12 U.S.C. 4703(b)added (5)by H.R. 6955 Sec. 103
(5) Annual testimony.— The Secretary of the Treasury (or a designee of the Secretary) shall, at the discretion of the Chair of the Committee on Financial Services of the House of Representatives and the Chair of the Committee on Banking, Housing, and Urban Affairs of the Senate, annually testify before such committees (or a subcommittee of such committees) regarding—(A) the operations of the Fund during the previous year;(B) steps the Secretary and the Fund are taking to support community development financial institutions through the financial agent mentor-protégé program; and(C) steps the Secretary and the Fund are taking to coordinate with regulators to ensure certification and reporting requirements are appropriately streamlined for community development financial institutions.
The bill says: Section 104(b) of the Riegle Community Development and Regulatory Improvement Act of 1994 (12 U.S.C. 4703(b)) is amended by adding to the end the following:
Bill text · Current law (12 U.S.C. 4703)
12 U.S.C. 4713a(c)(2)changedby H.R. 6955 Sec. 104(b)
(2) Relending account. Not more than 10 percent of the principal amount of guaranteed bonds or notes, multiplied by an amount equal to the outstanding principal balance of issued notes or bonds, minus the risk-share pool amount under subsection (d), may be held in a relending account and may be made available for new eligible community or economic development purposes.
The bill says: by striking ", multiplied by an amount equal to the outstanding principal balance of issued notes or bonds"; and
Bill text · Current law (12 U.S.C. 4713a)
12 U.S.C. 4713a(c)(2)changedby H.R. 6955 Sec. 104(b)
(2) Relending account. Not more than 10 percent of the outstanding principal amount of guaranteed bonds or notes, multiplied by an amount equal to the outstanding principal balance of issued notes or bonds, minus the risk-share pool amount under subsection (d), may be held in a relending account and may be made available for new eligible community or economic development purposes.
The bill says: by inserting "outstanding" before "principal amount";
Bill text · Current law (12 U.S.C. 4713a)
12 U.S.C. 4713arewrittenby H.R. 6955 Sec. 104(b)
The bill says: by amending subsection (e)(2) to read as follows:
Bill text · Current law (12 U.S.C. 4713a)
12 U.S.C. 4713a(g)(1)changedby H.R. 6955 Sec. 104(b)
(1) In general. A qualified issuer that receives a guarantee issued under this section on a bond or note shall pay a fee to the Secretary, in an amount equal to 10 basis pointsnot fewer than 10 basis points and not more than 15 basis points of the amount of the unpaid principal of the bond or note guaranteed.
The bill says: in subsection (g)(1), by striking "10 basis points" and inserting "not fewer than 10 basis points and not more than 15 basis points"; and
Bill text · Current law (12 U.S.C. 4713a)
12 U.S.C. 4713a(k)changedby H.R. 6955 Sec. 104(b)
(k) Termination. This section is repealed, and the authority provided under this section shall terminate, on September 30, 2014December 31, 2028.1
The bill says: in subsection (k), by striking "September 30, 2014" and inserting "December 31, 2028".
Bill text · Current law (12 U.S.C. 4713a)
Public Law 103-325addedby H.R. 6955 Sec. 104(b)
The bill says: The table of contents in section 1(b) of the Riegle Community Development and Regulatory Improvement Act of 1994 (Public Law 103–325; 108 Stat. 2160) is amended by inserting after the item relating to section 114 the following:
Bill text
12 U.S.C. 5311added 177by H.R. 6955 Sec. 203(a)
177 Periodic adjustments to thresholds.—(a) In general.—(1) Adjustment.— Not later than 1 year after the date of enactment of this section, and every 5 years thereafter, the Board of Governors shall increase each threshold described in subsection (b) by the ratio, if greater than 1, of the annual value of the economic indicator selected by the Board of Governors as appropriate for that threshold under paragraph (2)(B) for the calendar year preceding the year in which the adjustment is calculated under this section, to the published annual value of such economic indicator for the calendar year preceding April 1, 2026.(2) Selection of economic indicators.— Not later than 3 months after the date of enactment of this section, the Board of Governors shall—(A) complete a study on the advantages and disadvantages of the use of either nominal United States gross domestic product (as published by the Department of Commerce) or the Consumer Price Index (as published by the Department of Labor) to adjust periodically the quantitative regulatory thresholds described in subsection (b);(B) for each threshold described in subsection (b), select either nominal United States gross domestic product (as published by the Department of Commerce) or the Consumer Price Index (as published by the Department of Labor) as appropriate for adjusting such threshold;(C) transmit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing—(i) all findings and determinations made in carrying out the study required under subparagraph (A); and(ii) all selections made under subparagraph (B).(b) Covered thresholds.— The thresholds described in this subsection are the following:(1) Each bank holding company or savings and loan holding company total consolidated asset amount in the second subsection (s) (relating to assessments) of section 11 of the Federal Reserve Act.(2) Each bank holding company total consolidated asset amount in—(A) sections 116(a), 121(a), 163(b), 164, 165(a)(1), 165(h)(2), 165(j)(1) of this Act; and(B) section 401(f) of the Economic Growth, Regulatory Relief, and Consumer Protection Act.(3) Each financial company total consolidated asset amount in section 165(i)(2)(A) of this Act.(c) Currency of information.— The values used in the calculation under subsection (a) shall be, as of the date of the calculation, the values most recently published by the Department of Commerce or Department of Labor, as appropriate.(d) Rounding.—(1) If any amount equal to or greater than $100,000,000,000 determined under subsection (a) for any period is not a multiple of $50,000,000,000, the amount shall be rounded up to the nearest $50,000,000,000.(2) If any amount less than $100,000,000,000 determined under subsection (a) for any period is not a multiple of $5,000,000,000, the amount shall be rounded up to the nearest $5,000,000,000.(e) Publication.— Not later than April 5 of any calendar year in which an adjustment is required to be calculated under subsection (a), the Board of Governors shall publish in the Federal Register the amounts as so calculated.(f) Implementation period.— Any increase in amounts determined under subsection (a) shall take effect on January 1 of the year immediately succeeding the calendar year in which the increase is required to be calculated under subsection (a).178 Periodic adjustments to thresholds established by rule.—(a) Agency review.— Not later than June 30, 2026, and the 1st day of each subsequent 5-year period, the Board of Governors, the Comptroller of the Currency, and the Corporation shall, to the extent applicable, review—(1) any regulation—(A) implementing section 165 of this Act; or(B) making specific cross-reference to any regulation of the Board of Governors implementing section 165 of this Act; and(2) any asset threshold or other quantitative threshold in such regulations implementing section 165 of this Act, or in such regulations making specific cross-reference to any regulation of the Board of Governors implementing section 165 of this Act, the amount of which is not prescribed by statute.(b) Modifications required.— The Board of Governors, the Comptroller of the Currency, and the Corporation shall modify any such thresholds identified by each review conducted under subsection (a) by the ratio, if greater than 1, of the annual value of the economic indicator selected by the agency as appropriate for that threshold under paragraph (1) for the calendar year preceding the year in which the adjustment is calculated under this section, to the published annual value of such economic indicator for the calendar year preceding the effective date of such threshold, as each respective agency shall determine as appropriate for such regulations. In making such determination, the Board of Governors, the Comptroller of the Currency, and the Corporation shall—(1) not later than 3 months after the date of enactment of this subsection, for each threshold identified by each review conducted under subsection (a), select either nominal United States gross domestic product (as published by the Department of Commerce) or the Consumer Price Index (as published by the Department of Labor) as appropriate for adjusting such threshold, and use the values of such selected economic indicator most recently published as of the date of commencement of the review to compute the ratio described in this subsection;(2) seek to establish, to the extent feasible, uniform thresholds for use by each such agency, taking into account the entities regulated by each such agency and the purposes for which such threshold was established; and(3) seek to adjust such thresholds, to the extent feasible, with rounding consistent with section 177(d) of this Act.(c) Report.— Upon conclusion of each review required under subsection (a), each of the Board of Governors, the Comptroller of the Currenc
The bill says: The Financial Stability Act of 2010 (12 U.S.C. 5311 et seq.) is amended by adding at the end the following:
Bill text · Current law (12 U.S.C. 5311)
12 U.S.C. 3301added 1012by H.R. 6955 Sec. 301(b)
1012 Amendments to the CAMELS Rating System.—(a) In general.— The Council shall make recommendations to amend the Uniform Financial Institutions Rating System, and the CAMELS components thereunder, to—(1) establish articulable, clear, and reviewable criteria for assessing each CAMELS component;(2) revise the factors affecting each CAMELS component to derive a composite rating that more accurately reflects the material financial condition and risk profile of the financial institutions being rated;(3) revise the management component of the CAMELS components to limit the assessment under such component to articulable, clear, and reviewable measures of an institution’s management in relation to its risk profile;(4) ensure that composite ratings consider the financial institution’s compliance with—(A) section 21 of the Federal Deposit Insurance Act (12 U.S.C. 1829b);(B) chapter 2 of title I of Public Law 91–508 (12 U.S.C. 1951 et seq.);(C) subchapter II of chapter 53 of title 31, United States Code; and(D) any other applicable requirements and implementing regulations relating to the prevention of money laundering and terrorist financing; and(5) ensure that composite ratings are determined based on a transparent methodology that is limited to the objective criteria established for each CAMELS component.(b) Rulemaking.— Not later than 12 months after the Council makes the recommendations required under subsection (a), the Federal financial institutions regulatory agencies shall, jointly, issue rules to carry out the recommendations described under subsection (a).(c) Public comment period.— In issuing the rules required under subsection (b), the Federal financial institutions regulatory agencies shall—(1) publish a notice of proposed rulemaking with respect to such rules; and(2) provide for a public comment period of not less than 90 days.(d) Rule of construction.— Nothing in this section may be construed to limit the authority of the Federal financial institutions regulatory agencies to take supervisory, adjudicatory, or enforcement actions to ensure the safety and soundness of financial institutions.
The bill says: The Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3301 et seq.) is amended by adding at the end the following:
Bill text · Current law (12 U.S.C. 3301)
12 U.S.C. 1841(o)(9)(A)changedby H.R. 6955 Sec. 301(b)
(A) in the case of any company or depository institution which receives examinations, the achievement ofachievement of a CAMEL— (i) a CAMEL composite rating of 1 or 2 (or an equivalent rating under an equivalent rating system) in connection with the most recent examination or subsequent review of such company or institution; and (ii) at least a satisfactory rating for management, if such rating is given; or
The bill says: by striking "achievement of" and all that follows through "a CAMEL" and inserting "achievement of a CAMEL";
Bill text · Current law (12 U.S.C. 1841)
12 U.S.C. 1841(o)(9)(A)changedby H.R. 6955 Sec. 301(b)
(A) in the case of any company or depository institution which receives examinations, the achievement of— (i) a CAMEL composite rating of 1 or 2 (or an equivalent rating under an equivalent rating system) in connection with the most recent examination or subsequent review of such company or institution; and; or (ii) at least a satisfactory rating for management, if such rating is given; or
The bill says: by striking "; and" and inserting "; or"; and
Bill text · Current law (12 U.S.C. 1841)
12 U.S.C. 1841(o)(9)(A)removedby H.R. 6955 Sec. 301(b)
The bill says: by striking clause (ii).
Bill text · Current law (12 U.S.C. 1841)
12 U.S.C. 24a(g)(6)(A)changedby H.R. 6955 Sec. 301(b)
(A) in the case of a depository institution that has been examined, unless otherwise determined in writing by the appropriate Federal banking agency—agency, the achievement (i) the achievement of a composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under an equivalent rating system) in connection with the most recent examination or subsequent review of the depository institution; and (ii) at least a rating of 2 for management, if such rating is given; or
The bill says: by striking "agency—" and all that follows through "the achievement" and inserting "agency, the achievement";
Bill text · Current law (12 U.S.C. 24a)
12 U.S.C. 24a(g)(6)(A)changedby H.R. 6955 Sec. 301(b)
(A) in the case of a depository institution that has been examined, unless otherwise determined in writing by the appropriate Federal banking agency— (i) the achievement of a composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under an equivalent rating system) in connection with the most recent examination or subsequent review of the depository institution; and; or (ii) at least a rating of 2 for management, if such rating is given; or
The bill says: by striking "; and" and inserting "; or"; and
Bill text · Current law (12 U.S.C. 24a)
12 U.S.C. 24a(g)(6)(A)removedby H.R. 6955 Sec. 301(b)
The bill says: by striking clause (ii).
Bill text · Current law (12 U.S.C. 24a)
12 U.S.C. 3302(2)changedby H.R. 6955 Sec. 302(c)
(2) the term "Council" means the Financial Institutions Examination Council; and
The bill says: in paragraph (2), by striking "and" at the end; and
Bill text · Current law (12 U.S.C. 3302)
12 U.S.C. 3302added (4)by H.R. 6955 Sec. 302(c)
(4) the term Board means the Board of Independent Examination Review established under section 1015(b);(5) the term material supervisory determination has the meaning given such term in section 309(c) of the Riegle Community Development and Regulatory Improvement Act of 1994;(6) the term insured depository institution has the meaning given that term in section 3 of the Federal Deposit Insurance Act; and(7) the term insured credit union has the meaning given that term in section 101 of the Federal Credit Union Act.
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 3302)
12 U.S.C. 4806changedby H.R. 6955 Sec. 302(e)
The bill says: in the heading, by striking "REGULATORY APPEALS PROCESS, OMBUDSMAN," and inserting "OMBUDSMAN" (and by conforming the item relating to such section in the table of contents accordingly);
Bill text · Current law (12 U.S.C. 4806)
12 U.S.C. 4806removedby H.R. 6955 Sec. 302(e)
The bill says: by striking subsections (a), (b), and (c);
Bill text · Current law (12 U.S.C. 4806)
12 U.S.C. 4806renumberedby H.R. 6955 Sec. 302(e)
The bill says: by redesignating subsections (d), (e), (f), and (g) as subsections (a), (b), (c), and (d), respectively;
Bill text · Current law (12 U.S.C. 4806)
12 U.S.C. 4806(b)(2)(B)changedby H.R. 6955 Sec. 302(e)
The bill says: in subparagraph (B), by striking "and" at the end;
Bill text · Current law (12 U.S.C. 4806)
12 U.S.C. 4806(b)(2)(C)changedby H.R. 6955 Sec. 302(e)
The bill says: in subparagraph (C), by striking the period and inserting "; and"; and
Bill text · Current law (12 U.S.C. 4806)
12 U.S.C. 4806(b)(2)added (D)by H.R. 6955 Sec. 302(e)
(D) ensure that appropriate safeguards exist for protecting any party from retaliation by any agency for exercising rights under this subsection.
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 4806)
12 U.S.C. 4806(b)added (6)by H.R. 6955 Sec. 302(e)
(6) Retaliation.— For purposes of this subsection, retaliation includes delaying consideration of, or withholding approval of, any request, notice, or application that otherwise would have been approved, but for the exercise of a financial institution’s rights under this section.
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 4806)
12 U.S.C. 4806(1)(A)(ii)changedby H.R. 6955 Sec. 302(e)
The bill says: in clause (ii), by striking "; and" and inserting a semicolon;
Bill text · Current law (12 U.S.C. 4806)
12 U.S.C. 4806(1)(A)(iii)changedby H.R. 6955 Sec. 302(e)
The bill says: in clause (iii), by striking "; and" and inserting a semicolon; and
Bill text · Current law (12 U.S.C. 4806)
12 U.S.C. 4806(1)(A)added (iv)by H.R. 6955 Sec. 302(e)
(iv) any issue specifically listed in an exam report as a matter requiring attention by the institution’s management or board of directors; and(v) any suspension or removal of an institution’s status as eligible for expedited processing of applications, requests, notices, or filings on the grounds of a supervisory or compliance concern, regardless of whether that concern has been cited as a basis for a material supervisory determination or matter requiring attention in an examination report, provided that the conduct at issue did not involve violation of any criminal law; and
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 4806)
12 U.S.C. 1785(j)changedby H.R. 6955 Sec. 302(e)
(j) Privileges not affected by disclosure to banking agency or supervisor. (1) In general. The submission by any person of any information to the Bureau of Consumer Financial Protection, the Administration, any State credit union supervisor, or foreign banking authority for any purpose in the course of any supervisory or regulatory process of such Board, supervisor, or authority shall not be construed as waiving,…
The bill says: Section 205(j) of the Federal Credit Union Act (12 U.S.C. 1785(j)) is amended by inserting "the Bureau of Consumer Financial Protection," before "the Administration" each place that term appears.
Bill text · Current law (12 U.S.C. 1785)
12 U.S.C. 3301changedby H.R. 6955 Sec. 302(e)
(1) the term Federal financial institutions regulatory agencies—(A) means the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, and the National Credit Union Administration; and(B) includes the Bureau of Consumer Financial Protection for purposes of sections 1012 through 1015;
The bill says: by striking paragraph (1) and inserting the following:
Bill text · Current law (12 U.S.C. 3301)
12 U.S.C. 3301(3)changedby H.R. 6955 Sec. 302(e)
The bill says: in paragraph (3), by striking the semicolon at the end and inserting ", except that for purposes of sections 1013 through 1016, the term financial institution does not include a credit union that is not an insured credit union;";
Bill text · Current law (12 U.S.C. 3301)
12 U.S.C. 3301changedby H.R. 6955 Sec. 302(e)
The bill says: in section 1004(a)(4) (12 U.S.C. 3303), by striking "Consumer Financial Protection Bureau" and inserting "Bureau of Consumer Financial Protection"; and
Bill text · Current law (12 U.S.C. 3301)
12 U.S.C. 3301changedby H.R. 6955 Sec. 302(e)
The bill says: by striking "One-fifth" and inserting "One-fourth"; and
Bill text · Current law (12 U.S.C. 3301)
12 U.S.C. 3301changedby H.R. 6955 Sec. 302(e)
The bill says: by inserting "described under section 1003(1)(A)" after "agencies".
Bill text · Current law (12 U.S.C. 3301)
12 U.S.C. 1818(b)added (11)by H.R. 6955 Sec. 302(f)
(11) Hearing.— With respect to any notice properly issued and served upon a depository institution or institution-affiliated party under this subsection, such depository institution or institution-affiliated party shall be afforded a hearing before—(A) the appropriate Federal banking agency; or(B) if such institution or person submits a request within 20 days after the issuance of the notice, the appropriate United States district court, and that court shall have jurisdiction to adjudicate all claims and requested remedies stated in the notice of charges, including those authorized under this subsection.
The bill says: in subsection (b), by adding at the end the following:
Bill text · Current law (12 U.S.C. 1818)
12 U.S.C. 1818(e)added (8)by H.R. 6955 Sec. 302(f)
(8) Hearing.— With respect to any notice properly issued and served upon an institution-affiliated party under this subsection, such institution-affiliated party shall be afforded a hearing before—(A) the appropriate Federal banking agency; or(B) if such party submits a request for such hearing and forum within 20 days after the issuance of the notice, the appropriate United States district court, and that court shall have jurisdiction to adjudicate all claims and requested remedies stated in the notice, including those authorized under this subsection.
The bill says: in subsection (e), by adding at the end the following:
Bill text · Current law (12 U.S.C. 1818)
12 U.S.C. 1818(h)(1)changedby H.R. 6955 Sec. 302(f)
(1) Any hearing provided for in this section (other than the hearing provided for in subsection (g)(3) of this section)(other than the hearing provided for in subsection (b)(11)(B), (e)(8)(B), (g)(3), or (i)(2)(H)(ii)) shall be held in the Federal judicial district or in the territory in which the home office of the depository institution is located unless the party afforded the hearing consents to another place, and shall be conducted in accordance…
The bill says: in paragraph (1), by striking "(other than the hearing provided for in subsection (g)(3) of this section)" and inserting "(other than the hearing provided for in subsection (b)(11)(B), (e)(8)(B), (g)(3), or (i)(2)(H)(ii))"; and
Bill text · Current law (12 U.S.C. 1818)
12 U.S.C. 1818(h)added (4)by H.R. 6955 Sec. 302(f)
(4) Any hearing provided for in subsection (b)(11)(B), (e)(8)(B), or (i)(2)(H)(ii) shall be subject to the jurisdiction, powers, and equitable authority of the district court and be governed by the Federal Rules of Civil Procedure and the Federal Rules of Evidence.(5) Any final decision of a United States district court made pursuant to a respondent’s election under subsection (b)(11)(B), (e)(8)(B), or (i)(2)(H)(ii) shall be reviewable in the appropriate court of appeals in the same manner and to the same extent as any other civil action to which the United States is a party.
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 1818)
12 U.S.C. 1818(i)(2)rewrittenby H.R. 6955 Sec. 302(f)
The bill says: by amending subparagraph (E)(ii) to read as follows:
Bill text · Current law (12 U.S.C. 1818)
12 U.S.C. 1818(i)(2)rewrittenby H.R. 6955 Sec. 302(f)
(H) Hearing.— The insured depository institution or institution-affiliated party against whom any penalty is assessed under this paragraph shall be afforded a hearing before—(i) an agency, if such institution or person submits a request for such hearing within 20 days after the issuance of the notice of assessment; or(ii) the appropriate United States district court, if such institution or person submits a request for such hearing and forum within 20 days after the issuance of the notice of assessment.
The bill says: by amending subparagraph (H) to read as follows:
Bill text · Current law (12 U.S.C. 1818)
12 U.S.C. 1818(i)(2)rewrittenby H.R. 6955 Sec. 302(f)
The bill says: by amending subparagraph (I)(ii) to read as follows:
Bill text · Current law (12 U.S.C. 1818)
12 U.S.C. 1818added (x)by H.R. 6955 Sec. 302(f)
(x) Savings clause.— Nothing in subsection (b)(11)(B), (e)(8)(B), or (i)(2)(H)(ii) shall be construed to—(1) limit the authority of a Federal banking agency to initiate an administrative enforcement action; or(2) impair the validity of any consent order.
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 1818)
12 U.S.C. 1786(e)added (5)by H.R. 6955 Sec. 302(f)
(5) Hearing.— With respect to any notice properly issued and served upon an insured credit union, credit union which has insured accounts, or an institution-affiliated party under this subsection, such insured credit union, credit union which has insured accounts, or institution-affiliated party shall be afforded a hearing before—(A) the Administration; or(B) if such insured credit union, credit union which has insured accounts, or institution-affiliated party submits a request within 20 days after the issuance of the notice, the appropriate United States district court, and that court shall have jurisdiction to adjudicate all claims and requested remedies stated in the notice of charges, including those authorized under this subsection.
The bill says: in subsection (e), by adding at the end the following:
Bill text · Current law (12 U.S.C. 1786)
12 U.S.C. 1786(g)added (8)by H.R. 6955 Sec. 302(f)
(8) Hearing.— With respect to any notice properly issued and served upon an institution-affiliated party under this subsection, such institution-affiliated party shall be afforded a hearing before—(A) the Administration; or(B) if such institution-affiliated party submits a request within 20 days after the issuance of the notice, the appropriate United States district court, and that court shall have jurisdiction to adjudicate all claims and requested remedies stated in the notice of charges, including those authorized under this subsection.
The bill says: in subsection (g), by adding at the end the following:
Bill text · Current law (12 U.S.C. 1786)
12 U.S.C. 1786(j)(1)changedby H.R. 6955 Sec. 302(f)
(1) Any hearing provided for in this section (other than the hearing provided for in subsection (i)(3) of this section)(other than the hearing provided for in subsection (e)(5)(B), (g)(8)(B), (i)(3), or (k)(2)(H)(ii)) shall be held in the Federal judicial district or in the territory in which the principal office of the credit union is located, unless the party afforded the hearing consents to another place, and shall be conducted in accordance with…
The bill says: in paragraph (1), by striking "(other than the hearing provided for in subsection (i)(3) of this section)" and inserting "(other than the hearing provided for in subsection (e)(5)(B), (g)(8)(B), (i)(3), or (k)(2)(H)(ii))"; and
Bill text · Current law (12 U.S.C. 1786)
12 U.S.C. 1786(j)added (4)by H.R. 6955 Sec. 302(f)
(4) Any hearing provided for in subsection (e)(5)(B), (g)(8)(B), (i)(3), or (k)(2)(H)(ii) shall be subject to the jurisdiction, powers, and equitable authority of the district court and be governed by the Federal Rules of Civil Procedure and the Federal Rules of Evidence.(5) Any final decision of a United States district court made pursuant to a respondent’s election under subsection (e)(5)(B), (g)(8)(B), (i)(3), or (k)(2)(H)(ii) shall be reviewable in the appropriate court of appeals in the same manner and to the same extent as any other civil action to which the United States is a party.
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 1786)
12 U.S.C. 1786(k)(2)rewrittenby H.R. 6955 Sec. 302(f)
The bill says: by amending subparagraph (E)(ii) to read as follows:
Bill text · Current law (12 U.S.C. 1786)
12 U.S.C. 1786(k)(2)rewrittenby H.R. 6955 Sec. 302(f)
(H) Hearing.— The insured credit union or institution-affiliated party against whom any penalty is assessed under this paragraph shall be afforded a hearing before—(i) the Administration, if such insured credit union or institution-affiliated party submits a request for such hearing within 20 days after the issuance of the notice of assessment; or(ii) the appropriate United States district court, if such insured credit union or institution-affiliated party submits a request for such hearing and forum within 20 days after the issuance of the notice of assessment.
The bill says: by amending subparagraph (H) to read as follows:
Bill text · Current law (12 U.S.C. 1786)
12 U.S.C. 1786(k)(2)rewrittenby H.R. 6955 Sec. 302(f)
The bill says: by amending subparagraph (I)(ii) to read as follows:
Bill text · Current law (12 U.S.C. 1786)
12 U.S.C. 1786added (x)by H.R. 6955 Sec. 302(f)
(x) Savings clause.— Nothing in subsection (e)(5)(B), (g)(8)(B), or (k)(2)(H)(ii) shall be construed to—(1) limit the authority of the Administration to initiate an administrative enforcement action; or(2) impair the validity of any consent order.
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 1786)
12 U.S.C. 1820(d)added (11)by H.R. 6955 Sec. 303(a)
(11) Examination relief for certain well managed and well capitalized insured depository institutions.—(A) In general.— Notwithstanding paragraphs (1) and (2), the following shall apply to a well managed and well capitalized insured depository institution with $6,000,000,000 or less in consolidated assets:(i) Alternating limited-scope examinations.— After an insured depository institution receives a full-scope, on-site examination from the appropriate Federal banking agency, the next examination of the insured depository institution by the appropriate Federal banking agency shall be a limited-scope examination, as determined by the appropriate Federal banking agency.(ii) Combined examinations.— If an insured depository institution is otherwise subject to separate safety and soundness examinations, consumer compliance examinations, and information technology and cybersecurity examinations, the appropriate Federal banking agency shall, upon request of the insured depository institution, combine two or three such examinations, as specified by the insured depository institution, and carry them out at the same time.(B) Exception.— Subparagraph (A) shall not apply to an insured depository institution if—(i) the insured depository institution is currently subject to a formal enforcement proceeding or order by the Corporation or the appropriate Federal banking agency; or(ii) a person acquired control of the insured depository institution since the most recent full-scope, on-site examination of the insured depository institution from the appropriate Federal banking agency.(C) Rulemaking.— Not later than 12 months after the date of enactment of this paragraph, the Federal banking agencies shall issue rules to carry out subparagraph (A), including, with respect to an insured depository institution described under subparagraph (A), to—(i) establish procedures for the limited-scope examinations described in subparagraph (A)(i);(ii) establish procedures for reviewing insured depository institutions described under subparagraph (A), that—(I) experience material changes in financial condition or operational risk profile between scheduled examinations; or(II) have failed to comply with Federal or State banking laws and regulations; and(iii) balance the goals of streamlining the examination cycle for individual insured depository institutions and reducing unnecessary regulatory burdens while maintaining sufficient oversight to ensure the continued safety and soundness of the insured depository institutions and compliance with all applicable laws and regulations.(D) Rule of construction.— Nothing in this paragraph may be construed to limit the authority of a Federal banking agency to conduct off-site monitoring, targeted reviews, or additional full-scope, on-site examinations of an insured depository institution if the Federal banking agency determines such monitoring, reviews, or examinations are appropriate to ensure safety and soundness or compliance with applicable laws.(E) Definitions.— In this paragraph:(i) Consumer compliance examination.— The term consumer compliance examination means an examination to assess compliance with the requirements of Federal consumer financial law (as such term is defined in section 1002 of the Consumer Financial Protection Act of 2010).(ii) Well capitalized.— The term well capitalized has the meaning given that term in section 38(b).(iii) Well managed.— With respect to an insured depository institution, the term well managed means that, when the institution was most recently examined by the appropriate Federal banking agency, the institution was found to be well managed, and the institution’s composite condition was found to be satisfactory or outstanding.
The bill says: Section 10(d) of the Federal Deposit Insurance Act (12 U.S.C. 1820(d)) is amended by adding at the end the following:
Bill text · Current law (12 U.S.C. 1820)
12 U.S.C. 1784added (h)by H.R. 6955 Sec. 303(a)
(h) Examination relief for certain well managed and well capitalized insured credit unions.—(1) In general.— Notwithstanding any other provision of this section, the following shall apply to a well managed and well capitalized insured credit union with $6,000,000,000 or less in consolidated assets:(A) Alternating limited-scope examinations.— After an insured credit union receives a full-scope, on-site examination from the National Credit Union Administration, the next examination of the insured credit union by the National Credit Union Administration shall be a limited-scope examination, as determined by the National Credit Union Administration.(B) Combined examinations.— If an insured credit union is otherwise subject to separate safety and soundness examinations, consumer compliance examinations, and information technology and cybersecurity examinations, the National Credit Union Administration shall, upon request of the insured credit union, combine two or three such examinations, as specified by the insured credit union, and carry them out at the same time.(2) Exception.— Paragraph (1) shall not apply to an insured credit union if the insured credit union is currently subject to a formal enforcement proceeding or order by the National Credit Union Administration.(3) Rulemaking.— Not later than 12 months after the date of enactment of this subsection, the National Credit Union Administration shall issue rules to carry out paragraph (1), including, with respect to an insured credit union described under paragraph (1), to—(A) establish procedures for the limited-scope examinations described in paragraph (1)(A);(B) establish procedures for reviewing insured credit unions that—(i) experience material changes in financial condition or operational risk profile between scheduled examinations; or(ii) have failed to comply with Federal or State banking laws and regulations; and(C) balance the goals of streamlining the examination cycle for individual insured credit unions and reducing unnecessary regulatory burdens while maintaining sufficient oversight to ensure the continued safety and soundness of the insured credit unions and compliance with all applicable laws and regulations.(4) Rule of construction.— Nothing in this subsection may be construed to limit the authority of the National Credit Union Administration to conduct off-site monitoring, targeted reviews, or additional full-scope, on-site examinations of an insured credit union if the National Credit Union Administration determines such monitoring, reviews, or examinations are appropriate to ensure safety and soundness or compliance with applicable laws.(5) Definitions.— In this paragraph:(A) Consumer compliance examination.— The term consumer compliance examination means an examination to assess compliance with the requirements of Federal consumer financial law (as such term is defined in section 1002 of the Consumer Financial Protection Act of 2010).(B) Well capitalized.— The term well capitalized has the meaning given that term in section 216(c).(C) Well managed.— With respect to an insured credit union, the term well managed means that, when the credit union was most recently examined by the National Credit Union Administration, the credit union was found to be well managed, and the credit union’s composite condition was found to be satisfactory or outstanding.
The bill says: Section 204 of the Federal Credit Union Act (12 U.S.C. 1784) is amended by adding at the end the following:
Bill text · Current law (12 U.S.C. 1784)
12 U.S.C. 1812changedby H.R. 6955 Sec. 401(1)
The bill says: by striking "Consumer Financial Protection Bureau" each place such term appears and inserting "Bureau of Consumer Financial Protection";
Bill text · Current law (12 U.S.C. 1812)
12 U.S.C. 1812rewrittenby H.R. 6955 Sec. 401(2)
The bill says: by amending subsection (a)(1)(C) to read as follows:
Bill text · Current law (12 U.S.C. 1812)
12 U.S.C. 1812(c)(1)addedby H.R. 6955 Sec. 401(3)
The bill says: in paragraph (1), by adding at the end the following: "No individual may be appointed as a member for more than two terms."; and
Bill text · Current law (12 U.S.C. 1812)
12 U.S.C. 1812(c)added (4)by H.R. 6955 Sec. 401(3)
(4) Maximum length of service.— Notwithstanding any other provision of this Act, no person shall serve as a member for more than twelve years in total.
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 1812)
12 U.S.C. 3311changedby H.R. 6955 Sec. 403(1)
The bill says: by striking "appropriate Federal banking agency" each place such term appears and inserting "Federal financial institutions regulatory agency";
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311changedby H.R. 6955 Sec. 403(2)
The bill says: by striking "appropriate Federal banking agencies" and inserting "Federal financial institutions regulatory agencies";
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311(a)changedby H.R. 6955 Sec. 403(3)
The bill says: by striking "represented on the Council"; and
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311(a)changedby H.R. 6955 Sec. 403(3)
The bill says: by striking "once every 10 years" and inserting "once every 8 years";
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311(b)renumberedby H.R. 6955 Sec. 403(4)
The bill says: by redesignating paragraphs (1) and (2) as subparagraphs (A) and (B), respectively (and adjusting the margins accordingly);
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311(b)changedby H.R. 6955 Sec. 403(4)
The bill says: by striking "In conducting" and inserting the following:
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311(b)added (2)by H.R. 6955 Sec. 403(4)
(2) Internal review of cumulative impact.— Each Federal financial institutions regulatory agency shall conduct an internal review of the cumulative impact of regulations issued by the Federal financial institutions regulatory agency that—(A) assesses the effects of such regulations on consumers’ access to financial products and services;(B) assesses the effects of such regulations on the availability of financial products and services to financial and nonfinancial firms;(C) assesses the impact of such regulations on credit availability and financial market liquidity in United States financial markets;(D) assess the effects of such regulations on consumer protection;(E) assesses the balance of benefits and costs of such regulations with respect to the safety and soundness of the United States financial system and overall economic activity in the United States;(F) to the extent practicable, quantifies the direct and indirect economic costs imposed by such regulations; and(G) includes recommendations to streamline or eliminate duplicative, outdated, and unnecessarily burdensome regulations.
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311(c)changedby H.R. 6955 Sec. 403(5)
The bill says: by striking "subsection (b)(2)" and inserting "subsection (b)(1)(B), and the internal review under subsection (b)(2),"; and
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311(c)changedby H.R. 6955 Sec. 403(5)
The bill says: by striking "once every 10 years" and inserting "once every 8 years";
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311(e)(1)changedby H.R. 6955 Sec. 403(6)
The bill says: in paragraph (1), by striking "and" at the end;
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311(e)renumberedby H.R. 6955 Sec. 403(6)
The bill says: by redesignating paragraph (2) as paragraph (3);
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311(e)added (2)by H.R. 6955 Sec. 403(6)
(2) a summary of the findings and determinations of each Federal financial institutions regulatory agency of the internal review conducted by the Federal financial institutions regulatory agency under subsection (b)(2); and
The bill says: by inserting after paragraph (1) the following:
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311(e)(3)changedby H.R. 6955 Sec. 403(6)
The bill says: in paragraph (3), as so redesignated, by striking "the regulatory burdens associated with such issues by regulation" and inserting "the regulatory burdens associated with the issues identified by public comments received by the Council and the Federal financial institutions regulatory agencies, as well as the regulatory burdens identified by each Federal financial institutions regulatory agency through the internal reviews conducted under subsection (b)(2), by regulation"; and
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 3311added (f)by H.R. 6955 Sec. 403(7)
(f) Federal financial institutions regulatory agency defined.— The term Federal financial institutions regulatory agency has the meaning given that term in section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3302).
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 3311)
12 U.S.C. 241added (11)by H.R. 6955 Sec. 501
(11) Review of discount window operations.—(A) In general.— Not later than 60 days after the date of enactment of this paragraph, the Board of Governors shall commence a review of the discount window lending programs of the Federal reserve banks (the "discount window"), and shall complete such review not later than 240 days after the date of enactment of this paragraph.(B) Contents.— The review required by subparagraph (A) shall include a consideration of—(i) the effectiveness of the discount window in providing liquidity to financial institutions, including in times of financial stress;(ii) whether the technology infrastructure, including means of communications, are sufficient to support the timely provision of liquidity, including in times of financial stress;(iii) the effectiveness of cybersecurity measures implemented with respect to discount window operations;(iv) the effectiveness of communications between Federal reserve banks, financial institutions, the Board of Governors, the Federal Deposit Insurance Corporation, the Comptroller of the Currency, and the Secretary of the Treasury regarding discount window operations;(v) the effectiveness of the Board of Governors in providing oversight of the discount window and in ensuring consistent access to the discount window across the Federal Reserve System;(vi) how the discount window interacts with other providers of liquidity, including the Federal Home Loan Banks, during both normal operations and times of financial distress;(vii) the effectiveness of existing discount window operating hours and whether such hours should be expanded, taking into account the interaction between discount window operating hours and the operating hours of payment systems of the Federal reserve banks, such as the Fedwire Funds Service and FedNow Service;(viii) the impact of mobile banking and instant communications technology on depositor behavior and liquidity risk posed to financial institutions, including how the discount window can—(I) help financial institutions better respond to rapid liquidity shortfalls; and(II) prevent broader financial instability; and(ix) the effectiveness of the discount window in light of the stigma associated with its usage, ways to reduce such stigma, and ways to improve access, operational efficiency, transparency, and timeliness of the process for financial institutions seeking advances, including on the pricing and other terms of such advances.(C) Remediation plan.— After the Board of Governors completes the review required by subparagraph (A), the Board of Governors, in consultation with the Federal reserve banks, shall—(i) identify deficiencies with the discount window and areas for enhancing discount window effectiveness; and(ii) develop a written plan to remediate the identified deficiencies and implement the identified enhancements, which shall include—(I) an identification of actions that will be taken to enhance discount window effectiveness and remediate identified deficiencies;(II) timelines and milestones for implementing the plan and measures to demonstrate how the implemented improvements will be maintained on an ongoing basis; and(III) measures of managing and controlling any deficiencies and current operations until the plan is implemented in full.(D) Report to Congress on review and plan.—(i) In general.— Not later than 365 days after the date of enactment of this paragraph, the Board of Governors shall submit a report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing—(I) the findings of the review required by subparagraph (A); and(II) the remediation plan required by subparagraph (C).(ii) Consultation.— Before submitting the report required by clause (i), the Board of Governors shall—(I) provide a copy of the proposed report to the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Secretary of the Treasury; and(II) provide the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Secretary of the Treasury with an opportunity to provide feedback on the report.(iii) Testimony.— The Chairman of the Board of Governors shall, at the semi-annual hearing required under section 2B, testify with respect to the contents of the report required under this subparagraph.(E) Annual reports to Congress.—(i) Reports by the Board.— The Board of Governors shall submit an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing a review of the effectiveness of discount window operations and a progress report on the actions taken to implement the identified enhancements described in subparagraph (C).(ii) Reports by the Inspector General.— The Inspector General of the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection shall submit an annual report to the Committee on Financial Services of the House of Representatives and the Committee on Banking, Housing, and Urban Affairs of the Senate containing a report on the progress of the Board of Governors in implementing the remediation plan required by subparagraph (C).(F) Confidential report information.— Any report required under this paragraph may contain a confidential annex containing information that, if made public, could—(i) impact monetary policy, financial stability, or cybersecurity; or(ii) significantly endanger the safety and soundness of any financial institution.(G) Repeal.— This paragraph shall be repealed on the date on which the Board of Governors notifies the Congress and publishes on a public website of the Board of Governors that the remediation plan required under subparagraph (C) has been fully implemented.
The bill says: Section 10 of the Federal Reserve Act (12 U.S.C. 241 et seq.) is amended by inserting after paragraph (10) the following:
Bill text · Current law (12 U.S.C. 241)
12 U.S.C. 1831f(i)(1)(C)changedby H.R. 6955 Sec. 502(a)
The bill says: Section 29(i)(1)(C) of the Federal Deposit Insurance Act (12 U.S.C. 1831f(i)(1)(C)) is amended by striking "$96,333,333,333" and inserting "$250,000,000,000".
Bill text · Current law (12 U.S.C. 1831f)
12 U.S.C. 1831f(i)(2)(A)(i)changedby H.R. 6955 Sec. 502(b)
The bill says: in clause (i), by striking subclause (I) and inserting the following:
Bill text · Current law (12 U.S.C. 1831f)
12 U.S.C. 1831f(i)(2)(A)renumberedby H.R. 6955 Sec. 502(b)
The bill says: by redesignating clauses (ii) and (iii) as clauses (iii) and (iv), respectively; and
Bill text · Current law (12 U.S.C. 1831f)
12 U.S.C. 1831f(i)(2)(A)added (ii)by H.R. 6955 Sec. 502(b)
(ii) has not yet been examined under section 10(d) and the deposits of which first became insured under this Act during the current calendar year or during the immediately preceding calendar year;
The bill says: by inserting after clause (i) the following:
Bill text · Current law (12 U.S.C. 1831f)
12 U.S.C. 1831f(i)added (3)by H.R. 6955 Sec. 502(b)
(3) Reservation of authority.— If an insured depository institution ceases to be an agent institution because it no longer satisfies any of the criteria in paragraph (2)(A), the Corporation may, on a case-by-case basis and upon application, provide a waiver to permit the institution to continue to consider some or all of the deposits previously subject to the exception under paragraph (1) as continuing to be subject to the exception under paragraph (1), for a specific or indefinite period of time, if the Corporation determines that failure to grant such a waiver would negatively impact the safety and soundness of the insured depository institution.
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 1831f)
12 U.S.C. 1842(c)added (8)by H.R. 6955 Sec. 601(b)
(8) For proposed transactions resulting in companies with less than $10,000,000,000 in assets and that would not result in there being only one insured depository institution with a physical presence in any relevant metropolitan statistical area.— Notwithstanding paragraph (1), if a proposed acquisition, merger, or consolidation under this section would result in a company with less than $10,000,000,000 in assets and would not result in there being only one insured depository institution with a physical presence in any relevant metropolitan statistical area, then the Board shall not consider whether such acquisition, merger, or consolidation would—(A) result in a monopoly, or would be in furtherance of any combination or conspiracy to monopolize or to attempt to monopolize the business of banking in any part of the United States; and(B) have the effect in any section of the country of substantially lessening competition, tending to create a monopoly, or in any other manner restraining trade.
The bill says: Section 3(c) of the Bank Holding Company Act of 1956 (12 U.S.C. 1842(c)) is amended by adding at the end the following:
Bill text · Current law (12 U.S.C. 1842)
12 U.S.C. 1842(b)(1)changedby H.R. 6955 Sec. 604(a)
The bill says: by striking "Upon receiving" and inserting the following:
Bill text · Current law (12 U.S.C. 1842)
12 U.S.C. 1842(b)(1)changedby H.R. 6955 Sec. 604(a)
The bill says: by striking "required" and inserting "acquired";
Bill text · Current law (12 U.S.C. 1842)
12 U.S.C. 1842(b)(1)changedby H.R. 6955 Sec. 604(a)
The bill says: by striking "In the event of the failure of the Board to act on any application for approval under this section within the ninety-one-day period which begins on the date of submission to the Board of the complete record on that application, the application shall be deemed to have been granted."; and
Bill text · Current law (12 U.S.C. 1842)
12 U.S.C. 1842(b)(1)added (B)by H.R. 6955 Sec. 604(a)
(B) Complete record on an application.—(i) Notice to applicant.— Not later than 30 days after the date on which the Board receives an application for approval under this section, the Board shall transmit to the applicant a letter that either—(I) confirms the record on the application is complete; or(II) details all additional information that is required for the record on that application to be complete.(ii) Extension of notice.— Notwithstanding clause (i), the Board may, if an application is complex, extend the 30-day period described under clause (i) for an additional period not to exceed 60 days.(iii) Receipt of response; deeming of complete record.— Upon receipt of a response from an applicant to a notice requesting additional information described under clause (i)(II), the record on the application shall be deemed complete unless the Board—(I) determines that the applicant’s response was materially deficient; and(II) not later than 30 days after the date on which the Board received the response, provides the applicant a detailed notice describing the deficiencies.(iv) Treatment of third-party information.— In determining whether the record on an application is complete, the Board may take into account only information provided by the applicant, and may not base the determination of completeness on any information (including reports, views, or recommendations) provided by third parties.(C) Deadline for determination.—(i) In general.— Notwithstanding subparagraphs (A) and (B), the Board shall grant or deny an application submitted under this section not later than 120 days after the date on which the application was initially submitted to the Board, regardless of whether the record on such initial application was complete.(ii) Failure to make a determination.— If the Board does not grant or deny an application within the time period described under clause (i), such application shall be deemed to have been granted.(iii) Tolling of period.— The Board may at any time extend the deadline described under clause (i) at the request of the applicant, but may not extend the deadline more than 30 days past the deadline described under clause (i).
The bill says: by adding at the end the following:
Bill text · Current law (12 U.S.C. 1842)