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

Mortgage Choice Act of 2015

 (Sec. 2) Amends the Truth in Lending Act with respect to requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is not a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.)

Excludes from the computation of such points and fees any escrow for future payment of insurance.

Modifies the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in extensions of credit secured by an interest in real property. Excludes from points and fees any such reasonable charges even though a creditor receives compensation, but only in so far as the creditor or its affiliate retains the compensation as a result of their participation in an affiliated business arrangement.

(An "affiliated business arrangement" is one in which: (1) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1% in a provider of settlement services; and (2) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the provider's selection.)

Revises the additional requirement that such a reasonable charge be paid to a third party unaffiliated with the creditor. Requires the charge to be: (1) a bona fide third party charge not retained by the mortgage originator, creditor, or an affiliate; or (2) a fee or premium for title examination, title insurance, or similar purposes.

Modifies the conditions under which federal departments and agencies may exempt refinancings under a streamlined refinancing from an income verification requirement that, at the time a refinancing is consummated, the consumer has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments. Repeals the exception for bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate from the requirement that total points and fees not exceed 3% of the total new loan amount. (Thus subjects such charges to the same 3% ceiling.)

measure amended introduced summary expanded action occurred measure mortgage choice act sec amends truth lending act respect requirements disclosure consumer points fees information consumer credit transaction secured consumer principal dwelling residential mortgage transaction reverse mortgage transaction transaction open end credit plan total points fees consumer pay closing exceed total loan whichever greater consumer credit transactions include equity credit line consumer purchases leases charged excludes computation points fees escrow future payment insurance modifies criteria exclusion computation points fees certain reasonable charges exempted computation finance charge extensions credit secured interest real property excludes points fees reasonable charges creditor receives compensation far creditor affiliate retains compensation result participation affiliated business arrangement affiliated business arrangement person position refer business incident real estate settlement service involving federally related mortgage loan associate person affiliate relationship direct beneficial ownership interest provider settlement services persons directly indirectly refers business provider affirmatively influences provider selection revises additional requirement reasonable charge paid party unaffiliated creditor requires charge bona fide party charge retained mortgage originator creditor affiliate fee premium title examination title insurance similar purposes modifies conditions federal departments agencies exempt refinancings streamlined refinancing income verification requirement time refinancing consummated consumer reasonable ability repay loan applicable taxes insurance assessments repeals exception bona fide party charges retained mortgage originator creditor affiliate requirement total points fees exceed total new loan subjects charges ceiling


Summary:
End Unnecessary Borrowing Act of 2015

 Amends the National Housing Act with respect to the requirement that the Secretary of Housing and Urban Development endeavor to ensure that the Mutual Mortgage Insurance Fund attains a capital ratio of not less than 2% within 10 years after enactment of that requirement (November 5, 1990) and to ensure that the Fund maintains at least that capital ratio at all times thereafter.

Prohibits these requirements from being construed to authorize or require the Secretary to borrow any amounts to comply with the capital ratio requirement.

Limits the use of any authority of the Secretary to borrow from the Treasury for the Mutual Mortgage Insurance Fund only to the extent necessary to pay claims on mortgage insurance that is an obligation of such Fund.

end unnecessary borrowing act amends national housing act respect requirement secretary housing_and_urban_development endeavor ensure mutual_mortgage_insurance_fund attains capital ratio years enactment requirement november ensure fund maintains capital ratio times prohibits requirements construed authorize require secretary borrow amounts comply capital ratio requirement limits use authority secretary borrow treasury mutual_mortgage_insurance_fund extent necessary pay claims mortgage insurance obligation fund


Summary:
Mortgage Forgiveness Tax Relief Act of 2015

 Amends the Internal Revenue Code to extend through 2016 the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

mortgage forgiveness tax relief act amends internal revenue code extend exclusion gross income income attributable discharge indebtedness principal residence


Summary:
Let the GSEs Pay Us Back Act of 2015

 Directs the Secretary of the Treasury, the Federal National Mortgage Association (Fannie Mae) and any affiliate, and the Federal Home Loan Mortgage Corporation (Freddie Mac) and any affiliate (government sponsored enterprises or GSEs), with each GSE acting through an appointed conservator, to enter into an agreement that modifies the Preferred Stock Purchase Agreement for the GSE to provide that: (1) any Senior Preferred Stock purchased under the Agreement by the Treasury shall not accrue further dividends; and (2) any amounts received by the GSE, before or after the modification, during a single year as a draw upon the Treasury's commitment under the Agreement shall be treated as a loan by the Treasury to the GSE meeting specified criteria.

Specifies as such criteria that this loan be treated as though originated on the date of the last such draw during that year, with: (1) an original principal obligation equal to the aggregate amount of such draws, (2) a 30-year term, (3) an annual interest rate of 5%, and (4) requirements for full amortization of the loan over the 30-year term. Requires the GSE to repay the loan in accordance with the amortization schedule established.

Requires any dividends paid by the GSE to the Treasury under the Agreement before the modification to be treated as payments of principal and interest due under the loan, to be credited against payments due: (1) first to the loan with the earliest origination date that has not yet been fully repaid until it is repaid, and (2) then to the loan having the next earliest origination date until it is repaid.

let gses pay act directs secretary treasury federal_national_mortgage_association fannie_mae affiliate federal_home_loan_mortgage_corporation freddie_mac affiliate government sponsored enterprises gses gse acting appointed conservator enter agreement modifies gse provide purchased agreement treasury shall accrue dividends amounts received gse modification single year draw treasury commitment agreement shall treated loan treasury gse meeting specified criteria specifies criteria loan treated originated date draw year original principal obligation equal aggregate year term annual interest rate requirements amortization loan year term requires gse repay loan accordance amortization schedule established requires dividends paid gse treasury agreement modification treated payments principal interest loan credited payments loan earliest origination date fully repaid repaid loan having earliest origination date repaid


Summary:
Portfolio Lending and Mortgage Access Act

 This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are insured depository institutions for any failure to comply with certain requirements with respect to a residential mortgage loan, and the banking regulators are required to treat such a loan as a qualified mortgage, if the creditor has, since the loan's origination, held it on its balance sheet and all prepayment penalties with respect to the loan comply with specified limitations.

A safe harbor from lawsuit is also created for mortgage originators for steering a consumer to a residential mortgage loan if:

 the creditor is an insured depository institution and has informed the mortgage originator that it intends to hold the loan on its balance sheet for the life of the loan, and the mortgage originator informs the consumer that the creditor intends to do so.

portfolio lending mortgage access act bill amends truth lending act create safe harbor lawsuit creditors insured depository institutions failure comply certain requirements respect residential mortgage loan banking regulators required treat loan qualified mortgage creditor loan origination held balance sheet prepayment penalties respect loan comply specified limitations safe harbor lawsuit created mortgage originators steering consumer residential mortgage loan creditor insured depository institution informed mortgage originator intends hold loan balance sheet life loan mortgage originator informs consumer creditor intends


Summary:
Portfolio Lending and Mortgage Access Act

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are depository institutions for any failure to comply with certain requirements with respect to a residential mortgage loan, and the banking regulators are required to treat such a loan as a qualified mortgage, if the creditor has, since the loan's origination, held it on its balance sheet and all prepayment penalties with respect to the loan comply with specified limitations.

A safe harbor from lawsuit is also created for mortgage originators for steering a consumer to a residential mortgage loan if:

 the creditor is a depository institution and has informed the mortgage originator that it intends to hold the loan on its balance sheet for the life of the loan, and the mortgage originator informs the consumer that the creditor intends to do so.

portfolio lending mortgage access act sec bill amends truth lending act create safe harbor lawsuit creditors depository institutions failure comply certain requirements respect residential mortgage loan banking regulators required treat loan qualified mortgage creditor loan origination held balance sheet prepayment penalties respect loan comply specified limitations safe harbor lawsuit created mortgage originators steering consumer residential mortgage loan creditor depository institution informed mortgage originator intends hold loan balance sheet life loan mortgage originator informs consumer creditor intends


Summary:
Freddie Mac REMIC Reform Act of 2015

 Amends the Housing and Community Development Act of 1992 with respect to the exercise of options on mortgage-backed securities by the Federal Home Loan Mortgage Corporation (Freddie Mac) or, during the term of any conservatorship or receivership of Freddie Mac, the Director of the Federal Housing Finance Agency (FHFA).

Directs Freddie Mac (or FHFA as its conservator or receiver) to exercise any option on a mortgage-backed security with a clean-up call option Freddie Mac has issued if the residual holder of the security is willing to share at least 50% of any excess proceeds from the exercise of the option with FHFA as conservator or receiver, if such proceeds benefit the taxpayers of the United States.

(A clean-up call option allows a transferor of assets, in this case mortgage assets, to buy them back after the outstanding asset values have been reduced substantially.)

Defines mortgage-backed security as debt obligations issued in the form of participation certificates, collateralized mortgage obligations, mortgage-backed commercial paper, and real estate mortgage investment conduits.

Defines mortgage-backed security with a clean-up call option as any mortgage-backed security under which there is an option or right to redeem all remaining classes of the security whenever the aggregate remaining principal of the mortgage would be less than the optional redemption or clean-up call percentage.

Directs the Director to prohibit Freddie Mac and the Federal National Mortgage Association (Fannie Mae) from issuing any mortgage-backed security with a clean-up call option.

Directs the Director to ensure that any excess proceeds received as a result of the exercise of any clean-up call options be used only to reduce the budget deficit of the federal government.

freddie_mac reform act amends housing_and_community_development_act respect exercise options mortgage backed securities federal_home_loan_mortgage_corporation freddie_mac term conservatorship receivership freddie_mac director federal_housing_finance_agency fhfa directs freddie_mac fhfa conservator receiver exercise option mortgage backed security clean option freddie_mac issued residual holder security willing share excess proceeds exercise option fhfa conservator receiver proceeds benefit taxpayers united_states clean option allows transferor assets case mortgage assets buy outstanding asset values reduced substantially defines mortgage backed security debt obligations issued form participation certificates collateralized mortgage obligations mortgage backed commercial paper real estate mortgage investment conduits defines mortgage backed security clean option mortgage backed security option right redeem remaining classes security aggregate remaining principal mortgage optional redemption clean percentage directs director prohibit freddie_mac federal_national_mortgage_association fannie_mae issuing mortgage backed security clean option directs director ensure excess proceeds received result exercise clean options reduce budget deficit federal government


Summary:
Permanently Protecting Tenants at Foreclosure Act of 2015

This bill amends the Protecting Tenants at Foreclosure Act of 2009 to repeal its sunset date December 31, 2014 (thus making the Act permanent).

This bill restores and revives such Act, the provisions of law amended or repealed by it, and any regulations promulgated pursuant to it, as were in effect on December 31, 2014, as if the sunset had not taken effect.

permanently_protecting_tenants foreclosure act bill amends protecting_tenants foreclosure act repeal sunset date december making act permanent bill restores revives act provisions law amended repealed regulations promulgated pursuant effect december sunset taken effect


Summary:
Mortgage Servicing Asset Capital Requirements Act of 2015

This bill directs the Board of Governors of the Federal Reserve System, the Office of the Comptroller of the Currency, the Federal Deposit Insurance Corporation, and the National Credit Union Administration to study jointly the appropriate capital requirements for mortgage servicing assets for banking institutions.

mortgage servicing asset capital requirements act bill directs board_of_governors federal_reserve_system office_of_the_comptroller_of_the_currency federal_deposit_insurance_corporation national_credit_union_administration study jointly appropriate capital requirements mortgage servicing assets banking institutions


Summary:
Partnership to Strengthen Homeownership Act of 2015

 Amends the National Housing Act to remove the Government National Mortgage Association (Ginnie Mae) from the Department of Housing and Urban Development (HUD) and establish it as an independent entity governed by a Board of Directors in place of the HUD Secretary.

Transfers to Ginnie Mae the powers, duties, personnel, and property of Federal Housing Finance Agency, that is hereby abolished.

Establishes within Ginnie Mae the Issuing Platform, available for use only by eligible mortgage originators and aggregators, to issue standardized mortgage-backed securities.

Requires Ginnie Mae to establish: (1) limitations governing the maximum original principal obligation of eligible mortgage loans that may collateralize the issued securities, and (2) an insurance fund and insure 100% of each security issued by the Platform.

Prescribes requirements for: (1) a participating mortgage originator or aggregator to deliver to the Platform a pool of eligible mortgage loans; and (2) the Platform to create standardized mortgage-backed securities collateralized by such mortgages and transfer them to the mortgage originator or aggregator.

Exempts standardized mortgage-backed securities issued by the Platform from federal securities laws.

Prescribes requirements for Ginnie Mae's or the Financial Stability Oversight Council's actions if unusual and exigent circumstances have created or threaten to create an anomalous lack of mortgage credit availability within the housing market that could materially and severely disrupt the functioning of the federal housing finance system.

Amends the Federal Home Loan Bank Act to make any lender of home mortgage loans eligible to become a member of a Federal Home Loan Bank (FHLB).

Directs the Director of Ginnie Mae to: (1) prohibit the government-sponsored enterprises (GSEs, Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac]) from issuing, guaranteeing, or purchasing any security backed by mortgages on 1- to 4-family residences except as specifically authorized by this Act; (2) permit a GSE to act until a certain time as a participating aggregator of eligible mortgages for securitization if the business volume of their originators is insufficient to allow them to aggregate and securitize such mortgages; and (3) allow a GSE to act as a reinsurer for a mortgage-backed security until the GSE goes into receivership.

Requires each GSE to establish a risk-sharing pilot program to develop private sector first-loss positions on mortgage-backed securities.

Continues the current conservatorships of the GSEs until the commencement of mandatory receivership.

Requires the Director to appoint Ginnie Mae as receiver of the GSEs. Prescribes requirements for winding down the GSEs.

Directs the Director to direct Fannie Mae and Freddie Mac to develop a plan to establish a subsidiary to provide sufficient multifamily housing financing and to establish a competitive housing market for multifamily housing guarantors engaging in multifamily covered securities.

Directs the Director to develop, adopt, publish, and enforce standards for the approval of multifamily guarantors to: (1) issue securities collateralized by eligible multifamily mortgage loans, and (2) guarantee the timely payment of principal and interest on these securities and insured by Ginnie Mae.

Amends the Housing and Community Development Act of 1992 to allow Ginnie Mae to securitize multifamily loans insured or reinsured under such Act under certain circumstances.

Requires the Platform in each fiscal year to charge and collect a certain fee for the outstanding principal balance of all eligible mortgage loans that collateralize securities insured under this Act and all other mortgage loans collateralizing securities on which Ginnie Mae guarantees the timely payment of principal and interest.

Amends the Safety and Soundness Act of 1992 with respect to the Housing Trust Fund and housing for Indians.

Amends the Federal Home Loan Bank Act to authorize FHLBs to make long-term secured advances to their members to provide funds to community development financial institutions.

Requires such FHLBs, at the time of origination or renewal of the loan or advance, to obtain and maintain a security interest in collateral eligible pursuant to any such secured loan.

partnership strengthen homeownership act amends national housing act remove government_national_mortgage_association ginnie_mae department_of_housing_and_urban_development hud establish independent entity governed board directors place hud secretary transfers ginnie_mae powers duties personnel property federal_housing_finance_agency abolished establishes ginnie_mae issuing platform available use eligible mortgage originators aggregators issue standardized mortgage backed securities requires ginnie_mae establish limitations governing maximum original principal obligation eligible mortgage loans issued securities insurance fund insure security issued platform prescribes requirements participating mortgage originator deliver platform pool eligible mortgage loans platform create standardized mortgage backed securities collateralized mortgages transfer mortgage originator exempts standardized mortgage backed securities issued platform federal securities laws prescribes requirements ginnie_mae financial_stability_oversight_council actions unusual exigent circumstances created threaten create lack mortgage credit availability housing market materially severely disrupt functioning federal housing finance system amends federal_home_loan_bank act lender home mortgage loans eligible member federal_home_loan_bank directs director ginnie_mae prohibit government sponsored enterprises gses federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac issuing guaranteeing purchasing security backed mortgages family residences specifically authorized act permit gse act certain time participating eligible mortgages securitization business volume originators insufficient allow aggregate securitize mortgages allow gse act reinsurer mortgage backed security gse goes receivership requires gse establish risk sharing pilot program develop private sector loss positions mortgage backed securities continues current gses commencement mandatory receivership requires director appoint ginnie_mae receiver gses prescribes requirements winding gses directs director direct fannie_mae freddie_mac develop plan establish subsidiary provide sufficient multifamily housing financing establish competitive housing market multifamily housing guarantors engaging multifamily covered securities directs director develop adopt publish enforce standards approval multifamily guarantors issue securities collateralized eligible multifamily mortgage loans guarantee timely payment principal interest securities insured ginnie_mae amends housing_and_community_development_act allow ginnie_mae securitize multifamily loans insured act certain circumstances requires platform fiscal year charge collect certain fee outstanding principal balance eligible mortgage loans securities insured act mortgage loans securities ginnie_mae guarantees timely payment principal interest amends safety soundness act respect housing_trust_fund housing indians amends federal_home_loan_bank act authorize long term secured advances members provide funds community development financial institutions requires time origination renewal loan advance obtain maintain security interest collateral eligible pursuant secured loan


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

Community Institution Mortgage Relief Act of 2015

(Sec. 2) This bill amends the Truth in Lending Act to create a safe harbor from requirements for an escrow or impound account for the payment of taxes and hazard insurance in the case of mortgage loans made by a creditor with consolidated assets of $10 billion or less that holds the loan on its balance sheet for three years after its origination.

A creditor shall be deemed to have complied with the three-year balance sheet requirement if it transfers a loan by reason of its bankruptcy or failure, the purchase of it by another, or by a supervisory act or recommendation from a state or federal regulator.

The Consumer Financial Protection Bureau is required to exempt mortgage servicers that service 20,000 or fewer mortgage loans from requirements of the Real Estate Settlement Procedures Act of 1974 pertaining to the servicing of mortgage loans and administration of escrow accounts.

measure amended introduced summary expanded action occurred measure relief act sec bill amends truth lending act create safe harbor requirements escrow impound account payment taxes hazard insurance case mortgage loans creditor consolidated assets billion holds loan balance sheet years origination creditor shall deemed complied year balance sheet requirement transfers loan reason bankruptcy failure purchase supervisory act recommendation state federal regulator consumer_financial_protection_bureau required exempt mortgage servicers service fewer mortgage loans requirements real_estate_settlement_procedures_act pertaining servicing mortgage loans administration escrow accounts


Summary:
Protecting Consumers from Unreasonable Credit Rates Act of 2015

 Amends the Truth in Lending Act to prohibit a creditor from extending credit to a consumer under an open end consumer credit plan (credit card) for which the fee and interest rate exceeds 36%.

Sets forth criminal penalties for violations of this Act. Empowers state Attorneys General to enforce this Act.

Revises requirements for a periodic statement for each billing cycle with respect to where the total finance charge exceeds 50 cents for a monthly or longer billing cycle, or the pro rata part of 50 cents for a billing cycle shorter than monthly. Requires inclusion of the fee and interest rate, displayed as "FAIR," instead of the total finance charge expressed as an annual percentage rate (APR).

protecting_consumers unreasonable credit rates act amends_the_truth_in_lending_act prohibit creditor extending credit consumer open end consumer credit plan credit card fee interest rate exceeds sets forth criminal penalties violations act empowers state attorneys general enforce act revises requirements periodic statement billing cycle respect total finance charge exceeds cents monthly longer billing cycle pro rata cents billing cycle shorter monthly requires inclusion fee interest rate displayed fair instead total finance charge expressed annual percentage rate apr


Summary:
Cybercrime Anti-Resale Deterrent and Extraterritoriality Revision Act of 2015 or the CARDER Act of 2015

Amends the federal criminal code to extend extraterritorially the application of penalties for fraud offenses involving an access device issued, owned, managed, or controlled by a financial institution, account issuer, credit card system member, or other entity organized under the laws of the United States or any U.S. state or territory. (An access device is any card, code, electronic serial number, telecommunications service, or other means of account access that can be used to initiate a transfer of funds or to obtain money, goods, or services.) Removes a condition under current law that subjects a person to such penalties only if the underlying articles, property, or proceeds are held within or have transferred through U.S. jurisdiction.

cybercrime anti resale deterrent revision act act amends federal criminal code extend application penalties fraud offenses involving access device issued owned managed controlled financial institution account issuer credit card system member entity organized laws united_states state territory access device card code electronic serial number telecommunications service means account access initiate transfer funds obtain money goods services removes condition current law subjects person penalties underlying articles property proceeds held transferred jurisdiction


Summary:
Enterprise Secondary Reserve Taxpayer Protection and Government Accountability Act of 2015

This bill amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Director of the Federal Housing Finance Agency to: (1) establish for any government sponsored enterprise (GSE, including the Federal National Mortgage Association [Fannie Mae] and the Federal Home Loan Mortgage Corporation [Freddie Mac]) operating in conservatorship a secondary reserve fund, and (2) deposit in it from any GSE revenues an amount equal to its required minimum capital level.

The GSE must hold secondary reserve fund amounts in escrow until the Director uses them according to this Act or until the fund is abolished.

The Director shall: (1) decide whether to use funds held in the secondary reserve of a GSE operating in conservatorship if the GSE's losses will exceed other available amounts, and (2) abolish any secondary reserve upon dissolution of the GSE's conservatorship.

Any amounts remaining in a secondary reserve upon abolishment shall revert first to meet the GSE's capital requirements and then to its earnings.

accountability act bill amends federal_housing_enterprises_financial_safety soundness act direct director federal_housing_finance_agency establish government sponsored enterprise gse including federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac operating conservatorship secondary reserve fund deposit gse revenues equal required minimum capital level gse hold secondary reserve fund amounts escrow director uses according act fund abolished director shall decide use funds held secondary reserve gse operating conservatorship gse losses exceed available amounts abolish secondary reserve dissolution gse conservatorship amounts remaining secondary reserve abolishment shall revert meet gse capital requirements earnings


Summary:
Protect Children from Theft Act of 2015

Amends the Fair Credit Reporting Act, with respect to protections for credit reports of minor consumers, to require a consumer reporting agency, upon request by the legal guardian or custodian of a minor consumer (including the state or tribal agency responsible for a child in foster care), to either create a blocked file for the minor or convert an already existing file to blocked status.

Directs the Consumer Financial Protection Bureau to: (1) establish implementing procedures, and (2) determine what fee, if any, may be charged by a consumer reporting agency to create, convert, or unblock a file.

Requires a consumer reporting agency to: (1) unblock a blocked file upon request by a guardian or on the minor's 18th birthday, and (2) include an alert statement in an unblocked file if the minor consumer was a victim of fraud or identity theft before that 18th birthday.

Requires a reseller who furnishes information concerning a consumer file containing an alert statement to include it when furnishing information.

Prohibits a consumer reporting agency from charging a fee to create, convert, or unblock the file of a consumer who was a victim of fraud or identity theft before his or her 18th birthday.

protect children theft act amends fair credit reporting act respect protections credit reports minor consumers require consumer reporting agency request legal guardian custodian minor consumer including state tribal agency responsible child foster care create blocked file minor convert existing file blocked status directs consumer_financial_protection_bureau establish implementing procedures determine fee charged consumer reporting agency create convert file requires consumer reporting agency blocked file request guardian minor 18th birthday include alert statement file minor consumer victim fraud identity theft 18th birthday requires reseller furnishes information concerning consumer file containing alert statement include furnishing information prohibits consumer reporting agency charging fee create convert file consumer victim fraud identity theft 18th birthday


Summary:
Ensure Fair Prices in Title Insurance Act of 2015

This bill amends the Real Estate Settlement Procedures Act of 1974 to exempt affiliated business arrangements from the prohibitions against kickbacks and unearned fees so long as no fee, kickback, or thing of value (including any return on ownership based on referrals paid for or received from an affiliated business arrangement) is paid or received pursuant to any agreement or understanding for referrals of business incident to or a part of a real estate settlement service involving a federally related mortgage loan.

Persons who violate such Act shall be jointly and severally liable, upon a finding from a court of competent jurisdiction that such a violation occurred, to any party providing services substantially similar to settlement services in the same state where the violation occurred, and in an amount equal to attorneys' fees and court costs incurred in initiating an action.

A court may grant, in addition to the principal remedies, either injunctive relief, restitution, or other appropriate equitable relief.

The statute of limitations is extended from one year to three years for violation of the prohibitions against: (1) kickbacks and unearned fees, and (2) any requirement by a property seller involving a purchase assisted by a federally related mortgage loan that the buyer also purchase title insurance from any particular title company.

title insurance act bill amends real_estate_settlement_procedures_act exempt affiliated business arrangements prohibitions kickbacks unearned fees long fee thing value including return ownership based referrals paid received affiliated business arrangement paid received pursuant agreement understanding referrals business incident real estate settlement service involving federally related mortgage loan persons violate act shall jointly severally liable finding court competent jurisdiction violation occurred party providing services substantially similar settlement services state violation occurred equal attorneys fees court costs incurred initiating action court grant addition principal remedies injunctive relief restitution appropriate equitable relief statute limitations extended year years violation prohibitions kickbacks unearned fees requirement property seller involving purchase assisted federally related mortgage loan buyer purchase title insurance particular title company


Summary:
Ending Taxpayer Subsidies for Yachts Act

Amends the Internal Revenue Code to deny a tax deduction for interest paid on a mortgage for a second residence of a taxpayer if that residence is a boat.

act amends internal revenue code deny tax deduction interest paid mortgage second residence taxpayer residence boat


Summary:
Young Americans Financial Literacy Act

 Authorizes the Director of the Consumer Financial Protection Bureau to make competitive grants to, and enter agreements with, eligible institutions to establish centers of excellence to support research, development and planning, implementation, and evaluation of effective programs in financial literacy education for young people and families ages 8-24 years old.

Limits the aggregate amount of grants made under this Act during any fiscal year. Sunsets the grant program at the end of FY2018.

Defines "eligible institution" as a partnership of two or more of the following: (1) an institution of higher education; (2) a local educational agency; (3) a nonprofit agency, organization, or association; or (4) a financial institution.

young americans financial literacy act authorizes director consumer_financial_protection_bureau competitive grants enter agreements eligible institutions establish centers excellence support research development planning implementation evaluation effective programs financial literacy education young people families ages years old limits aggregate grants act fiscal year sunsets grant program end fy2018 defines eligible institution partnership following institution higher education local educational agency nonprofit agency organization association financial institution


Summary:
Foreclosure Fairness Act of 2015

 Prohibits a court, in the case of any federally related mortgage loan made after enactment of this Act, from entering a deficiency judgment requiring the mortgagor to pay any balance on the mortgage loan after a foreclosure sale of the mortgaged property.

foreclosure fairness act prohibits court case federally related mortgage loan enactment act entering deficiency judgment requiring mortgagor pay balance mortgage loan foreclosure sale mortgaged property


Summary:
Housing Financial Literacy Act of 2015

 Amends the National Housing Act to revise the single insurance premium payment for a mortgage (secured by a one- to four-family dwelling that is an obligation of the Mutual Mortgage Insurance Fund) of a first-time homebuyer who completes a program of counseling on the responsibilities and financial management involved in homeownership that is approved by the Secretary of Housing and Urban Development.

Repeals the current maximum premium payment of 2.75% of the amount of the mortgage's original insured principal obligation.

Sets the single mortgage insurance premium payment at 25 basis points lower than the premium payment amount otherwise established.

housing financial literacy act amends national housing act revise single insurance premium payment mortgage secured one- family dwelling obligation mutual_mortgage_insurance_fund time homebuyer completes program counseling responsibilities financial management involved homeownership approved secretary housing_and_urban_development repeals current maximum premium payment mortgage original insured principal obligation sets single mortgage insurance premium payment basis points lower premium payment established


Summary:
(Sec. 1) This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 (Act) to state that, upon employment by a state-licensed mortgage company, an individual who is a registered loan originator shall be deemed to have temporary authority to act as one in an application state for a specified period if the individual:

 has not had an application for a loan originator license denied, or had such a license revoked or suspended in any governmental jurisdiction; has not been subject to or served with a cease and desist order in any governmental jurisdiction; has not been convicted of a felony that would preclude licensure under the law of the application state; has applied to be a state-licensed originator in the application state; and was registered in the Nationwide Mortgage Licensing System and Registry as a loan originator during the 12-month period preceding the date of the required information. A state-licensed loan originator shall also be deemed to have temporary authority to act as a loan originator in an application state for a specified period if the loan originator: (1) meets certain requirements; (2) is employed by a state-licensed mortgage company in the application state; and (3) was licensed in another state during the 30-day period before submitting the information required in connection with the application to the application state.

Any person employing an individual deemed to have such temporary authority to act as a loan originator in an application state, and any such individual who engages in residential mortgage loan activities, shall be subject to the requirements of the Act and to state law to the same extent as if such individual was a loan originator licensed by the application state.

(Sec. 2) The exemption from civil liability of the Consumer Financial Protection Bureau (CFPB), any state official or agency, or any organization serving as the administrator of the Nationwide Mortgage Licensing System and Registry (or a CFPB-established system), or any officer or employee of any such entity, by reason of a good faith action or omission while acting within the scope of office or employment that relates to the collection, furnishing, or dissemination of information concerning persons applying for licensing or registration as loan originators shall be limited to any such activities involving only information concerning applicants using the Nationwide Mortgage Licensing System and Registry.

sec bill amends act state employment state licensed mortgage company individual registered loan originator shall deemed temporary authority act application state specified period individual application loan originator license denied license revoked suspended governmental jurisdiction subject served cease desist order governmental jurisdiction convicted felony preclude licensure law application state applied state licensed originator application state registered nationwide_mortgage_licensing_system_and_registry loan originator month period preceding date required information state licensed loan originator shall deemed temporary authority act loan originator application state specified period loan originator meets certain requirements employed state licensed mortgage company application state licensed state day period submitting information required connection application application state person employing individual deemed temporary authority act loan originator application state individual engages residential mortgage loan activities shall subject requirements act state law extent individual loan originator licensed application state sec exemption civil liability consumer_financial_protection_bureau cfpb state official agency organization serving administrator nationwide_mortgage_licensing_system_and_registry cfpb established system officer employee entity reason good faith action omission acting scope office employment relates collection furnishing dissemination information concerning persons applying licensing registration loan originators shall limited activities involving information concerning applicants nationwide_mortgage_licensing_system_and_registry


Summary:
Online Credit Card Disclosure Act of 2015

Amends the Truth in Lending Act to require the billing statement of a consumer's account under an open end online credit plan to make specified disclosures in a conspicuous and prominent location on its webpage with each billing cycle.

online credit card disclosure act amends truth lending act require billing statement consumer account open end online credit plan specified disclosures conspicuous prominent location webpage billing cycle


Summary: Amends the Internal Revenue Code to extend through 2015 the tax deduction for mortgage insurance premiums.

amends internal revenue code extend tax deduction mortgage insurance premiums


Summary: Amends the Internal Revenue Code to make permanent the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence.

amends internal revenue code permanent exclusion gross income income attributable discharge indebtedness principal residence


Summary:
Data Security Act of 2015

(Sec. 4) This bill requires individuals, corporations, or other non-government entities that access, maintain, communicate, or handle sensitive financial account information or nonpublic personal information to: (1) implement an information security program to protect the security and confidentiality of such information against anticipated threats, hazards, or unauthorized acquisitions; and (2) notify consumers, state and federal law enforcement, appropriate administrative agencies, payment card networks, and consumer reporting agencies of certain data breaches of sensitive information that is not encrypted, redacted, or protected and is likely to cause harm to the consumers.

The types of sensitive information subject to this bill include:

 consumer financial account numbers (including credit or debit card numbers) in combination with security codes, passwords, or personal identification information required to access an account; non-truncated Social Security numbers; the first name or initial and last name of a consumer in combination with numbers issued on government documents used to verify identity (e.g., driver's license, passport, or military identification numbers), usernames and passwords for email or consumer accounts, or consumer biometric data used to gain access to financial accounts; and medical and health insurance information. The requirements of this bill do not apply to information lawfully made available to the general public that is obtained from government records or widely distributed media. The entities subject to this bill must: (1) designate employees to coordinate their information security programs; (2) identify reasonably foreseeable internal and external risks; (3) assess, design, and implement safeguards; (4) oversee their third-party service providers; and (5) adjust security in light of risk assessments, testing, changes to operations or business arrangements, or other circumstances that may impact the security program. Entities must require their third-party service providers by contract to implement appropriate safeguards and assess compliance with such contractual obligations.

If appropriate, entities must adopt:

 access controls and authentication procedures for information systems; access restrictions at physical locations; encryption of electronic information; procedures to ensure that any information system modifications are consistent with security programs; dual control procedures, segregation of duties, and criminal background checks for employees with access to sensitive information; monitoring systems to detect intrusions; response programs that specify actions to be taken when an entity suspects or detects unauthorized access; and measures to protect against destruction of information due to fire, water damage, or technological failures. If an entity has a board of directors: (1) the board must direct the entity to have a written information security program in place and appoint personnel to oversee the program, and (2) an annual report shall be made to the board describing the status and implementation of the entity's security program.

Entities must investigate data breaches they believe may have occurred in relation to the sensitive information they handle or that is handled on their behalf. If an entity determines that an unauthorized acquisition is reasonably likely to harm consumers, the entity must notify within the most expedient time possible:

 federal and state law enforcement; the Federal Trade Commission (FTC) or the appropriate federal or state administrative enforcement agency designated to enforce this bill with respect to banks or other financial institutions; payment card networks, if the breach involves card numbers; consumer reporting agencies, if the breach involves 5,000 or more consumers; and all consumers to whom the sensitive information relates. An entity's notice to consumers about a breach must be provided by telephone, email, or written notification to a postal address. An entity may use a substitute notification method in print and to broadcast media if telephonic, email, or written notification is infeasible because of: (1) insufficient contact information, (2) costs exceeding $250,000, (3) the number of consumers exceeding 500,000, or (4) exigent circumstances.

Notifications may be delayed at the request of a law enforcement agency.

Third-party service providers contracted to maintain, store, or process data in electronic form on behalf of another entity must provide notice regarding a breach to: (1) such entity, and (2) consumers if so provided under the contract.

Certain electronic data carriers that provide only transmission, routing, transient storage, or network connection services must notify entities that initiate connections or transmissions that become involved in a breach involving sensitive information if: (1) the carrier becomes aware of the breach, and (2) the entity that owns or licenses the information can be reasonably identified. The entity that initiated the connection must then provide the required notices under this bill.

Financial institutions may communicate with account holders regarding breaches at other entities with access to their account information.

The bill provides alternative compliance procedures for: (1) financial institutions and affiliates under the Gramm-Leach-Bliley Act, and (2) entities complying with certain health record privacy laws under the Health Information Technology for Economic and Clinical Health Act or regulations under the Health Insurance Portability and Accountability Act of 1996.

(Sec. 5) The bill designates the federal or state administrative enforcement agencies responsible for enforcing compliance with this bill by banks, financial institutions, or entities that are not financial institutions. Depending on the type of entity, the enforcement must be conducted by the FTC, the Office of the Comptroller of the Currency, the Federal Reserve Board, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Federal Housing Finance Agency, state insurance regulators, the state of domicile, or state securities commissioners.

Cable operators, satellite operators, or telecommunications carriers whose information security practices are subject to enforcement under this bill are exempt from certain other information security and breach notification requirements under the Communications Act of 1934 and regulations promulgated by the Federal Communications Commission.

State attorneys general may enforce this bill with respect to entities that are not financial institutions.

(Sec. 6) No state law, regulatory requirement, or prohibition may be imposed with respect to the responsibilities of any person to: (1) protect the security of consumer information, (2) safeguard consumer information from unauthorized access or acquisition, (3) investigate or provide notice of unauthorized acquisition or access, or (4) mitigate any potential or actual loss or harm resulting from unauthorized acquisition or access of consumer information.

data security act sec bill requires individuals corporations non government entities access maintain communicate handle sensitive financial account information nonpublic personal information implement information security program protect security confidentiality information anticipated threats hazards unauthorized acquisitions notify consumers state federal law enforcement appropriate administrative agencies payment card networks consumer reporting agencies certain data breaches sensitive information encrypted redacted protected likely cause harm consumers types sensitive information subject bill include consumer financial account numbers including credit debit card numbers combination security codes passwords personal identification information required access account non truncated social_security numbers initial consumer combination numbers issued government documents verify identity driver license passport military identification numbers passwords email consumer accounts consumer biometric data gain access financial accounts medical health insurance information requirements bill apply information lawfully available general public obtained government records widely distributed media entities subject bill designate employees coordinate information security programs identify reasonably foreseeable internal external risks assess design implement safeguards oversee party service providers adjust security light risk assessments testing changes operations business arrangements circumstances impact security program entities require party service providers contract implement appropriate safeguards assess compliance contractual obligations appropriate entities adopt access controls authentication procedures information systems access restrictions physical locations encryption electronic information procedures ensure information system modifications consistent security programs dual control procedures segregation duties criminal background checks employees access sensitive information monitoring systems detect response programs specify actions taken entity suspects detects unauthorized access measures protect destruction information fire water damage technological failures entity board directors board direct entity written information security program place appoint personnel oversee program annual report shall board describing status implementation entity security program entities investigate data breaches believe occurred relation sensitive information handle handled behalf entity determines unauthorized acquisition reasonably likely harm consumers entity notify time possible federal state law enforcement federal_trade_commission ftc appropriate federal state administrative enforcement agency designated enforce bill respect banks financial institutions payment card networks breach involves card numbers consumer reporting agencies breach involves consumers consumers sensitive information relates entity notice consumers breach provided telephone email written notification postal address entity use substitute notification method print broadcast media telephonic email written notification infeasible insufficient contact information costs exceeding number consumers exceeding exigent circumstances notifications delayed request law enforcement agency party service providers contracted maintain store process data electronic form behalf entity provide notice breach entity consumers provided contract certain electronic data carriers provide transmission routing transient storage network connection services notify entities initiate connections transmissions involved breach involving sensitive information carrier aware breach entity owns licenses information reasonably identified entity initiated connection provide required notices bill financial institutions communicate account holders breaches entities access account information bill provides alternative compliance procedures financial institutions affiliates gramm leach bliley act entities complying certain health record privacy laws regulations health_insurance_portability_and_accountability_act sec bill designates federal state administrative enforcement agencies responsible enforcing compliance bill banks financial institutions entities financial institutions depending type entity enforcement conducted ftc office_of_the_comptroller_of_the_currency federal_reserve_board federal_deposit_insurance_corporation national_credit_union_administration_board securities_and_exchange_commission commodity_futures_trading_commission federal_housing_finance_agency state insurance regulators state domicile state securities commissioners cable operators satellite operators telecommunications carriers information security practices subject enforcement bill exempt certain information security breach notification requirements communications act regulations promulgated federal_communications_commission state attorneys general enforce bill respect entities financial institutions sec state law regulatory requirement prohibition imposed respect responsibilities person protect security consumer information safeguard consumer information unauthorized access acquisition investigate provide notice unauthorized acquisition access mitigate potential actual loss harm resulting unauthorized acquisition access consumer information


Summary:
This bill prohibits until January 1, 2016, enforcement against any person of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974, the Truth in Lending Act, and regulations issued under such Acts.

No suit may be filed against any person for a violation of such requirements occurring before that date, as long as the person has made a good faith effort to comply with them.

bill prohibits january enforcement person integrated disclosure requirements mortgage loan transactions real_estate_settlement_procedures_act truth lending act regulations issued acts suit filed person violation requirements occurring date long person good faith effort comply


Summary:
Equity in Government Compensation Act of 2015

(Sec. 3) This bill requires the Director of the Federal Housing Finance Agency to: (1) suspend immediately the compensation packages approved for 2015 for the chief executive officers of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government-sponsored enterprises or GSEs); and (2) establish, in lieu of such packages, the compensation and benefits for each such officer at the same level in effect as of January 1, 2015.

Such compensation and benefits may not thereafter be increased.

This requirement may not be construed to affect the applicability to the chief executive officer of each GSE of the prohibition against receiving bonuses during any period of conservatorship on or after April 4, 2012.

(Sec. 4) Any executive officer affected by this Act shall not be considered a federal employee.

equity government compensation act sec bill requires director federal_housing_finance_agency suspend immediately compensation packages approved chief executive officers federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses establish lieu packages compensation benefits officer level effect january compensation benefits increased requirement construed affect applicability chief executive officer gse prohibition receiving bonuses period conservatorship april sec executive officer affected act shall considered federal employee


Summary:
Medical Debt Act of 2015

This bill amends the Fair Credit Reporting Act to prohibit a consumer reporting agency from making any consumer report containing information related to: (1) a medical debt (arising from the receipt of medical services, products, or devises) if the date on which the debt was placed for collection, charged to profit or loss, or any similar action antedates the report by less than 180 days, or (2) a fully paid or settled medical debt that had been characterized as delinquent, charged off, or in collection which, from the date of payment or settlement, antedates the report by more than 45 days.

The bill also amends the Fair Debt Collection Practices Act to require a debt collector, before informing a consumer reporting agency regarding a medical debt, to notify the consumer in writing that: (1) the debt collector could report the debt to a consumer reporting agency 180 days after the notification is sent, specifying the precise end date of the period; (2) the debt will not be reported if it is settled or paid during the 180-day period; and (3) the consumer may, during the 180-day period, either communicate with an insurance company to determine coverage for the debt or apply for financial assistance.

The debt collector may not communicate with or report any information to a consumer reporting agency concerning such a debt during the 180-day period.

medical debt act bill amends fair credit reporting act prohibit consumer reporting agency making consumer report containing information related medical debt arising receipt medical services products devises date debt placed collection charged profit loss similar action antedates report days fully paid settled medical debt characterized delinquent charged collection date payment settlement antedates report days bill amends fair debt collection practices act require debt collector informing consumer reporting agency medical debt notify consumer writing debt collector report debt consumer reporting agency days notification sent specifying precise end date period debt reported settled paid day period consumer day period communicate insurance company determine coverage debt apply financial assistance debt collector communicate report information consumer reporting agency concerning debt day period


Summary:
Preserving Capital Access and Mortgage Liquidity Act of 2015

This bill amends the Federal Home Loan Bank Act to redefine "community financial institution" to include either a federal or state credit union.

preserving capital access mortgage liquidity act bill amends federal_home_loan_bank_act redefine community financial institution include federal state credit union


Summary:
Military Consumer Protection Act

This bill amends the Consumer Financial Protection Act to extend Consumer Financial Protection Bureau oversight and protection to provisions under the Servicemembers Civil Relief Act concerning:

 future financial transactions, excluding insurance; default judgments, excluding child custody proceedings; interest rates on pre-service debts; evictions; purchase or lease installment contracts; mortgages and trusts; motor vehicle leases; telephone service contracts; and waiver of rights pursuant to a written agreement, excluding bailments.

military consumer protection act bill amends consumer_financial_protection_act extend consumer_financial_protection_bureau oversight protection provisions servicemembers civil relief act concerning future financial transactions excluding insurance default judgments excluding child custody proceedings interest rates pre service debts purchase lease installment contracts mortgages trusts motor vehicle leases telephone service contracts waiver rights pursuant written agreement excluding


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

E-Warranty Act of 2015

(Sec. 3) Amends the Magnuson-Moss Warranty--Federal Trade Commission Improvement Act to require the Federal Trade Commission to revise its rules to allow manufacturers to satisfy requirements concerning the availability of written warranties on consumer products by making the terms accessible in a digital format on the manufacturer's Internet website. Requires the product, packaging, or product manual in the case of a warranty provided on a website in such manner to display to the consumer: (1) the website where the warranty terms can be obtained; and (2) a phone number, postal address, or other reasonable non-Internet based means of contacting the manufacturer to obtain and review such terms.

Prohibits such Internet website warranties from satisfying any requirement that a warranty be made available prior to sale in a retail location, by catalog, or through door-to-door sales, unless the seller makes the warranty available, through electronic or other means, at the location of the sale before the purchase.

measure amended introduced summary expanded action occurred measure warranty act sec amends magnuson warranty federal trade commission improvement act require federal_trade_commission revise rules allow manufacturers satisfy requirements concerning availability written warranties consumer products making terms accessible digital format manufacturer internet website requires product packaging product manual case warranty provided website manner display consumer website warranty terms obtained phone number postal address reasonable non internet based means contacting manufacturer obtain review terms prohibits internet website warranties satisfying requirement warranty available prior sale retail location catalog door door sales seller makes warranty available electronic means location sale purchase


Summary:
(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.)

Homebuyers Assistance Act

(Sec. 2) This bill prohibits until February 1, 2016, enforcement against any person of integrated disclosure requirements for mortgage loan transactions under the Real Estate Settlement Procedures Act of 1974, the Truth in Lending Act, and regulations issued under such Acts.

No suit may be filed against any person for a violation of such requirements occurring before that date, as long as the person has made a good faith effort to comply with them.

measure amended introduced expanded summary house reported version repeated homebuyers assistance act sec bill prohibits february enforcement person integrated disclosure requirements mortgage loan transactions real_estate_settlement_procedures_act truth lending act regulations issued acts suit filed person violation requirements occurring date long person good faith effort comply


Summary:
Vacant Homes Act of 2015

This bill provides the mortgage owner of a home in foreclosure who receives notice from the homeowner (or from the homeowner's designee) of a qualified offer to buy the home in a short sale 90 days after receiving the notice to respond to the homeowner and the person who made the offer. The same response time requirement shall apply to the owner of a foreclosed home (or a servicer acting on the owner's behalf) who receives a qualified offer to buy it.

A response rejecting an offer shall be sufficient only if, among other things, it makes a counteroffer meeting specified criteria.

Aggrieved homeowners or offerors may bring private civil actions for failure to receive a timely and adequate mandatory response.

The Consumer Financial Protection Bureau may apply to the U.S. district court for the district in which a home in foreclosure or a foreclosed home is located for an order requiring either the mortgage owner of the home in foreclosure or the owner of the foreclosed home (or a servicer acting on the owner's behalf) to comply with the timely and adequate response requirements of this Act.

vacant homes act bill provides mortgage owner home foreclosure receives notice homeowner homeowner designee qualified offer buy home short sale days receiving notice respond homeowner person offer response time requirement shall apply owner foreclosed home servicer acting owner behalf receives qualified offer buy response rejecting offer shall sufficient things makes meeting specified criteria aggrieved homeowners offerors bring private civil actions failure receive timely adequate mandatory response consumer_financial_protection_bureau apply district court district home foreclosure foreclosed home located order requiring mortgage owner home foreclosure owner foreclosed home servicer acting owner behalf comply timely adequate response requirements act


Summary:
Mortgage Fairness Act of 2015

This bill amends the Truth in Lending Act to revise points and fees under a high-cost mortgage which currently include all compensation paid directly or indirectly by a consumer or creditor to a mortgage originator from any source, including a mortgage originator that is also the creditor in a table-funded transaction.

"Table funding" means a settlement at which a loan is funded by a contemporaneous advance of loan funds and an assignment of the loan to the person advancing the funds. A table-funded transaction is not a transaction in the secondary mortgage.

Compensation from any source shall not include any compensation taken into account in settling the mortgage interest rate and for which there is no separate charge to the consumer.

Such compensation shall include, however, any other compensation paid directly or indirectly by a consumer or creditor to an individual employed by or contracting with the originator or a mortgage originator.

mortgage fairness act bill amends truth lending act revise points fees high cost mortgage currently include compensation paid directly indirectly consumer creditor mortgage originator source including mortgage originator creditor table funded transaction table funding means settlement loan funded contemporaneous advance loan funds assignment loan person advancing funds table funded transaction transaction secondary mortgage compensation source shall include compensation taken account settling mortgage interest rate separate charge consumer compensation shall include compensation paid directly indirectly consumer creditor individual employed contracting originator mortgage originator


Summary:
Federal Home Loan Bank Product Act

This bill amends the Commodity Exchange Act to make the Federal Housing Finance Agency the appropriate federal banking agency for any Federal Home Loan Bank (thereby exempting any Federal Home Loan Bank loan from regulation as a swap).

The Legal Certainity for Bank Products Act of 2000 is amended to include as a bank any Federal Home Loan Bank.

federal_home_loan_bank product act bill amends commodity_exchange_act federal_housing_finance_agency appropriate federal banking agency federal_home_loan_bank exempting federal_home_loan_bank loan regulation swap amended include bank federal_home_loan_bank


Summary:
Preserving American Homeownership Act of 2015

 Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage, through assistance provided under the Home Affordable Modification Program under the Secretary of the Treasury's Making Home Affordable initiative, the use of shared appreciation mortgage modifications that: (1) are designed to return greater cash flow to investors than other loss-mitigation activities, including foreclosure; and (2) result in positive net present value for the investor.

Requires a shared appreciation mortgage modification to: (1) reduce by specified action the loan-to-value ratio of a covered mortgage to 115% immediately upon modification and to 95% within 3 years; (2) reduce the interest rate if such a principal reduction would not result in an affordable reduced monthly payment; (3) reduce to a specified amount any periodic payment the homeowner is required to make; (4) require the homeowner to pay the investor, after refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of any increase in the value of the real property during a specified period; and (5) result in a positive net present value for the investor after taking into account the principal reduction and, if necessary, any interest rate reduction.

Requires the Director to: (1) provide that an enterprise may negotiate regarding a shared appreciation mortgage modification of a covered mortgage with any mortgage insurance provider for a mortgage on the subject property, and (2) allow advanced claim agreements with respect to such mortgage insurance policies.

preserving american homeownership act requires director federal_housing_finance_agency federal_housing commissioner establish pilot program encourage assistance provided home_affordable_modification_program secretary treasury making home affordable initiative use shared appreciation mortgage modifications designed return greater cash flow investors loss mitigation activities including foreclosure result positive net present value investor requires shared appreciation mortgage modification reduce specified action loan value ratio covered mortgage immediately modification years reduce interest rate principal reduction result affordable reduced monthly payment reduce specified periodic payment homeowner required require homeowner pay investor refinancing selling real property securing covered mortgage increase value real property specified period result positive net present value investor taking account principal reduction necessary interest rate reduction requires director provide enterprise negotiate shared appreciation mortgage modification covered mortgage mortgage insurance provider mortgage subject property allow advanced claim agreements respect mortgage insurance policies


Summary:
This bill directs the Federal Housing Finance Agency to withdraw its proposed rule entitled "Members of Federal Home Loan Banks" (September 12, 2014).

The Government Accountability Office shall report to certain congressional committees on the impact of the rule upon the Federal Home Loan Bank System and financial intermediaries.

bill directs federal_housing_finance_agency withdraw proposed rule entitled members federal_home_loan_banks september government_accountability_office shall report certain congressional committees impact rule financial intermediaries


Summary:
179 Act

This bill amends the Internal Revenue Code, with respect to the taxpayer election to expense depreciable business property (179 property), to make permanent: (1) the increased $500,000 limitation on the amount of such property eligible for expensing; (2) a $2 million threshold for depreciable property, after which the amount of the expensing allowance is reduced; (3) the expensing of computer software; and (4) the revocability of the expensing election.

The bill also makes permanent the expensing allowance for qualified real property, which includes qualified leasehold improvement property, qualified restaurant property, and qualified retail improvement property.The bill allows a carryover of disallowed amounts of qualified real property to taxable years beginning after 2014.

act bill amends internal_revenue_code respect taxpayer election expense depreciable business property property permanent increased limitation property eligible expensing million threshold depreciable property expensing allowance reduced expensing computer software expensing election bill makes permanent expensing allowance qualified real property includes qualified leasehold improvement property qualified restaurant property qualified retail improvement property bill allows carryover disallowed amounts qualified real property taxable years beginning


Summary:
First Time Homeowner Savings Plan Act

This bill amends the Internal Revenue Code to increase from $10,000 to $25,000 the maximum amount that may be withdrawn, without penalty, from a qualified retirement plan for purposes of assisting a first-time homebuyer in purchasing a principal residence. This increased distribution amount shall be adjusted annually for inflation for taxable years beginning after 2015.

plan act bill amends internal_revenue_code increase maximum withdrawn penalty qualified retirement plan purposes assisting time homebuyer purchasing principal residence increased distribution shall adjusted annually inflation taxable years beginning


Summary:
Prompt Notification of Short Sales Act

 This bill requires each servicer of a home mortgage to provide in writing to a mortgagor of a residential mortgage loan specified prompt notifications and decisions regarding the mortgagor's written request for a short sale of the dwelling or residential real property subject to the mortgage, deed of trust, or other security interest securing the mortgage loan.

An aggrieved individual may bring a civil action for equitable relief and a monetary award of $1,000 for any violation of this Act.

This bill shall not apply to certain residential mortgages entered into before its enactment whose mortgage agreements explicitly provide a procedure or terms for a short sale approval.

prompt notification short sales act bill requires servicer home mortgage provide writing mortgagor residential mortgage loan specified prompt notifications decisions mortgagor written request short sale dwelling residential real property subject mortgage deed trust security interest securing mortgage loan aggrieved individual bring civil action equitable relief monetary award violation act bill shall apply certain residential mortgages entered enactment mortgage agreements explicitly provide procedure terms short sale approval


Summary:
Credit Score Competition Act of 2015

This bill amends the Federal National Mortgage Association Charter Act to authorize the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises, or GSEs) to use credit scores in purchasing residential mortgages only under certain conditions, including that the GSE has established and made publicly available a description of the process it will use to validate and approve credit scoring models.

The Director of the Federal Housing Finance Agency may, by regulation, establish standards and criteria for any process used by a GSE to validate and approve credit scoring models pursuant to the Acts.

bill amends federal_national_mortgage_association charter act authorize federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses use credit scores purchasing residential mortgages certain conditions including gse established publicly available description process use validate approve credit scoring models director federal_housing_finance_agency regulation establish standards criteria process gse validate approve credit scoring models pursuant acts


Summary:
Senior Safe Act of 2016

This bill provides immunity from liability of: (1) a supervisor, compliance officer (including a Bank Secrecy Act Officer), or registered representative for a covered financial institution who has received training in the identification and reporting of suspected exploitation of a senior citizen (at least 65 years old) and the protection of customer privacy that is appropriate to job responsibilities for disclosing such exploitation to a covered agency if the individual made the disclosure with reasonable care, including reasonable efforts to avoid disclosure other than to a covered agency; and (2) the financial institution for such a disclosure if the individual was employed by or, in the case of a registered representative, affiliated or associated with, the institution at the time of the disclosure and the institution had provided such training.

A "covered financial institution" is a credit union, depository institution, investment advisor, broker-dealer, insurance company, or state attorney general. A "covered agency" is a state financial regulatory agency, each of the federal financial institutions regulatory agencies, the Securities and Exchange Commission, a law enforcement agency, a state or local agency responsible for administering adult protective service laws, or a state attorney general.

A covered financial institution may provide such training to each of its supervisors, compliance officers (including a Bank Secrecy Act Officer), or registered representatives who: (1) may come into contact with a senior citizen as a regular part of duties; or (2) may review or approve the financial documents, records, or transactions of a senior citizen in connection with providing financial services.

senior safe act bill provides immunity liability supervisor compliance officer including bank secrecy act officer registered representative covered financial institution received training identification reporting suspected exploitation senior citizen years old protection customer privacy appropriate job responsibilities disclosing exploitation covered agency individual disclosure reasonable care including reasonable efforts avoid disclosure covered agency financial institution disclosure individual employed case registered representative affiliated associated institution time disclosure institution provided training covered financial institution credit union depository institution investment advisor broker dealer insurance company state attorney general covered agency state financial regulatory agency federal financial institutions regulatory agencies securities_and_exchange_commission law enforcement agency state local agency responsible administering adult protective service laws state attorney general covered financial institution provide training supervisors compliance officers including bank secrecy act officer registered representatives come contact senior citizen regular duties review approve financial documents records transactions senior citizen connection providing financial services


Summary: This bill amends the Federal Home Loan Bank Act to authorize Federal Home Loan Banks to make investments related to rural infrastructure development. Federal Home Loan Banks may purchase investment-grade securities from nonmember lenders that are organized as cooperatives, have received financing from the Federal Financing Bank, and have experience providing loans to cooperatives eligible to receive loans from the Department of Agriculture's Rural Utilities Service.

bill amends federal_home_loan_bank_act authorize federal_home_loan_banks investments related rural infrastructure development federal_home_loan_banks purchase investment grade securities nonmember lenders organized cooperatives received financing experience providing loans cooperatives eligible receive loans department_of_agriculture rural_utilities_service


Summary:
Right to Rent Act of 2016

This bill grants eligible mortgagors subject to foreclosure proceedings the right to continue to occupy foreclosed properties subject to the payment of fair market rent for a period of five years that begins upon the commencement of occupancy of such property.

The Department of Housing and Urban Development shall: (1) monitor compliance with this Act, (2) provide assistance to eligible mortgagors in exercising their rights under this Act, and (3) conduct outreach activities to inform eligible mortgagors of this Act.

right rent act bill grants eligible mortgagors subject foreclosure proceedings right continue occupy foreclosed properties subject payment fair market rent period years begins commencement occupancy property department_of_housing_and_urban_development shall monitor compliance act provide assistance eligible mortgagors exercising rights act conduct outreach activities inform eligible mortgagors act


Summary:
Housing Finance Restructuring Act of 2016

This bill directs the Department of the Treasury to modify the Senior Preferred Stock Purchase Agreement for each of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (enterprises) to:

 reduce to zero (deem as repaid in full) the liquidation preference on the Variable Liquidation Preference Senior Preferred Stocks of each enterprise; require redemption of the Variable Liquidation Preference Senior Preferred Stock of each enterprise upon a specified date, deeming it no longer outstanding and terminating all rights of the stockholders. Treasury shall exercise the warrants for the purchase of common stock of the enterprises under the Senior Preferred Stock Purchase Agreements.

At any time an enterprise is not fully capitalized, the Federal Housing Finance Agency (FHFA) shall require that the net income (after deduction of all associated expenses) of each enterprise for the fiscal year be retained as capital reserves, and not be allocated to fund the Housing Trust Fund or the Capital Magnet Fund for affordable housing.

The FHFA shall:

 report a capital restoration plan for each enterprise, and terminate the conservatorship of an enterprise when it attains an amount of capital equal to or exceeding 5% of its risk-weighted assets. Any individual or entity adversely affected or aggrieved by action or inaction on the part of the FHFA or Treasury in violation of this bill or the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 may commence a civil action in a U.S. district court for prospective injunctive relief against the FHFA or Treasury, as appropriate.

housing finance bill directs department_of_the_treasury modify federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac enterprises reduce zero deem repaid liquidation preference enterprise require redemption enterprise specified date deeming longer outstanding terminating rights stockholders treasury shall exercise warrants purchase common stock enterprises time enterprise fully capitalized federal_housing_finance_agency fhfa shall require net income deduction associated expenses enterprise fiscal year retained capital reserves allocated fund housing_trust_fund capital_magnet_fund affordable housing fhfa shall report capital restoration plan enterprise terminate conservatorship enterprise attains capital equal exceeding risk weighted assets individual entity adversely affected aggrieved action inaction fhfa treasury violation bill federal_housing_enterprises_financial_safety soundness act commence civil action district court prospective injunctive relief fhfa treasury appropriate


Summary:
Homeowner Information Privacy Protection Act

This bill directs the Government Accountability Office to study whether the data required to be published, made available, or disclosed under the final rule of the Consumer Financial Protection Bureau (CFPB), entitled "Home Mortgage Disclosure (Regulation C)," in connection with other publicly available data sources, could allow for or increase the probability of:

 exposure of the identity of mortgage applicants or mortgagors through reverse engineering; exposure of mortgage applicants or mortgagors to identity theft or the loss of sensitive personal financial information; the marketing or sale of unfair, deceptive, or abusive products to mortgage applicants or mortgagors based on such data; personal financial loss or emotional distress resulting from the exposure of mortgage applicants or mortgagors to identity theft or the loss of sensitive personal financial information; and the potential legal liability facing the CFPB. The prior rule, also entitled "Home Mortgage Disclosure (Regulation C)," was issued by the Board of Governors of the Federal Reserve System. The Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) transferred authority over Regulation C from the Federal Reserve Board to the CFPB. The new final rule, issued by the CFPB, adds several new home mortgage reporting requirements and revises several existing ones, and also modifies Regulation C's institutional and transactional coverage.

Depository institutions shall not be required to publish, disclose, or otherwise make available to the public, pursuant to the Home Mortgage Disclosure Act of 1975, any data that was not so required on the day before the enactment of Dodd-Frank.

The CFPB and the Financial Institutions Examination Council shall not publish, disclose, or otherwise make available to the public any such information from a depository institution.

bill directs government_accountability_office study data required published available disclosed final rule consumer_financial_protection_bureau cfpb entitled home mortgage disclosure regulation connection publicly available data sources allow increase probability exposure identity mortgage applicants mortgagors reverse engineering exposure mortgage applicants mortgagors identity theft loss sensitive personal financial information marketing sale unfair deceptive abusive products mortgage applicants mortgagors based data personal financial loss emotional distress resulting exposure mortgage applicants mortgagors identity theft loss sensitive personal financial information potential legal liability facing cfpb prior rule entitled home mortgage disclosure regulation issued board_of_governors federal_reserve_system dodd frank wall street reform consumer protection act dodd-frank transferred authority regulation federal_reserve_board cfpb new final rule issued cfpb adds new home mortgage reporting requirements revises existing ones modifies regulation institutional transactional coverage depository institutions shall required publish disclose available public pursuant home_mortgage disclosure act data required day enactment dodd-frank cfpb financial institutions examination council shall publish disclose available public information depository institution


Summary:
Home Mortgage Disclosure Adjustment Act

This bill amends the Home Mortgage Disclosure Act of 1975 to exempt from maintenance of mortgage loan records and disclosure requirements depository institutions that have originated in each of the two preceding calendar years:

 fewer than 100 closed-end mortgage loans, and fewer than 200 open-end lines of credit.

home mortgage disclosure adjustment act bill amends home_mortgage disclosure act exempt maintenance mortgage loan records disclosure requirements depository institutions originated preceding calendar years fewer closed end mortgage loans fewer open end lines credit


Summary:
Fair Access to Credit Scores Act of 2016

This bill amends the Fair Credit Reporting Act to require certain consumer reporting agencies to disclose, upon request and without charge, as part of a consumer's free annual disclosure, a current credit score generated using the scoring methodology most frequently used to generate scores sold to creditors, including information regarding other risk scores or predictors in the consumer's file.

Those agencies shall also furnish any other consumer information the Consumer Financial Protection Bureau considers appropriate with respect to consumer financial education, including where the consumer's credit score falls with respect to a range of possible credit scores, and the general factors contributing to consumer credit scores.

Upon consumer request for a credit score, a consumer reporting agency shall disclose any a credit or risk score in a consumer's file.

All consumer reporting agencies shall maintain credit scores or other risk scores or predictors in the consumer's file for at least one year after the data is generated.

fair_access_to_credit_scores_act bill amends fair credit reporting act require certain consumer reporting agencies disclose request charge consumer free annual disclosure current credit score generated scoring methodology frequently generate scores sold creditors including information risk scores predictors consumer file agencies shall furnish consumer information consumer_financial_protection_bureau considers appropriate respect consumer financial education including consumer credit score falls respect range possible credit scores general factors contributing consumer credit scores consumer request credit score consumer reporting agency shall disclose credit risk score consumer file consumer reporting agencies shall maintain credit scores risk scores predictors consumer file year data generated


Summary:
Stopping Abuse and Fraud in Electronic Lending Act of 2016 or the SAFE Lending Act of 2016

This bill amends the Electronic Fund Transfer Act (EFTA) to declare that a remotely created check may only be issued by a person specifically designated in writing by the consumer to the insured depository institution at which the consumer maintains the account from which the check is drawn.

 A remotely created check is a paper or electronic check that:

 is not created by the financial institution that holds the customer account from which the check is to be paid; and does not bear a signature applied, or purported to be applied, by the account holder. A consumer may revoke authorization for remotely created checks at any time.

The bill prohibits issuance of any payment order in response to a consumer's exercise of federal consumer financial rights.

Any voluntary electronic fund transfer to repay a small-dollar consumer credit transaction shall be treated as preauthorized under the Truth in Lending Act (TILA).

The TILA is amended to require registration with the Consumer Financial Protection Bureau (CFPB) by any small-dollar lender that facilitates, brokers, arranges, or gathers applications for small-dollar consumer credit (of up to $5,000, adjusted for inflation) extended pursuant to an open-end, non-open-end, or other CFPB-determined credit plan meeting specified criteria.

Small-dollar consumer credit transactions must comply with state law where the consumer resides.

The EFTA is amended to:

 declare unlawful overdraft fees charged on a general-use prepaid card, and authorize the CFPB to prohibit fees for declined transactions involving such a card. The TILA is further amended to prohibit a person from certain activities, including distributing sensitive personal financial information, in connection with a small-dollar consumer credit transaction, if that person ("lead generator") does not itself grant the credit directly to the consumer.

The Government Accountability Office (GAO) shall study: (1) the availability of capital on Indian reservations, and (2) the impact on tribal economic opportunity and wealth of small-dollar consumer credit extensions to tribal members through Internet and non-Internet means.

stopping abuse fraud electronic lending act safe lending act bill amends electronic fund transfer act declare remotely created check issued person specifically designated writing consumer insured depository institution consumer maintains account check drawn remotely created check paper electronic check created financial institution holds customer account check paid bear signature applied purported applied account holder consumer revoke authorization remotely created checks time bill prohibits issuance payment order response consumer exercise federal consumer financial rights voluntary electronic fund transfer repay small dollar consumer credit transaction shall treated preauthorized truth lending act tila tila amended require registration consumer_financial_protection_bureau cfpb small dollar lender facilitates brokers arranges gathers applications small dollar consumer credit adjusted inflation extended pursuant open end non open end cfpb determined credit plan meeting specified criteria small dollar consumer credit transactions comply state law consumer resides amended declare unlawful overdraft fees charged general use prepaid card authorize cfpb prohibit fees declined transactions involving card tila amended prohibit person certain activities including distributing sensitive personal financial information connection small dollar consumer credit transaction person lead generator grant credit directly consumer government_accountability_office gao shall study availability capital indian reservations impact tribal economic opportunity wealth small dollar consumer credit extensions tribal members internet non internet means


Summary:
Free Credit Score Act of 2016

This bill amends the Fair Credit Reporting Act to require nationwide consumer reporting agencies to include the consumer's credit score when furnishing a consumer with a free annual report.

free credit score act bill amends fair credit reporting act require nationwide consumer reporting agencies include consumer credit score furnishing consumer free annual report


Summary:
Zombie Property Relief Act of 2016

This bill authorizes the Consumer Financial Protection Bureau (CFPB) to assess a specified fine against a mortgagee that has failed to maintain residential real property that is subject to a federally-related mortgage in foreclosure (nuisance property) until ownership has been transferred to a new owner and the deed for such property transfer has been recorded.

The CFPB shall establish a system for reporting the existence of nuisance properties.

property relief act bill authorizes consumer_financial_protection_bureau cfpb assess specified fine mortgagee failed maintain residential real property subject federally related mortgage foreclosure nuisance property ownership transferred new owner deed property transfer recorded cfpb shall establish system reporting existence nuisance properties


Summary:
Unfair or Deceptive Acts or Practices Uniformity Act

This bill amends the Consumer Financial Protection Act of 2010 to repeal the authority of the Consumer Financial Protection Bureau (CFPB) to take action to prevent a covered person or service provider from committing or engaging in an abusive act or practice under federal law in connection with any transaction with a consumer for a consumer financial product or service, or the offering of one.

Regarding CFPB authority over deceptive acts, the bill prohibits the CFPB from taking any action against a covered person or service provider without first consulting with such person's primary financial regulatory agency.

The CFPB must comply with the same rules as govern the Federal Trade Commission (FTC) regarding unfair or deceptive acts or practices in or affecting commerce. (The FTC may prescribe interpretive rules, general policy statements, and definitions regarding unfair or deceptive acts or practices, but has no authority to prescribe any other kind of rule with respect to such acts or practices.)

unfair deceptive acts practices uniformity act bill amends consumer_financial_protection_act repeal authority consumer_financial_protection_bureau cfpb action prevent covered person service provider committing engaging abusive act practice federal law connection transaction consumer consumer financial product service offering cfpb authority deceptive acts bill prohibits cfpb taking action covered person service provider consulting person primary financial regulatory agency cfpb comply rules govern federal_trade_commission ftc unfair deceptive acts practices affecting commerce ftc prescribe interpretive rules general policy statements definitions unfair deceptive acts practices authority prescribe kind rule respect acts practices