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

GAO Mandates Revision Act of 2016

(Sec. 2) This bill eliminates provisions that require the Government Accountability Office (GAO) to:

 review reported legislation that requires financial audits of nonfederal entities receiving federal awards; evaluate the extent to which premium levels for Medicare supplemental policies reflect reductions in coinsurance for hospital outpatient services made by the Medicare, Medicaid, and SCHIP Benefits Improvement and Protection Act of 2000 under part B (Supplementary Medical Insurance Benefits for Aged and Disabled) of title XVIII (Medicare) of the Social Security Act (SSAct); report on the Federal Emergency Management Agency's (FEMA's) pilot program under the Sandy Recovery Improvement Act of 2013 for alternative resolution for major disaster assistance disputes involving amounts of at least $1 million; conduct a biennial satisfaction survey of recipients of transportation intelligence reports under the Department of Homeland Security's transportation security information sharing plan; and evaluate guidance relating to the post-harvest processing of raw oysters. (Sec. 3) The GAO must report annually (currently, every 60 days) on its oversight of the Troubled Asset Relief Program under the Emergency Economic Stabilization Act of 2008.

 The Consumer Financial Protection Act of 2010 is amended to require the GAO to study financial services regulations periodically, as appropriate (currently, annually). The GAO is no longer required to analyze: (1) whether federal agencies are applying sound cost-benefit analysis in promulgating rules; or (2) efforts to avoid duplicative or conflicting rulemakings, information requests, or examinations.

The Dodd-Frank Wall Street Reform and Consumer Protection Act is amended to terminate the GAO's annual reporting after 2020, but require GAO reports in 2022 and 2024, about the effectiveness of disclosures relating to conflict minerals originating in the Democratic Republic of the Congo or adjoining countries on the rate of sexual- and gender-based violence and the promotion of peace and security in such areas.

The American Taxpayer Relief Act of 2012 is amended to extend until December 31, 2023, the GAO's deadline for updating a report under the Patient Protection and Affordable Care Act with an analysis of how the Department of Health and Human Services (HHS) has addressed GAO recommendations for the implementation of payment for oral-only ESRD (end-stage renal disease)-related drugs in the bundled prospective payment system under SSAct title XVIII provisions regarding Medicare coverage for ESRD patients.

The Public Health Service Act is amended to transfer from the GAO to HHS the responsibility to provide information, personnel, and administrative assistance to the review panel that consults with HHS about applications for demonstration grants that HHS awards to states for the development of alternatives to tort litigation for resolving disputes over injuries allegedly caused by health care providers or organizations.

measure amended introduced summary expanded action occurred measure gao mandates revision act sec bill eliminates provisions require government_accountability_office gao review reported legislation requires financial audits nonfederal entities receiving federal awards evaluate extent premium levels medicare supplemental policies reflect reductions coinsurance hospital outpatient services medicare medicaid schip benefits improvement protection act supplementary medical insurance benefits aged disabled title xviii medicare social security act ssact report federal_emergency_management_agency fema pilot program sandy recovery improvement act alternative resolution major disaster assistance disputes involving amounts million conduct biennial satisfaction survey recipients transportation intelligence reports department_of_homeland_security transportation security information sharing plan evaluate guidance relating post harvest processing raw oysters sec gao report annually currently days oversight troubled_asset_relief_program emergency_economic_stabilization_act consumer_financial_protection_act amended require gao study financial services regulations periodically appropriate currently annually gao longer required analyze federal agencies applying sound cost benefit analysis promulgating rules efforts avoid duplicative conflicting rulemakings information requests examinations dodd frank wall street reform consumer protection act amended terminate gao annual reporting require gao reports effectiveness disclosures relating conflict minerals originating adjoining countries rate gender based violence promotion peace security areas american taxpayer relief act amended extend december gao deadline updating report patient_protection affordable care act analysis department_of_health_and_human_services hhs addressed gao recommendations implementation payment oral esrd end stage renal drugs bundled prospective payment system ssact title xviii provisions medicare coverage esrd patients public_health_service_act amended transfer gao hhs responsibility provide information personnel administrative assistance review panel consults hhs applications demonstration grants hhs awards states development alternatives tort litigation resolving disputes injuries allegedly caused health care providers organizations


Summary:
Bolster Accountability to Drive Government Efficiency and Reform Washington Act of 2016

This bill establishes a Federal Real Property Reform Board to reduce the federal government's civilian real property inventory and operating costs by identifying federal land and buildings to dispose of, consolidate, redevelop, or operate more efficiently. A Federal Property Council must ensure implementation of property management strategies.

The General Services Administration must establish a database of federal real property. The Office of Management and Budget (OMB) must submit to the Department Housing and Urban Development information about federal land or buildings that may be suitable for assistance to the homeless.

Whistleblower protections are extended to employees of federal personal services contractors.

Taxpayers Right-To-Know Act

The OMB must publish a federal government program inventory that identifies authorizing statutes, performance assessments, finances, and beneficiaries for each federal government program for which there is more than $1 million in annual budget authority.

Stopping Improper Payments to Deceased People Act

The bill amends title II (Old Age, Survivors, and Disability Insurance Benefits) (OASDI) of the Social Security Act (SSAct) to require the Social Security Administration (SSA) to: (1) pay state or local governments for transcribing and transmitting death records to the SSA; and (2) provide cooperative arrangements with federal or state agencies for the use of SSA information regarding deceased individuals by agencies administering federally funded benefits, including carrying out tax administration or debt collection or investigating crimes. The bill amends the Improper Payments Elimination and Recovery Improvement Act of 2012 to require the OMB to issue guidance to improve death record data matching among federal, state, and local governments. The SSA must submit a plan to improve the accuracy and completeness of its death data.

Fraud Reduction and Data Analytics Act of 2016

The OMB must establish: (1) guidelines for federal agencies to establish financial and administrative controls to detect fraud and prevent improper payments, and (2) a working group to submit a plan for a federal interagency library of data analytics to facilitate fraud prevention and recovery.

Getting Results through Enhanced Accountability and Transparency Act of 2016

The Government Accountability Office's (GAO's) annual report on its routine investigations to identify duplicative programs, agencies, offices, and initiatives must aggregate separately GAO estimates of related costs for instances of actual and potential unnecessary duplication and other potential cost savings and revenue collection. Chief operating officers, agencies' systemic operations reviews, and performance plans must consider improvements to coordination within and among agencies.

The OMB's: (1) federal government performance plan must address management challenges concerning unnecessary duplication; and (2) priority goals for the government must include mission support for financial, human capital, information technology, procurement, and real estate management. Performance improvement officers must advise agencies on performance evaluation and risk management. The Performance Improvement Council must work to: (1) resolve government-wide issues relating to coordination and unnecessary duplication; (2) facilitate exchanges of performance improvement practices with states, local governments, and other nonfederal stakeholders; and (3) coordinate with interagency mission support councils.

Administrative Leave Act of 2016

Agencies are: (1) prohibited from placing an employee in administrative leave for more than five consecutive days, and (2) required to record administrative leave separately from other types of leave.

In lieu of administrative leave, agencies may place an employee in investigative or notice leave if the employee is under investigation or the target of an adverse action and if the continued presence of the employee in the workplace may pose a threat or cause loss of, or damage to, government property. An agency must consider other options, including reassigning the employee, allowing the employee to telework or take available leave, or treating the employee as absent without leave.

Agencies may grant leave to employees who cannot report to work due to an act of God, a terrorist attack, or another condition that prevents them from safely traveling to or performing work at an approved location.

Inspector General Empowerment Act of 2016

The Inspector General Act of 1978 is amended to establish procedures for: (1) the President to place inspectors general in a paid or unpaid nonduty status if their presence may pose a threat to others, result in damage to federal property, or jeopardize government interests; (2) inspectors general to subpoena the attendance and testimony of federal government contractors and grantees; (3) inspectors general to be exempt from procedures that require agreements between agencies for computerized comparisons of automated federal records systems; (4) the Council of the Inspectors General on Integrity and Efficiency (CIGIE) to mediate disputes involving multiple federal agencies; and (5) the CIGIE's Integrity Committee to consider allegations of wrongdoing against a Special Counsel or Deputy Special Counsel.

The Attorney General or the Secretaries of Defense, the Treasury, Homeland Security, or Energy may prohibit inspectors general from accessing certain sensitive or national security information.

Inspector General Mandates Reporting Act of 2016

The CIGIE must recommend modifications or repeals of inspectors general reporting requirements.

GAO Mandates Revision Act of 2016

The bill eliminates or modifies various GAO reporting requirements.

GAO Access and Oversight Act of 2016

The GAO may obtain federal agency records required to discharge its audit, evaluation, and investigative duties, including through bringing civil actions to require an agency to produce a record. Agency statements on actions taken or planned in response to GAO recommendations must be submitted to Congress and the GAO.

Stop Wasteful Federal Bonuses Act of 2016

The bill prohibits a federal agency from awarding a bonus to any employee for five years after the end of a fiscal year in which the agency makes an adverse finding that the employee's conduct violated: (1) an agency policy for which the employee may be removed or suspended for at least 14 days, or (2) a law for which the employee may be imprisoned for more than one year. An agency must order an employee to repay a bonus awarded in any year in which such a finding is made.

Eliminating Government-funded Oil-painting Act or the EGO Act

The bill prohibits the use of federal funds to pay for an official portrait of a federal officer or employee, including the President, the Vice President, or a Member of Congress.

Presidential Allowance Modernization Act of 2016

The bill allows former Presidents a lifetime annual annuity of $200,000 and an additional annual monetary allowance of $200,000, with annual cost-of-living increases, and reduces such allowance by the amount by which the former President's adjusted gross income in a taxable year exceeds $400,000. The annuity and allowance shall not be payable for any period during which a former President holds an appointive or elective federal position that pays more than a nominal rate.

The annuity of a surviving spouse of a former President is increased to $100,000.

Making Electronic Government Accountable By Yielding Tangible Efficiencies Act of 2016 or the MEGABYTE Act of 2016

The OMB must require the chief information officer of each executive agency to develop a comprehensive software licensing policy for software inventories, tracking, costs, management training, and life-cycle phases.

Construction Consensus Procurement Improvement Act of 2016

Federal contracting officers soliciting civilian contract offers for the design and construction of public buildings, facilities, or works must use two-phase selection procedures when a project has a value of $750,000 or greater.

The Federal Acquisition Regulatory Council must amend the Federal Acquisition Regulation to prohibit, as part of the two-phase selection procedure for awarding contracts for construction and design services, the use of a reverse auction, which is defined as a real-time auction conducted through an electronic medium among at least two offerors who compete by submitting bids with the ability to submit revised lower bids before the auction closes.

Dr. Chris Kirkpatrick Whistleblower Protection Act of 2016

The bill directs federal agencies to give priority to a request for a transfer submitted by an employee if the Merit Systems Protection Board (MSPB) grants a stay of a personnel action at the request of: (1) the Office of Special Counsel (OSC) if it determines the personnel action was a result of a prohibited personnel practice; or (2) an employee in probationary status who seeks corrective action.

Federal employees with authority over personnel actions are prohibited from accessing the medical records of another employee or applicant in retaliation for protected disclosures or exercise of whistleblower rights.

The bill establishes a process for the suspension or removal of federal supervisors who commit certain prohibited personnel actions against whistleblowers. Supervisors must be trained to respond to complaints alleging a violation of whistleblower protections.

Agencies must refer employee suicides to the OSC if the employee made certain whistleblower disclosuresand a personnel action was taken against the employee.

The Department of Veterans Affairs (VA) must submit a plan to prevent unauthorized access to the medical records of VA employees.

Office of Special Counsel Reauthorization Act of 2016

The bill amends the Whistleblower Protection Act of 1989 to reauthorize the OSC through FY2021.

The bill extends to 45 days the period for the OSC to determine whether information it receives from an employee or applicant discloses: (1) a violation of a law, rule, or regulation; or (2) gross mismanagement, gross waste of funds, abuse of authority, or substantial and specific danger to public health and safety. The OSC may petition the MSPB to order corrective action if an agency's investigation was in retaliation for certain employee disclosures or protected activities, even if no personnel action is taken.

The MSPB may review appeals from a determination that an employee or applicant is ineligible for a sensitive position if the sensitive position does not require a security clearance or access to classified information.

Whistleblower protections must be incorporated into: (1) supervisory employee job requirements, and (2) performance appraisals in the Senior Executive Service.

The OSC must provide for inspectors general from other agencies to receive and investigate allegations of OSC wrongdoings.

act bill establishes federal real property reform board reduce federal government civilian real property inventory operating costs identifying federal land buildings dispose consolidate redevelop operate efficiently ensure implementation property management strategies general_services_administration establish database federal real property office_of_management_and_budget omb submit information federal land buildings suitable assistance homeless whistleblower protections extended employees federal personal services contractors taxpayers right know act omb publish federal government program inventory identifies authorizing statutes performance assessments finances beneficiaries federal government program million annual budget authority stopping improper payments deceased people act bill amends title old age survivors disability_insurance benefits oasdi social security act ssact require social_security_administration ssa pay state local governments transmitting death records ssa provide cooperative arrangements federal state agencies use ssa information deceased individuals agencies administering federally funded benefits including carrying tax administration debt collection investigating crimes bill amends improper_payments_elimination recovery improvement act require omb issue guidance improve death record data matching federal state local governments ssa submit plan improve accuracy completeness death data fraud reduction data analytics act omb establish guidelines federal agencies establish financial administrative controls detect fraud prevent improper payments working group submit plan federal interagency library data analytics facilitate fraud prevention recovery getting results enhanced accountability transparency_act government_accountability_office gao annual report routine investigations identify duplicative programs agencies offices initiatives aggregate separately gao estimates related costs instances actual potential unnecessary duplication potential cost savings revenue collection chief operating officers agencies systemic operations reviews performance plans consider improvements coordination agencies omb federal government performance plan address management challenges concerning unnecessary duplication priority goals government include mission support financial human capital information technology procurement real estate management performance improvement officers advise agencies performance evaluation risk management performance_improvement_council work resolve government wide issues relating coordination unnecessary duplication facilitate exchanges performance improvement practices states local governments nonfederal stakeholders coordinate interagency mission support councils administrative leave act agencies prohibited placing employee administrative leave consecutive days required record administrative leave separately types leave lieu administrative leave agencies place employee investigative notice leave employee investigation target adverse action continued presence employee workplace pose threat cause loss damage government property agency consider options including employee allowing employee telework available leave treating employee absent leave agencies grant leave employees report work act god terrorist attack condition prevents safely traveling performing work approved location inspector general inspector general act amended establish procedures president place inspectors general paid unpaid status presence pose threat result damage federal property jeopardize government interests inspectors general subpoena attendance testimony federal government contractors grantees inspectors general exempt procedures require agreements agencies computerized comparisons automated federal records systems council_of_the_inspectors_general_on_integrity_and_efficiency disputes involving multiple federal agencies consider allegations wrongdoing special counsel deputy special counsel attorney general secretaries_of_defense treasury homeland_security energy prohibit inspectors general accessing certain sensitive national security information inspector general mandates reporting act recommend modifications repeals inspectors general reporting requirements gao mandates revision act bill eliminates modifies gao reporting requirements gao access oversight act gao obtain federal agency records required discharge audit evaluation investigative duties including bringing civil actions require agency produce record agency statements actions taken planned response gao recommendations submitted congress gao stop wasteful federal bonuses act bill prohibits federal agency awarding bonus employee years end fiscal year agency makes adverse finding employee conduct violated agency policy employee removed suspended days law employee imprisoned year agency order employee repay bonus awarded year finding eliminating government funded oil act act bill prohibits use federal funds pay official federal officer employee including president vice president member congress presidential allowance modernization act bill allows presidents lifetime annual annuity additional annual monetary allowance annual cost living increases reduces allowance president adjusted gross income taxable year exceeds annuity allowance shall payable period president holds elective federal position pays nominal rate annuity surviving spouse president increased making electronic government accountable tangible efficiencies act act omb require chief information officer executive agency develop comprehensive software licensing policy software inventories tracking costs management training life cycle phases construction consensus procurement improvement act federal contracting officers soliciting civilian contract offers design construction public buildings facilities works use phase selection procedures project value greater federal_acquisition_regulatory_council amend federal_acquisition_regulation prohibit phase selection procedure awarding contracts construction design services use reverse auction defined real time auction conducted electronic medium offerors compete submitting bids ability submit revised lower bids auction closes whistleblower protection act bill directs federal agencies priority request transfer submitted employee merit_systems_protection_board mspb grants stay personnel action request office_of_special_counsel determines personnel action result prohibited personnel practice employee probationary status seeks corrective action federal employees authority personnel actions prohibited accessing medical records employee applicant retaliation protected disclosures exercise whistleblower rights bill establishes process suspension removal federal supervisors commit certain prohibited personnel actions whistleblowers supervisors trained respond complaints alleging violation whistleblower protections agencies refer employee suicides employee certain whistleblower personnel action taken employee department_of_veterans_affairs submit plan prevent unauthorized access medical records employees bill amends reauthorize fy2021 bill extends days period determine information receives employee applicant discloses violation law rule regulation gross mismanagement gross waste funds abuse authority substantial specific danger public health safety petition mspb order corrective action agency investigation retaliation certain employee disclosures protected activities personnel action taken mspb review appeals determination employee applicant ineligible sensitive position sensitive position require security clearance access classified information whistleblower protections incorporated supervisory employee job requirements performance appraisals senior_executive_service provide inspectors general agencies receive investigate allegations


Summary:
Inspector General Recommendation Transparency Act of 2016

This bill amends the Inspector General Act of 1978 to require each Inspector General, within one year after the first deadline for the semiannual report on its activities after enactment of this bill, to make available on its website a list of any recommendations by such Inspector General that have been open for more than one year. An "open" recommendation is one that has been made publicly available on such website but has not been adopted or implemented by such Inspector General's establishment.

The list shall include:

 the number of recommendations issued by the Inspector General for the fiscal year and the number that are open, each report in which an open recommendation was issued, the assigned number and a short description of each open recommendation, the date the open recommendation was first issued and its current status, and any comments of the Inspector General relating to why the recommendation remains open and any response from the establishment. The list shall be updated by the Inspector General at least every six months.

inspector general recommendation transparency act bill amends inspector general act require inspector general year deadline semiannual report activities enactment bill available website list recommendations inspector general open year open recommendation publicly available website adopted implemented inspector general establishment list shall include number recommendations issued inspector_general fiscal year number open report open recommendation issued assigned number short description open recommendation date open recommendation issued current status comments inspector general relating recommendation remains open response establishment list shall updated inspector_general months


Summary:
Cutting Administrative Red-tape for Education and Employment Reinvestment Act or the CAREER Act

This bill addresses educational and employment training programs for certain individuals including:

 training for adults, training for disadvantaged youth, vocational rehabilitation and referral services for individuals with disabilities, training for Native Americans, and training to reintegrate criminal offenders. The Department of Labor must assist in the development of a nationwide system of public labor exchange services that are provided through state and local workforce investment boards. Labor must provide funding to the boards to assist with training adults and disadvantaged youths, including providing services to promote literacy, attain education, and assist with job search and placement.Additionally, Labor must provide funding to states to carry out vocational rehabilitation and referral services for individuals with disabilities so that those individuals may prepare for and engage in employment.

The bill also provides training for Native Americans to develop skills, be competitive in the workforce, and promote economic and social development.

The bill amends the Second Chance Act of 2007 to make youth offenders eligible to receive grants from Labor for certain transitional services, including being reintegrated into society and obtaining and retaining employment.

The bill replaces several provisions related to educational and employment programs for adults, youths, disabled individuals, and Native Americans.

cutting administrative red tape education employment reinvestment act career act bill addresses educational employment training programs certain individuals including training adults training disadvantaged youth vocational rehabilitation referral services individuals disabilities training native americans training criminal offenders department_of_labor assist development nationwide system public labor exchange services provided state local workforce investment boards labor provide funding boards assist training adults disadvantaged youths including providing services promote literacy attain education assist job search placement additionally labor provide funding states carry vocational rehabilitation referral services individuals disabilities individuals prepare engage employment bill provides training native americans develop skills competitive workforce promote economic social development bill amends second chance act youth offenders eligible receive grants labor certain transitional services including society obtaining retaining employment bill replaces provisions related educational employment programs adults youths disabled individuals native americans


Summary:
Mandatory Bureaucratic Realignment and Consolidation Commission Act of 2016 or the Mandatory BRACC Act

This bill establishes within the legislative branch a Mandatory Bureaucratic Realignment and Consolidation Commission to review all direct spending by the federal government and identify changes in law to reduce direct spending. The commission may also review offsetting receipts and discretionary appropriations.

The commission must submit to Congress a report including recommendations and proposed legislation to reduce direct spending, such that:

 total spending is gradually reduced during FY2018-FY2027, total spending does not exceeded total revenues by FY2027 and for each succeeding year, and direct spending does not exceed 50% of total spending by FY2027 and for each succeeding year. Congress must consider the commission's proposal using specified expedited legislative procedures.

If a bill to achieve the commission's recommendations is not enacted, the President must order a sequestration to enforce specified limits on the growth of spending. A sequestration is not required if: (1) the Office of Management and Budget determines that, as a result of reductions in budgetary resources required by this bill, total spending for the previous year did not exceed revenues; or (2) changes in law have been enacted that will achieve the requirements for the commission's proposal.

mandatory bureaucratic realignment consolidation commission act mandatory act bill establishes legislative branch mandatory bureaucratic realignment consolidation commission review direct spending federal government identify changes law reduce direct spending commission review offsetting receipts discretionary appropriations commission submit congress report including recommendations proposed legislation reduce direct spending total spending gradually reduced total spending exceeded total revenues fy2027 succeeding year direct spending exceed total spending fy2027 succeeding year congress consider commission proposal specified expedited legislative procedures bill achieve commission recommendations enacted president order sequestration enforce specified limits growth spending sequestration required office_of_management_and_budget determines result reductions budgetary resources required bill total spending previous year exceed revenues changes law enacted achieve requirements commission proposal


Summary:
All Economic Regulations are Transparent Act of 2016 or the ALERT Act of 2016

This bill requires each federal agency to submit a monthly report to the Office of Information and Regulatory Affairs (OIRA) of the Office of Management and Budget (OMB) for each rule such agency expects to propose or finalize during the following year. The reports must include: (1) a summary of the nature of the rule, (2) the objectives of and legal basis for issuance of the rule, (3) the stage of the rulemaking as of the date of submission, and (4) whether the rule is subject to periodic review as a rule with a significant economic impact.

Each agency must submit a monthly report for any rule expected to be finalized during the following year for which the agency has issued a general notice of proposed rulemaking. The reports must include an approximate schedule for completing action on the rule and an estimate of its cost and economic effects, including any estimate of the net effect of the rule on the number of jobs in the United States.

OIRA must make such monthly reports publicly available on the Internet.

OIRA must publish, not later than October 1 of each year, in the Federal Register: (1) information that OIRA receives from each agency under this bill; (2) the number of rules and a list of each such rule that was proposed by each agency and each rule that was finalized by each agency; (3) the number of agency actions that repealed a rule, reduced the scope or cost of a rule, or accelerated the expiration date of a rule; (4) the total cost of all rules proposed or finalized; and (5) the number of rules for which an estimate of the cost of the rule was not available.

OIRA must make publicly available on the Internet, not later than October 1 of each year: (1) the analysis of the costs or benefits of each proposed or final rule issued by an agency for the preceding year, (2) the docket number and regulation identifier number for each such rule, (3) the number of rules reviewed by OMB for the preceding year, (4) the number of rules for which a review by the head of an agency was completed, (5) the number of rules submitted to the Government Accountability Office, and (6) the number of rules for which a resolution of disapproval was introduced in Congress.

The bill prohibits a rule from taking effect until the information required by this bill is posted on the Internet for not less than 180 days unless: (1) the agency proposing the rule claims a "good cause" exemption from notice-and-comment rulemaking procedures under the Administrative Procedure Act; or (2) the President determines by executive order that such rule is necessary because of an imminent threat to health or safety or another emergency, for the enforcement of criminal laws, for national security, or to implement an international trade agreement. Such provision becomes effective 240 days after enactment of this bill.

economic regulations transparent act alert act bill requires federal agency submit monthly report office_of_information_and_regulatory_affairs oira office_of_management_and_budget omb rule agency expects propose finalize following year reports include summary nature rule objectives legal basis issuance rule stage rulemaking date submission rule subject periodic review rule significant economic impact agency submit monthly report rule expected finalized following year agency issued general notice proposed rulemaking reports include approximate schedule completing action rule estimate cost economic effects including estimate net effect rule number jobs united_states oira monthly reports publicly available internet oira publish later october year federal_register information oira receives agency bill number rules list rule proposed agency rule finalized agency number agency actions repealed rule reduced scope cost rule accelerated expiration date rule total cost rules proposed finalized number rules estimate cost rule available oira publicly available internet later october year analysis costs benefits proposed final rule issued agency preceding year docket number regulation identifier number rule number rules reviewed omb preceding year number rules review head agency completed number rules submitted government_accountability_office number rules resolution disapproval introduced congress bill prohibits rule taking effect information required bill posted internet days agency proposing rule claims good cause exemption notice comment rulemaking procedures administrative procedure act president determines executive order rule necessary imminent threat health safety emergency enforcement criminal laws national security implement international trade agreement provision effective days enactment bill


Summary: FHA Multifamily Loan Limit Adjustment Act of 2007 - Amends the National Housing Act to increase high-cost area and project-based additional mortgage loan limits for Federal Housing Administration (FHA)-insured mortgages for: (1) rental housing; (2) cooperative housing; (3) rehabilitation and neighborhood conservation housing insurance; (4) moderate income and displaced family housing; (5) housing for the elderly; and (6) condominiums.

fha multifamily loan limit adjustment act amends national housing act increase high cost area project based additional mortgage loan limits federal_housing_administration mortgages rental housing cooperative housing rehabilitation neighborhood conservation housing insurance moderate income displaced family housing housing elderly


Summary: Authorizes the Secretary of Housing and Urban Development to continue, until February 15, 2007, to insure, and to enter into commitments to insure, home equity conversion mortgages for elderly homeowners under the National Housing Act, without regard to the maximum aggregate number of mortgages insured or maximum dollar amount of insurance benefits specified in such Act.

authorizes secretary housing_and_urban_development continue february insure enter commitments insure home equity conversion mortgages elderly homeowners national housing act regard maximum aggregate number mortgages insured maximum dollar insurance benefits specified act


Summary: Amends the Truth in Lending Act to prohibit credit from being extended in any consumer credit transaction in which a security interest will be retained or acquired in property located within the United States which will be used as the consumer's principal residence if such consumer lacks a Social Security account number.

amends truth lending act prohibit credit extended consumer credit transaction security interest retained acquired property located united_states consumer principal residence consumer lacks social_security account number


Summary: Better Future for American Families Act - Amends the Internal Revenue Code to rename the tax credit for elective deferrals and IRA contributions as the saver's credit. Revises the applicable percentage and phaseout formula for calculating the credit and makes such credit refundable.

american families act amends internal revenue code rename tax credit elective deferrals ira contributions saver credit revises applicable percentage phaseout formula calculating credit makes credit refundable


Summary: Reverse Mortgages to Help America's Seniors Act - Amends the National Housing Act to remove the aggregate and insurance benefit limitations on the number of home equity conversion (reverse) mortgages for elderly homeowners that may be insured by the Federal Housing Administration (FHA).

reverse mortgages help america seniors act amends national housing act remove aggregate insurance benefit limitations number home equity conversion reverse mortgages elderly homeowners insured federal_housing_administration fha


Summary: Credit Card Payment Fee Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor, in the case of a credit card account under an open end consumer credit plan, from imposing a fee based on the manner in which payment on the account is made, including a fee for making any such payment by electronic fund transfer.

amends truth lending act prohibit creditor case credit card account open end consumer credit plan imposing fee based manner payment account including fee making payment electronic fund transfer


Summary: Savings for Working Families Act of 2007 - Allows certain low-income individuals between age 18 and 61 to establish tax-exempt individual development accounts (IDAs) to pay for certain qualified expenses, including education expenses, first-time homebuyer costs, and business capitalization or expansion costs. Sets forth rules for the establishment, maintenance, and termination of IDAs. Permits tax-free withdrawals from IDAs for qualified expenses, but requires IDA beneficiaries to complete one or more financial education courses prior to making an IDA withdrawal.Allows certain financial institutions, tax-exempt organizations, and Indian tribes to sponsor and administer IDAs. Amends the Internal Revenue Code to allow such entities a business-related tax credit for the cost of administering IDAs and for making matching contributions to IDAs in parallel accounts. Provides that IDA amounts shall be disregarded for purposes of determining eligibility for assistance under certain means-tested federal programs.

savings working families act allows certain low income individuals age establish tax exempt individual development accounts idas pay certain qualified expenses including education expenses time homebuyer costs business capitalization expansion costs sets forth rules establishment maintenance termination idas permits tax free withdrawals idas qualified expenses requires ida beneficiaries complete financial education courses prior making ida withdrawal allows certain financial institutions tax exempt organizations indian tribes sponsor administer idas amends internal revenue code allow entities business related tax credit cost administering idas making matching contributions idas parallel accounts provides ida amounts shall disregarded purposes determining eligibility assistance certain means tested federal programs


Summary: Amends the Internal Revenue Code to suspend the limitation period for filing refund claims for overpayments of tax for any veteran whose overpayment relates to a determination by the Secretary of Veterans Affairs that such veteran was entitled to service-connected disability compensation. Provides that the suspension period begins on the date a veteran submits a claim for compensation and ends on the date the Secretary makes a determination. Permits a veteran to file a refund claim for overpayment of tax (relating to benefit determinations made by the Secretary of Veterans Affairs after 1995) even if the claim is barred by law, if the claim is filed before the end of one year after enactment of this Act.

amends internal revenue code suspend limitation period filing refund claims overpayments tax veteran overpayment relates determination secretary veterans_affairs veteran entitled service connected disability compensation provides suspension period begins date veteran submits claim compensation ends date secretary makes determination permits veteran file refund claim overpayment tax relating benefit determinations secretary veterans_affairs claim barred law claim filed end year enactment act


Summary: Credit Card Repayment Act of 2007 - Amends the Truth in Lending Act to include among the mandatory disclosures at each billing cycle of open end consumer credit plans: (1) the words "Minimum Payment Warning: making only the minimum payment will increase the amount of interest that you pay and the time it will take to repay your outstanding balance;" (2) the number of years and months it would take the consumer to pay the entire amount of the balance if the consumer pays only the required minimum monthly payments; (3) the total cost to the consumer, as well as a breakdown in principal and interest payments, of paying that balance in full if the consumer pays only the required minimum monthly payments, and if no further advances are made; (4) the monthly payment amount that would be required to eliminate the outstanding balance in 36 months if no further advances are made; and (5) a toll-free telephone number for information about accessing credit counseling and debt management services. Directs the Board of Governors of the Federal Reserve System and the Federal Trade Commission to issue jointly guidelines for creditors to establish and maintain a toll-free telephone number for such disclosures.

repayment act amends truth lending act include mandatory disclosures billing cycle open end consumer credit plans words minimum payment warning making minimum payment increase interest pay time repay outstanding balance number years months consumer pay entire balance consumer pays required minimum monthly payments total cost consumer breakdown principal interest payments paying balance consumer pays required minimum monthly payments advances monthly payment required eliminate outstanding balance months advances toll free telephone number information accessing credit counseling debt management services directs board_of_governors federal_reserve_system federal_trade_commission issue jointly guidelines creditors establish maintain toll free telephone number disclosures


Summary: Fair FHA Appraisals Act of 2007 - Amends the National Housing Act to subject to civil money penalties actions that improperly influence appraisals for an FHA insured mortgage for a small-family residence by compensating, instructing, inducing, coercing, or intimidating any person who conducts an appraisal in connection with such mortgage in order to cause the appraised value to be based on any other factor other than the independent judgment exercised in accordance with professional standards. Modifies FHA mortgage insurance appraisal standards to require that: (1) the appraisal be conducted by an appraiser selected by the Secretary of Housing and Urban Development on a rotating basis, mortgage-by-mortgage, from a list of appraisers (blind draws) developed by the Secretary; and (2) an authorized mortgagee use only appraisers selected in accordance with such list. Restricts use by a qualified appraiser of the assistance of others to cases where a limited number of appraisals is conducted within a limited rural area.

fair fha appraisals act amends national housing act subject civil money penalties actions improperly influence appraisals fha insured mortgage small family residence compensating instructing coercing intimidating person conducts appraisal connection mortgage order cause appraised value based factor independent judgment exercised accordance professional standards modifies fha mortgage insurance appraisal standards require appraisal conducted appraiser selected secretary housing_and_urban_development rotating basis mortgage mortgage list appraisers blind developed secretary authorized mortgagee use appraisers selected accordance list restricts use qualified appraiser assistance cases limited number appraisals conducted limited rural area


Summary: Consumer Rental Purchase Agreement Act - Amends the Consumer Credit Protection Act to prescribe consumer protection guidelines for rental-purchase transactions, including: (1) the determination of rental-purchase cost; (2) disclosure requirements; (3) prohibitions against confessions of judgment, wage assignments, and waiver of consumer claims or defenses; (4) furnishing of statements of account; (5) point-of-rental disclosures; and (6) rental-purchase advertising disclosures. Declares that an action for civil liability may be brought against a merchant's assignee only if the violation is apparent on the face of a rental-purchase agreement to which it relates, including, but not limited to, a disclosure that can be determined to be incomplete or inaccurate from the face of the agreement. Authorizes the Board of Governors of the Federal Reserve System to promulgate implementing regulations. Grants enforcement powers to the Federal Trade Commission and to state attorneys general. Subjects to criminal penalties any willful and knowing violation of the information disclosure requirements of this Act.

consumer rental purchase agreement act amends consumer credit protection act prescribe consumer protection guidelines rental purchase transactions including determination rental purchase cost disclosure requirements prohibitions confessions judgment wage assignments waiver consumer claims defenses furnishing statements account point rental disclosures rental purchase advertising disclosures declares action civil liability brought merchant assignee violation apparent face rental purchase agreement relates including limited disclosure determined incomplete inaccurate face agreement authorizes board_of_governors federal_reserve_system promulgate implementing regulations grants enforcement powers federal_trade_commission state attorneys general subjects criminal penalties willful knowing violation information disclosure requirements act


Summary: Amends the Internal Revenue Code to make permanent the tax deduction for mortgage insurance premiums.

amends internal revenue code permanent tax deduction mortgage insurance premiums


Summary: Identify Theft Relief Act of 2007 - Amends the Internal Revenue Code to allow a tax deduction from gross income (available to taxpayers who do not itemize deductions) for all identity theft expenses arising from a fraud committed or attempted using identifying information without authority.

identify theft relief act amends internal revenue code allow tax deduction gross income available taxpayers itemize deductions identity theft expenses arising fraud committed attempted identifying information authority


Summary: Mortgage Cancellation Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to the discharge of certain residential mortgage obligations.

mortgage cancellation relief act amends internal revenue code exclude gross income amounts attributable discharge certain residential mortgage obligations


Summary: Predatory Mortgage Lending Practices Reduction Act - Amends the Real Estate Settlement Procedures Act of 1974 to prohibit any person, in connection with a subprime federally related mortgage loan, from providing mortgage lending services or mortgage brokerage services unless such person is certified by the Secretary of Housing and Urban Development as having been adequately trained with regard to subprime lending. Amends the Truth in Lending Act to require lenders to establish a best practices plan, meeting certain criteria, to ensure compliance with such Act for high cost mortgages. Proscribes unfair or deceptive acts or practices in providing: (1) mortgage lending services for either a subprime federally related mortgage loan; (2) mortgage brokerage services for such a loan; and (3) appraisal of a property offered as security for repayment of the loan.Sets forth civil penalties for violations. Consumer Fairness Act - Amends the Consumer Credit Protection Act to declare unenforceable a written provision in any consumer contract or transaction which requires binding arbitration to resolve any controversy arising out of such transaction or contract, or the refusal to perform all or any part of the transaction. (Permits post-controversy arbitration agreements.) Amends the Community Development Banking and Financial Institutions Act of 1994 to authorize the Community Development Financial Institutions Fund to make grants to nonprofit community development corporations to educate and train borrowers and community groups regarding illegal and inappropriate predatory lending practices.

predatory mortgage lending practices reduction act amends real_estate_settlement_procedures_act prohibit person connection subprime federally related mortgage loan providing mortgage lending services mortgage brokerage services person certified secretary housing_and_urban_development having adequately trained regard subprime lending amends truth lending act require lenders establish best practices plan meeting certain criteria ensure compliance act high cost mortgages unfair deceptive acts practices providing mortgage lending services subprime federally related mortgage loan mortgage brokerage services loan appraisal property offered security repayment loan sets forth civil penalties violations consumer fairness act amends consumer credit protection act declare unenforceable written provision consumer contract transaction requires binding arbitration resolve controversy arising transaction contract refusal perform transaction permits post controversy arbitration agreements amends financial institutions act authorize community_development_financial_institutions_fund grants nonprofit community development corporations educate train borrowers community groups illegal inappropriate predatory lending practices


Summary: FHA Manufactured Housing Loan Modernization Act of 2007 - Amends the National Housing Act with respect to Federal Housing Administration (FHA) housing loan insurance for manufactured homes (or lots for such homes). (Sec. 3) Exempts such loans from certain financial institution portfolio limits, increasing an allowable claim for loss from 10% to 90% of an institution's total amount of such loans, credit advances, and purchases. (Sec. 4) Makes any new contract of insurance for such loans, credit advances, or purchases conclusive evidence of an institution's insurance eligibility. (Thus requires each loan to be insured individually instead of as part of a bundle of such loans.) (Sec. 5) Increases loan limits, requiring annual indexing. (Sec. 6) Prescribes requirements for payment by a borrower of premium charges for credit insurance, including an up-front premium of up to 2.25% and an annual premium of up to 1%. (Sec. 7) Revises requirements for the handling and disposal of any real or personal conveyed to or acquired by the Secretary of Housing and Urban Development (HUD), and the pursuit of all claims against mortgagors assigned to the Secretary by mortgagees. (Sec. 8) Directs the Secretary of HUD to: (1) establish underwriting criteria for loans and credit in connection with a manufactured home, or a lot for one, that will ensure the manufactured housing program's financial soundness; and (2) revise within six months existing criteria to accord with those established under this Act. (Sec. 9) Prohibits any grant of credit insurance to a financial institution unless the borrower to which a housing renovation or modernization loan or advance of credit was made, and each member of the borrower's family age 18 years or older, including the borrower's spouse, has a valid Social Security number. (Sec. 10) Directs the Comptroller General to assess, and report to Congress on, how the Secretary of HUD utilizes the FHA manufactured housing loan insurance program, the community development block grant program, and other programs and resources to mitigate the risks to manufactured housing residents and communities resulting from tornados.

fha manufactured housing loan modernization act amends national housing act respect federal_housing_administration fha housing loan insurance manufactured homes lots homes sec exempts loans certain financial institution portfolio limits increasing allowable claim loss institution total loans credit advances purchases sec makes new contract insurance loans credit advances purchases conclusive evidence institution insurance eligibility requires loan insured individually instead bundle loans sec increases loan limits requiring annual indexing sec prescribes requirements payment borrower premium charges credit insurance including premium annual premium sec revises requirements handling disposal real personal conveyed acquired secretary housing_and_urban_development hud pursuit claims mortgagors assigned secretary mortgagees sec directs secretary hud establish underwriting criteria loans credit connection manufactured home lot ensure manufactured housing program financial soundness revise months existing criteria accord established act sec prohibits grant credit insurance financial institution borrower housing renovation modernization loan advance credit member borrower family age years older including borrower spouse valid social_security number sec directs comptroller general assess report congress secretary hud utilizes fha manufactured housing loan insurance program community development block grant program programs resources mitigate risks manufactured housing residents communities resulting


Summary: Universal Default Prohibition Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor from: (1) using any adverse information concerning any consumer, including any in a consumer report or any change in the consumer's credit score, as the basis for increasing any annual percentage rate of interest for a credit card account of the consumer's under an open end consumer credit plan; or (2) removing or increasing any introductory annual percentage rate of interest for that account, for reasons other than actions or omissions of the consumer directly related to the account. Requires such limitation on the use of adverse information to be clearly and conspicuously described to the consumer by the credit card issuer.

universal default prohibition act amends truth lending act prohibit creditor adverse information concerning consumer including consumer report change consumer credit score basis increasing annual percentage rate interest credit card account consumer open end consumer credit plan removing increasing introductory annual percentage rate interest account reasons actions omissions consumer directly related account requires limitation use adverse information clearly conspicuously described consumer credit card issuer


Summary: Credit Agencies Identity Theft Responsibilities Act of 2007 - Amends the Fair Credit Reporting Act to require a consumer reporting agency which has reason to suspect identity theft to: (1) report such suspicion to the U.S. Secret Service; and (2) inform the Attorney General for criminal prosecution. Requires the Secret Service to forward such information to either the Federal Bureau of Investigation (FBI) or the Department of Homeland Security (DHS), respectively, if it has reason to believe that a suspected case of identity theft involves any suspicion of terrorism or immigration violations. Cites factors for suspicion of identity theft. Requires a consumer reporting agency to review, at regular intervals, all information on consumers it maintains or controls in order to determine whether there is any basis for suspicion of identity theft. Sets forth criminal penalties for agency failure to comply with this Act.

act amends fair credit reporting act require consumer reporting agency reason suspect identity theft report suspicion inform attorney general criminal prosecution requires secret_service forward information federal_bureau_of_investigation fbi department_of_homeland_security dhs respectively reason believe suspected case identity theft involves suspicion terrorism immigration violations cites factors suspicion identity theft requires consumer reporting agency review regular intervals information consumers maintains controls order determine basis suspicion identity theft sets forth criminal penalties agency failure comply act


Summary: Payday Loan Reform Act of 2007 - Amends the Truth in Lending Act to prohibit payday loans based on checks drawn on, or authorized withdrawals from, insured depository institutions. Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) making or extending a payday loan, either directly or indirectly; or (2) making any loan to any other lender for purposes of financing, refinancing, or extending any payday loan. Declares payday loan instruments or transactions void from inception.

payday loan reform act amends truth lending act prohibit payday loans based checks drawn authorized withdrawals insured depository institutions amends federal_deposit_insurance_act prohibit insured depository institution making extending payday loan directly indirectly making loan lender purposes financing refinancing extending payday loan declares payday loan instruments transactions void inception


Summary: Credit Monitoring Clarification Act - Amends the Credit Repair Organizations Act to cite conditions under which provision to a consumer of credit reports, credit score analysis, and assistance in a case of identity theft shall not be considered as an activity to improve a consumer's credit status, which is subject to regulation under such Act. Exempts from regulation under such Act any person (credit repair organization, or CRO) representing that it can modify or remove, or assist the consumer in modifying or removing, any information in the consumer's credit report if the CRO gives clear and conspicuous notice, before the consumer pays or agrees to pay it, that: (1) neither the consumer nor anyone else has the right to have accurate and current information removed from a credit report; and (2) the consumer has the right to dispute any inaccurate information by contacting the credit bureau directly. Requires a CRO, to qualify for this exemption from regulation, also to give the consumer, before payment or agreement to pay, a specified disclosure entitled "Your Rights Concerning Your Consumer Credit File."

cite conditions provision consumer credit reports credit score analysis assistance case identity theft shall considered activity improve consumer credit status subject regulation act exempts regulation act person credit repair organization representing modify remove assist consumer modifying removing information consumer credit report gives clear conspicuous notice consumer pays agrees pay consumer right accurate current information removed credit report consumer right dispute inaccurate information contacting credit bureau directly requires qualify exemption regulation consumer payment agreement pay specified disclosure entitled rights concerning consumer credit file


Summary: Fair Mortgage Practices Act of 2007 - Prohibits any person, with certain exceptions, from engaging in the business of loan origination without first obtaining and maintaining a registration or a state license as a loan originator. Imposes on the federal banking agencies the sole responsibility for developing a system of registration for loan originators. Directs the Secretary of Housing and Urban Development (HUD) to establish a system for: (1) licensed loan originators; and (2) state-licensed mortgage originators. Amends the Truth in Lending Act to set forth: (1) disclosure requirements for consumer credit plans secured by the consumer's principal dwelling; and (2) consumer counseling requirements governing nontraditional mortgages. Expanding Housing Opportunities Through Education and Counseling Act - Amends the Department of Housing and Urban Development Act to: (1) establish the Office of Housing Counseling; and (2) direct the HUD Secretary to establish and monitor counseling procedures for home ownership counseling and rental housing counseling provided in connection with any HUD program. Amends the Housing and Urban Development Act of 1968 to instruct HUD to makes grants to states, local governmental entities, and nonprofit organizations providing home ownership or rental counseling that is HUD-certified. Directs the HUD Secretary to study and report to Congress on the root causes of default and foreclosure on home loans. Amends the Real Estate Settlement Procedures Act of 1974 to revise requirements for HUD consumer education booklets on the nature and costs of real estate settlement services. Amends the Truth in Lending Act to: (1) require a creditor to establish, in connection with a subprime mortgage transaction, an escrow or impound account for payment of taxes and hazard insurance; (2) require a disclosure notice for consumers who opt out of escrow services; and (3) limit prepayment penalties for certain introductory adjustable rate mortgages (ARMs). Authorizes appropriations to the Attorney General for mortgage fraud prevention, investigation, and prosecution efforts. Sets forth property appraisal requirements governing the sale of subprime mortgages. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to revise requirements for the Appraisal Subcommittee of the Federal Financial Institutions Examination Council, and prescribe requirements regarding appraiser independence and approved appraiser education. Directs the Comptroller General to study and report to specified congressional committees on possible improvements in the appraisal process. Amends the Community Reinvestment Act of 1977 to permit a federal financial supervisory agency, in its examination of a regulated financial institution, to take into account certain counseling and transition programs of the institution for subprime borrowers.

prohibits person certain exceptions engaging business loan origination obtaining maintaining registration state license loan originator imposes federal banking agencies sole responsibility developing system registration loan originators directs secretary housing_and_urban_development hud establish system licensed loan originators state licensed mortgage originators amends truth lending act set forth disclosure requirements consumer credit plans secured consumer principal dwelling consumer counseling requirements governing nontraditional mortgages counseling act amends department_of_housing_and_urban_development_act establish direct hud secretary establish monitor counseling procedures home ownership counseling rental housing counseling provided connection hud program amends housing_and_urban_development_act instruct hud makes grants states local governmental entities nonprofit organizations providing home ownership rental counseling hud certified directs hud secretary study report congress root causes default foreclosure home loans amends real_estate_settlement_procedures_act revise requirements hud consumer education nature costs real estate settlement services amends truth lending act require creditor establish connection subprime mortgage transaction escrow impound account payment taxes hazard insurance require disclosure notice consumers opt escrow services limit prepayment penalties certain introductory adjustable rate mortgages arms authorizes appropriations attorney general mortgage fraud prevention investigation prosecution efforts sets forth property appraisal requirements governing sale subprime mortgages amends financial institutions reform recovery enforcement act revise requirements prescribe requirements appraiser independence approved appraiser education directs comptroller general study report specified congressional committees possible improvements appraisal process amends community reinvestment act permit federal financial supervisory agency examination regulated financial institution account certain counseling transition programs institution subprime borrowers


Summary: Stop Mortgage Fraud Act - Authorizes appropriations to the Department of Justice for FY2008-FY2012 for: (1) the employment of 30 additional agents of the Federal Bureau of Investigation (FBI) and two additional prosecutors to coordinate prosecution of mortgage fraud cases with the offices of the U.S. Attorneys; and (2) the operations of the FBI interagency task forces in the areas with the 15 highest concentrations of mortgage fraud.

stop mortgage fraud act authorizes appropriations department_of_justice fy2008 fy2012 employment additional agents federal_bureau_of_investigation fbi additional prosecutors coordinate prosecution mortgage fraud cases offices attorneys operations fbi interagency task forces areas highest concentrations mortgage fraud


Summary: Fairness for Homeowners Act of 2007 - Amends the Truth in Lending Act to prohibit any creditor or mortgage broker from making, providing, or arranging for any consumer credit transaction secured by a consumer's principal dwelling without verifying the consumer's reasonable ability to make the scheduled payments of principal, interest (including variable interest), real estate taxes, homeowner's insurance, assessments, and mortgage insurance premiums. Prescribes criteria for determining the reasonable ability to make such payments. Prohibits steering (arranging for a lower investment grade credit transaction if the consumer qualifies for a higher investment grade transaction) and prepayment penalties for adjustable rate mortgages (ARMs) that are not jumbo mortgages. Limits financed points, finance charges, and fees to 5% of a transaction's principal, unless the transaction is ensured or guaranteed by the Secretary of Housing and Urban Development, the Secretary of Veterans Affairs, or the Farmers Home Administration. Specifies duties of agency for mortgage brokers acting to obtain or arrange for any consumer credit transaction secured by the consumer's principal dwelling. Requires creditors and mortgage brokers to obtain independent verification that a borrower seeking to refinance a special mortgage has received counseling on the transaction's advisability. Defines "special mortgage" as one that: (1) was originated, subsidized, funded, or guaranteed by or through a state, tribal, or local government, or nonprofit organization; and (2) bears one or more specified nonstandard payment terms which substantially benefit the consumer. Prescribes minimum financial requirements for mortgage brokers. Excludes reverse mortgages from coverage by this Act.

fairness homeowners act amends truth lending act prohibit creditor mortgage broker making providing arranging consumer credit transaction secured consumer principal dwelling verifying consumer reasonable ability scheduled payments principal interest including variable interest real estate taxes homeowner insurance assessments mortgage insurance premiums prescribes criteria determining reasonable ability payments prohibits steering arranging lower investment grade credit transaction consumer qualifies higher investment grade transaction prepayment penalties adjustable rate mortgages arms mortgages limits financed points finance charges fees transaction principal transaction guaranteed secretary housing_and_urban_development secretary veterans_affairs specifies duties agency mortgage brokers acting obtain arrange consumer credit transaction secured consumer principal dwelling requires creditors mortgage brokers obtain independent verification borrower seeking refinance special mortgage received counseling transaction advisability defines special mortgage originated subsidized funded guaranteed state tribal local government nonprofit organization bears specified nonstandard payment terms substantially benefit consumer prescribes minimum financial requirements mortgage brokers excludes reverse mortgages coverage act


Summary: Financial Literacy for Homeowners Act - Authorizes the Secretary of the Treasury to make grants to state and local governments and nonprofit organizations to implement anti-predatory lending activities, including: (1) consumer education programs; (2) certified home ownership counseling programs; and (3) referral services for homeowners and prospective homeowners. Directs the Secretary provide for establishment, operation, and publication of a nationwide toll-free telephone number to receive consumer complaints regarding predatory and unscrupulous lending practices relating to home loans. Establishes the Predatory Lending Advisory Council to: (1) advise the Secretary; and (2) study and report to the Secretary and Congress on the root causes of default and foreclosure of home loans.

secretary treasury grants state local governments nonprofit organizations implement anti predatory lending activities including consumer education programs certified home ownership counseling programs referral services homeowners prospective homeowners directs secretary provide establishment operation publication nationwide toll free telephone number receive consumer complaints predatory lending practices relating home loans establishes advise secretary study report secretary congress root causes default foreclosure home loans


Summary: Mortgage Broker Transparency and Accountability Act of 2007  Amends the Truth in Lending Act to establish mandatory responsibilities, duties, and disclosures governing mortgage brokers. Deems any mortgage broker to have a statutory agency relationship with the consumer subject to all requirements under state or federal law. Sets forth disclosure requirements, including disclosure of: (1) the risks and benefits of each home mortgage loan product; (2) possible payment increases at the time of any resetting of rate; (3) the extent of any prepayment penalties and balloon payments; and (4) the consumer's responsibilities to pay taxes and insurance with respect to such product. Requires mortgage brokers to maintain a bond that inures, first, to the benefit of any consumer who has any claim against the mortgage broker under this Act. Prohibits: (1) mortgage brokers from steering a consumer to a higher-cost mortgage than one for which the consumer would otherwise qualify; and (2) waiver by a consumer of the requirements imposed upon a mortgage broker under this Act. Requires disclosure of specified affiliations on the part of persons involved in the home mortgage loan process.

mortgage broker transparency accountability act amends_the_truth_in_lending_act establish mandatory responsibilities duties disclosures governing mortgage brokers deems mortgage broker statutory agency relationship consumer subject requirements state federal law sets forth disclosure requirements including disclosure risks benefits home mortgage loan product possible payment increases time rate extent prepayment penalties balloon payments consumer responsibilities pay taxes insurance respect product requires mortgage brokers maintain bond benefit consumer claim mortgage broker act prohibits mortgage brokers steering consumer higher cost mortgage consumer qualify waiver consumer requirements imposed mortgage broker act requires disclosure specified affiliations persons involved home mortgage loan process


Summary: Identity Theft Protection Act of 2007 - Amends the Fair Credit Reporting Act to authorize a consumer to request a consumer reporting agency to place a security freeze upon his or her consumer report. Prohibits a consumer reporting agency, if a security freeze is in place, from releasing a consumer report to a third party without prior express authorization from the consumer.Prescribes procedures for removal and temporary suspension of a security freeze.Requires a consumer reporting agency to notify the consumer in writing before removing the security freeze.Identifies specified entities, including governmental agencies, to which these prohibitions and requirements do not apply.Permits a consumer reporting agency to charge a fee for placing or temporarily suspending a security freeze on a consumer report.Prohibits a consumer reporting agency from charging a fee for placing, removing, or temporarily suspending a security freeze if a consumer: (1) has either filed a police report, or made a complaint to a police department concerning identity theft; or (2) has received notice that a breach of data security has occurred with respect to information required by law to be maintained securely and in confidence.Exempts specified entities from this Act, including certain aggregators and other agencies acting only as resellers of credit information which do not maintain a permanent data base of consumer information from which new consumer reports are produced.

amends fair credit reporting act authorize consumer request consumer reporting agency place security freeze consumer report prohibits consumer reporting agency security freeze place releasing consumer report party prior express authorization consumer prescribes procedures removal temporary suspension security freeze requires consumer reporting agency notify consumer writing removing security freeze identifies specified entities including governmental agencies prohibitions requirements apply permits consumer reporting agency charge fee placing temporarily suspending security freeze consumer report prohibits consumer reporting agency charging fee placing removing temporarily suspending security freeze consumer filed police report complaint police department concerning identity theft received notice breach data security occurred respect information required law maintained securely confidence exempts specified entities act including certain aggregators agencies acting credit information maintain permanent data base consumer information new consumer reports produced


Summary: Student Credit Card Protection Act of 2007 - Amends the Truth in Lending Act to limit by a specified formula the total credit which may be extended by a creditor during any full calendar year to a full time, traditional-aged college student under a college student credit card account, unless a parent, legal guardian, or spouse of the student assumes joint liability for debts incurred. Prohibits increasing the credit limit on an account for which a parent, guardian, or spouse has assumed joint liability without that person's written approval. States that a creditor must require adequate proof of income, income history, and credit history, before any such college student credit card account may be opened. Prohibits a creditor from opening a credit card account for, or issue any credit card to, any college student who: (1) has no verifiable annual gross income; and (2) already maintains a credit card account under an open end consumer credit plan with the same creditor or any affiliate. Directs the Board of Governors of the Federal Reserve System to promulgate implementing regulations.

amends truth lending act limit specified formula total credit extended creditor calendar year time traditional aged college student college student credit card account parent legal guardian spouse student assumes joint liability debts incurred prohibits increasing credit limit account parent guardian spouse assumed joint liability person written approval states creditor require adequate proof income income history credit history college student credit card account opened prohibits creditor opening credit card account issue credit card college student verifiable annual gross income maintains credit card account open end consumer credit plan creditor affiliate directs board_of_governors federal_reserve_system promulgate implementing regulations


Summary: Credit Protection Act of 2007 - Amends the Truth in Lending Act to prohibit a creditor from using adverse information concerning any consumer, including information in any consumer report or any change in the consumer's credit score, as the basis for increasing the annual percentage rate of interest (APR) or introductory APR applicable to a credit card account under an open end consumer credit plan for reasons other than actions or omissions of the consumer that are directly related to such account. Requires conspicuous payment disclosures on a creditor's billing cycle statement, including: (1) the minimum monthly payment on the outstanding balance; (2) the number of months that it would take to pay the entire amount of the outstanding balance at the current APR if only the required minimum monthly payment is paid; and (3) the total cost to the consumer to pay the remaining balance.

amends truth lending act prohibit creditor adverse information concerning consumer including information consumer report change consumer credit score basis increasing annual percentage rate interest apr introductory apr applicable credit card account open end consumer credit plan reasons actions omissions consumer directly related account requires conspicuous payment disclosures creditor billing cycle statement including minimum monthly payment outstanding balance number months pay entire outstanding balance current apr required minimum monthly payment paid total cost consumer pay remaining balance


Summary: Foreclosure Tax Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income up to $50,000 of the amount attributable to a discharge of mortgage indebtedness or to a refinancing of a principal residence. Limits such tax exclusion to taxpayers with modified adjusted gross incomes of $100,000 or less ($200,000 in the case of a joint tax return).

foreclosure tax relief act amends internal revenue code exclude gross income attributable discharge mortgage indebtedness refinancing principal residence limits tax exclusion taxpayers modified adjusted gross incomes case joint tax return


Summary: FACT Act Rulewriting Improvement Act of 2007 - Amends the Fair Credit Reporting Act to confer responsibility upon the Federal Trade Commission (FTC) alone to establish accuracy guidelines and prescribe regulations (according to the Fair and Accurate Credit Transactions Act of 2003, or the FACT Act of 2003): (1) for furnishers of information to consumer reporting agencies; and (2) about the circumstances under which such a furnisher shall be required to reinvestigate a dispute concerning the accuracy of information in a consumer report, based on a consumer's direct request. (Currently the FTC, the federal banking agencies, and the National Credit Union Administration are jointly required to establish such guidelines and prescribe such regulations.) Directs the federal banking agencies and the National Credit Union Administration to establish guidelines and prescribe regulations within their respective jurisdictions that are the same or substantially similar to those prescribed by the FTC.

fact act improvement act amends fair credit reporting act confer responsibility federal_trade_commission ftc establish accuracy guidelines prescribe regulations according fair accurate credit transactions act fact act furnishers information consumer reporting agencies circumstances furnisher shall required dispute concerning accuracy information consumer report based consumer direct request currently ftc federal banking agencies national_credit_union_administration jointly required establish guidelines prescribe regulations directs federal banking agencies national_credit_union_administration establish guidelines prescribe regulations respective jurisdictions substantially similar prescribed ftc


Summary: Homebuyer's Protection Act of 2007 - Amends the Truth in Lending Act to require a creditor to establish, in an insured depository institution, an escrow or impound account for payment of taxes and hazard insurance at the time of the consummation of a subprime mortgage transaction. Requires such account to remain in existence for as long as the subprime mortgage is outstanding. Requires creditors, before consummating a consumer credit transaction involving an impound, trust, or escrow account, to provide the following written disclosures: (1) that an escrow or impound account will be established; (2) the amount required to fund such account; (3) the amount in the initial year of estimated taxes and hazard insurance premiums; and (4) the estimated monthly amount payable for taxes and hazard insurance. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to extend its appraisal requirements to all real estate related financial transactions, not only those that are federally related.

amends truth lending act require creditor establish insured depository institution escrow impound account payment taxes hazard insurance time consummation subprime mortgage transaction requires account remain existence long subprime mortgage outstanding requires creditors consumer credit transaction involving impound trust escrow account provide following written disclosures escrow impound account established required fund account initial year estimated taxes hazard insurance premiums estimated monthly payable taxes hazard insurance amends financial institutions reform recovery enforcement act extend appraisal requirements real estate related financial transactions federally related


Summary: Emergency Home Ownership and Mortgage Equity Protection Act of 2007 - Amends federal bankruptcy law governing a chapter 13 debtor (adjustment of debts of an individual with regular income) to prohibit the holder of a claim in bankruptcy which is secured by debtor's principal residence from adding fees, costs, or charges while the case is pending, unless such claimholder gives timely notice to both debtor and the bankruptcy trustee. Revises requirements for the discretionary features of a chapter 13 debtor's plan. Removes the prohibition against modification of the rights of a holder of a claim secured only by an interest in real property that is the debtor's principal residence. (Thus allows a plan to modify such rights.) Authorizes a chapter 13 bankruptcy plan to provide for payment of allowed claims secured by the debtor's principal residence over a period that exceeds a specified time frame. Eliminates the pre-petition credit counseling requirement for a chapter 13 debtor facing foreclosure if the debtor submits a certification to the court that the holder of a claim secured by the debtor's principal residence has initiated foreclosure on that residence. Adds to conditions for court confirmation of a plan in bankruptcy that the holder of an allowed claim secured by the debtor's principal residence shall retain the lien securing such claim until the claim is paid. Excludes from final discharge of a debtor from all debts any allowed claim secured by the debtor's principal residence before such claim is paid.

amends federal bankruptcy law governing chapter debtor adjustment debts individual regular income prohibit holder claim bankruptcy secured debtor principal residence adding fees costs charges case pending claimholder gives timely notice debtor bankruptcy trustee revises requirements discretionary features chapter debtor plan removes prohibition modification rights holder claim secured interest real property debtor principal residence allows plan modify rights authorizes chapter bankruptcy plan provide payment allowed claims secured debtor principal residence period exceeds specified time frame eliminates pre petition credit counseling requirement chapter debtor facing foreclosure debtor submits certification court holder claim secured debtor principal residence initiated foreclosure residence adds conditions court confirmation plan bankruptcy holder allowed claim secured debtor principal residence shall retain lien securing claim claim paid excludes final discharge debtor debts allowed claim secured debtor principal residence claim paid


Summary: Mortgage Forgiveness Debt Relief Act of 2007 - Amends the Internal Revenue Code to exclude from gross income amounts attributable to a discharge, prior to January 1, 2010, of indebtedness incurred to acquire a principal residence. Limits to $2 million the excludable amount of such indebtedness. Reduces the basis of a principal residence by the amount of discharged indebtedness excluded from gross income. Disallows an exclusion for a discharge of indebtedness on account of services performed for the lender or any other factor not directly related to a decline in the value of the residence or to the financial condition of the taxpayer. Sets forth rules for determining the allowable amount of the exclusion for taxpayers with nonqualifying indebtedness and taxpayers who are insolvent. Extends through 2010 the tax deduction for mortgage insurance premiums. Sets forth alternative tests for qualifying as a cooperative housing corporation for purposes of the tax deduction for payments to such corporations. Qualifies a corporation if: (1) 80% or more of the total square footage of the corporation's property is used or available for use by its tenant-stockholders for residential purposes, or (2) 90% of the corporation's expenditures are for the acquisition, construction, management, maintenance, or care of its property for the benefit of the tenant-stockholders. Allows members of a qualified volunteer emergency response organization (i.e., an organization that provides firefighting and emergency medical services) an exclusion from gross income for state and local tax benefits and for certain payments for services. Terminates such exclusion after 2010.Allows certain full-time students who are single parents and their children to live in housing units eligible for the low-income housing tax credit provided that their children are not dependents of another individual (other than a parent of such children).Allows a surviving spouse to exclude from gross income up to $500,000 of the gain from the sale or exchange of a principal residence owned jointly with a deceased spouse if the sale or exchange occurs within two years of the death of the spouse and other ownership and use requirements have been met. Increases the penalty for failure to file a partnership tax return and extends from five to 12 the number of months in which such penalty may be imposed. Limits disclosure of tax return information that includes individual taxpayer identify information.Imposes an additional penalty on S corporations for failure to file required tax returns.Amends the Tax Increase Prevention and Reconciliation Act of 2005 to increase the estimated tax payment due in the third quarter of 2012 for corporations with assets of at least $1 billion.

mortgage forgiveness debt relief act amends internal revenue code exclude gross income amounts attributable discharge prior january indebtedness incurred acquire principal residence limits million excludable indebtedness reduces basis principal residence discharged indebtedness excluded gross income disallows exclusion discharge indebtedness account services performed lender factor directly related decline value residence financial condition taxpayer sets forth rules determining allowable exclusion taxpayers indebtedness taxpayers insolvent extends tax deduction mortgage insurance premiums sets forth alternative tests qualifying cooperative housing corporation purposes tax deduction payments corporations qualifies corporation total square footage corporation property available use tenant stockholders residential purposes corporation expenditures acquisition construction management maintenance care property benefit tenant stockholders allows members qualified volunteer emergency response organization organization provides firefighting emergency medical services exclusion gross income state local tax benefits certain payments services terminates exclusion certain time students single parents children live housing units eligible low income housing tax credit provided children dependents individual parent surviving spouse exclude gross income gain sale exchange principal residence owned jointly deceased spouse sale exchange occurs years death spouse ownership use requirements met increases penalty failure file partnership tax return extends number months penalty imposed limits disclosure tax return information includes individual taxpayer identify information imposes additional penalty corporations failure file required tax returns amends tax_increase_prevention_and_reconciliation_act increase estimated tax payment quarter corporations assets billion


Summary: Foreclosure Prevention and Homeownership Protection Act - Establishes the Commission to Preserve the American Dream (Commission) to study and report to Congress and the President on: (1) the adequacy of the existing legal and regulatory framework to address the current foreclosure and mortgage lending crisis and to prevent similar crises from happening in the future; (2) the role of the states versus the role of the federal government in ensuring homeowners are protected against unscrupulous lending practices; and (3) the effects of this crisis on the domestic and world economies. Requires the Commission to make recommendations regarding: (1) ways to assist homeowners currently in danger of losing their homes; (2) ways to encourage lenders and borrowers to work together to prevent foreclosure; and (3) legislative and regulatory changes to protect homeowners against unscrupulous lending practices and strengthen accountability for those involved in the mortgage lending market.

foreclosure prevention homeownership protection act establishes commission preserve american dream commission study report congress president adequacy existing legal regulatory framework address current foreclosure mortgage lending crisis prevent similar crises future role states versus role federal government ensuring homeowners protected lending practices effects crisis domestic world economies requires commission recommendations ways assist homeowners currently danger losing homes ways encourage lenders borrowers work prevent foreclosure legislative regulatory changes protect homeowners lending practices strengthen accountability involved mortgage lending market


Summary: Fair Disclosure for Homeowners Act of 2007 - Amends the Truth in Lending Act to require the creditor or servicer of a loan to disclose specified financial information in writing to a consumer concerning the interest rate in effect during the introductory period of a hybrid adjustable rate mortgage which adjusts or resets to a variable interest rate. Requires such disclosure to include: (1) any index or formula used in making adjustments to or resetting the interest rate and a source of information about the index or formula; (2) an explanation of how the new interest rate and payment would be determined; (3) the best estimate of the creditor or servicer of the amount of the monthly payment that will apply after the date of the adjustment or reset, and the assumptions on which this estimate is based; and (4) a list of alternatives consumers may pursue before the date of adjustment or reset, and descriptions of the actions consumers must take to pursue these alternatives. Requires periodic statements provided to a consumer by a creditor or servicer, regarding a hybrid adjustable rate mortgage, to include clearly and conspicuously the date on which such mortgage adjusts or resets from a fixed interest rate during the introductory period to a variable rate.

fair disclosure homeowners act amends truth lending act require creditor servicer loan disclose specified financial information writing consumer concerning interest rate effect introductory period hybrid adjustable rate mortgage adjusts resets variable interest rate requires disclosure include index formula making adjustments interest rate source information index formula explanation new interest rate payment determined best estimate creditor servicer monthly payment apply date adjustment reset assumptions estimate based list alternatives consumers pursue date adjustment reset descriptions actions consumers pursue alternatives requires periodic statements provided consumer creditor servicer hybrid adjustable rate mortgage include clearly conspicuously date mortgage adjusts resets fixed interest rate introductory period variable rate


Summary: Mortgage Disclosure Simplification Act of 2007 - Amends the Real Estate Settlement Procedures Act of 1974 to instruct the Secretary of Housing and Urban Development to develop and prescribe standard written forms stating the essential terms of a federally related mortgage loan, which lenders or mortgage brokers shall provide to prospective mortgagors. Requires such disclosures to include: (1) a statement of terms regarding a federally related mortgage loan; and (2) a statement of basic easy-to-understand definitions or explanations of such terms.

mortgage disclosure simplification act amends real_estate_settlement_procedures_act instruct secretary housing_and_urban_development develop prescribe standard written forms stating essential terms federally related mortgage loan lenders mortgage brokers shall provide prospective mortgagors requires disclosures include statement terms federally related mortgage loan statement basic easy understand definitions explanations terms


Summary: Protecting Access to Safe Mortgages Act - Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to increase mortgage portfolio limitations placed upon: (1) the Federal National Mortgage Association (Fannie Mae); and (2) the Federal Home Loan Mortgage Corporation (Freddie Mac), respectively. Instructs the Director of the Office of Federal Housing Enterprise Oversight (OFHEO) of the Department of Housing and Urban Development (HUD) to lift: (1) the limitation on growth provision set forth in the Fannie Mae Consent Order; and (2) the voluntary temporary growth limitation described in a certain Freddie Mac Letter.

charter act federal_home_loan_mortgage_corporation_act increase mortgage portfolio limitations placed federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac respectively instructs director office_of_federal_housing_enterprise_oversight ofheo department_of_housing_and_urban_development hud lift limitation growth provision set forth fannie_mae voluntary temporary growth limitation described certain


Summary: Mortgage Kickback Prevention Act of 2007 - Amends the Truth in Lending Act to prohibit a mortgage originator from receiving payment of incentive compensation, including yield spread premium, that is based upon, or varies with, the terms of a residential mortgage loan (steering incentive).

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