Summary:
Small Business Credit Card Act of 2016

 This bill amends the Truth in Lending Act to cover any qualified small business as a consumer with respect to a credit card account under an open end credit plan (thereby extending credit card protections under such Act to small businesses).

The bill defines "qualified small business" under the Act as any business concern having 50 or fewer employees, whether or not: (1) the credit card account is in the name of an individual or a business entity, and (2) any credit transaction involving such account is for business or personal purposes.

A qualified small business may elect to opt out of coverage by the Act.

Certain creditor disclosures are required before opening any account under an open end consumer credit plan for a qualified small business.

A creditor is prohibited from: (1) discriminating against any business concern having 50 or fewer employees in connection with any credit card account under an open end credit plan; or (2) requiring any qualified small business to make an opt-out election as a condition for opening a credit card account, or for providing more advantageous terms for such an account.

bill amends truth lending act cover qualified small business consumer respect credit card account open end credit plan extending credit card protections act small businesses bill defines qualified small business act business concern having fewer employees credit card account individual business entity credit transaction involving account business personal purposes qualified small business elect opt coverage act certain creditor disclosures required opening account open end consumer credit plan qualified small business creditor prohibited discriminating business concern having fewer employees connection credit card account open end credit plan requiring qualified small business opt election condition opening credit card account providing advantageous terms account


Summary:
Overdraft Protection Act of 2016

This bill amends the Truth in Lending Act to prohibit a depository institution from engaging in unfair or deceptive acts or practices in connection with overdraft coverage, or in acts designed to evade the provisions of this Act.

Each depository institution that offers or provides overdraft coverage for transaction accounts held at the institution shall clearly and conspicuously disclose overdraft coverage fees. It must also disclose that, if a consumer does not opt-in to such overdraft coverage:

 the consumer's transaction may be declined if there are insufficient funds in the related transaction account, and the consumer will not be charged a fee if such transaction is declined. A depository institution may charge overdraft coverage fees in connection with use of an automatic teller machine (ATM) or point of sale transaction only if the consumer has consented in writing, in electronic form, or in another form permitted by the Consumer Financial Protection Bureau.

A depository institution must provide specified consumer disclosures regarding its overdraft protection program, including:

 periodic statements for any transaction account that has an overdraft coverage program feature; prompt notification of the account's overdraft status; and the overdraft coverage fee as an annual percentage rate, permitting consumers to compare meaningfully the overdraft coverage to alternative forms of overdraft options and other sources of credit. The bill prescribes overdraft coverage fee limits.

The bill prohibits an overdraft coverage fee if the overdraft results solely from a debit hold amount that exceeds the actual dollar amount of the transaction.

A depository institution shall provide consumers who have not consented to participate in an overdraft coverage program transaction accounts with the same terms as those provided to consumers who have consented to participate in such program.

The bill prohibits a depository institution from:

 charging a non-sufficient fund fee for any ATM or debit card transaction, or reporting negative information regarding consumer use of overdraft coverage to any consumer reporting agency when the overdraft amounts and coverage fees are paid under the terms of an overdraft coverage program.

bill amends truth lending act prohibit depository institution engaging unfair deceptive acts practices connection overdraft coverage acts designed evade provisions act depository institution offers provides overdraft coverage transaction accounts held institution shall clearly conspicuously disclose overdraft coverage fees disclose consumer opt overdraft coverage consumer transaction declined insufficient funds related transaction account consumer charged fee transaction declined depository institution charge overdraft coverage fees connection use automatic teller machine atm point sale transaction consumer consented writing electronic form form permitted consumer_financial_protection_bureau depository institution provide specified consumer disclosures overdraft protection program including periodic statements transaction account overdraft coverage program feature prompt notification account overdraft status overdraft coverage fee annual percentage rate permitting consumers compare meaningfully overdraft coverage alternative forms overdraft options sources credit bill prescribes overdraft coverage fee limits bill prohibits overdraft coverage fee overdraft results solely debit hold exceeds actual dollar transaction depository institution shall provide consumers consented participate overdraft coverage program transaction accounts terms provided consumers consented participate program bill prohibits depository institution charging non sufficient fund fee atm debit card transaction reporting negative information consumer use overdraft coverage consumer reporting agency overdraft amounts coverage fees paid terms overdraft coverage program


Summary:
CFPB Dual Mandate and Economic Analysis Act

This bill amends the Consumer Financial Protection Act of 2010 to revise the purpose of the Consumer Financial Protection Bureau (CFPB) regarding competition in markets for consumer financial products and services. The CFPB shall implement and, where applicable, enforce federal consumer financial law consistently for the purpose of strengthening private sector participation in markets, without government interference or subsidies, to increase competition and enhance consumer choice.

The CFPB shall establish an Office of Economic Analysis (OEA) to:

 review all CFPB proposed guidance, orders, rules and regulations; assess their impact on consumer choice, price, and access to credit products; assess them again after 1, 2, 5, and 10 years; measure the success of the rule, regulation, guidance, or order in solving the problem it was intended to solve when issued; and report on these reviews and assessments in the Federal Register. Before issuing any guidance, order, rule, or regulation, the CFPB shall consider the OEA's review and assessment of it, giving notice and explanation if the CFPB disagrees with the OEA.

The CFPB shall also, in each proposed rulemaking, identify the problem the particular rule or regulations is seeking to solve, and specify the metrics by which success in solving the problem will be measured.

bill amends consumer_financial_protection_act revise purpose consumer_financial_protection_bureau cfpb competition markets consumer financial products services cfpb shall implement applicable enforce federal consumer financial law consistently purpose strengthening private sector participation markets government interference subsidies increase competition enhance consumer choice cfpb shall establish review cfpb proposed guidance orders rules regulations assess impact consumer choice price access credit products assess years measure success rule regulation guidance order solving problem intended solve issued report reviews assessments federal_register issuing guidance order rule regulation cfpb shall consider review assessment giving notice explanation cfpb disagrees cfpb shall proposed rulemaking identify problem particular rule regulations seeking solve specify metrics success solving problem measured


Summary:
Comprehensive Consumer Credit Reporting Reform Act of 2016

This bill amends the Fair Credit Reporting Act to revise requirements for reinvestigations of disputed information by a consumer reporting agency (CRA), establishing a new right to appeal, free of charge, completed disputes adverse to the consumer.

The bill prescribes requirements for:

 dispute procedures for furnishers of information and CRAs, as well as meaningful disclosures to consumers about investigations and reinvestigations; and CRA action when notified of inaccurate or incomplete information from furnishers. The Consumer Financial Protection Bureau (CFPB) shall issue a final rule establishing reasonable procedures CRAs must maintain to ensure maximum possible accuracy and completeness of the information concerning the individual to whom a consumer report relates.

Any CRA that furnishes a consumer report containing public record data shall include its source.

Courts may award injunctive relief to consumers against any person found liable for either willful or negligent noncompliance with the requirements of the Act.

The bill limits the circumstances in which a CRA may furnish a consumer report for employment purposes.

No CRA may furnish a consumer report containing any adverse item of information relating to:

 a delinquent or defaulted private education loan of a borrower who has rehabilitated his or her credit regarding the loan by making 9 on-time monthly loan payments over 10 consecutive months after the delinquency or default occurred, or a covered residential mortgage loan if the action or inaction to which the item of information relates resulted from specified predatory lending practices. The bill shortens the respective time periods that specified adverse credit information remains on consumer reports, and gives deadlines for removing from them fully paid or settled medical debt.

A CRA must remove from a consumer report any adverse information about:

 a private education loan regarding a proprietary educational institution or career education program which the consumer alleges engaged in fraudulent, discriminatory, or illegal practices; and a consumer who is the victim of intentionally abusive or harmful financial behavior by an acquaintance or family member. No CRAs may treat credit restoration or rehabilitation as adverse information.

The CFPB shall issue final regulations for development of credit snoring models.

CRAs must disclose prominently on their websites the differences between and limitations of credit scores, including educational credit scores, before a consumer obtains such scores.

CRAs shall disclose, upon request and in certain circumstances automatically, free credit scores to consumers with their free annual consumer reports.

Private educational lenders, motor vehicle or indirect auto lenders, and residential mortgage lenders shall give consumers free copies of any consumer reports and credit scores they used for underwriting before consumers sign the respective loan agreements.

The bill prohibits:

 automatic renewals for consumer reporting and credit scoring products and services offered under promotional terms, and misleading and deceptive marketing related to the provision of such products and services. The CFPB may set a fair and reasonable maximum fee for such a product or service, except where a maximum fee is otherwise posed by the Act.

The CFPB shall issue a rule to require CRAs and furnishers of information to:

 provide information, disclosures, or other communication with consumers in each of the 10 most commonly spoken non-English languages in the United States, and in formats accessible to individuals with hearing or vision impairments; ensure that at least one among their customer service representatives is fluent in each of these 10 languages; and ensure that all their customer service representatives are highly familiar with the requirements of the Act, and are available both during and outside of regular business hours. The CFPB shall also establish a nationwide CRA registry.

 CRAs must, upon consumer request, place credit freezes on the consumer's file, including free credit freezes for consumers with a good faith suspicion they have been or are about to become a victim of identity theft, fraud, or a related crime.

The bill transfers from the Federal Trade Commission to the CFPB the mandate to set procedures for reporting identity theft, fraud, and other related crime.

CRAs must provide the consumer with credit monitoring and identity theft protection services within one business day upon direct consumer request, and without charge if the consumer meets specified criteria.

Consumer reports shall exclude any information about inquiries resulting from identity theft, fraud, or other related crime.

comprehensive consumer credit reporting reform act bill amends fair credit reporting act revise requirements reinvestigations disputed information consumer reporting agency establishing new right appeal free charge completed disputes adverse consumer bill prescribes requirements dispute procedures furnishers information meaningful disclosures consumers investigations reinvestigations action notified inaccurate incomplete information furnishers consumer_financial_protection_bureau cfpb shall issue final rule establishing reasonable procedures maintain ensure maximum possible accuracy completeness information concerning individual consumer report relates furnishes consumer report containing public record data shall include source courts award injunctive relief consumers person found liable willful negligent noncompliance requirements act bill limits circumstances furnish consumer report employment purposes furnish consumer report containing adverse item information relating delinquent defaulted private education loan borrower rehabilitated credit loan making time monthly loan payments consecutive months delinquency default occurred covered residential mortgage loan action inaction item information relates resulted specified predatory lending practices bill respective time periods specified adverse credit information remains consumer reports gives deadlines removing fully paid settled medical debt remove consumer report adverse information private education loan proprietary educational institution career education program consumer alleges engaged fraudulent discriminatory illegal practices consumer victim intentionally abusive harmful financial behavior family member treat credit restoration rehabilitation adverse information cfpb shall issue final regulations development credit models disclose prominently websites differences limitations credit scores including educational credit scores consumer obtains scores shall disclose request certain circumstances automatically free credit scores consumers free annual consumer reports private educational lenders motor vehicle indirect auto lenders residential mortgage lenders shall consumers free copies consumer reports credit scores underwriting consumers sign respective loan agreements bill prohibits automatic renewals consumer reporting credit scoring products services offered promotional terms misleading deceptive marketing related provision products services cfpb set fair reasonable maximum fee product service maximum fee posed act cfpb shall issue rule require furnishers information provide information disclosures communication consumers commonly spoken non english languages united_states formats accessible individuals hearing vision impairments ensure customer service representatives languages ensure customer service representatives highly familiar requirements act available outside regular business hours cfpb shall establish nationwide registry consumer request place credit freezes consumer file including free credit freezes consumers good faith suspicion victim identity theft fraud related crime bill transfers federal_trade_commission cfpb mandate set procedures reporting identity theft fraud related crime provide consumer credit monitoring identity theft protection services business day direct consumer request charge consumer meets specified criteria consumer reports shall exclude information inquiries resulting identity theft fraud related crime


Summary:
Seller Finance Enhancement Act

 This bill amends the S.A.F.E. Mortgage Licensing Act of 2008 to exempt from certain licensing and registration requirements any person (other than a depository institution) who: (1) originates not more than 24 residential mortgage loans in a 12-month period, and (2) only originates residential mortgage loans for property owned by that person.

For determining whether a residential mortgage loan meets minimum standards, the Truth in Lending Act is amended to prohibit the application to loans originated by such a person certain Consumer Financial Protection Bureau guidelines and regulations relating to ratios of total monthly debt to monthly income.

 The Department of Housing and Urban Development and the Department of the Treasury shall study:

 the number of homes bought for under $150,000 or 60% of the median home value in a given community, whichever is lower, in the United States by utilizing seller financing; the number of such homes sold by licensed mortgage brokers; the potential number of such homes which could be sold but are not, because seller financiers are unwilling, or from a practical standpoint unable, to comply with mortgage broker rules; and the potential benefit to home values and wealth creation if more homes are able to be sold utilizing seller finance.

enhancement act bill amends exempt certain licensing registration requirements person depository institution originates residential mortgage loans month period originates residential mortgage loans property owned person determining residential mortgage loan meets minimum standards truth lending act amended prohibit application loans originated person certain consumer_financial_protection_bureau guidelines regulations relating ratios total monthly debt monthly income department_of_housing_and_urban_development department treasury shall study number homes median home value given community whichever lower united_states utilizing seller financing number homes sold licensed mortgage brokers potential number homes sold seller unwilling practical unable comply mortgage broker rules potential benefit home values wealth creation homes able sold utilizing seller finance


Summary:
CFPB Data Accountability Act

This bill amends the Consumer Financial Protection Act of 2010 to prescribe requirements for the consumer complaint website the Consumer Financial Protection Bureau (CFPB) must establish.

The CFPB may only make consumer complaint information available to the public on the website in an aggregated format and after taking steps to ensure that proprietary, personal, or confidential consumer information is not made public.

The CFPB must verify any consumer complaint information where the complaint alleges a violation of a law, regulation, or contractual agreement between a consumer and a covered person who offered or provided the consumer financial product or service.

The CFPB may only make such information available if the CFPB accompanies it with statistics on how many consumer complaints it receives regarding the particular consumer financial product or service compared to the total number of consumers making use of that consumer financial product or service.

The CFPB shall comply with all guidelines issued by the Office of Management and Budget pursuant to the Treasury and General Government Appropriations Act, 2001, as enacted by the Consolidated Appropriations Act, 2001, to ensure and maximize the quality, objectivity, utility, and integrity of information (including statistical information) disseminated by federal agencies in fulfillment of the Paperwork Reduction Act.

accountability act bill amends consumer_financial_protection_act prescribe requirements consumer complaint website consumer_financial_protection_bureau cfpb establish cfpb consumer complaint information available public website aggregated format taking steps ensure proprietary personal confidential consumer information public cfpb verify consumer complaint information complaint alleges violation law regulation contractual agreement consumer covered person offered provided consumer financial product service cfpb information available cfpb accompanies statistics consumer complaints receives particular consumer financial product service compared total number consumers making use consumer financial product service cfpb shall comply guidelines issued office_of_management_and_budget pursuant treasury general government appropriations act enacted consolidated_appropriations_act ensure maximize quality objectivity utility integrity information including statistical information disseminated federal agencies fulfillment paperwork reduction act


Summary:
Stop Debt Collection Abuse Act of 2016

This bill amends the Fair Debt Collection Practices Act to redefine: (1) "debt" to include any obligation or alleged obligation of a consumer to pay a loan, an overpayment, a fine, penalty, a fee, or other money owed currently or originally to a federal agency and that is at least 180 days past due; and (2) "debt collector" to include any person who regularly collects debts currently or originally owed or allegedly owed to a federal agency.

A federal agency that is a creditor may sell or transfer a debt to a debt collector beginning 90 days after the obligation or alleged obligation becomes delinquent or defaults.

The Act is further amended by making the collection of any amount (including any interest, fee, charge, or expense incidental to the principal obligation) an unfair practice unless:

 the amount is expressly authorized by the agreement creating the debt or permitted by law (as under current law); and in the case of a debt owed a federal agency as specified in this bill, the collection charge is reasonable in relation to actual collection costs, is authorized by a contract between the debt collector and the federal agency, and does not exceed 10% of the amount the debt collector collects. The Government Accountability Office shall study the use of debt collectors by federal, state, and local government agencies.

stop debt collection abuse act bill amends fair debt collection practices act redefine debt include obligation alleged obligation consumer pay loan overpayment fine penalty fee money owed currently originally federal agency days past debt collector include person regularly collects debts currently originally owed allegedly owed federal agency federal agency creditor sell transfer debt debt collector beginning days obligation alleged obligation delinquent defaults act amended making collection including interest fee charge expense incidental principal obligation unfair practice expressly authorized agreement creating debt permitted law current law case debt owed federal agency specified bill collection charge reasonable relation actual collection costs authorized contract debt collector federal agency exceed debt collector collects government_accountability_office shall study use debt collectors federal state local government agencies


Summary:
Bureau Advisory Opinion Act of 2016

 This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB) to establish a procedure and promulgate rules to provide written opinions in response to inquiries concerning conformance of specific proposed or prospective conduct by a covered person with federal consumer financial law.

A "covered person" under the Act is: (1) any person that engages in offering or providing a consumer financial product or service, and (2) any affiliate of that person if the affiliate acts as a service provider to the person.

The CFPB, within 90 days of receiving such a request for an opinion, shall:

 issue an opinion stating whether the described conduct would violate federal consumer financial law, deny the request, or explain why it is not feasible to issue an opinion. The CFPB shall not issue an opinion on a general question of interpretation, a hypothetical situation, conduct of someone other than the requester, or past conduct the covered person doesn't plan to continue.

A request may be withdrawn at any time prior to the CFPB issuing a response. An issued advisory opinion may be amended or revoked at any time.

An opinion rendered pursuant to this bill shall be placed in the CFPB's public record 90 days after the requesting party has received the advice, subject to specified limitations on public disclosure.

Any person may rely on an opinion issued by the CFPB that has not been amended or withdrawn and liability shall not attach to conduct consistent with such opinion.

The CFPB shall implement a system to charge a fee for such inquiries sufficient to pay the costs of carrying out this bill.

bureau advisory opinion act bill amends consumer_financial_protection_act require consumer_financial_protection_bureau cfpb establish procedure promulgate rules provide written opinions response inquiries concerning conformance specific proposed prospective conduct covered person federal consumer financial law covered person act person engages offering providing consumer financial product service affiliate person affiliate acts service provider person cfpb days receiving request opinion shall issue opinion stating described conduct violate federal consumer financial law deny request explain feasible issue opinion cfpb shall issue opinion general question interpretation situation conduct requester past conduct covered person plan continue request withdrawn time prior cfpb issuing response issued advisory opinion amended revoked time opinion rendered pursuant bill shall placed cfpb public record days requesting party received advice subject specified limitations public disclosure person rely opinion issued cfpb amended withdrawn liability shall attach conduct consistent opinion cfpb shall implement system charge fee inquiries sufficient pay costs carrying bill


Summary:
Protecting Consumer Financial Information Act

This bill amends the Consumer Financial Protection Act of 2010 to limit the authority of the Consumer Financial Protection Bureau (CFPB), in conducting any required monitoring or assessment, to gather information from time to time regarding the organization, business conduct, markets, and activities of covered persons and service providers. The CFPB may gather information only on a sampling basis.

The bill repeals CFPB authority to gather and compile information from examination reports concerning covered persons or service providers. It also prohibits the CFPB from using its authorities to obtain records from covered persons and service providers participating in consumer financial services markets for purposes of assessing their compliance with the requirements of federal consumer financial law.

The bill also repeals the CFPB:

 mandate to require reports and conduct periodic examinations of nondepository covered persons for purposes of detecting and assessing risks to consumers and to markets for consumer financial products and services, exclusive authority and mandate to require reports and conduct periodic examinations for the same purposes of insured depository institutions and insured credit unions with over $10 billion in assets (and their affiliates), and authority to require reports and conduct periodic examinations for the same purposes of insured depository institutions and insured credit unions with $10 billion or less in assets.

protecting consumer financial information act bill amends consumer_financial_protection_act limit authority consumer_financial_protection_bureau cfpb conducting required monitoring assessment gather information time time organization business conduct markets activities covered persons service providers cfpb gather information sampling basis bill repeals cfpb authority gather compile information examination reports concerning covered persons service providers prohibits cfpb authorities obtain records covered persons service providers participating consumer financial services markets purposes assessing compliance requirements federal consumer financial law bill repeals cfpb mandate require reports conduct periodic examinations nondepository covered persons purposes detecting assessing risks consumers markets consumer financial products services exclusive authority mandate require reports conduct periodic examinations purposes insured depository institutions insured credit unions billion assets affiliates authority require reports conduct periodic examinations purposes insured depository institutions insured credit unions billion assets


Summary:
Boosting Equity for the American Middle Class Act of 2016 or the BEAM Act of 2016

This bill amends the Internal Revenue Code to allow a refundable tax credit equal to 50% of the excess home mortgage principal payments made by a taxpayer during the year.

The credit is limited to $500 per year and to taxpayers who have not received the credit for any of the 10 preceding years. The bill reduces the amount of the credit for taxpayers with modified adjusted gross incomes above specified levels.

An "excess home mortgage principal payment" is the excess of: (1) the amount of principal paid by the taxpayer with respect to a mortgage during the year, over (2) the amount of principal the taxpayer would have paid by making each required payment on a timely basis under the terms of the mortgage (and no other payments).

The mortgage must: (1) be for a primary residence, (2) for a term between 15 and 30 years, and (3) require payments that are each the same amount and made in equal intervals during the term of the mortgage (or if any payment is required at a different interval, the amount of the payment is adjusted in the same proportion as the change in interval).

Married individuals must file a joint tax return to claim the credit. Persons engaged in a trade or business (e.g., lenders, mortgage companies, or banks) who are required to report mortgage interest payments from individuals of $600 or more must also report the amount of excess home mortgage principal payments received during the year.

equity american middle class act beam act bill amends internal_revenue_code allow refundable tax credit equal excess home mortgage principal payments taxpayer year credit limited year taxpayers received credit preceding years bill reduces credit taxpayers modified adjusted gross incomes specified levels excess home mortgage principal payment excess principal paid taxpayer respect mortgage year principal taxpayer paid making required payment timely basis terms mortgage payments mortgage primary residence term years require payments equal intervals term mortgage payment required different interval payment adjusted proportion change interval married individuals file joint tax return claim credit persons engaged trade business lenders mortgage companies banks required report mortgage interest payments individuals report excess home mortgage principal payments received year


Summary:
This bill amends the Consumer Financial Protection Act of 2010 to repeal the declaration that the deference that a court affords to the Consumer Financial Protection Bureau (CFPB) regarding its determination of the meaning or interpretation of any provision of a federal consumer financial law shall be applied as if the CFPB were the only agency authorized to apply, enforce, interpret, or administer the provisions of that law.

In any judicial review of a CFPB agency action, the reviewing court shall determine the meaning or applicability of the terms of a CFPB agency action and decide de novo all relevant questions of law, including the interpretation of constitutional and statutory provisions, as well as CFPB rules. No law may exempt any civil action for judicial review from the application of this bill except by specific reference to it.

bill amends consumer_financial_protection_act repeal declaration deference court affords consumer_financial_protection_bureau cfpb determination meaning interpretation provision federal consumer financial law shall applied cfpb agency authorized apply enforce interpret administer provisions law judicial review cfpb agency action reviewing court shall determine meaning applicability terms cfpb agency action decide novo relevant questions law including interpretation constitutional statutory provisions cfpb rules law exempt civil action judicial review application bill specific reference


Summary:
GSE Review and Reform Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to require the Department of the Treasury to make annual studies (currently, just one) of specified options for ending the conservatorship of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), while minimizing the cost to taxpayers.

reform act bill amends consumer_financial_protection_act require department_of_the_treasury annual studies currently specified options ending conservatorship federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac minimizing cost taxpayers


Summary:
Reigning In of Governmental Hostility To Sovereignty at the CFPB Act of 2016 or the RIGHTS at the CFPB Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to authorize any person who is a party to an adjudicative administrative proceeding brought by the Consumer Financial Protection Bureau (CFPB), and against whom an order imposing a cease and desist order or a penalty may be issued at the proceeding's conclusion, to require the CFPB to terminate the proceeding. The termination request must be made within 20 days after the person receives notice of the proceeding.

If such a person does require the CFPB to terminate a proceeding, the CFPB may still bring a civil action against the person for the same remedy that might be imposed.

cfpb act rights cfpb act bill amends consumer_financial_protection_act authorize person party adjudicative administrative proceeding brought consumer_financial_protection_bureau cfpb order imposing cease desist order penalty issued proceeding conclusion require cfpb terminate proceeding termination request days person receives notice proceeding person require cfpb terminate proceeding cfpb bring civil action person remedy imposed


Summary:
This bill amends the Consumer Financial Protection Act of 2010 regarding civil investigative demands made by the Consumer Financial Protection Bureau (CFPB) on a person in the course of an investigation. (Under current law, the CFPB may, before institution of any proceedings, serve a civil investigative demand on a person the CFPB has reason to believe may be in possession, custody, or control of any documentary material or tangible things, or may have any information, relevant to a violation of federal consumer financial law.)

The bill requires the recipient of such a demand to meet and confer with a CFPB investigator within 30 calendar days after receiving the demand to discuss and attempt to resolve all issues regarding compliance with it, unless the CFPB grants an extension the recipient requests.

The deadline after the service of any civil investigative demand by which the recipient may petition for an order modifying or setting the demand aside shall extend from the current maximum of 20 days to a maximum of 45 days.

The bill eliminates the right to appeal any final order of a U.S. district court regarding such a petition.

bill amends consumer_financial_protection_act civil investigative demands consumer_financial_protection_bureau cfpb person course investigation current law cfpb institution proceedings serve civil investigative demand person cfpb reason believe possession custody control documentary material tangible things information relevant violation federal consumer financial law bill requires recipient demand meet confer cfpb investigator calendar days receiving demand discuss attempt resolve issues compliance cfpb grants extension recipient requests deadline service civil investigative demand recipient petition order modifying setting demand aside shall extend current maximum days maximum days bill eliminates right appeal final order district court petition


Summary:
CFPB Rule Accountability Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB), before any federal agency rule may take effect, to publish in the Federal Register a list of information on which the rule is based, including data, scientific and economic studies, and cost-benefit analyses, identify how the public can access such information online, and report to Congress and to the Government Accountability Office a classification of the rule as a major or nonmajor rule.

Congress must enact a joint resolution of approval of major rules before they may take effect. If a joint resolution of approval is not enacted by the end of 70 session days or legislative days, as applicable, after the CFPB reports on the rule to Congress, the major rule shall be deemed not to be approved and shall not take effect. A major rule may take effect, however, for one 90-calendar day period without such approval if the President determines it is necessary because of an imminent threat to health or safety or other emergency, for the enforcement of criminal laws, for national security, or to implement an international trade agreement.

The bill prescribes the congressional approval procedure for major rules and the congressional disapproval procedure for nonmajor rules.

A joint resolution addressing a report classifying a rule as a major rule must be introduced within three legislative days in the House of Representative and three session days in the Senate. No amendments to such a joint resolution shall be permitted at any stage of the legislative process. The bill prescribes a procedure for expedited consideration of a joint resolution of approval, requiring a vote on the resolution in the Senate within 15 session days after it is reported by the committee to which it was referred, or after the committee has been discharged from further consideration of it.

A court may review whether an agency has completed the necessary requirements under this bill for a rule to take effect. No determination, finding, action, or omission under this bill shall be subject to judicial review.

The Balanced Budget and Emergency Deficit Control Act of 1985 is amended to provide that any congressional approval procedure set forth in this bill affecting budget authority, outlays, or receipts shall be assumed to be effective unless it is not approved in accordance with this Act.

cfpb rule accountability act bill amends consumer_financial_protection_act require consumer_financial_protection_bureau cfpb federal agency rule effect publish federal_register list information rule based including data scientific economic studies cost benefit analyses identify public access information online report congress government_accountability_office classification rule major nonmajor rule congress enact joint resolution approval major rules effect joint resolution approval enacted end session days legislative days applicable cfpb reports rule congress major rule shall deemed approved shall effect major rule effect calendar day period approval president determines necessary imminent threat health safety emergency enforcement criminal laws national security implement international trade agreement bill prescribes congressional approval procedure major rules congressional disapproval procedure nonmajor rules joint resolution addressing report classifying rule major rule introduced legislative days session days senate amendments joint resolution shall permitted stage legislative process bill prescribes procedure expedited consideration joint resolution approval requiring vote resolution senate session days reported committee referred committee discharged consideration court review agency completed necessary requirements bill rule effect determination finding action omission bill shall subject judicial review balanced_budget emergency deficit control act amended provide congressional approval procedure set forth bill affecting budget authority outlays receipts shall assumed effective approved accordance act


Summary:
Accounting for Consumer Credit and Encouraging State Solutions Act of 2016 or the ACCESS Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to require the Consumer Financial Protection Bureau (CFPB) to grant to a state or federally recognized Indian tribe that submits a written request a five-year waiver from a final rule or regulation issued by the CFPB to regulate payday loans, vehicle title loans, or other similar loans.

 The state or tribe receiving a waiver shall have the right to an unlimited number of five-year extensions of such waiver.

accounting consumer credit encouraging state solutions act access act bill amends consumer_financial_protection_act require consumer_financial_protection_bureau cfpb grant state federally recognized indian tribe submits written request year waiver final rule regulation issued cfpb regulate payday loans vehicle title loans similar loans state tribe receiving waiver shall right unlimited number year extensions waiver


Summary: This bill amends the Consumer Financial Protection Act of 2010 to repeal the authority of the Consumer Financial Protection Bureau to restrict the use of an agreement between a financial product or service provider and a consumer providing for arbitration of any future dispute between the parties.

bill amends consumer_financial_protection_act repeal authority consumer_financial_protection_bureau restrict use agreement financial product service provider consumer providing arbitration future dispute parties


Summary:
First-Time Homebuyer Savings Account Act of 2016

This bill amends the Internal Revenue Code to provide for tax-preferred savings accounts for first-time homebuyers. An individual may make up to $14,000 per year in after-tax contributions to the account, subject to a $50,000 lifetime contribution limit, a $150,000 limit on the fair market value of the account, and adjustments for inflation after 2017.

Distributions from the account that are used to pay the qualified principal residence purchase expenditures of the designated beneficiary are excluded from gross income. A "qualified principal residence purchase expenditure" is, with respect to a designated beneficiary who is a first-time homebuyer, any amount: (1) paid toward the purchase price of a principal residence of the beneficiary, (2) required to be paid to settle the purchase of such residence, or (3) required to be paid by the beneficiary to obtain acquisition indebtedness with respect to the residence.

Excess contributions to the account, distributions that exceed the qualified principal residence purchase expenditures of the beneficiary, and distributions that are not used for first-time homebuyer purposes are subject to specified taxes.

bill amends internal_revenue_code provide tax preferred savings accounts time homebuyers individual year tax contributions account subject lifetime contribution limit limit fair market value account adjustments inflation distributions account pay qualified principal residence purchase expenditures designated beneficiary excluded gross income qualified principal residence purchase expenditure respect designated beneficiary time homebuyer paid purchase price principal residence beneficiary required paid settle purchase residence required paid beneficiary obtain acquisition indebtedness respect residence excess contributions account distributions exceed qualified principal residence purchase expenditures beneficiary distributions time homebuyer purposes subject specified taxes


Summary:
Wage and Garnishment Equity Act of 2016 or the WAGE Act

This bill amends the Consumer Credit Protection Act to define "assignment" (of wages and earnings) to exclude payroll deductions or preauthorized payment plans and any assignment applicable only to earnings already earned.

 The bill adjusts the maximum part of a person's aggregate disposable earnings for any workweek that is subject to garnishment or assignment. Such amount shall not exceed the lesser of: (1) 10% of earnings for an individual earning $1200 or less weekly (15% for an individual earning more than $1200), or (2) the amount by which the earnings exceed 80 (currently, 30) times the federal minimum hourly wage in effect.

No employer may take any adverse employment action against an employee because the employee's earnings have been subject to garnishment or assignment.

The Department of Labor may provide the same exemption from maximum allowable garnishment requirements for state-regulated assignments as it does for state-regulated garnishments.

The bill requires specified delays of garnishment pursuant to an order directed at an employer with fewer than 50 employees.

Of the aggregate amount of an individual's funds in deposit accounts, an amount equal to the federal poverty guideline applicable to a one-person household shall be exempt and immune from attachment or seizure for any judgment related to a debt.

wage garnishment equity act wage act bill amends consumer_credit_protection_act define assignment wages earnings exclude payroll deductions preauthorized payment plans assignment applicable earnings earned bill adjusts maximum person aggregate disposable earnings workweek subject garnishment assignment shall exceed lesser earnings individual earning weekly individual earning earnings exceed currently times federal minimum hourly wage effect employer adverse employment action employee employee earnings subject garnishment assignment department_of_labor provide exemption maximum allowable garnishment requirements state regulated assignments state regulated bill requires specified delays garnishment pursuant order directed employer fewer employees aggregate individual funds deposit accounts equal federal poverty guideline applicable person household shall exempt immune attachment seizure judgment related debt


Summary:
Fair Debt Collections Practices Clarification Act of 2016

This bill amends the Fair Debt Collection Practices Act to permit the award of court costs and attorney fees to the defendant in an action to enforce liability for violating such Act only after finding that the action was brought in bad faith and for the purpose of harassment.

fair debt collections practices clarification act bill amends fair debt collection practices act permit award court costs attorney fees defendant action enforce liability violating act finding action brought bad faith purpose harassment


Summary:
Community Mortgage Lender Regulatory Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to prohibit the Consumer Financial Protection Bureau (CFPB) from auditing, investigating, or taking an enforcement action against a responsible community mortgage lender unless requested to do so by one of several specified regulators or agencies. A "responsible community mortgage lender" is one that: (1) meets certain restrictions with respect to number and volume of mortgage loan originations and amount of either assets or net worth; and (2) has not, with respect to its mortgage loan originations and within a specified time frame, been subject to a cease and desist order or found by a court to have violated the law.

Furthermore, the CFPB and other federal banking agencies are prohibited from requiring such a lender to audit one of its vendors or third-party contractors unless the CFPB or other agency has reasonable cause to believe that the vendor or contractor is causing the lender to violate the law.

The bill also revises the methodology for calculating mortgage loan originations with respect to the qualified mortgage requirement in 2016.

community mortgage lender regulatory act bill amends consumer_financial_protection_act prohibit consumer_financial_protection_bureau cfpb auditing investigating taking enforcement action responsible community mortgage lender requested specified regulators agencies responsible community mortgage lender meets certain restrictions respect number volume mortgage loan assets net worth respect mortgage loan specified time frame subject cease desist order found court violated law furthermore cfpb federal banking agencies prohibited requiring lender audit vendors party contractors cfpb agency reasonable cause believe vendor contractor causing lender violate law bill revises methodology calculating mortgage loan respect qualified mortgage requirement


Summary:
Expanding Rent-to-Own Protections Act of 2016

This bill amends the Consumer Financial Protection Act of 2010 to revise and expand the definition of the term "consumer financial product or service" to include terminable lease or bailment of personal property contracts (rent-to-own transactions) (other than a lease or bailment of a motor vehicle) for use by the consumer primarily for personal, family, or household purposes under which:

 a consumer has the right of possession and use of the property, as well as the option to periodically renew the contract by making payments; and a seller agrees to transfer property ownership to the consumer upon the fulfillment of all contract obligations of the consumer. The Consumer Financial Protection Bureau shall:

 prevent unfair, deceptive, or abusive acts or practices in connection with such contracts; and issue regulations identifying methods to protect consumers from entering into them.

expanding rent protections act bill amends consumer_financial_protection_act revise expand definition term consumer financial product service include lease personal property contracts rent transactions lease motor vehicle use consumer primarily personal family household purposes consumer right possession use property option periodically renew contract making payments seller agrees transfer property ownership consumer fulfillment contract obligations consumer consumer_financial_protection_bureau shall prevent unfair deceptive abusive acts practices connection contracts issue regulations identifying methods protect consumers entering


Summary:
Student Debt Repayment Fairness Act

This bill amends the Truth in Lending Act to prohibit a private educational lender from accelerating the repayment terms of a borrower's outstanding loan obligation upon the death or permanent, total disability of a cosigner if the borrower is in good standing.

student debt repayment fairness act bill amends truth lending act prohibit private educational lender accelerating repayment terms borrower outstanding loan obligation death permanent total disability cosigner borrower good standing


Summary: This bill amends the Internal Revenue Code to extend through December 31, 2017, the tax deduction for mortgage insurance premiums treated as interest.

bill amends internal_revenue_code extend december tax deduction mortgage insurance premiums treated interest


Summary: This bill amends the Internal Revenue Code to extend through December 31, 2018, the tax deduction for mortgage insurance premiums treated as interest.


Summary: This bill amends the Internal Revenue Code to extend until January 1, 2018, the exclusion from gross income of the discharge of qualified principal residence indebtedness.

bill amends internal_revenue_code extend january exclusion gross income discharge qualified principal residence indebtedness


Summary: This bill amends the Internal Revenue Code to extend until January 1, 2019, the exclusion from gross income of the discharge of qualified principal residence indebtedness.


Summary:
Justice for Victims of Fraud Act of 2016

This bill amends the Truth in Lending Act and the Electronic Fund Transfer Act to prohibit predispute arbitration agreements with consumers (i.e., agreements to arbitrate any future disputes between parties instead of pursuing the claims in court) from being valid or enforceable in disputes related to credit card accounts or personal bank accounts that are not subject to a final judgment by a court if the credit card or bank account was not issued in response to a request or application for that account.

The bill excludes from this prohibition accounts held by a financial institution pursuant to a bona fide trust agreement.

justice victims fraud act bill amends truth lending act electronic fund transfer act prohibit predispute arbitration agreements consumers agreements arbitrate future disputes parties instead pursuing claims court valid enforceable disputes related credit card accounts personal bank accounts subject final judgment court credit card bank account issued response request application account bill excludes prohibition accounts held financial institution pursuant bona fide trust agreement


Summary:
Student Borrower Higher Education Lending Protection Act of 2016 or the Student Borrower HELP Act of 2016

This bill amends the Truth in Lending Act to provide to student borrowers of private education loans: (1) loan payment deferments without interest accruing during any period in which the student borrower is temporarily disabled, and (2) loan discharges if a student borrower dies or becomes totally or permanently disabled.

If a student borrower dies or becomes totally or permanently disabled, the student borrower, any cosigner on the loan, or the estate of either the student borrower or the cosigner shall not be obligated to make any additional loan payments.

The Internal Revenue Code is amended to exclude from an individual's gross income (which would otherwise include cancellation of debt as income) amounts based on the discharge of a student loan under this bill. An individual is therefore not subject to tax liability for the discharge of student loan debt under this bill.

Private educational lenders must disclose to borrowers the number of private education loans they offer and the number and rate of defaults on such loans.

student borrower help act bill amends truth lending act provide student borrowers private education loans loan payment deferments interest accruing period student borrower temporarily disabled loan discharges student borrower dies totally permanently disabled student borrower dies totally permanently disabled student borrower cosigner loan estate student borrower cosigner shall obligated additional loan payments internal revenue code amended exclude individual gross income include cancellation debt income amounts based discharge student loan bill individual subject tax liability discharge student loan debt bill private educational lenders disclose borrowers number private education loans offer number rate defaults loans


Summary:
Taxpayer Protections and Market Access for Mortgage Finance Act of 2016

This bill amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 to direct the Federal Housing Finance Agency (FHFA) to establish guidelines to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to engage in significant and increasing credit risk transfer transactions.

A "risk transfer transaction" provides for: (1) the sale, disposition, retention, or transfer within the private sector of credit risk on any single-family residential mortgage loan or a pool of such loans that back securities on which the enterprise guarantees the timely payment of principal and interest; or (2) the retention by the private sector of any such credit risk in connection with the sale of any such loan or security to an enterprise.

The enterprises may set and publish guarantee fees commensurate with the reduced credit risk resulting from any new risk transfer transactions. The bill exempts certain swaps entered into for the purpose of transferring or sharing credit risk in connection with a risk transfer transaction from the Commodity Exchange Act.

The FHFA must also require Fannie Mae and Freddie Mac to: (1) establish a five-year pilot program under which each enterprise must annually engage in at least one front-end (before or simultaneous with the acquisition of the loan or security by the enterprise) risk sharing transaction for which both bank and non-bank mortgage originators having under $10 billion in assets are eligible participants, and (2) jointly establish a pilot program to increase the amount of risk that is transferred by the enterprises using private mortgage insurance.

bill amends federal_housing_enterprises_financial_safety soundness act direct federal_housing_finance_agency fhfa establish guidelines require federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac engage significant increasing credit risk transfer transactions risk transfer transaction provides sale disposition retention transfer private sector credit risk single family residential mortgage loan pool loans securities enterprise guarantees timely payment principal interest retention private sector credit risk connection sale loan security enterprise enterprises set publish guarantee fees commensurate reduced credit risk resulting new risk transfer transactions bill exempts certain swaps entered purpose transferring sharing credit risk connection risk transfer transaction commodity_exchange_act fhfa require fannie_mae freddie_mac establish year pilot program enterprise annually engage end simultaneous acquisition loan security enterprise risk sharing transaction bank non bank mortgage originators having billion assets eligible participants jointly establish pilot program increase risk transferred enterprises private mortgage insurance


Summary:
Tax Benefit for Homeownership Clarification Act

This bill amends the Internal Revenue Code to reduce the limitation on the mortgage interest deduction for the acquisition indebtedness of certain taxpayers. (Acquisition indebtedness is indebtedness that: (1) is incurred in acquiring, constructing, or substantially improving any qualified residence of the taxpayer; and (2) is secured by such residence. It also includes refinancing of the debt in certain situations.)

tax benefit homeownership clarification act bill amends internal_revenue_code reduce limitation mortgage interest deduction acquisition indebtedness certain taxpayers acquisition indebtedness indebtedness incurred acquiring constructing substantially improving qualified residence taxpayer secured residence includes refinancing debt certain situations


Summary:
Moving Housing Forward Act of 2016

This bill directs the Federal Housing Finance Agency (FHFA) to require the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) to establish a pilot program that shares with the private sector the credit risk on a pool of single-family residential mortgage loans that back securities on which Fannie Mae and Freddie Mac guarantee the timely payment of principal and interest.

The bill expresses the sense of Congress that credit risk transfer transactions should be encouraged that: (1) reduce taxpayer exposure to credit risk assumed by Fannie Mae and Freddie Mac, and (2) do not expose Fannie Mae and Freddie Mac to excessive counterparty risk that persons contractually obligated to them will fail to perform their obligations.

After the pilot program is executed for three years, the FHFA must examine the economics of developing it into a continuous risk sharing program.

moving housing forward act bill directs federal_housing_finance_agency fhfa require federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac establish pilot program shares private sector credit risk pool single family residential mortgage loans securities fannie_mae freddie_mac guarantee timely payment principal interest bill expresses sense congress credit risk transfer transactions encouraged reduce taxpayer exposure credit risk assumed fannie_mae freddie_mac expose fannie_mae freddie_mac excessive counterparty risk persons obligated fail perform obligations pilot program executed years fhfa examine economics developing continuous risk sharing program


Summary:
Authorizes a financial institution, when verifying the identity of a non-U.S. citizen or national who is seeking to open a bank account, to accept only: (1) a Social Security number, (2) a passport number and the country of issuance, (3) an alien identification card number, or (4) any combination of such items.

Prohibits a financial institution, for such verification purposes, from accepting identification documents issued by a foreign government, other than an unexpired passport.

authorizes financial institution verifying identity citizen national seeking open bank account accept social_security number passport number country issuance alien identification card number combination items prohibits financial institution verification purposes accepting identification documents issued foreign government unexpired passport


Summary:
Amends the Consumer Financial Protection Act of 2010 to direct the Consumer Financial Protection Bureau (CFPB) to: (1) disclose to a consumer all information (and their sources) held by the CFPB with respect to that consumer, including any person or other federal department or agency to which the CFPB disclosed the information; and (2) truncate in the disclosure the first five digits of the consumer's Social Security number (or similar identification number), if the consumer so requests and the CFPB has received appropriate proof of the requester's identity.

Permits consumers to request such a disclosure: (1) online, with a link prominently displayed on the CFPB website; (2) via U.S. mail; and (3) via a toll-free telephone number.

amends consumer financial protection act direct consumer_financial_protection_bureau cfpb disclose consumer information sources held cfpb respect consumer including person federal department agency cfpb disclosed information disclosure consumer social_security number similar identification number consumer requests cfpb received appropriate proof requester identity permits consumers request disclosure online link prominently displayed cfpb website mail toll free telephone number


Summary:
Mortgage Debt Tax Relief Act

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


Summary:
Mortgage Finance Act of 2015

 Appoints the Federal Housing Finance Agency (FHFA) receiver of the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs) and places them into irrevocable receivership, effective on the date on which the Mortgage Finance Agency (MFA) established by this Act is operational and able to perform the guarantee function for qualified mortgage-backed securities collateralized by qualified residential mortgages.

Directs the FHFA to commence liquidation of the GSEs immediately upon their placement into receivership.

Repeals the charters of Fannie Mae and Freddie Mac.

Requires repayment by the FHFA to the General Fund of the Treasury, in repayment of certain government assistance to the GSEs, of all proceeds from their operations in receivership remaining after their outstanding obligations are fully satisfied.

Requires the FHFA as receiver to manage the combined assets of the GSEs to obtain resolutions that maximize the return for the taxpayer.

Establishes the MFA as an independent agency of the federal government to: (1) guarantee securities issued by qualified issuers and collateralized by pools of qualified residential mortgages in order to provide a dependable, transparent, and liquid market for high quality mortgages and multifamily mortgages for securitization; (2) charge and collect a guarantee fee sufficient to protect the MFA and the Treasury from the risks of guaranteeing the timely payment of principal and interest on qualified mortgage-backed securities; (3) establish and maintain a Catastrophic Fund to minimize the burden on the federal government by setting aside amounts that will be available solely to pay obligations under the MFA guarantee in the event of any future mortgage market collapse; and (4) purchase supplemental insurance coverage.

Requires the MFA to: (1) guarantee the timely payment of the principal and interest to holders of qualified mortgage-back securities, and (2) cover any shortfalls to security holders.

Requires the MFA to charge a guarantee fee with respect to timely payment of principal and interest on the qualified mortgage-backed securities.

Creates in the Treasury the Catastrophic Fund, to which shall be credited the amount of guarantee fees and any amounts earned on investments.

Requires the MFA Board of Directors to issue guidelines to determine whether supplemental coverage: (1) is being offered on commercially reasonable terms, and (2) is reasonably likely to mitigate the risk that the MFA will have to make any payment pursuant to its guarantee.

Declares that nothing in this Act may be construed as preventing the private sector from securitizing qualified residential mortgages, qualified multifamily mortgages, or other non-qualified residential single family or multifamily mortgages.

Terminates the MFA after 10 years.

mortgage finance act appoints federal_housing_finance_agency fhfa receiver federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses places irrevocable receivership effective date established act operational able perform guarantee function qualified mortgage backed securities collateralized qualified residential mortgages directs fhfa commence liquidation gses immediately placement receivership repeals charters fannie_mae freddie_mac requires repayment fhfa general_fund_of_the_treasury repayment certain government assistance gses proceeds operations receivership remaining outstanding obligations fully satisfied requires fhfa receiver manage combined assets gses obtain resolutions maximize return taxpayer establishes independent agency federal government guarantee securities issued qualified issuers collateralized pools qualified residential mortgages order provide dependable transparent liquid market high quality mortgages multifamily mortgages securitization charge collect guarantee fee sufficient protect treasury risks guaranteeing timely payment principal interest qualified mortgage backed securities establish maintain catastrophic fund minimize burden federal government setting aside amounts available solely pay obligations guarantee event future mortgage market collapse purchase supplemental insurance coverage requires guarantee timely payment principal interest holders qualified mortgage securities cover shortfalls security holders requires charge guarantee fee respect timely payment principal interest qualified mortgage backed securities creates treasury catastrophic fund shall credited guarantee fees amounts earned investments requires directors issue guidelines determine supplemental coverage offered commercially reasonable terms reasonably likely mitigate risk payment pursuant guarantee declares act construed preventing private sector qualified residential mortgages qualified multifamily mortgages non qualified residential single family multifamily mortgages terminates years


Summary:
Mortgage Forgiveness Tax Relief Act

 Amends the Internal Revenue Code, as amended by the Tax Increase Prevention Act of 2014, to extend the exclusion from gross income of income attributable to the discharge of indebtedness on a principal residence that was discharged subject to an arrangement entered into and evidenced in writing before January 1, 2017.

mortgage forgiveness tax relief act amends internal revenue code amended extend exclusion gross income income attributable discharge indebtedness principal residence discharged subject arrangement entered evidenced writing january


Summary:
Data Broker Accountability and Transparency Act of 2015

Prohibits data brokers from obtaining or causing to be disclosed personal information or any other information relating to any person by making a false, fictitious, or fraudulent statement or representation, including by providing any document that the broker knows or should know to: (1) be forged, counterfeit, lost, stolen, or fraudulently obtained; or (2) contain a false, fictitious, or fraudulent statement or representation.

Defines "data broker" as a commercial entity that collects, assembles, or maintains personal information concerning an individual who is not a customer or an employee of that entity in order to sell or provide third party access to the information. Allows the Federal Trade Commission (FTC) to exempt certain data brokers from this Act.

Requires data brokers to establish procedures to ensure the accuracy of: (1) the personal information they collect, assemble, or maintain; and (2) any other information that specifically identifies an individual, unless the information only identifies an individual's name or address.

Requires data brokers to provide individuals a cost-free means to review their personal or identifying information.

Allows individuals to dispute the accuracy of their personal information with a written request that the data broker make a correction.

Requires a data broker, with regard to disputed public record information that is available for public inspection from federal, state, or local governments, to: (1) inform the individual of the source of the information and, if reasonably available, where to direct the individual's request for correction; or (2) correct the inaccuracy in the broker's records if the individual provides proof that the public record has been corrected or that the broker was reporting the information incorrectly.

Requires a data broker, with regard to disputed non-public information of a private nature, to: (1) note the information that is disputed, (2) independently verify the information, and (3) correct the inaccuracy if the broker was reporting the information incorrectly.

Requires data brokers to provide individuals with a reasonable means of expressing a preference to exclude their information from being used, shared, or sold for marketing purposes.

Sets forth authority for the FTC and states to enforce this Act.

transparency_act prohibits data brokers obtaining causing disclosed personal information information relating person making false fictitious fraudulent statement representation including providing document broker knows know forged counterfeit lost stolen fraudulently obtained contain false fictitious fraudulent statement representation defines data broker commercial entity collects maintains personal information concerning individual customer employee entity order sell provide party access information allows federal_trade_commission ftc exempt certain data brokers act requires data brokers establish procedures ensure accuracy personal information collect assemble maintain information specifically identifies individual information identifies individual address requires data brokers provide individuals cost free means review personal identifying information allows individuals dispute accuracy personal information written request data broker correction requires data broker regard disputed public record information available public inspection federal state local governments inform individual source information reasonably available direct individual request correction correct broker records individual provides proof public record corrected broker reporting information incorrectly requires data broker regard disputed non public information private nature note information disputed independently verify information correct broker reporting information incorrectly requires data brokers provide individuals reasonable means expressing preference exclude information shared sold marketing purposes sets forth authority ftc states enforce act


Summary:
Preserving Access to Manufactured Housing Act of 2015

Amends the Truth in Lending Act to revise the exclusion from the meaning of "mortgage originator" of any employee of a retailer of manufactured homes who does not for compensation or gain take residential mortgage loan applications, for compensation or gain offer or negotiate terms of a residential mortgage loan, or advise a consumer on loan terms (including rates, fees, and other costs).

Excludes from the meaning of "mortgage originator," instead, any retailer of manufactured or modular homes or its employees unless the retailer or its employees receive compensation or gain for engaging in certain activities in excess of any compensation or gain received in a comparable cash transaction.

Revises the definition of "high cost mortgage."

preserving access manufactured housing act amends truth lending act revise exclusion meaning mortgage originator employee retailer manufactured homes compensation gain residential mortgage loan applications compensation gain offer negotiate terms residential mortgage loan advise consumer loan terms including rates fees costs excludes meaning mortgage originator instead retailer manufactured modular homes employees retailer employees receive compensation gain engaging certain activities excess compensation gain received comparable cash transaction revises definition high cost mortgage


Summary: This bill prohibits increases in Federal National Mortgage Association (Fannie Mae) and Federal Home Loan Mortgage Corporation (Freddie Mac) guarantee fees from being used in the Senate to determine the budgetary impact for evaluating budget points of order. Fannie Mae and Freddie Mac purchase mortgages and charge the fees to guarantee the payment of principal and interest. This bill prevents the fee increases from being used to offset provisions that increase the deficit in determining whether a budget point of order applies to legislation.

bill prohibits increases federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac guarantee fees senate determine budgetary impact evaluating budget points order fannie_mae freddie_mac purchase mortgages charge fees guarantee payment principal interest bill prevents fee increases offset provisions increase deficit determining budget point order applies legislation


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:
Data Security Act of 2015

Requires individuals, corporations, or other non-government entities that access, maintain, communicate, or handle sensitive account information or nonpublic personal information to implement an information security program and to notify consumers, federal law enforcement, appropriate administrative agencies, payment card networks, and consumer reporting agencies of certain data breaches of unencrypted sensitive information likely to cause identity theft or fraudulent transactions on consumer financial accounts.

Directs entities to require their service providers by contract to implement appropriate safeguards for sensitive information.

Provides special notification procedures for: (1) third-party service providers that maintain data in electronic form on behalf of another entity, and (2) certain electronic data carriers.

Allows financial institutions to communicate with account holders regarding breaches at third-party entities with access to their account information.

Sets forth 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.

Requires this Act to be enforced by the Federal Trade Commission, the Comptroller of the Currency, the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration Board, the Securities and Exchange Commission, the Commodity Futures Trading Commission, the Office of Federal Housing Enterprise Oversight, or a state insurance authority depending on the type of entity handling the sensitive information.

Allows a consumer or entity that suffers financial harm from an entity's violation of this Act to bring an action in federal court to recover damages for negligent or knowing violations.

Prohibits certain state laws from being imposed for information security and breach notification purposes. Provides for the requirements of this Act to apply to certain entities in place of existing security practices and notifications standards currently enforced by the Federal Communications Commission.

data security act requires individuals corporations non government entities access maintain communicate handle sensitive account information nonpublic personal information implement information security program notify consumers federal law enforcement appropriate administrative agencies payment card networks consumer reporting agencies certain data breaches unencrypted sensitive information likely cause identity theft fraudulent transactions consumer financial accounts directs entities require service providers contract implement appropriate safeguards sensitive information provides special notification procedures party service providers maintain data electronic form behalf entity certain electronic data carriers allows financial institutions communicate account holders breaches party entities access account information sets forth alternative compliance procedures financial institutions affiliates gramm leach bliley act entities complying certain health record privacy laws requires act enforced federal_trade_commission comptroller_of_the_currency federal_reserve_system federal_deposit_insurance_corporation national_credit_union_administration_board securities_and_exchange_commission commodity_futures_trading_commission office_of_federal_housing_enterprise_oversight state insurance authority depending type entity handling sensitive information allows consumer entity suffers financial harm entity violation act bring action federal court recover damages negligent knowing violations prohibits certain state laws imposed information security breach notification purposes provides requirements act apply certain entities place existing security practices notifications standards currently enforced federal_communications_commission


Summary:
Military Families Credit Reporting Act

This bill amends the Fair Credit Reporting Act with respect to an item of adverse information about an active duty military consumer.

Declares that, if the action or inaction that gave rise to the item occurred while the consumer was an active duty military consumer, then: (1) the consumer may provide appropriate proof, including official orders, to a consumer reporting agency that the consumer was an active duty military consumer at the time the action or inaction occurred; and (2) any consumer report made by the agency including that item of information shall clearly and conspicuously disclose that the consumer was an active duty military consumer when the action or inaction that gave rise to the item occurred.

Requires the Consumer Financial Protection Bureau to prepare and make publicly available a model form that allows a consumer to: (1) notify a consumer reporting agency that the consumer is an active duty military consumer, and (2) provide the consumer's contact information for communicating with the consumer while he or she is an active duty military consumer.

Requires a consumer reporting agency to notify promptly an active duty military consumer whenever it receives an item of adverse information about him or her, along with a description of the item and the method by which the consumer can dispute the validity of the item.

Requires an agency also to use any separate contact information an active duty military consumer has given it for all communications while the individual is an active duty military consumer.

Declares the sense of Congress that any person making use of a consumer report containing an item of adverse information that occurred while the consumer was an active duty military consumer should take that fact into account when evaluating the consumer's creditworthiness.

Requires a consumer reporting agency, with respect to an item of information under dispute by an active duty military consumer, to include in the consumer's file that he or she was an active duty military consumer at the time the action or inaction that gave rise to the disputed item occurred, and indicate this fact in each consumer report that includes the disputed item.

military families credit reporting act bill amends fair credit reporting act respect item adverse information active duty military consumer declares action inaction gave rise item occurred consumer active duty military consumer consumer provide appropriate proof including official orders consumer reporting agency consumer active duty military consumer time action inaction occurred consumer report agency including item information shall clearly conspicuously disclose consumer active duty military consumer action inaction gave rise item occurred requires consumer financial protection bureau prepare publicly available model form allows consumer notify consumer reporting agency consumer active duty military consumer provide consumer contact information communicating consumer active duty military consumer requires consumer reporting agency notify promptly active duty military consumer receives item adverse information description item method consumer dispute validity item requires agency use separate contact information active duty military consumer given communications individual active duty military consumer declares sense congress person making use consumer report containing item adverse information occurred consumer active duty military consumer fact account evaluating consumer creditworthiness requires consumer reporting agency respect item information dispute active duty military consumer include consumer file active duty military consumer time action inaction gave rise disputed item occurred indicate fact consumer report includes disputed item


Summary:
Amends the Federal Home Loan Bank Act to treat certain privately (but not federally) insured credit unions as insured depository institutions for purposes of determining eligibility for membership in a federal home loan bank.

Permits a credit union which lacks federal deposit insurance and has applied for membership in a federal home loan bank to be treated as meeting all the eligibility requirements for federal deposit insurance if specified conditions are met, including: (1) that the supervisor of the chartering state has determined that the credit union meets all federal deposit insurance eligibility requirements; (2) the state supervisor of the credit union's private deposit insurer receives annual independent actuarial opinions that the private insurer has sufficient reserves for losses, as well as periodic actuarial studies of the insurer's capital adequacy; and (3) the credit union's financial information is made available to the Federal Housing Finance Agency (FHFA) or to the federal home loan bank.

Deems such a credit union to have met the eligibility criteria for federal home loan bank membership if, 12 months after its application date, the state supervisor has failed to act upon the application.

Prohibits the application of a state law authorizing a conservator or liquidating agent of a credit union to repudiate contracts to any: (1) extension of credit from a federal home loan bank to a credit union which is a member of that bank, or (2) security interest in the assets of the credit union securing such extension of credit.

Declares that if a federal home loan bank makes an advance to a state-chartered credit union that is not federally insured: (i) the bank's interest in any collateral securing such advance has the same priority and is afforded the same standing and rights that the security interest would have had if the advance had been made to a federally-insured credit union, and (2) the bank has the same right to access such collateral that it would have had if the advance had been made to a federally-insured credit union.

Amends the Federal Deposit Insurance Act to require private deposit insurers of credit unions that are members of a federal home loan bank to submit copies of their audit reports within seven days to the FHFA.

 Directs the Government Accountability Office to study: (1) the adequacy of insurance reserves held by a private deposit insurer that insures deposits in an insured credit union or any credit union eligible to apply to become one, and (2) such credit unions' compliance with federal regulations governing disclosure of a lack of federal deposit insurance.

amends federal_home_loan_bank act treat certain privately federally insured credit unions insured depository institutions purposes determining eligibility membership federal home loan bank permits credit union lacks federal deposit insurance applied membership federal home loan bank treated meeting eligibility requirements federal deposit insurance specified conditions met including supervisor chartering state determined credit union meets federal deposit insurance eligibility requirements state supervisor credit union private deposit insurer receives annual independent actuarial opinions private insurer sufficient reserves losses periodic actuarial studies insurer capital adequacy credit union financial information available federal_housing_finance_agency fhfa federal home loan bank deems credit union met eligibility criteria federal home loan bank membership months application date state supervisor failed act application prohibits application state law authorizing conservator liquidating agent credit union contracts extension credit federal home loan bank credit union member bank security interest assets credit union securing extension credit declares federal home loan bank makes advance state chartered credit union federally insured bank interest collateral securing advance priority afforded standing rights security interest advance federally insured credit union bank right access collateral advance federally insured credit union amends federal_deposit_insurance_act require private deposit insurers credit unions members federal home loan bank submit copies audit reports seven days fhfa directs government_accountability_office study adequacy insurance reserves held private deposit insurer insures deposits insured credit union credit union eligible apply credit unions compliance federal regulations governing disclosure lack federal deposit insurance


Summary:
Credit Union Residential Loan Parity Act

Amends the Federal Credit Union Act to revise the definition of "member business loan," which currently excludes an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is a member's primary residence.

Removes the condition that the dwelling be a member's primary residence, and so denying eligibility for a member business loan to any requested extension of credit that would be fully secured by a lien on a 1- to 4-family dwelling, regardless of whether it is or is not the member's primary residence.

Declares that this Act does not preclude the National Credit Union Administration from treating an extension of credit fully secured by a lien on a 1- to 4-family dwelling that is not a member's primary residence as a member business loan for purposes other than certain member business loan limitation requirements under the Act.

act amends federal_credit_union_act revise definition member business loan currently excludes extension credit fully secured lien family dwelling member primary residence removes condition dwelling member primary residence denying eligibility member business loan requested extension credit fully secured lien family dwelling regardless member primary residence declares act preclude national_credit_union_administration treating extension credit fully secured lien family dwelling member primary residence member business loan purposes certain member business loan limitation requirements act


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 the use of shared equity mortgage modifications designed to return greater net present value to investors than other loss-mitigation activities, including foreclosure.

Requires a shared equity mortgage modification to:

 reduce by specified action the loan-to-value ratio of a covered mortgage to 100% or less within 3 years; reduce the interest rate if such a reduction of principal would not result in an affordable reduced monthly payment; reduce to a specified amount any periodic payment the homeowner is required to make; require the homeowner to pay the investor, upon refinancing or selling the real property securing a covered mortgage, up to 50% of the amount of the equity value of the real property, subject to certain conditions; be designed to deliver maximal net present value to the investor; be based on specified factors; and require disclosure to the homeowner, before entering into the shared equity mortgage modification, of the estimated net present value of the equity sharing interest to be determined under this Act.

preserving american homeownership act requires director federal_housing_finance_agency federal_housing commissioner establish pilot program encourage use shared equity mortgage modifications designed return greater net present value investors loss mitigation activities including foreclosure requires shared equity mortgage modification reduce specified action loan value ratio covered mortgage years reduce interest rate reduction principal result affordable reduced monthly payment reduce specified periodic payment homeowner required require homeowner pay investor refinancing selling real property securing covered mortgage equity value real property subject certain conditions designed deliver net present value investor based specified factors require disclosure homeowner entering shared equity mortgage modification estimated net present value equity sharing interest determined act


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

amends internal revenue code permanent tax deduction mortgage insurance premiums


Summary:
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:
Stop Errors in Credit Use and Reporting Act or the SECURE Act

This bill amends the Fair Credit Reporting Act, with respect to civil liability for either willful or negligent noncompliance by a consumer reporting agency with respect to consumer credit protection requirements, to authorize a court to award: (1) injunctive relief to require compliance with that Act, and (2) costs and reasonable attorney fees to the prevailing party in any successful action for injunctive relief. A consumer reporting agency shall include, in its mandatory notification to a furnisher of disputed information in a consumer's file, all documentation provided by the consumer.

The furnisher of disputed information, upon notification of a dispute, shall review and consider all documentation provided by the consumer.

The Consumer Financial Protection Bureau (CFPB) shall: (1) prepare, and deliver to appropriate parties, reports concerning disputed information received by consumer reporting agencies; and (2) prescribe rules for the gathering of information relating to such disputes.

The CFPB shall also establish mandatory procedures for a consumer reporting agency to follow to assure maximum possible accuracy of all consumer reports.

A consumer reporting agency must give a consumer a credit score free of charge if one is requested in connection with a free annual consumer report.

A consumer reporting agency must also provide free disclosures, even without consumer request, to any consumer who has received either a notice of adverse action or an offer of credit on materially less favorable terms. (Present law requires such disclosure only if the consumer so requests).

The CFPB shall establish three publicly available registries of consumer reporting agencies, including registries of: (1) nationwide consumer reporting agencies; and (2) nationwide specialty consumer reporting agencies.

Upon request by a consumer under age 16 (minor consumer) or the consumer's legal guardian or custodian, a consumer reporting agency must create a blocked file (with name, Social Security number, date of birth, and any credit information) for the minor consumer, or convert to a blocked file a file of the minor consumer already in existence. The Government Accountability Office shall study: (1) credit systems in the international credit system with government-administered consumer credit reporting systems; and (2) the feasibility of a national, U.S. government-administered consumer credit reporting system.

stop errors secure act bill amends fair credit reporting act respect civil liability willful negligent noncompliance consumer reporting agency respect consumer credit protection requirements authorize court award injunctive relief require compliance act costs reasonable attorney fees prevailing party successful action injunctive relief consumer reporting agency shall include mandatory notification furnisher disputed information consumer file documentation provided consumer furnisher disputed information notification dispute shall review consider documentation provided consumer consumer_financial_protection_bureau cfpb shall prepare deliver appropriate parties reports concerning disputed information received consumer reporting agencies prescribe rules gathering information relating disputes cfpb shall establish mandatory procedures consumer reporting agency follow assure maximum possible accuracy consumer reports consumer reporting agency consumer credit score free charge requested connection free annual consumer report consumer reporting agency provide free disclosures consumer request consumer received notice adverse action offer credit materially favorable terms present law requires disclosure consumer requests cfpb shall establish publicly available registries consumer reporting agencies including registries nationwide consumer reporting agencies nationwide specialty consumer reporting agencies request consumer age minor consumer consumer legal guardian custodian consumer reporting agency create blocked file social_security number date birth credit information minor consumer convert blocked file file minor consumer existence government_accountability_office shall study credit systems international credit system government administered consumer credit reporting systems feasibility national government administered consumer credit reporting system


Summary:
Relationship Lending Preservation Act of 2015

This bill directs the Consumer Financial Protection Bureau to issue regulations to include as a qualified mortgage any mortgage loan that: (1) is extended by a creditor that, together with its affiliates, has less than $10 billion in total consolidated assets and is a member of a Federal Home Loan Bank; (2) meets qualifying criteria of the Truth in Lending Act; (3) is eligible to be purchased by a Bank pursuant to its underwriting and documentation requirements; and (4) is eligible to be purchased and is held by a Bank pursuant to regulations of the Federal Housing Finance Agency.

The Bureau shall assess these regulations, addressing, among other relevant factors, their usage by community financial institutions, their impact on access to residential mortgage loans, and whether the Banks actually have established underwriting and documentation requirements.

relationship lending preservation act bill directs consumer_financial_protection_bureau issue regulations include qualified mortgage mortgage loan extended creditor affiliates billion total consolidated assets member federal_home_loan_bank meets qualifying criteria truth lending act eligible purchased bank pursuant underwriting documentation requirements eligible purchased held bank pursuant regulations federal_housing_finance_agency bureau shall assess regulations addressing relevant factors usage community financial institutions impact access residential mortgage loans banks actually established underwriting documentation requirements