroller of the Currency and Board of Governors of the Federal Reserve System entitled “Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule” (78 Fed. Reg. 62018 (October 11, 2013)) and the final rule of the Federal Deposit Insurance Corporation entitled “Regulatory Capital Rules: Regulatory Capital, Implementation of Basel III, Capital Adequacy, Transition Provisions, Prompt Corrective Action, Standardized Approach for Risk-Weighted Assets, Market Discipline and Disclosure Requirements, Advanced Approaches Risk-Based Capital Rule, and Market Risk Capital Rule” (79 Fed. Reg. 20754 (April 14, 2014)); 2014))sections 3.32, 217.32, and 324.32 of title 12, Code of Federal Regulations, or any successor regulation; and
(ii)
the sovereign debt of such member country is not in default or has not been in default during the previous 5 years.
(2)
Regulations— The appropriate Federal banking agencies shall promulgate regulations to amend sections 3.10, 217.10, and 324.10 of title 12, Code of Federal Regulations, to specify that—
(A)
subject to subparagraph (B), funds of a custodial bank that are deposited with a central bank shall not be taken into account when calculating the supplementary leverage ratio as applied to the custodial bank; and
(B)
with respect to the funds described in subparagraph (A), any amount that exceeds the total value of deposits of the custodial bank that are linked to fiduciary or custodial and safekeeping accounts shall be taken into account when calculating the supplementary leverage ratio as applied to the custodial bank.
(c)
Rule of construction— Nothing in subsection (b) shall be construed to limit the authority of the appropriate Federal banking agencies to tailor or adjust the supplementary leverage ratio or any other leverage ratio for any company that is not a custodial bank.

Sec. 403 Treatment of certain municipal obligations

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

“(aa) Treatment of certain municipal obligations

“(1) Definitions—In this subsection—

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

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

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

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

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

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

“(A) liquid and readily-marketable; and

“(B) investment grade.”

(b)
changed Amendment to liquidity coverage ratio regulations— Not later than 90 days after the date of enactment of this Act, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, and the Comptroller of the Currency shall amend the final rule entitled “Liquidity Coverage Ratio: Liquidity Risk Measurement Standards” (79 Fed. Reg. 61439 (October 10, 2014)) and the final rule entitled “Liquidity Coverage Ratio: Treatment of U.S. Municipal Securities as High-Quality Liquid Assets” (81 Fed. Reg. 21223 (April 11, 2016)) to implement the amendments made by this Act.Actsection.

Sec. 503 GAO report on consumer reporting agencies

added
(a)
added Definitions— In this section, the terms consumer, consumer report, and consumer reporting agency have the meanings given those terms in section 603 of the Fair Credit Reporting Act (15 U.S.C. 1681a).
(b)
added Report— Not later than 1 year after the date of enactment of this Act, the Comptroller General of the United States shall submit to the Committee on Banking, Housing, and Urban Affairs of the Senate and the Committee on Financial Services of the House of Representatives a comprehensive report that includes—
(1)
added a review of the current legal and regulatory structure for consumer reporting agencies and an analysis of any gaps in that structure, including, in particular, the rulemaking, supervisory, and enforcement authority of State and Federal agencies under the Fair Credit Reporting Act (15 U.S.C. 1681 et seq.), the Gramm-Leach-Bliley Act (Public Law 106–102; 113 Stat. 1338), and any other relevant statutes;
(2)
added a review of the process by which consumers can appeal and expunge errors on their consumer reports;
(3)
added a review of the causes of consumer reporting errors;
(4)
added a review of the responsibilities of data furnishers to ensure that accurate information is initially reported to consumer reporting agencies and to ensure that such information continues to be accurate;
(5)
added a review of data security relating to consumer reporting agencies and their efforts to safeguard consumer data;
(6)
added a review of who has access to, and may use, consumer reports;
(7)
added a review of who has control or ownership of a consumer’s credit data;
(8)
added an analysis of—
(A)
added which Federal and State regulatory agencies supervise and enforce laws relating to how consumer reporting agencies protect consumer data; and
(B)
added all laws relating to data security applicable to consumer reporting agencies; and
(9)
added recommendations to Congress on how to improve the consumer reporting system, including legislative, regulatory, and industry-specific recommendations.