Summary:
Volcker Rule Relief Act of 2015

This bill amends the Bank Holding Company Act of 1956 with respect to the prohibition ("Volcker Rule") against a banking entity's: (1) engaging in proprietary trading; or (2) acquiring or retaining any equity, partnership, or other ownership interest in, or sponsoring, hedge funds or private equity funds.

"Banking entity" shall not include (and so the Volcker Rule shall not apply to) any entity that:

 is not predominantly engaged in financial activities, nor is a bank holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System, nor a direct or indirect subsidiary of a bank holding company or a nonbank financial company supervised by the Board; or would be a banking entity solely owing to its control of such an entity. The bill also exempts from the Volcker Rule any banking entity with total consolidated assets of $10 billion or less.

volcker rule relief act bill amends bank_holding_company_act respect prohibition volcker rule banking entity engaging proprietary trading acquiring retaining equity partnership ownership interest sponsoring hedge funds private equity funds banking entity shall include volcker rule shall apply entity predominantly engaged financial activities bank holding company nonbank financial company supervised board_of_governors federal_reserve_system direct indirect subsidiary bank holding company nonbank financial company supervised board banking entity solely owing control entity bill exempts banking entity total consolidated assets billion


Summary:
Consumer Financial Protection Bureau Examination and Reporting Threshold Act of 2015

This bill amends the Consumer Financial Protection Act of 2010 to raise the examination threshold that brings an insured depository institution or insured credit union within its supervisory purview from assets of $10 billion or more to assets of $50 billion or more.

The bill increases from assets of $10 billion or less to assets of $50 billion or less the size of an insured depository institution or insured credit union that is subject to the Act's reporting requirements.

reporting threshold act bill amends consumer_financial_protection_act raise examination threshold brings insured depository institution insured credit union supervisory purview assets billion assets billion bill increases assets billion assets billion size insured depository institution insured credit union subject act reporting requirements


Summary:
This bill amends the Federal Deposit Insurance Act with respect to the prohibition declaring that an insured depository institution that is not well-capitalized may not accept funds obtained, directly or indirectly, by or through any deposit broker for deposit into one or more deposit accounts.

Reciprocal deposits of an insured depository institution, however, shall not be considered to be prohibited broker deposits if:

 the composite condition of the institution at its most recent examination was adjudged either good or outstanding, or total reciprocal deposits of the institution do not exceed either $10 billion or 20% of its total liabilities.

bill amends federal_deposit_insurance_act respect prohibition declaring insured depository institution capitalized accept funds obtained directly indirectly deposit broker deposit deposit accounts reciprocal deposits insured depository institution shall considered prohibited broker deposits composite condition institution recent examination adjudged good outstanding total reciprocal deposits institution exceed billion total liabilities


Summary: This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to: (1) require each voting member of the Financial Stability Oversight Council to testify at least twice each year before the House Financial Services Committee and the Senate Banking, Housing, and Urban Affairs Committee if invited to do so; and (2) permit Members of Congress who serve on such committees to attend council meetings, regardless of whether such meetings are open to the public, if in any year a council member fails to testify at least twice before each such committee after being invited to do so.

bill amends dodd frank wall street reform consumer protection act require voting member financial_stability_oversight_council testify twice year invited permit members congress serve committees attend council meetings regardless meetings open public year council member fails testify twice committee invited


Summary:
FSOC Designation Review Act

This bill amends the Financial Stability Act of 2010 to revise requirements for reevaluation and reaffirmation of determinations by the Financial Stability Oversight Council (FSOC) that the Board of Governors of the Federal Reserve System supervise and regulate U.S. or foreign nonbank financial companies.

The FSOC shall reevaluate such a determination not only annually (as under current law) but also upon the request of a nonbank financial company based on its representation that there has been a material change in its operations or activities or a material change in regulatory or market conditions.

FSOC must give the company as part of a reevaluation:

 a confidential written analysis of the specific elements of the company's exposures or activities that would be relevant to the FSOC's reevaluation; and opportunity to submit written materials in response, including a plan to obtain rescission of the determination or other materials relevant to the assessment. The FSOC's written analysis must assess with particularity the company's vulnerability to financial distress, including consideration of its leverage, liquidity risk, and maturity mismatch, and existing regulatory scrutiny of the company.

Following a reevaluation the FSOC shall vote whether to reaffirm the determination; but if two-thirds of the voting members do not vote in favor of reaffirmation, the determination in question shall be rescinded immediately, subject at company option to judicial review. (Currently a determination is automatically reaffirmed upon reevaluation unless by a two-thirds vote the FSOC rescinds it.)

bill amends financial stability act revise requirements reevaluation reaffirmation determinations financial_stability_oversight_council fsoc board_of_governors federal_reserve_system supervise regulate foreign nonbank financial companies fsoc shall reevaluate determination annually current law request nonbank financial company based representation material change operations activities material change regulatory market conditions fsoc company reevaluation confidential written analysis specific elements company exposures activities relevant fsoc reevaluation opportunity submit written materials response including plan obtain rescission determination materials relevant assessment fsoc written analysis assess company vulnerability financial distress including consideration leverage liquidity risk maturity existing regulatory scrutiny company following reevaluation fsoc shall vote reaffirm determination thirds voting members vote favor reaffirmation determination question shall rescinded immediately subject company option judicial review currently determination automatically reevaluation thirds vote fsoc rescinds


Summary:
Community Bank Reporting Relief Act

 This bill amends the Federal Deposit Insurance Act to direct federal banking agencies to issue regulations that allow a reduced reporting requirement for highly rated and well-capitalized depository institutions meeting certain other criteria when making the first and third report of condition for a year.

bill amends federal_deposit_insurance_act direct federal banking agencies issue regulations allow reduced reporting requirement highly rated capitalized depository institutions meeting certain criteria making report condition year


Summary:
Traditional Banking Regulatory Relief Act of 2015

This bill amends the Federal Deposit Insurance Act (FDIA) to prescribe capital requirements for traditional banking organizations (TBOs) at a minimum simple leverage ratio of no less than 10%.

A TBO is any bank holding company, savings and loan holding company, bank, or savings association that individually (and when including its parent, subsidiaries, and affiliates) meets the following criteria:

 has zero trading assets and zero trading liabilities, does not engage in swaps or security-based swaps other than those referencing interest rates or foreign exchange swaps, and has a total gross notional exposure of swaps and security-based swaps of not more than $3 billion. "Simple leverage ratio" means:

 total equity less goodwill and deferred tax assets, divided by total assets less goodwill and deferred tax assets, as measured by generally accepted accounting principles. A TBO meeting this minimum simple leverage ratio may notify the federal banking agencies to maintain it as the sole measure of its capital adequacy. The risk-based capital requirement shall not apply to it.

If the TBO fails to maintain the minimum simple leverage ratio, it shall remain exempt from the risk-based capital requirement for an 18-month grace period.

The bill grants a TBO with a simple leverage ratio of 8% or more a phase-in period of 18 months after enactment of this bill within which to elect to meet the minimum simple leverage ratio as its sole measure of capital adequacy.

 The federal banking agencies, with respect to reports of condition, shall permit a reduced reporting requirement for a TBO electing to maintain a simple leverage ratio as its sole measure of capital adequacy.

The 18-month on-site examination cycle shall apply to TBOs (and, as under current law, to insured depository institutions whose assets total less than $1 billion) if the appropriate federal banking agency believes this is consistent with the TBO's safety and soundness.

The bill repeals the authority of federal banking agencies, at their discretion, to increase the maximum asset amount of insured depository institutions for certain purposes.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to exempt TBOs from mandatory annual stress tests.

bill amends federal_deposit_insurance_act fdia prescribe capital requirements traditional banking organizations minimum simple leverage ratio bank holding company savings loan holding company bank savings association individually including parent subsidiaries affiliates meets following criteria zero trading assets zero trading liabilities engage swaps security based swaps referencing interest rates foreign exchange swaps total gross notional exposure swaps security based swaps billion simple leverage ratio means total equity goodwill deferred tax assets divided total assets goodwill deferred tax assets measured generally accepted accounting principles meeting minimum simple leverage ratio notify federal banking agencies maintain sole measure capital adequacy risk based capital requirement shall apply fails maintain minimum simple leverage ratio shall remain exempt risk based capital requirement month grace period bill grants simple leverage ratio phase period months enactment bill elect meet minimum simple leverage ratio sole measure capital adequacy federal banking agencies respect reports condition shall permit reduced reporting requirement electing maintain simple leverage ratio sole measure capital adequacy month site examination cycle shall apply current law insured depository institutions assets total billion appropriate federal banking agency believes consistent safety soundness bill repeals authority federal banking agencies discretion increase maximum asset insured depository institutions certain purposes dodd frank wall street reform consumer protection act amended exempt mandatory annual stress tests


Summary:
FDIC Accountability Act of 2016

This bill amends the Federal Deposit Insurance Act to authorize the Federal Deposit Insurance Corporation (FDIC) to incur obligations or allow and pay expenses only pursuant to an appropriations Act, except for obligations or expenses that have either been:

 paid for with funds from the Deposit Insurance Fund; or incurred, allowed, or paid to implement the insurance function of the FDIC. Any FDIC-collected fees that are not deposit insurance fees must be deposited and credited as offsetting collections to the account providing appropriations to the FDIC.

fdic accountability act bill amends federal_deposit_insurance_act authorize federal_deposit_insurance_corporation fdic incur obligations allow pay expenses pursuant appropriations act obligations expenses paid funds deposit_insurance_fund incurred allowed paid implement insurance function fdic fdic collected fees deposit insurance fees deposited credited offsetting collections account providing appropriations fdic


Summary:
North American Development Bank General Capital Increase Authorization Act of 2016

This bill: (1) authorizes the Department of the Treasury to subscribe on behalf of the United States to 150,000 additional shares of the capital stock of the North American Development Bank, and (2) authorizes appropriations for such shares.

authorization act bill authorizes department_of_the_treasury subscribe behalf united_states additional shares capital stock authorizes appropriations shares


Summary:
(This measure has not been amended since it was introduced. The summary has been expanded because action occurred on the measure.)

(Sec. 1) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal Title II (Orderly Liquidation Authority), concerning the bankruptcy of financial institutions, and makes conforming amendments to the Federal Deposit Insurance Act and the Federal Reserve Act.

measure amended introduced summary expanded action occurred measure sec bill amends dodd frank wall street reform consumer protection act repeal title orderly liquidation authority concerning bankruptcy financial institutions makes conforming amendments federal_deposit_insurance_act federal_reserve_act


Summary:
This bill amends the Federal Reserve Act to revise the formula for subscription of national banking associations to the stock of their regional Federal Reserve Bank.

Instead of one-sixth of an association's subscription to be payable on call by the Board of Governors of the Federal Reserve System, a member bank shall pay one-twelfth of its subscription when the Federal Reserve Board directs, and the remainder subject to the call of the Board.

If a member bank has total consolidated assets of $10 billion or less, however, it may elect to pay one-half of its subscription instead of one-twelfth, but only once, and only within the first year after it becomes a member bank.

The bill makes similar revisions to the formula for an increase in a member bank's capital stock or surplus.

The Board may only call the subscription of a member bank if the aggregate amount of surplus funds of the Federal Reserve Banks is exhausted.

A member bank may elect to have called amounts returned to it if the aggregate amount of surplus funds of the Federal Reserve Banks is $1 billion or more.

The Board shall make annually inflation adjustments to the dollar amounts of total consolidated assets specified in the Act and in this bill to reflect the change in the Gross Domestic Product Price Index, published by the Bureau of Economic Analysis of the Department of Commerce.

bill amends federal_reserve_act revise formula subscription national banking associations stock regional federal_reserve_bank instead sixth association subscription payable board_of_governors federal_reserve_system member bank shall pay subscription federal_reserve_board directs remainder subject board member bank total consolidated assets billion elect pay half subscription instead year member bank bill makes similar revisions formula increase member bank capital stock surplus board subscription member bank aggregate surplus funds federal_reserve_banks exhausted member bank elect called amounts returned aggregate surplus funds federal_reserve_banks billion board shall annually inflation adjustments dollar amounts total consolidated assets specified act bill reflect change price index published


Summary:
Credit Union Examination Reform Act of 2016

This bill amends the Federal Credit Union Act to permit an examination to be carried out only once every 18 months of a federal credit union or an insured credit union that:

 has total assets of less than $1 billion; is well capitalized (or adequately capitalized, in the case of an insured credit union); was found in its most recent examination to be well managed, with a composite rating (under the Uniform Financial Institutions Rating System) of 1, in the case of a credit union that has total assets of more than $200 million, or 1 or 2, in the case of a credit union that has total assets of $200 million or less; and is not currently subject to a formal enforcement proceeding or order by the National Credit Union Administration (NCUA). Such limitation shall not apply if the NCUA determines that such a credit union: (1) should be examined more often because of safety and soundness concerns, or (2) has violated the law.

 The NCUA shall issue a report on how this bill affects its budget.

reform act bill amends federal_credit_union_act permit examination carried months federal credit union insured credit union total assets billion capitalized adequately capitalized case insured credit union found recent examination managed composite rating uniform financial institutions rating system case credit union total assets million case credit union total assets million currently subject formal enforcement proceeding order national_credit_union_administration ncua limitation shall apply ncua determines credit union examined safety soundness concerns violated law ncua shall issue report bill affects budget


Summary:
Equal Access to Banking Act

This bill requires the Federal Deposit Insurance Corporation (FDIC) to issue regulations: (1) easing the restrictive impact of regulations issued pursuant to the Federal Deposit Insurance Act relating to the factors to be considered for deposit insurance on non-profit community development financial institution banks, and (2) easing restrictions on the operation of such banks insured by the FDIC.

 The FDIC shall ensure that such regulations issued under this bill: (1) will not provide an opportunity for individuals or for-profit financial institutions to avoid taxation or other requirements related to deposit insurance, and (2) allow charitable contributions and grants to such banks.

The FDIC shall terminate the deposit insurance of such a bank if the bank loses its certification as a community development financial institution.

The bill defines a "non-profit community development financial institution bank" as a non-profit depository institution that: (1) is certified as a community development financial institution by the Community Development Financial Institutions Fund, and (2) serves low-income and moderate-income customers.

bill requires federal_deposit_insurance_corporation fdic issue regulations easing restrictive impact regulations issued pursuant federal_deposit_insurance_act relating factors considered deposit insurance non profit community development financial institution banks easing restrictions operation banks insured fdic fdic shall ensure regulations issued bill provide opportunity individuals profit financial institutions avoid taxation requirements related deposit insurance allow charitable contributions grants banks fdic shall terminate deposit insurance bank bank loses certification community development financial institution bill defines non profit community development financial institution bank non profit depository institution certified community development financial institution community_development_financial_institutions_fund serves low income moderate income customers


Summary:
Financial Services for the Underserved Act of 2016

This bill amends the Federal Credit Union Act to revise the requirements for allowing a federal credit union to extend its field of membership in an underserved area.

The credit union must be well capitalized or adequately capitalized, and within 24 months after approval by the National Credit Union Administration (NCUA) it must have established and maintained an ongoing method to provide services in the local community, neighborhood, or rural district. (The current requirement is that the credit union must, without a deadline, establish and maintain an office or facility in the local community, neighborhood, or rural district at which credit union services are available.)

Any failure of a federal credit union to meet the latter requirement by the end of the 24-month period shall constitute a termination, as a matter of law, of NCUA approval of its application regarding the credit union's membership.

Any federal credit union with an approved application for an underserved area must report annually to the NCUA on the number of:

 credit union members who are members by reason of that application; and offices or facilities maintained by the credit union in the local community, neighborhood, or rural district taken into account by the NCUA in approving the application. The bill defines "underserved area" generally as a geographic area consisting of a single census tract or a group of census tracts, each of which meets the criteria for a low-income community or is underserved by other depository institutions, based on data of the NCUA and the federal banking agencies.

financial_services underserved act bill amends federal_credit_union_act revise requirements allowing federal credit union extend field membership underserved area credit union capitalized adequately capitalized months approval national_credit_union_administration ncua established maintained ongoing method provide services local community neighborhood rural district current requirement credit union deadline establish maintain office facility local community neighborhood rural district credit union services available failure federal credit union meet requirement end month period shall constitute termination matter law ncua approval application credit union membership federal credit union approved application underserved area report annually ncua number credit union members members reason application offices facilities maintained credit union local community neighborhood rural district taken account ncua approving application bill defines underserved area generally geographic area consisting single census tract group census tracts meets criteria low income community underserved depository institutions based data ncua federal banking agencies


Summary:
TITLE I--ENHANCING ANTITERRORISM TOOLS OF THE DEPARTMENT OF THE TREASURY

(Sec. 101) This bill revises the authority of the Department of the Treasury to issue an order imposing recordkeeping and reporting requirements upon financial institutions and nonfinancial trade or business groups in certain geographic areas regarding transactions for the payment, receipt, or transfer of U.S. coins or currency (or other monetary instruments as Treasury may describe in an order).

A Treasury order for recordkeeping and reporting may include all funds (not just U.S. coins or currency) involved in such transactions.

(Sec. 102) To improve the tracking of cross-border fund transfers and identify forms of terrorist financing, Treasury must report on: (1) the efficacy of requiring banking regulators to establish a pilot program to provide technical assistance to depository institutions and credit unions that wish to provide account services to money services businesses serving individuals in Somalia; (2) whether the pilot program could improve the ability of U.S. persons to make legitimate funds transfers through transparent monitored channels while complying with the Bank Secrecy Act and controls aimed at stopping money laundering and the financing of terrorism; and (3) information sharing mechanisms for depository institutions and credit unions to understand whether an individual money services business is meeting its obligations to combat illicit finance.

(Sec. 103) The bill expresses the sense of Congress that the Under Secretary for Terrorism and Financial Crimes should help foreign partners integrate intelligence analytic capacities with anti-money laundering and counter-terrorist financing regimes.

(Sec. 104) Treasury must report on the role of its financial attaches and technical advisors at U.S. embassies and their resources to assist in countering terrorist financing and money laundering.

TITLE II--NATIONAL STRATEGY FOR COMBATING TERRORIST AND OTHER ILLICIT FINANCING

(Sec. 201) Treasury must develop a national strategy with priorities to combat terrorist financing and prevent illicit finance activities within and transiting the U.S. financial system. The strategy must: (1) identify the most significant threats, (2) coordinate enforcement efforts at all levels of government and with international partners, and (3) describe efforts to ensure that data collected by the federal government is available in a timely fashion to agencies and appropriate financial institutions and that agencies make use of publicly available data.

title enhancing antiterrorism tools department treasury sec bill revises authority department_of_the_treasury issue order imposing recordkeeping reporting requirements financial institutions nonfinancial trade business groups certain geographic areas transactions payment receipt transfer coins currency monetary instruments treasury describe order treasury order recordkeeping reporting include funds coins currency involved transactions sec improve tracking cross border fund transfers identify forms terrorist financing treasury report efficacy requiring banking regulators establish pilot program provide technical assistance depository institutions credit unions wish provide account services money services businesses serving individuals somalia pilot program improve ability persons legitimate funds transfers transparent monitored channels complying controls aimed stopping money laundering financing terrorism information sharing mechanisms depository institutions credit unions understand individual money services business meeting obligations combat illicit finance sec bill expresses sense congress secretary help foreign partners integrate intelligence analytic capacities anti money laundering counter terrorist financing regimes sec treasury report role financial technical advisors embassies resources assist countering terrorist financing money laundering title national strategy combating terrorist illicit financing sec treasury develop national strategy priorities combat terrorist financing prevent illicit finance activities transiting financial system strategy identify significant threats coordinate enforcement efforts levels government international partners describe efforts ensure data collected federal government available timely fashion agencies appropriate financial institutions agencies use publicly available data


Summary:
Retail Checking Account Protection Act of 2016

This bill amends the Federal Deposit Insurance Act to provide that the stable retail deposits of an insured depository institution shall not be considered to be funds obtained by or through a deposit broker. Currently, stable retail deposits are considered brokered deposits. As a result, those deposits are subject to restrictions applicable to other brokered deposits, such as prohibitions on undercapitalized banks accepting brokered deposits. This bill would exclude stable retail deposits from those restrictions.

bill amends federal_deposit_insurance_act provide stable retail deposits insured depository institution shall considered funds obtained deposit broker currently stable retail deposits considered deposits result deposits subject restrictions applicable deposits prohibitions undercapitalized banks accepting deposits bill exclude stable retail deposits restrictions


Summary:
Protecting Consumers' Access to Credit Act of 2016

This bill amends the Revised Statutes and the Federal Deposit Insurance Act to state that bank loans that are valid when made as to their maximum rate of interest in accordance with federal law shall remain valid with respect to that rate regardless of whether a bank has subsequently sold or assigned the loan to a third party. (Under these laws, interest may be charged on loans to customers at the greater of: (1) a rate not more than 1% above the discount rate on 90-day commercial paper in effect at the Federal Reserve Bank for the district in which the lender is located, or (2) the highest rate allowed by the laws of the state in which the lender is located.)

bill amends revised_statutes federal_deposit_insurance_act state bank loans valid maximum rate interest accordance federal law shall remain valid respect rate regardless bank subsequently sold assigned loan party laws interest charged loans customers greater rate discount rate day commercial paper effect federal_reserve_bank district lender located highest rate allowed laws state lender located


Summary:
Secure, Accessible, Valuable, Efficient Universal Pension Accounts Act or the SAVE UP Act

This bill amends the Internal Revenue Code to establish the SAVE UP Account program to provide tax-exempt retirement accounts to employees who are not otherwise eligible for certain retirement plans.

The bill establishes: (1) a board of trustees to create and manage the accounts, (2) a board of governors to establish policies for the investment and management of fund assets, and (3) a trust fund and accounts in the Treasury for the program.

An employer must establish an account contribution program if: (1) the employer's aggregate number of employee hours of service during the preceding year was at least 1,600; (2) the employer does not offer a retirement plan to all employees. Government entities and churches are exempt from this requirement.

Under the contribution program, employers must: (1) contribute at least 50 cents per hour worked by the employee; and (2) make automatic contributions on behalf of employees who do not opt-out, beginning with 3% of wages and eventually increasing to 5%.

The bill sets forth requirements for: (1) determining an employee's share of positive net investment returns, and (2) paying benefits from the accounts in the form of an annuity

The bill allows a tax credit for certain small employers who elect to set up contribution programs for their employees.

If an employer fails to maintain a required contribution program, the bill disallows the deduction for compensation for services performed by employees of the employer.

secure accessible valuable efficient universal pension accounts act save act bill amends internal_revenue_code establish save account program provide tax exempt retirement accounts employees eligible certain retirement plans bill establishes board trustees create manage accounts board governors establish policies investment management fund assets trust fund accounts treasury program employer establish account contribution program employer aggregate number employee hours service preceding year employer offer retirement plan employees government entities churches exempt requirement contribution program employers contribute cents hour worked employee automatic contributions behalf employees opt beginning wages eventually increasing bill sets forth requirements determining employee share positive net investment returns paying benefits accounts form annuity bill allows tax credit certain small employers elect set contribution programs employees employer fails maintain required contribution program bill disallows deduction compensation services performed employees employer


Summary:
Bank Service Company Examination Coordination Act of 2016

This bill amends the Bank Service Company Act to allow the appropriate federal banking agency with respect to the principal shareholder or principal member of a bank service company to authorize a state banking agency (in addition to any other federal banking agency, as under current law) that supervises any other shareholder or member to make an examination of the bank service company.

coordination act bill amends allow appropriate federal banking agency respect principal shareholder principal member bank service company authorize state banking agency addition federal banking agency current law supervises shareholder member examination bank service company


Summary: This bill amends the Federal Credit Union Act to require the National Credit Union Administration (NCUA) Board to submit annually with its detailed business-type budget a report that contains: (1) an analysis of the NCUA's operating expenses and the extent to which those expenses are funded by assessment fees collected from federal credit unions or amounts transferred from the National Credit Union Share Insurance Fund (NCUSIF), and (2) a supporting rationale for proposals to use amounts in the NCUSIF for operating expenses.

bill amends federal_credit_union_act require national_credit_union_administration ncua board submit annually detailed business type budget report contains analysis ncua operating expenses extent expenses funded assessment fees collected federal credit unions amounts transferred national_credit_union_share_insurance_fund supporting rationale proposals use amounts operating expenses


Summary:
Financial CHOICE Act of 2016

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act, among other Acts, to:

 repeal the "Volcker Rule" (which restricts banks from making certain speculative investments); with respect to winding down failing banks, eliminate the Federal Deposit Insurance Corporation's orderly liquidation authority and establish new provisions regarding financial institution bankruptcy; and repeal the "Durbin Amendment" (which limits the fees that may be charged to retailers for debit card processing). Certain banks may exempt themselves from specified regulatory standards if they maintain a certain ratio of capital to total assets and meet other specified requirements.

The bill removes the Financial Stability Oversight Council's authority to designate non-bank financial institutions and financial market utilities as "systemically important" (also known as "too big to fail"). Under current law, entities so designated are subject to additional regulatory restrictions. Designations made previously are retroactively repealed.

The bill also amends the Consumer Financial Protection Act of 2010 to:

 restructure the Consumer Financial Protection Bureau by replacing its director with a bipartisan commission; subject the commission to the congressional appropriations process, expanded judicial review, and additional congressional oversight; and limit the commission's authority to take action against entities for "abusive" practices. In addition, the bill:

 modifies provisions related to the Securities and Exchange Commission's managerial structure and enforcement authority; eliminates the Office of Financial Research within the Department of the Treasury; and revises provisions related to capital formation, insurance regulation, civil penalties for securities laws violations, and community financial institutions.

financial choice act bill amends dodd frank wall street reform consumer protection act acts repeal volcker rule restricts banks making certain speculative investments respect winding failing banks eliminate federal_deposit_insurance_corporation orderly liquidation authority establish new provisions financial institution bankruptcy repeal amendment limits fees charged retailers debit card processing certain banks exempt specified regulatory standards maintain certain ratio capital total assets meet specified requirements bill removes financial_stability_oversight_council authority designate non bank financial institutions financial market utilities systemically important known big fail current law entities designated subject additional regulatory restrictions designations previously retroactively repealed bill amends consumer_financial_protection_act restructure consumer_financial_protection_bureau replacing director bipartisan commission subject commission congressional appropriations process expanded judicial review additional congressional oversight limit commission authority action entities abusive practices addition bill modifies provisions related securities_and_exchange_commission managerial structure enforcement authority eliminates office_of_financial_research department_of_the_treasury revises provisions related capital formation insurance regulation civil penalties securities laws violations community financial institutions


Summary:
Communicating Lender Activity Reports from the Small Business Administration Act or the CLEAR SBA Act

This bill amends the Small Business Act to define "covered loan" as a loan made or debenture issued under the Act or the Small Business Investment Act of 1958 by a private individual or entity.

The bill requires the Small Business Administration to make publicly available on its website a Lender Activity Index (i.e., a user-friendly database of specified information relating to lenders making covered loans).

The SBA shall: (1) include in the database information relating to covered loans made during FY2009-FY2015, and (2) incorporate information related to such loans on an ongoing basis.

communicating lender activity reports clear sba act bill amends small_business_act define covered loan loan debenture issued act small_business_investment_act private individual entity bill requires small_business_administration publicly available website lender activity index user friendly database specified information relating lenders making covered loans sba shall include database information relating covered loans fy2009 fy2015 incorporate information related loans ongoing basis


Summary:
Financial Services Innovation Act of 2016

This bill requires specified federal departments and agencies (agencies) to periodically publish in the Federal Register a nonexclusive list identifying three or more areas of existing regulation:

 that apply or may apply to a financial innovation offered or intended to be offered by a covered person, and that the agency would consider modifying or waiving if it were to receive a petition from the covered person in accordance with this bill relating to that regulation. The bill defines "a covered person" as a person that offers or intends to offer a financial innovation by submitting a petition to a Financial Services Innovation Office (FSIO) at one or more agencies.

Each agency shall establish its own FSIO to:

 promote financial innovations, and assist covered persons whose petitions have been approved pursuant to this bill. Each agency, through its FSIO, shall:

 support the development of financial innovations; coordinate with FSIOs at other agencies to share information and data; and establish procedures to reduce the time and cost of offering a financial innovation to the public and enable greater access to financial innovations. The agencies shall create a FSIO Liaison Committee which shall consult on the administration, coordination, and oversight of each agency's FSIO.

financial services innovation act bill requires specified federal departments agencies agencies periodically publish federal_register nonexclusive list identifying areas existing regulation apply apply financial innovation offered intended offered covered person agency consider modifying waiving receive petition covered person accordance bill relating regulation bill defines covered person person offers intends offer financial innovation submitting petition agencies agency shall establish promote financial innovations assist covered persons petitions approved pursuant bill agency shall support development financial innovations coordinate agencies share information data establish procedures reduce time cost offering financial innovation public enable greater access financial innovations agencies shall create shall consult administration coordination oversight agency


Summary:
Protect Prepaid Accounts Act of 2016

This bill amends the Federal Deposit Insurance Act to state that prepaid funds deposited by an agent or nominee in an insured depository institution shall satisfy the requirements of the primary exclusion from the definition of deposit broker, unless that agent or nominee controls the deposits and has the contractual right to cause the transfer of those deposits to another insured depository institution selected by the agent or nominee. (Generally, an insured depository institution that is not well capitalized may not accept funds obtained by or through any deposit broker for deposit into one or more deposit accounts.)

The bill defines "prepaid funds" as funds deposited through a prepaid program or made available from a card, code, or other device that is not otherwise an account established primarily for personal, household, or family purposes, where the device is:

 issued on a prepaid basis to a consumer in a specified amount, or is not issued on a prepaid basis but capable of being loaded with funds; and redeemable at multiple unaffiliated merchants for goods or services or usable at automated teller machines or for person-to-person transfers.

protect prepaid accounts act bill amends federal_deposit_insurance_act state prepaid funds deposited agent nominee insured depository institution shall satisfy requirements primary exclusion definition deposit broker agent nominee controls deposits contractual right cause transfer deposits insured depository institution selected agent nominee generally insured depository institution capitalized accept funds obtained deposit broker deposit deposit accounts bill defines prepaid funds funds deposited prepaid program available card code device account established primarily personal household family purposes device issued prepaid basis consumer specified issued prepaid basis capable loaded funds redeemable multiple unaffiliated merchants goods services usable automated teller machines person person transfers


Summary:
This bill amends the Federal Deposit Insurance Act to require the Office of the Comptroller of the Currency (OCC), the Federal Deposit Insurance Corporation (FDIC), and the Federal Reserve Board to treat non-significant investments in the capital of unconsolidated financial institutions as qualifying capital instruments, provided such instruments were held as investments prior to July 21, 2010, for purposes of the final rules 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" (Basel III Capital Regulations), published on October 11, 2013.

The OCC, the FDIC, and the Federal Reserve Board must amend such Basel III Capital Regulations to implement this bill.

bill amends federal_deposit_insurance_act require office_of_the_comptroller_of_the_currency federal_deposit_insurance_corporation fdic federal_reserve_board treat non significant investments capital financial institutions qualifying capital instruments provided instruments held investments prior july purposes final rules entitled regulatory capital rules regulatory capital implementation basel iii prompt corrective action standardized approach risk weighted assets disclosure requirements advanced approaches risk based capital rule published october fdic federal_reserve_board amend implement bill


Summary:
This bill amends the Federal Deposit Insurance Act to exclude from the definition of "deposit broker" an affiliate of an insured depository institution, with respect to funds of an individual retirement account, pension, retirement, profit-sharing, bonus, thrift savings, incentive, or other similar benefit plan for which the depository institution acts as custodian or directed trustee, to the extent the affiliate provides brokerage, advisory, or agency services to participants or beneficiaries of the benefit plan and the services result in the investment of its assets as deposits of the depository institution.

(Generally, an insured depository institution that is not well capitalized may not accept funds obtained by or through any deposit broker for deposit into one or more deposit accounts.)

Consumer credit Information regarding deposit accounts shared by an insured depository institution with its affiliates that is a communication among persons related by common ownership or affiliated by corporate control shall not be a factor in determining whether: (1) an affiliate is considered a deposit broker, or (2) deposits resulting from referrals of customers to an affiliate are subject to the brokered deposit restrictions.

bill amends federal_deposit_insurance_act exclude definition deposit broker affiliate insured depository institution respect funds individual retirement account pension retirement profit sharing bonus thrift savings incentive similar benefit plan depository institution acts custodian directed trustee extent affiliate provides brokerage advisory agency services participants beneficiaries benefit plan services result investment assets deposits depository institution generally insured depository institution capitalized accept funds obtained deposit broker deposit deposit accounts consumer credit information deposit accounts shared insured depository institution affiliates communication persons related common ownership affiliated corporate control shall factor determining affiliate considered deposit broker deposits resulting referrals customers affiliate subject deposit restrictions


Summary:
Systemic Risk Designation Improvement Act of 2016

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to authorize the Financial Stability Oversight Council (FSOC) to subject a bank holding company to enhanced supervision and prudential standards by the Board of Governors of the Federal Reserve System if FSOC makes a final determination that material financial distress at the bank holding company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities, could threaten the financial stability of the United States. This FSOC determination procedure replaces the current process under which bank holding companies with total consolidated assets of $50 billion or more are automatically subject to such enhanced supervision and prudential standards.

FSOC's determination must be based upon specified factors, using an indicator-based measurement approach established by the Basel Committee on Banking Supervision to determine systemic importance.

A bank holding company designated as a Global Systemically Important Bank by the Financial Stability Board, as of this bill's enactment, shall be deemed to have been the subject of a final determination that it could pose a threat to U.S. financial stability for any of those reasons.

systemic risk designation improvement act bill amends dodd frank wall street reform consumer protection act authorize financial_stability_oversight_council fsoc subject bank holding company enhanced supervision prudential standards board_of_governors federal_reserve_system fsoc makes final determination material financial distress bank holding company nature scope size scale concentration interconnectedness mix activities threaten financial stability united_states fsoc determination procedure replaces current process bank holding companies total consolidated assets billion automatically subject enhanced supervision prudential standards fsoc determination based specified factors indicator based measurement approach established basel_committee_on_banking_supervision determine systemic importance bank holding company designated financial_stability_board bill enactment shall deemed subject final determination pose threat financial stability reasons


Summary:
Systemic Risk Designation Improvement Act of 2016

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to authorize the Financial Stability Oversight Council (FSOC) to subject a bank holding company to enhanced supervision and prudential standards by the Board of Governors of the Federal Reserve System if FSOC makes a final determination that material financial distress at the bank holding company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities, could threaten the financial stability of the United States. This FSOC determination procedure replaces the current process under which bank holding companies with total consolidated assets of $50 billion or more are automatically subject to such enhanced supervision and prudential standards.

FSOC's determination must be based upon specified factors, using an indicator-based measurement approach established by the Basel Committee on Banking Supervision to determine systemic importance.

A bank holding company designated as a Global Systemically Important Bank by the Financial Stability Board, as of this bill's enactment, shall be deemed to have been the subject of a final determination that it could pose a threat to U.S. financial stability for any of those reasons.

A bank holding company with total consolidated assets of $50 billion or more on the date of the enactment of this bill may elect to be subject to enhanced supervision and prudential standards by notifying FSOC within one year after this bill's enactment.

systemic risk designation improvement act bill amends dodd frank wall street reform consumer protection act authorize financial_stability_oversight_council fsoc subject bank holding company enhanced supervision prudential standards board_of_governors federal_reserve_system fsoc makes final determination material financial distress bank holding company nature scope size scale concentration interconnectedness mix activities threaten financial stability united_states fsoc determination procedure replaces current process bank holding companies total consolidated assets billion automatically subject enhanced supervision prudential standards fsoc determination based specified factors indicator based measurement approach established basel_committee_on_banking_supervision determine systemic importance bank holding company designated financial_stability_board bill enactment shall deemed subject final determination pose threat financial stability reasons bank holding company total consolidated assets billion date enactment bill elect subject enhanced supervision prudential standards notifying fsoc year bill enactment


Summary:
Systemic Risk Designation Improvement Act of 2016

 (Sec. 3) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to authorize the Financial Stability Oversight Council (FSOC) to subject a bank holding company to enhanced supervision and prudential standards by the Board of Governors of the Federal Reserve System if FSOC makes a final determination that material financial distress at the bank holding company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities, could threaten the financial stability of the United States. This FSOC determination procedure replaces the current process under which bank holding companies with total consolidated assets of $50 billion or more are automatically subject to such enhanced supervision and prudential standards.

FSOC must make these final determinations using an indicator-based measurement approach established by the Basel Committee on Banking Supervision to determine systemic importance, which considers each bank holding company's size, interconnectedness, available substitutes, global cross-jurisdictional activity, and complexity.

A bank holding company designated, as of this bill's enactment, as a Global Systemically Important Bank (GSIB) by the Financial Stability Board (FSB) shall be deemed to have been the subject of a final determination that it could pose a threat to U.S. financial stability, thereby making these GSIBs subject to enhanced supervision.

(Sec. 4) The bill revises the Federal Reserve Board's authority over bank holding company acquisition restrictions, prohibitions on interlocks between management of different financial companies, and enhanced supervision and prudential standards to make these requirements subject to FSOC's determination instead of operating automatically when a bank meets a $50 billion threshold.

(Sec. 5) FSOC is prohibited from making a final determination concerning a bank holding company under this bill before one year after its enactment. A bank holding company shall be deemed to have been the subject of such a final determination during this one-year period, however, if its total consolidated assets are $50 billion or more.

(Sec. 6) Bank holding companies with total consolidated assets of $50 billion or more that have not been the subject of a final determination for enhanced supervision and prudential standards remain subject to assessments by the Department of the Treasury for a temporary period to the same extent as a bank holding company that has been subject to a final determination. But the aggregate amount collected from all bank holding companies so assessed is limited to a specified amount to be transferred to: (1) FSOC to distribute to the Federal Reserve Board, the Federal Deposit Insurance Corporation (FDIC), and the general fund of the Treasury for administrative costs resulting from this bill; and (2) the FDIC for resolution costs resulting from this bill. A bank holding company so assessed shall no longer be subject to such assessments in the event it is subject to a final determination.

Assessments collected shall be in addition to, and not as a replacement of, any other assessments required by law.

(Sec. 7) Nothing in this bill may be construed as broadly applying international standards except as specifically provided for FSOC's use of Basel Committee determination factors and the oversight of FSB-designated GSIBs.

systemic risk designation improvement act sec bill amends dodd frank wall street reform consumer protection act authorize financial_stability_oversight_council fsoc subject bank holding company enhanced supervision prudential standards board_of_governors federal_reserve_system fsoc makes final determination material financial distress bank holding company nature scope size scale concentration interconnectedness mix activities threaten financial stability united_states fsoc determination procedure replaces current process bank holding companies total consolidated assets billion automatically subject enhanced supervision prudential standards fsoc final determinations indicator based measurement approach established basel_committee_on_banking_supervision determine systemic importance considers bank holding company size interconnectedness available substitutes global cross jurisdictional activity complexity bank holding company designated bill enactment shall deemed subject final determination pose threat financial stability making subject enhanced supervision sec bill revises federal_reserve_board authority bank holding company acquisition restrictions prohibitions interlocks management different financial companies enhanced supervision prudential standards requirements subject fsoc determination instead operating automatically bank meets billion threshold sec fsoc prohibited making final determination concerning bank holding company bill year enactment bank holding company shall deemed subject final determination year period total consolidated assets billion sec bank holding companies total consolidated assets billion subject final determination enhanced supervision prudential standards remain subject assessments department_of_the_treasury temporary period extent bank holding company subject final determination aggregate collected bank holding companies assessed limited specified transferred fsoc distribute federal_reserve_board federal_deposit_insurance_corporation fdic general fund treasury administrative costs resulting bill fdic resolution costs resulting bill bank holding company assessed shall longer subject assessments event subject final determination assessments collected shall addition replacement assessments required law sec bill construed broadly applying international standards specifically provided fsoc use determination factors oversight designated


Summary:
Financial Takeover Repeal Act of 2015

Repeals the Dodd-Frank Wall Street Reform and Consumer Protection Act.

Revives or restores the provisions of law amended by such Act as if it had not been enacted.

financial takeover repeals dodd frank wall street reform consumer protection act revives restores provisions law amended act enacted


Summary:
Terminating the Expansion of Too-Big-To-Fail Act of 2015

 Amends the Financial Stability Act of 2010, title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the Federal Deposit Insurance Act, and the Federal Reserve Act to eliminate all supervision by the Board of Governors of the Federal Reserve System (Board) of domestic and foreign nonbank financial companies, including new or heightened standards and safeguards and minimum leverage capital requirements.

Eliminates the duty of the Financial Stability Oversight Council to identify systemically important financial market utilities and payment, clearing, and settlement activities.

Repeals the authority of the Council, acting through the Office of Financial Research, to: (1) require the submission of periodic and other reports from any domestic or foreign nonbank financial company, or (2) request the Board to examine a U.S. nonbank financial company for the sole purpose of determining whether it should be Board-supervised.

Repeals specified additional Board authority to supervise certain nonbank financial companies, including the prohibition against management interlocks between such companies and certain other financial companies.

Repeals the requirement that the Board study and report to Congress on: (1) specified issues with respect to the resolution of financial companies under chapter 7 (Liquidation) or 11 (Reorganization) of the Bankruptcy Code, and (2) international coordination relating to the resolution of systemic financial companies under the U.S. Bankruptcy Code and applicable foreign law.

Repeals the authority of the Council to recommend to the Board: (1) prudential standards and reporting and disclosure requirements for Board-supervised nonbank financial companies, and (2) any requirement that each nonbank financial company report periodically the company's credit exposure as well as its plan for rapid and orderly resolution in the event of material financial distress or failure.

Repeals the requirement that the Council study the feasibility, benefits, costs, and structure of a contingent capital requirement for Board-supervised nonbank financial companies.

Eliminates reporting requirements for such companies.

Repeals the Payment, Clearing, and Settlement Supervision Act of 2010 (title VIII of Dodd-Frank).

terminating expansion big fail act amends financial stability act title dodd frank wall street reform consumer protection act dodd-frank federal_deposit_insurance_act federal_reserve_act eliminate supervision board_of_governors federal_reserve_system board domestic foreign nonbank financial companies including new heightened standards safeguards minimum leverage capital requirements eliminates duty financial_stability_oversight_council identify systemically important financial market utilities payment clearing settlement activities repeals authority council acting office_of_financial_research require submission periodic reports domestic foreign nonbank financial company request board examine nonbank financial company sole purpose determining board supervised repeals specified additional board authority supervise certain nonbank financial companies including prohibition management interlocks companies certain financial companies repeals requirement board study report congress specified issues respect resolution financial companies chapter liquidation reorganization bankruptcy code international coordination relating resolution systemic financial companies bankruptcy code applicable foreign law repeals authority council recommend board prudential standards reporting disclosure requirements board supervised nonbank financial companies requirement nonbank financial company report periodically company credit exposure plan rapid orderly resolution event material financial distress failure repeals requirement council study feasibility benefits costs structure contingent capital requirement board supervised nonbank financial companies eliminates reporting requirements companies repeals payment clearing settlement supervision act title viii dodd-frank


Summary:
SAFE Act Confidentiality and Privilege Enhancement Act

 Amends the S.A.F.E. Mortgage Licensing Act of 2008 to extend to state and federal regulatory officials having financial services oversight authority (currently only those having mortgage oversight authority) access to any information provided to the Nationwide Mortgage Licensing System and Registry (or any system established by the Director of the Consumer Financial Protection Bureau), without the loss of privilege or confidentiality protections provided by federal and state laws.

safe act confidentiality privilege enhancement act amends mortgage licensing act extend state federal regulatory officials having financial services oversight authority currently having mortgage oversight authority access information provided nationwide_mortgage_licensing_system_and_registry system established director consumer_financial_protection_bureau loss privilege confidentiality protections provided federal state laws


Summary:
Consumer Financial Protection Bureau Examination and Reporting Threshold Act of 2015

 Amends the Consumer Financial Protection Act of 2010 to raise the examination threshold that brings an insured depository institution or insured credit union within its supervisory purview from assets of $10 billion or more to assets of $50 billion or more.

Increases from assets of $10 billion or less to assets of $50 billion or less the size of an insured depository institution or insured credit union that is subject to the Act's reporting requirements.

reporting threshold act amends consumer financial protection act raise examination threshold brings insured depository institution insured credit union supervisory purview assets billion assets billion increases assets billion assets billion size insured depository institution insured credit union subject act reporting requirements


Summary:
Community Financial Protection Act of 2015

 Amends the Consumer Financial Protection Act of 2010 to require the Director of the Consumer Financial Protection Bureau (CFPB) to request reports through the prudential regulator from a person that is either an insured depository institution or an insured credit union with total assets of $10 billion or less (persons).

Prohibits the Director from making such requests for an industry-wide report, or for a report pertaining to two or more such persons.

Requires the Director, as a prerequisite to making such request, to make a showing to the prudential regulator that publicly available information pertaining to such person(s) is insufficient for the purposes of either: (1) supporting the role of the CFPB in implementing federal consumer financial laws; (2) supporting examination activities of the CFPB; or (3) risk assessment and detection concerning consumers and consumer financial markets.

Authorizes the prudential regulator to deny any request for a report or information made by the Director with respect to such persons.

Requires the prudential regulator who fulfills the Director's request for a report to do so with reports that have been furnished to a federal or state agency (or are required to have been furnished to a federal or state agency.

Instructs the Director to accept existing reports in formats consistent with those submitted to the prudential regulator and federal and state agencies if the prudential regulator has determined that they provide the information requested.

community financial protection act amends consumer financial protection act require director consumer_financial_protection_bureau cfpb request reports prudential regulator person insured depository institution insured credit union total assets billion persons prohibits director making requests industry wide report report pertaining persons requires director prerequisite making request showing prudential regulator publicly available information pertaining insufficient purposes supporting role cfpb implementing federal consumer financial laws supporting examination activities cfpb risk assessment detection concerning consumers consumer financial markets authorizes prudential regulator deny request report information director respect persons requires prudential regulator fulfills director request report reports furnished federal state agency required furnished federal state agency instructs director accept existing reports formats consistent submitted prudential regulator federal state agencies prudential regulator determined provide information requested


Summary:
Financial Institutions Examination Fairness and Reform Act

Amends the Federal Financial Institutions Examination Council Act of 1978 to require a federal financial institutions regulatory agency to make a final examination report to a financial institution within 60 days of the later of: (1) the exit interview for an examination of the institution, or (2) the provision of additional information by the institution relating to the examination.

Sets a deadline for the exit interview if a financial institution is not subject to a resident examiner program.

Sets forth examination standards for financial institutions.

 Establishes in the Federal Financial Institutions Examination Council the Office of Independent Examination Review, headed by a Director appointed by the Council.

Grants a financial institution the right to appeal a material supervisory determination contained in a final report of examination.

Requires the Director to determine the merits of the appeal on the record, or, at the election of the financial institution, refer the appeal to an administrative law judge.

Declares the decision by the Director on an appeal to: (1) be the final agency action, and (2) bind the agency whose supervisory determination was the subject of the appeal and the financial institution making the appeal.

Grants a financial institution the right to petition for judicial review of the Director's decision.

Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to require: (1) the Consumer Financial Protection Bureau (CFPB) to establish an independent intra-agency appellate process in connection with the regulatory appeals process; and (2) appropriate safeguards to protect an insured depository institution or insured credit union from retaliation by either the CFPB, the National Credit Union Administration Board, or any other federal banking agency for exercising its rights.

financial institutions examination fairness reform_act amends federal_financial_institutions_examination_council_act require federal financial institutions regulatory agency final examination report financial institution days later exit interview examination institution provision additional information institution relating examination sets deadline exit interview financial institution subject resident examiner program sets forth examination standards financial institutions establishes headed director appointed council grants financial institution right appeal material supervisory determination contained final report examination requires director determine merits appeal record election financial institution refer appeal administrative law judge declares decision director appeal final agency action bind agency supervisory determination subject appeal financial institution making appeal grants financial institution right petition judicial review director decision amends riegle_community_development_and_regulatory improvement act require consumer_financial_protection_bureau cfpb establish independent intra agency appellate process connection regulatory appeals process appropriate safeguards protect insured depository institution insured credit union retaliation cfpb national_credit_union_administration_board federal banking agency exercising rights


Summary:
Community Lending Enhancement and Regulatory Relief Act of 2015 or the CLEAR Relief Act of 2015

 Amends the Sarbanes-Oxley Act of 2002 to exempt from its rules regarding management assessment of internal controls the following institutions which, as of the end of the preceding fiscal year, had total consolidated assets of $1 billion or less (adjusted annually according to a certain formula): (1) a bank holding company, (2) a savings and loan holding company, or (3) an insured depository institution.

Amends the Truth in Lending Act (TILA) to require the Consumer Financial Protection Bureau (CFPB) to exempt from requirements governing escrow or impound accounts affecting certain consumer credit transactions any loans secured by a first lien on the principal dwelling of a consumer, if such loans are held by an insured depository institution having assets of $10 billion or less.

Includes as a qualified mortgage, with respect to the presumption that a qualified residential mortgage loan meets certain minimum standards, any mortgage loan originated and retained in portfolio for at least three years by a depository institution having less than $10 billion in total assets.

Requires the CFPB (which currently is merely authorized) to provide by regulation that a "qualified mortgage" includes a balloon loan extended by an insured depository institution that: (1) originates and retains balloon loans in portfolio for at least three years, and (2) together with its affiliates has less than $10 billion in total consolidated assets.

regulatory relief act clear relief act amends sarbanes oxley act exempt rules management assessment internal controls following institutions end preceding fiscal year total consolidated assets billion adjusted annually according certain formula bank holding company savings loan holding company insured depository institution amends truth lending act tila require consumer_financial_protection_bureau cfpb exempt requirements governing escrow impound accounts affecting certain consumer credit transactions loans secured lien principal dwelling consumer loans held insured depository institution having assets billion includes qualified mortgage respect presumption qualified residential mortgage loan meets certain minimum standards mortgage loan originated retained portfolio years depository institution having billion total assets requires cfpb currently merely authorized provide regulation qualified mortgage includes balloon loan extended insured depository institution originates retains balloon loans portfolio years affiliates billion total consolidated assets


Summary:
Comprehensive Regulatory Review Act of 2015

This bill amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to specify the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, the Board of Governors of the Federal Reserve System, the Consumer Financial Protection Bureau, and the National Credit Union Administration Board as the federal agency representatives on the Federal Financial Institutions Examination Council which are required, along with the Council, to review all Council-prescribed regulations at least once every 10 years in order to identify outdated or unnecessary regulatory requirements imposed upon financial institutions (currently, only insured depository institutions).

 This decennial review shall include all regulations issued pursuant to the Dodd-Frank Wall Street Reform and Consumer Protection Act.

comprehensive regulatory review act bill amends specify office_of_the_comptroller_of_the_currency federal_deposit_insurance_corporation board_of_governors federal_reserve_system consumer_financial_protection_bureau national_credit_union_administration_board federal agency representatives federal_financial_institutions_examination_council required council review council prescribed regulations years order identify outdated unnecessary regulatory requirements imposed financial institutions currently insured depository institutions decennial review shall include regulations issued pursuant dodd frank wall street reform consumer protection act


Summary:
National Credit Union Administration Budget Transparency Act

This bill amends the Federal Credit Union Act to require the National Credit Union Administration Board, before the annual submission of its required detailed business-type budget, to: (1) print a draft of the budget in the Federal Register; (2) hold a public hearing to receive comments from the public on the draft; and (3) include in the required integral set of accounts statements in which the budget will address any of such comments.

transparency act bill amends federal_credit_union_act require national_credit_union_administration_board annual submission required detailed business type budget print draft budget federal_register hold public hearing receive comments public draft include required integral set accounts statements budget address comments


Summary:
CLEAR Plus Act of 2015

This bill amends the Securities Exchange Act of 1934 to: (1) subject a savings and loan holding company to registration requirements for securities whose issuer has total assets exceeding $10 million and a class of non-exempt equity security held of record by 2,000 or more persons; and (2) apply the automatic termination of registration, and suspension of the duty to file supplementary and periodic information, to a savings and loan holding company whose securities are found to be held by less than 1,200 persons.

The Federal Deposit Insurance Act is amended to require the federal banking agencies to issue regulations allowing for a reduced reporting requirement for certain depository institutions when making the first and third report of condition for a year. These reporting requirements apply to any insured depository institution that:

 as of the most recent examination has a CAMELS composite rating of 1 or 2 under the Uniform Financial Institutions Rating System (or an equivalent rating under a comparable rating system) for capital adequacy, assets, management capability, earnings, liquidity or asset liability management, and sensitivity to market risk; and satisfies other appropriate criteria as such agencies determine.

clear plus act bill amends securities_exchange_act subject savings loan holding company registration requirements securities issuer total assets exceeding million class non exempt equity security held record persons apply automatic termination registration suspension duty file supplementary periodic information savings loan holding company securities found held persons federal_deposit_insurance_act amended require federal banking agencies issue regulations allowing reduced reporting requirement certain depository institutions making report condition year reporting requirements apply insured depository institution recent examination composite rating uniform financial institutions rating system equivalent rating comparable rating system capital adequacy assets management capability earnings liquidity asset liability management sensitivity market risk satisfies appropriate criteria agencies determine


Summary:
This bill amends the Federal Deposit Insurance Act to increase from $500 million to $1 billion the asset size of small insured depository institutions eligible for 18-month on-site examination cycles.

A federal banking agency is granted discretion to increase the asset ceiling amount from $100 million to $1 billion (currently from $100 million to $500 million) if the greater asset size would be consistent with the principles of safety and soundness.

bill amends federal_deposit_insurance_act increase million billion asset size small insured depository institutions eligible month site examination cycles federal banking agency granted discretion increase asset ceiling million billion currently million million greater asset size consistent principles safety soundness


Summary:
Federal Employees Sustainable Investment Act

 Establishes the Corporate Responsibility Stock Index Fund as an investment option under the Thrift Savings Fund. Directs the Federal Retirement Thrift Investment Board to select a minimum of one index for such Fund comprised of stocks that have been analyzed and selected using basic criteria, including corporate governance, environmental practices, workplace relations and benefits, product safety and impact, international operations and human rights, involvement with repressive regimes, and community relations.

act establishes corporate responsibility stock index fund investment option thrift_savings_fund directs federal_retirement_thrift_investment_board select minimum index fund comprised stocks analyzed selected basic criteria including corporate governance environmental practices workplace relations benefits product safety impact international operations human rights involvement repressive regimes community relations


Summary:
Too Big to Fail, Too Big to Exist Act

 This bill directs the Financial Stability Oversight Council to compile and submit to the Secretary of the Treasury a list of entities that the Council deems Too Big To Fail (List), including U.S. bank holding companies the Financial Stability Board has identified as systemically important banks.

The Secretary of the Treasury shall: (1) submit the List to Congress and the President, and (2) break up entities on the List so that their failure would no longer cause a catastrophic effect upon the U.S. or global economy without a taxpayer bailout.

Any entity on the List may not use or have access to advances from any Federal Reserve credit facility, the Federal Reserve discount window, or any program or facility made available under the Federal Reserve Act, including asset purchases, temporary or bridge loans, government investments in debt or equity, or capital injections from any federal institution.

No insured depository institution on the List, nor any entity that owns one, may use insured deposit amounts to fund:

 any activity relating to hedging that is not directly related to commercial banking activity at the insured bank, any use of derivatives for speculative purposes, any activity related to the dealing of derivatives, or any other form of speculative activity specified by regulators. Nor may any entity on the List conduct such activities in a manner that either: (1) puts insured deposits at risk, or (2) creates a risk of loss to the Deposit Insurance Fund.

big fail big exist act bill directs financial_stability_oversight_council compile submit secretary treasury list entities council deems including bank holding companies financial_stability_board identified systemically important banks secretary treasury shall submit list congress president break entities list failure longer cause catastrophic effect global economy taxpayer bailout entity list use access advances federal_reserve credit facility federal_reserve discount window program facility available federal reserve act including asset purchases temporary bridge loans government investments debt equity capital injections federal institution insured depository institution list entity owns use insured deposit amounts fund activity relating hedging directly related commercial banking activity insured bank use derivatives speculative purposes activity related dealing derivatives form speculative activity specified regulators entity list conduct activities manner puts insured deposits risk creates risk loss deposit_insurance_fund


Summary:
Community Lender Regulatory Relief and Consumer Protection Act of 2015

This bill amends the Truth in Lending Act with respect to the presumption of a mortgagor's ability to pay a qualified residential mortgage loan and the insured depository institutions or insured credit unions meeting specified criteria that may be its creditors.

 The Gramm-Leach-Bliley Act is amended to exempt from its requirement of annual written privacy notices certain financial institutions.

The Federal Deposit Insurance Act is amended to: (1) increase from $500 million to $1 billion the size of certain small insured depository institutions eligible for an 18-month on-site examination cycle, and (2) require private deposit insurers of credit unions to give the Federal Housing Finance Agency copies of independent audit reports within 7 days after the audit is completed.

 The Federal Home Loan Bank Act is amended to require the treatment of a state-chartered credit union as an insured depository institution even though it is not federally insured if it has applied for membership in a federal home loan bank and has met specified conditions, including insurance application eligibility requirements under the Federal Credit Union Act.

 The Government Accountability Office must report to Congress on the adequacy of insurance reserves held by the private deposit insurer of privately insured credit unions, including the level of compliance with federal regulations regarding disclosure of a lack of federal deposit insurance.

The Securities Exchange Act of 1934 is amended to extend securities registration requirements to savings and loan holding companies.

The S.A.F.E. Mortgage Licensing Act of 2008 is amended to:

 establish a transitional period during which a state, while examining the applicant's submitted background information, may permit a covered registered loan originator applying for a state license as a loan originator to act as one under the supervision of a non-depository firm that engages in loan origination in that state, and grant confidentiality to information shared with state and federal regulatory officials with financial services industry oversight authority. The Consumer Financial Protection Act of 2010 is amended to cover specified sections of the Servicemembers Civil Relief Act as "enumerated consumer laws."

The expiration of the Protecting Tenants at Foreclosure Act of 2009 is repealed, and the Act is restored and revived as it was in effect on December 31, 2014.

community lender regulatory relief consumer protection act bill amends truth lending act respect presumption mortgagor ability pay qualified residential mortgage loan insured depository institutions insured credit unions meeting specified criteria creditors gramm leach bliley act amended exempt requirement annual written privacy notices certain financial institutions federal_deposit_insurance_act amended increase million billion size certain small insured depository institutions eligible month site examination cycle require private deposit insurers credit unions federal_housing_finance_agency copies independent audit reports days audit completed federal_home_loan_bank_act amended require treatment state chartered credit union insured depository institution federally insured applied membership federal home loan bank met specified conditions including insurance application eligibility requirements federal_credit_union_act government_accountability_office report congress adequacy insurance reserves held private deposit insurer privately insured credit unions including level compliance federal regulations disclosure lack federal deposit insurance securities_exchange_act amended extend securities registration requirements savings loan holding companies mortgage licensing act amended establish transitional period state examining applicant submitted background information permit covered registered loan originator applying state license loan originator act supervision non depository firm engages loan origination state grant confidentiality information shared state federal regulatory officials financial services industry oversight authority consumer_financial_protection_act amended cover specified sections servicemembers_civil_relief_act enumerated consumer laws expiration protecting_tenants foreclosure act repealed act restored revived effect december


Summary:
21st Century Glass-Steagall Act of 2015

Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) being or becoming an affiliate of any insurance company, securities entity, or swaps entity; (2) being in common ownership or control with any insurance company, securities entity, or swaps entity; or (3) engaging in any activity that would cause the insured depository institution to qualify as an insurance company, securities entity, or swaps entity.

Prohibits any individual who is an officer, director, partner, or employee of any securities entity, insurance company, or swaps entity, except in specified circumstances, from serving simultaneously as an officer, director, employee, or other institution-affiliated party of any insured depository institution.

 Makes certain technical and conforming amendments to the Banking Act of 1933 and the Revised Statutes of the United States to limit the business of national banks to receiving deposits, extending credit, discounting and negotiating evidences of debt, loaning money on personal security, engaging in coin and bullion exchange, and investing in investment securities.

Limits the purchase and sale of investment securities and stock by a national banking association to the accounts of customers, but in no case for its own account. Prohibits an association from underwriting any issue of securities or stock.

Prohibits a national banking association from investing in structured or synthetic products, defined as financial instruments in which a return is calculated based on the value of, or by reference to the performance of, a security, commodity, swap, other asset, or an entity, or any index or basket composed of such items.

Amends the Home Owners' Loan Act to repeal the authority of federal savings associations to invest in, redeem, or hold shares or certificates issued by any open-end management investment company registered with the Securities and Exchange Commission (SEC) if their portfolios are restricted by the management company's investment policy solely to investments in which a federal savings association may deal.

Amends the Bank Holding Company Act of 1956 with respect to prohibitions against bank holding company ownership or control of voting share interests in nonbanking organizations. Revises exemptions from such prohibitions in the case of nonbanking organizations whose activities are so closely related to banking as to be a proper incident to them.

Specifies activities of a nonbanking organization that shall not be considered closely related to banking, and so disqualify a bank holding company from owning or controlling voting share interests in such an organization. Includes among such nonbanking activities: (1) serving as an investment advisor to an investment company, (2) agency transactional services for customer investments, (3) investment transactions as principal, and (4) management consulting and counseling activities.

Exempts from application of the prohibitions against nonbanking activities, with respect to a bank holding company, the purchase, as an end user, of swaps to hedge against certain exposures, including changes in either interest rates or in the value of currency.

Prohibits a bank holding company from engaging in the business of a securities or a swaps entity, including: (1) dealing or making markets in securities, repurchase agreements, exchange traded and over-the-counter swaps, and structured or synthetic products; (2) engaging in proprietary trading; (3) owning, sponsoring, or investing in a hedge fund, or private equity fund, or any other fund which exhibits the characteristics of a fund that takes on proprietary trading activities or positions; (4) holding ineligible securities or derivatives; and (5) engaging in either market-making or prime brokerage activities.

Requires the appropriate federal regulatory agency to pursue certain actions to enforce this Act.

Amends the Bank Holding Company Act of 1956 to repeal provisions (of the Gramm-Leach-Bliley Act) that: (1) permit a financial holding company to engage in activities that are either financial in nature or constitute expanded financial activities, (2) prescribe corrective actions for financial holding companies that fail to meet certain requirements, (4) authorize certain financial holding companies to retain limited nonfinancial activities and affiliations, and (5) authorize certain financial holding companies to own or control shares of a company engaged in activities related to the trading, sale, or investment in commodities and underlying physical properties that were not previously permissible for bank holding companies.

Amends the Revised Statutes of the United States to repeal the authority of national banks to control or hold an interest in financial subsidiaries.

Amends the International Banking Act of 1978 to repeal the permission granted certain foreign banks to continue to engage in nonbanking activities in the United States.

Revises bankruptcy law to repeal the prohibition against staying, avoiding, or limiting the exercise of a contractual right of financial entities to either liquidate, terminate, or accelerate the following financial instruments: a securities contract, a repurchase agreement, a swap agreement, a master netting agreement, and across contracts. Repeals requirements for the timing of damage measurement in connection with such financial instruments, including commodity contracts and forward contracts.

21st century glass steagall act amends federal_deposit_insurance_act prohibit insured depository institution affiliate insurance company securities entity swaps entity common ownership control insurance company securities entity swaps entity engaging activity cause insured depository institution qualify insurance company securities entity swaps entity prohibits individual officer director partner employee securities entity insurance company swaps entity specified circumstances serving simultaneously officer director employee institution affiliated party insured depository institution makes certain technical conforming amendments banking act revised_statutes united_states limit business national banks receiving deposits extending credit discounting negotiating evidences debt loaning money personal security engaging coin bullion exchange investing investment securities limits purchase sale investment securities stock national banking association accounts customers case account prohibits association underwriting issue securities stock prohibits national banking association investing structured synthetic products defined financial instruments return calculated based value reference performance security commodity swap asset entity index basket composed items amends repeal authority federal savings associations invest redeem hold shares certificates issued open end management investment company registered securities_and_exchange_commission sec portfolios restricted management company investment policy solely investments federal savings association deal amends bank_holding_company_act respect prohibitions bank holding company ownership control voting share interests nonbanking organizations revises exemptions prohibitions case nonbanking organizations activities closely related banking proper incident specifies activities nonbanking organization shall considered closely related banking disqualify bank holding company owning controlling voting share interests organization includes nonbanking activities serving investment advisor investment company agency transactional services customer investments investment transactions principal management consulting counseling activities exempts application prohibitions nonbanking activities respect bank holding company purchase end user swaps hedge certain exposures including changes interest rates value currency prohibits bank holding company engaging business securities swaps entity including dealing making markets securities repurchase agreements exchange traded counter swaps structured synthetic products engaging proprietary trading owning sponsoring investing hedge fund private equity fund fund exhibits characteristics fund takes proprietary trading activities positions holding ineligible securities derivatives engaging market making prime brokerage activities requires appropriate federal regulatory agency pursue certain actions enforce act amends bank_holding_company_act repeal provisions gramm leach bliley act permit financial holding company engage activities financial nature constitute expanded financial activities prescribe corrective actions financial holding companies fail meet certain requirements authorize certain financial holding companies retain limited nonfinancial activities affiliations authorize certain financial holding companies control shares company engaged activities related trading sale investment commodities underlying physical properties previously permissible bank holding companies amends revised statutes united_states repeal authority national banks control hold interest financial subsidiaries amends international banking act repeal permission granted certain foreign banks continue engage nonbanking activities united_states revises bankruptcy law repeal prohibition staying avoiding limiting exercise contractual right financial entities liquidate terminate accelerate following financial instruments securities contract repurchase agreement swap agreement master agreement contracts repeals requirements timing damage measurement connection financial instruments including commodity contracts forward contracts


Summary:
Salary Collection Regulatory Relief Act .

 Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to repeal the requirement that the Securities and Exchange Commission amend certain federal regulations about executive compensation to require each issuer of securities to disclose in any filing: (1) the median of the annual total compensation of all the issuer's employees, except the chief executive officer; (2) the annual total compensation of the chief executive officer; and (3) the ratio of the first amount to the second.

salary collection regulatory relief act amends dodd frank wall street reform consumer protection act repeal requirement securities_and_exchange_commission amend certain federal regulations executive compensation require issuer securities disclose filing median annual total compensation issuer employees chief executive officer annual total compensation chief executive officer ratio second