Summary: Safe, Accountable, Fair, and Efficient Banking Act of 2010 or the SAFE Banking Act of 2010 - Amends the Bank Holding Company Act of 1956 to prohibit a bank holding company from holding more than 10% of the total amount of deposits of insured depository institutions in the United States. Directs the Board of Governors of the Federal Reserve System to require any bank holding company having a deposit concentration in violation of this Act to sell or transfer assets to unaffiliated firms to bring the company into compliance with this Act. Prescribes minimum leverage ratios (6% of average total consolidated assets) and balance sheet leverage ratios (6% of tier 1 capital for all outstanding balance sheet liabilities) for tier 1 capital maintained by a bank holding company or financial company. Authorizes the Board and other federal regulators to grant an emergency temporary exemption from such ratio requirements where necessary to prevent an imminent threat to the financial stability of the United States. Directs the Board to: (1) establish a leverage ratio and a balance sheet leverage ratio for all operating subsidiaries of bank holding companies and financial companies; and (2) require a noncompliant bank holding company or financial company to raise capital, sell, or otherwise transfer assets or off-balance sheet items to unaffiliated firms (prompt corrective action). Prohibits a bank holding company from possessing nondeposit liabilities exceeding 2% percent of the annual gross domestic product (GDP) of the United States. Authorizes the Board to: (1) set a separate liability limit for certain bank holding companies primarily engaged in the business of insurance; and (2) exclude specified deposits from its calculation of nondeposit liabilities if necessary to ensure consistent and equitable treatment of institutions with international operations. Prohibits a financial company from possessing nondeposit liabilities exceeding 3% of the U.S. annual GDP. Requires the Board to conduct, and report to Congress on, an annual capital assessment to estimate losses, revenues, and reserve needs for bank holding companies and financial companies. Amends the Securities Exchange Act of 1934 to instruct the Securities and Exchange Commission (SEC) to issue a rule requiring certain issuers of securities to record all assets and liabilities on their balance sheets and all financings of assets for which the issuer has more than minimal economic risks or rewards.

safe accountable fair safe banking act amends bank_holding_company_act prohibit bank holding company holding total deposits insured depository institutions united_states directs board_of_governors federal_reserve_system require bank holding company having deposit concentration violation act sell transfer assets unaffiliated firms bring company compliance act prescribes minimum leverage ratios average total consolidated assets balance sheet leverage ratios tier capital outstanding balance sheet liabilities tier capital maintained bank holding company financial company authorizes board federal regulators grant emergency temporary exemption ratio requirements necessary prevent imminent threat financial stability united_states directs board establish leverage ratio balance sheet leverage ratio operating subsidiaries bank holding companies financial companies require noncompliant bank holding company financial company raise capital sell transfer assets balance sheet items unaffiliated firms prompt corrective action prohibits bank holding company possessing nondeposit liabilities exceeding percent annual gross domestic product gdp united_states authorizes board set separate liability limit certain bank holding companies primarily engaged business insurance exclude specified deposits calculation nondeposit liabilities necessary ensure consistent equitable treatment institutions international operations prohibits financial company possessing nondeposit liabilities exceeding annual gdp requires board conduct report congress annual capital assessment estimate losses revenues reserve needs bank holding companies financial companies amends securities_exchange_act instruct securities_and_exchange_commission sec issue rule requiring certain issuers securities record assets liabilities balance sheets financings assets issuer minimal economic risks rewards


Summary: Extends through July 31, 2010, under the same terms and conditions, the authorization for any program, authority, or provision, including any pilot program, that is currently authorized through April 30, 2010, under the Small Business Act or the Small Business Investment Act of 1958.

extends july terms conditions authorization program authority provision including pilot program currently authorized april small business act small_business_investment_act


Summary: Small Business Environmental Stewardship Assistance Act of 2010 - Amends the Small Business Act to reauthorize for FY2011-FY2015 the national small business tree planting program (planting trees on land owned or controlled by state or local governments). Allows up to 20% of program funds to be used for administrative costs. Requires the Administrator of the Small Business Administration (SBA) to report annually to the President and Congress on program activities.

amends small business act reauthorize fy2011 fy2015 national small business tree planting program planting trees land owned controlled state local governments allows program funds administrative costs requires administrator small_business_administration sba report annually president congress program activities


Summary: Amends the Internal Revenue Code to allow nonrecognition of gain in a corporate reorganization for corporations that exchange property solely for stock other than nonqualified preferred stock.

amends internal revenue code allow nonrecognition gain corporate reorganization corporations exchange property solely stock nonqualified preferred stock


Summary: Working Capital Express Act of 2010 - Amends the Small Business Act to authorize the Administrator of the Small Business Administration (SBA) to guarantee loans for working capital made by lenders under the SBA's Express Loan Program to small businesses in operation for at least two years. Provides loan terms, including a guarantee limit of $750,000 for each small business. Directs the Administrator to: (1) establish maximum default and delinquency rates for such loans; and (2) suspend the eligibility to make such loans in the case of any lender with a default or delinquency rate in excess of such rates.

amends small business act authorize administrator small_business_administration sba guarantee loans working capital lenders sba small businesses operation years provides loan terms including guarantee limit small business directs administrator establish maximum default delinquency rates loans suspend eligibility loans case lender default delinquency rate excess rates


Summary: America Saving for Personal Investment, Retirement, and Education Act of 2010 or ASPIRE Act of 2010 - Establishes an ASPIRE Fund in the Treasury, including a Lifetime Savings Account. Makes eligible to contribute to such an account, and to receive certain federal contributions, any U.S. citizen or lawful resident alien born after December 31, 2010, and under 18 years of age, whose modified adjusted gross income is below the applicable national median adjusted gross income amount. Amends the Internal Revenue Code (IRC) to exclude from an individual's gross income any amount paid by an employer to the Lifetime Savings Account of an employee or any person treated as an employee. Prescribes requirements for distributions for higher education expenses. States that, for IRC purposes, each Lifetime Savings Account shall be treated in the same manner as a Roth IRA. Amends the IRC to require that, except in certain respects, privately managed Lifetime Savings Accounts also be treated in the same manner as a Roth IRA. Creates the ASPIRE Fund Board to establish a default investment program under which, in a manner similar to a lifecycle investment program, sums in each Lifetime Savings Account are allocated to investment funds in the ASPIRE Fund based on the amount of time before the account holder attains the age of 18. Subjects the Board to the same composition requirements, duties, and responsibilities as the Federal Retirement Thrift Investment Board. Instructs the Secretary of the Treasury, in coordination with the Financial Literacy and Education Commission, to develop programs to promote the financial literacy of account holders of Lifetime Savings Accounts.

america saving personal investment retirement education act establishes treasury including makes eligible contribute account receive certain federal contributions citizen lawful resident alien born december years age modified adjusted gross income applicable national median adjusted gross income amends internal revenue code irc exclude individual gross income paid employer employee person treated employee prescribes requirements distributions higher education expenses states irc purposes account shall treated manner roth ira amends irc require certain respects privately managed treated manner roth ira creates establish default investment program manner similar lifecycle investment program sums allocated investment funds based time account holder attains age subjects board composition requirements duties responsibilities federal_retirement_thrift_investment_board instructs secretary treasury coordination develop programs promote financial literacy account holders


Summary: Appropriates funds for the business loans program of the Small Business Administration (SBA), to be used for small business loan fee reductions and eliminations and small business loan guarantees authorized under the American Recovery and Reinvestment Act of 2009 (ARRA). Amends ARRA to extend through 2010 the above fee reduction and loan guarantee programs. Appropriates funds to cover such extensions. Rescinds specified funds under ARRA to offset increases resulting from appropriations under this Act.

appropriates funds business loans program small_business_administration sba small business loan fee reductions eliminations small business loan guarantees authorized american_recovery_and_reinvestment_act arra amends arra extend fee reduction loan guarantee programs appropriates funds cover extensions rescinds specified funds arra offset increases resulting appropriations act


Summary: Extends through January 31, 2011, under the same terms and conditions, the authorization for any program, authority, or provision, including any pilot program, that is currently authorized through September 30, 2010, under the Small Business Act or the Small Business Investment Act of 1958.

extends january terms conditions authorization program authority provision including pilot program currently authorized september small business act small_business_investment_act


Summary: Amends the Electronic Fund Transfer Act to include as an account, for purposes of determining consumer liability for unauthorized electronic fund transfers, an account of a municipality or a school district used for the purpose of carrying out the official duties of that municipality or school district. Requires the Board of Governors of the Federal Reserve System to issue final rules to define the terms "municipality" and "school district" for purposes of, and to otherwise carry out, this Act.

amends electronic fund transfer act include account purposes determining consumer liability unauthorized electronic fund transfers account municipality school district purpose carrying official duties municipality school district requires board_of_governors federal_reserve_system issue final rules define terms municipality school district purposes carry act


Summary: Regulated Investment Company Modernization Act of 2010 - Amends the Internal Revenue Code, with respect to regulated investment companies (RICs), to: (1) allow an unlimited carryforward of the net capital losses of RICs; (2) eliminate restrictions on the investment of RICs in commodities; (3) limit penalties for the failure of RICs to satisfy gross income and asset tests; (4) modify rules for allocating RIC capital gain dividend distributions; (5) include certain nondeductible items of RIC income in earnings and profit calculations; (6) allow RICs that invest exclusively in the shares of other RICs to pass through to their shareholders tax-exempt interest and foreign tax credits, without regard to certain investment limitations; (7) modify rules relating to the declaration of RIC dividends, return of capital distributions, and stock redemptions; (8) allow certain RICs with shares that are redeemable upon demand to treat distributions in redemption of stock as an exchange of fund shares or a dividend for tax purposes; (9) allow a deferral of end-of-year losses of RICs; (10) exempt certain regularly declared exempt-interest dividends of RICs from holding period requirements; (11) increase the annual amount of capital gain net income of RICs required to be distributed; and (12) modify excise tax and penalty rules applicable to RICs.

act amends internal revenue code respect regulated investment companies rics allow unlimited net capital losses rics eliminate restrictions investment rics commodities limit penalties failure rics satisfy gross income asset tests modify rules allocating ric capital gain dividend distributions include certain nondeductible items ric income earnings profit calculations allow rics invest exclusively shares rics pass shareholders tax exempt interest foreign tax credits regard certain investment limitations modify rules relating declaration ric dividends return capital distributions stock allow certain rics shares redeemable demand treat distributions redemption stock exchange fund shares dividend tax purposes allow deferral end year losses rics exempt certain regularly declared exempt interest dividends rics holding period requirements increase annual capital gain net income rics required distributed modify excise tax penalty rules applicable rics


Summary: Amends the Small Business Act to require an offeror with respect to a contract let by a federal agency that is to be awarded pursuant to the negotiated method of procurement that intends to identify a small business as a potential subcontractor: (1) notify the small business that the offeror intends to identify it as a potential subcontractor; and (2) include with the offer a written acknowledgment by the small business that it has received such notice. Provides penalties against offerors failing to provide such notification. Directs the Administrator of the Small Business Administration (SBA) to establish a reporting mechanism that allows subcontractors to report fraudulent activity by a contractor with respect to a federal small business subcontracting plan.

amends small_business_act require offeror respect contract let federal agency awarded pursuant negotiated method procurement intends identify small business potential subcontractor notify small business offeror intends identify potential subcontractor include offer written acknowledgment small business received notice provides penalties offerors failing provide notification directs administrator small_business_administration sba establish reporting mechanism allows subcontractors report fraudulent activity contractor respect federal small business subcontracting plan


Summary: Amends the Federal Credit Union Act regarding repayment to the Treasury of advances to the Temporary Corporate Credit Union Stabilization Fund (Stabilization Fund) for payments connected to the conservatorship, liquidation, or threatened conservatorship or liquidation, of a corporate credit union. Revises requirements for assessments on federally insured credit unions by the National Credit Union Administration Board to ensure that the Stabilization Fund will have sufficient funds to make scheduled repayments to the Treasury. Authorizes the Board to assess a special premium on each insured credit union in an aggregate amount reasonably calculated to make any pending or future expenditure from the Stabilization Fund. Makes the premium due and payable by 60 days after the assessment date. Requires the Board, in setting the amount of any such assessment, to take into consideration any potential impact on credit union earnings that such an assessment may have. Requires calculation of the equity ratio of the National Credit Union Share Insurance Fund (Insurance Fund), for timing and assessment of premium charges, to use the financial statements of the Insurance Fund alone, without any consolidation or combination with the financial statements of any other fund or entity. Revises the definition of net worth with respect to any insured credit union to include, at Board discretion, and subject to Board rules and regulations, special assistance to an insured credit union to avoid liquidation that is provided to facilitate a least-cost resolution consistent with the best interests of the credit union system. Directs the Comptroller General to study and report to Congress and the Financial Stability Oversight Council on the supervision of corporate credit unions and implementation of prompt corrective action by the National Credit Union Administration (NCUA). Requires the Council to report to Congress within six months after receiving the Comptroller General's report on any actions taken in response to it, including any recommendations issued to NCUA under the Dodd-Frank Wall Street Reform and Consumer Protection Act to apply new or heightened standards and safeguards to insured credit unions for financial stability purposes.

amends federal_credit_union_act repayment treasury advances payments connected conservatorship liquidation threatened conservatorship liquidation corporate credit union revises requirements assessments federally insured credit unions national_credit_union_administration_board ensure sufficient funds scheduled repayments treasury authorizes board assess special premium insured credit union aggregate reasonably calculated pending future expenditure makes premium payable days assessment date requires board setting assessment consideration potential impact credit union earnings assessment requires calculation equity ratio timing assessment premium charges use financial statements consolidation combination financial statements fund entity revises definition net worth respect insured credit union include board discretion subject board rules regulations special assistance insured credit union avoid liquidation provided facilitate cost resolution consistent best interests credit union system directs comptroller general study report congress financial_stability_oversight_council supervision corporate credit unions implementation prompt corrective action national_credit_union_administration ncua requires council report congress months receiving comptroller_general report actions taken response including recommendations issued ncua dodd frank wall street reform consumer protection act apply new heightened standards safeguards insured credit unions financial stability purposes


Summary: Prepaid Card Consumer Protection Act of 2010 - Amends the Electronic Fund Transfer Act to extend its coverage to spending card accounts (prepaid cards) established by a consumer (or on a consumer's behalf): (1) to which recurring electronic fund transfers may be made, at the consumer's direction, and (2) from which payments may be made, at the consumer's direction, through the use of a card, code, or device. Treats as a spending card account any similar asset account operated or managed by a financial institution, or any other person, whose funds: (1) are pooled with the funds of a person other than the one who established the account, or (2) are held in a name other than that of the person who established the account. Excludes from the meaning of spending card account: (1) any nonreloadable general-use prepaid card in an amount under $250; and (2) any general-use prepaid card solely associated with a certain kind of health plan, a qualified transportation fringe, a health savings account or any other healthcare benefit account, a gift certificate, a store gift card, an electronic promise, plastic card, or payment code, or device, a nonreloadable card labeled as a gift card and marketed solely as such, or a nonreloadable loyalty, rebate, or promotional card. Requires a financial institution to offer electronic fund transfer services in connection with a spending card account only if the account is insured under the Federal Deposit Insurance Act and complies with its pass-through deposit insurance requirements. Requires any person that accepts funds in connection with an electronic fund transfer to a spending card account to: (1) transfer them, within 24 hours after accepting them, to an account at an insured depository institution; or (2) credit the spending card account an amount equal to the amount of such funds. Waives the requirement for providing a consumer with a periodic statement if a financial institution, among other things, provides the consumer with access to the account balance through a readily available telephone line and the Internet and at an electronic terminal or other device (ATM machine) that allows the consumer to make a balance inquiry. Prohibits the charging of fees for services required to meet these requirements, other than $1 for an optional periodic statement. Specifies other fees which may and may not be charged in connection with a spending account card.

amends electronic fund transfer act extend coverage spending card accounts prepaid cards established consumer consumer behalf recurring electronic fund transfers consumer direction payments consumer direction use card code device treats spending card account similar asset account operated managed financial institution person funds pooled funds person established account held person established account excludes meaning spending card account nonreloadable general use prepaid card general use prepaid card solely associated certain kind health plan qualified transportation fringe health savings account healthcare benefit account gift certificate store gift card electronic promise plastic card payment code device nonreloadable card labeled gift card marketed solely nonreloadable loyalty rebate promotional card requires financial institution offer electronic fund transfer services connection spending card account account insured federal_deposit_insurance_act complies pass deposit insurance requirements requires person accepts funds connection electronic fund transfer spending card account transfer hours accepting account insured depository institution credit spending card account equal funds waives requirement providing consumer periodic statement financial institution things provides consumer access account balance readily available telephone line internet electronic terminal device atm machine allows consumer balance inquiry prohibits charging fees services required meet requirements optional periodic statement specifies fees charged connection spending account card


Summary: Amends the Federal Deposit Insurance Act, as amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act, to treat as a noninterest-bearing transaction account fully insurable by the Federal Deposit Insurance Corporation (FDIC) any Interest on Lawyers Trust Account (or functionally equivalent account) established by an attorney or law firm on behalf of a client.

amends federal_deposit_insurance_act amended dodd frank wall street reform consumer protection act treat noninterest bearing transaction account fully insurable federal_deposit_insurance_corporation fdic functionally equivalent account established attorney law firm behalf client


Summary: Repeals the Dodd-Frank Wall Street Reform and Consumer Protection Act. Revives or restores the provisions of law amended by such Act as if it had not been enacted.

repeals dodd-frank_wall_street_reform consumer protection act revives restores provisions law amended act enacted


Summary: Photo Identification Security Act - Restricts the forms of individual identification that may be accepted by the federal government or by financial institutions to the following: (1) a Social Security card accompanied by a photo identification card issued by the federal or a state government; (2) a driver's license or identification card issued by a state that is in compliance with the REAL ID Act of 2005; (3) a passport issued by the United States or a foreign government; and (4) a photo identification card issued by the Secretary of Homeland Security (acting through the Director of the United States Citizenship and Immigration Services).

forms individual identification accepted federal government financial institutions following social_security card accompanied photo identification card issued federal state government driver license identification card issued state compliance real act passport issued united_states foreign government photo identification card issued secretary homeland_security acting director united_states citizenship_and_immigration_services


Summary: Repeals all but specified provisions (among them the temporary increase to $250,000 in deposit and share insurance coverage) of title I (Troubled Asset Relief Program) (TARP) of the Emergency Economic Stabilization Act of 2008. Restores or revives the provisions of law amended or repealed by such title as if it had not been enacted. Directs the Secretary of the Treasury to: (1) maintain oversight of all outstanding funds received by an entity under TARP until they are repaid; and (2) dispose of all assets received by the Treasury under TARP in a manner so as to maximize the overall return from them. Declares that Congress finds that the federal government should not: (1) provide TARP-like programs or other bailouts for entities in the private sector; or (2) act as a creditor of last resort to the private sector. Prohibits Congress from making any law providing a bailout for one or more entities in the private sector.

repeals specified provisions temporary increase deposit share insurance coverage title troubled asset relief program tarp emergency_economic_stabilization_act restores revives provisions law amended repealed title enacted directs secretary treasury maintain oversight outstanding funds received entity tarp repaid dispose assets received treasury tarp manner maximize overall return declares congress finds federal government provide tarp like programs bailouts entities private sector act creditor resort private sector prohibits congress making law providing bailout entities private sector


Summary: Fiscal Responsibility Effective Enforcement Act of 2011 or FREE Act of 2011 - Amends the Federal Reserve Act to repeal the authority of a federal reserve bank to buy or sell bills, notes, revenue bonds, or warrants with a maturity date of six months issued by state or local governments, including municipalities and irrigation, drainage, and reclamation districts.

free act amends federal reserve act repeal authority federal reserve bank buy sell bills notes revenue bonds warrants maturity date months issued state local governments including municipalities irrigation drainage reclamation districts


Summary: Financial Information Privacy Act of 2011 - Amends the Gramm-Leach-Bliley Act to require a financial institution, as a prerequisite to providing disclosures of a consumer's personal information to nonaffiliated third parties, to obtain the consumer's consent on an express consent form. Prohibits a financial institution, except in certain circumstances, from discriminating against a consumer or denying an otherwise qualified consumer a financial product or service, or from offering a financial product or service on less favorable terms and conditions, because the consumer has not provided the express consent. Prescribes the obligations of a financial institution regarding disclosure of a consumer's personal information to affiliates. Directs the Board of Governors of the Federal Reserve System and the Bureau of Consumer Financial Protection to develop a model disclosure form, meeting specified requirements, for financial institutions to use when seeking a consumer's consent to disclose nonpublic personal information.

amends gramm leach bliley act require financial institution prerequisite providing disclosures consumer personal information nonaffiliated parties obtain consumer consent express consent form prohibits financial institution certain circumstances discriminating consumer denying qualified consumer financial product service offering financial product service favorable terms conditions consumer provided express consent prescribes obligations financial institution disclosure consumer personal information affiliates directs board_of_governors federal_reserve_system bureau_of_consumer_financial_protection develop model disclosure form meeting specified requirements financial institutions use seeking consumer consent disclose nonpublic personal information


Summary: Repaying the American Taxpayer Act of 2011 - Amends the Emergency Economic Stabilization Act of 2008 (EESA) to require payment into the Treasury for reduction of the public debt of dividends on any share of preferred stock in a financial institution obtained and held by the Secretary of the Treasury in conjunction with financial assistance provided to the institution under EESA. Requires the statutory limitation on the public debt to be reduced by the aggregate amount of such revenues and proceeds paid into the Treasury. Directs the Special Inspector General to report to certain congressional committees on the disposition of such dividend payments.

repaying american taxpayer act amends emergency economic stabilization act eesa require payment treasury reduction public debt dividends share preferred stock financial institution obtained held secretary treasury conjunction financial assistance provided institution eesa requires statutory limitation public debt reduced aggregate revenues proceeds paid treasury directs special inspector general report certain congressional committees disposition dividend payments


Summary: Women's Business Ownership Act of 2011 - Establishes the Commission on Women's Business Ownership to review and make recommendations concerning: (1) the status of women business owners across the United States, and their progress made since the 1980 White House Conference on Small Business; (2) the role of the federal government in aiding and promoting women business owners; and (3) data collection procedures with respect to women-owned businesses, including federal initiatives and procurement.

establishes commission women business ownership review recommendations concerning status women business owners united_states progress role federal government aiding promoting women business owners data collection procedures respect women owned businesses including federal initiatives procurement


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

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


Summary: Consumers Payment System Protection Act - Delays until one year after enactment of this Act any proposed or final rule issued under the authority of specified requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act governing interchange transaction (swipe) fees for electronic debit transactions (EDTs). Requires the Board of Governors of the Federal Reserve System and specified federal banking agencies jointly to study and report to Congress on the effect of such requirements upon consumers, card issuers, merchants, and financial institutions. Sets a deadline for the Board to make revisions to any proposed or final rule regarding such EDTs if at least two of the agencies contributing to such report determine that any one of the following is true: (1) either such requirements or the Board's proposed rule entitled "Debit Card Interchange Fees and Routing" does not encompass all costs and investments associated with debit card transactions; (2) consumers will be adversely affected by either the requirements or the proposed rule; or (3) the current exemption of small financial institutions (with less than $10 billion in assets) from such requirements, or as carried out by the proposed rule, is not effective in practice.

act delays year enactment act proposed final rule issued authority specified requirements dodd frank wall street reform consumer protection act governing interchange transaction fees electronic debit transactions requires board_of_governors federal_reserve_system specified federal banking agencies jointly study report congress effect requirements consumers card issuers merchants financial institutions sets deadline board revisions proposed final rule agencies contributing report determine following true requirements board proposed rule entitled debit card interchange fees routing encompass costs investments associated debit card transactions consumers adversely affected requirements proposed rule current exemption small financial institutions billion assets requirements carried proposed rule effective practice


Summary: Freedom to Bank Act - Terminates any provision of federal law (other than the Internal Revenue Code) that subjects a consumer to a penalty for withdrawing or transferring funds from any transaction account or any savings or time deposit. Declares that no creditor, depository institution, or credit union shall be required to provide periodic statements of account to a customer unless the customer has notified it of an election to receive such statements. Requires such entities to establish a procedure for notifying customers of their right to elect to receive statements of account and the method for implementing such election.

freedom bank act terminates provision federal law internal revenue code subjects consumer penalty withdrawing transferring funds transaction account savings time deposit declares creditor depository institution credit union shall required provide periodic statements account customer customer notified election receive statements requires entities establish procedure notifying customers right elect receive statements account method implementing election


Summary: National Association of Registered Agents and Brokers Reform Act of 2011 - Amends the Gramm-Leach-Bliley Act to repeal the contingent conditions under which the National Association of Registered Agents and Brokers (NARAB) shall not be established. Reestablishes the NARAB without contingent conditions as a nonprofit corporation to prescribe, on a multi-state basis, licensing and insurance producer qualification requirements and conditions. Retains states' regulatory authority over: (1) licensing, supervision, disciplining, and setting of licensing fees for insurance producers; and (2) insurance-related consumer protection and unfair trade practices. Prohibits NARAB from establishing criteria that unfairly limit the ability of a small insurance producer to become a member of NARAB. Authorizes NARAB to: (1) establish membership criteria, including a mandatory criminal background check for state-licensed insurance producers, and (2) deny membership to a state-licensed insurance producer on the basis of the criminal history information obtained. Authorizes the NARAB to deny membership to any state-licensed insurance producer for failure to meet membership criteria. States that NARAB membership authorizes an insurance producer to engage in the business of insurance in any state for any lines of insurance specified in the producer's home state license, including claims adjustments and settlement, risk management, and specified insurance-related consulting activities. Retains state regulatory jurisdiction regarding consumer protection and market conduct. Requires NARAB to: (1) receive and investigate consumer complaints, maintaining a toll-free telephone number; and (2) refer any such complaint to the state insurance regulator. Authorizes the NARAB to coordinate with state insurance regulators to establish: (1) a central clearinghouse, and (2) a national database for the collection of regulatory information concerning the activities of insurance producers.

amends gramm leach bliley act repeal contingent conditions national_association_of_registered_agents_and_brokers narab shall established reestablishes narab contingent conditions nonprofit corporation prescribe multi state basis licensing insurance producer qualification requirements conditions retains states regulatory authority licensing supervision disciplining setting licensing fees insurance producers insurance related consumer protection unfair trade practices prohibits narab establishing criteria unfairly limit ability small insurance producer member narab authorizes narab establish membership criteria including mandatory criminal background check state licensed insurance producers deny membership state licensed insurance producer basis criminal history information obtained authorizes narab deny membership state licensed insurance producer failure meet membership criteria states narab membership authorizes insurance producer engage business insurance state lines insurance specified producer home state license including claims adjustments settlement risk management specified insurance related consulting activities retains state regulatory jurisdiction consumer protection market conduct requires narab receive investigate consumer complaints maintaining toll free telephone number refer complaint state insurance regulator authorizes narab coordinate state insurance regulators establish central clearinghouse national database collection regulatory information concerning activities insurance producers


Summary: Kids IRA Act of 2011 or the K-IRA Act - Amends the Internal Revenue Code to establish a tax-exempt individual retirement account for taxpayers under age 26, to be known as a young savers account. Treats such accounts as Roth individual retirement accounts for income tax purposes. Allows an income-based tax deduction for contributions to such accounts, up to $5,000 in any taxable year.

kids ira act ira act amends internal revenue code establish tax exempt individual retirement account taxpayers age known young savers account treats accounts roth individual retirement accounts income tax purposes allows income based tax deduction contributions accounts taxable year


Summary: GSE Bailout Elimination and Taxpayer Protection Act - Sets a deadline for the Director of the Federal Housing Finance Agency (FHFA) to terminate the conservatorship of either the Federal National Mortgage Association (Fannie Mae) or the Federal Home Loan Mortgage Corporation (Freddie Mac) if the Director determines that it is financially viable. (Refers to both Fannie Mae and Freddie Mac as enterprises [government-sponsored enterprises, or GSEs].) Requires the Director to appoint the FHFA immediately as receiver of either enterprise if it is found not to be financially viable. Amends the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 (FHEFSSA) to repeal: (1) its housing goals, and (2) the housing trust fund. Amends the Housing and Community Development Act of 1992 to restrict the authority of an enterprise to acquire mortgage assets following its emergence from conservatorship. Repeals certain temporary, general, and permanent high-cost area increases to conforming loan limits. Establishes new conforming loan limits. Amends FHEFSSA to require the Director to require each enterprise to charge a guarantee fee, in connection with any mortrgage guaranteed after a specified three-year period, in an amount equivalent to that which the enterprise would charge if it were held to the same capital standards as private banks or financial institutions. Amends the Federal National Mortgage Association Charter Act (FNMACA) and the Federal Home Loan Mortgage Corporation Act (FHLMCA) to prohibit reduction in the rate of dividends paid on each enterprise's Variable Liquidation Preference Senior Preferred Stock. Amends FHEFSSA to require the Director to establish minimum levels of capital for the enterprises, including levels in excess of such minimums as necessary or appropriate in light of an enterprise's particular circumstances. Authorizes the Director to deem failure of an enterprise to maintain revised minimum capital levels to constitute an unsafe and unsound condition. Amends FNMACA and FHLMCA to: (1) prohibit the enterprises from purchasing mortgages if the mortgagor has paid less than the specified minimum downpayment; and (2) require the enterprises to pay state and local taxes. Repeals the exemption of mortgage-backed securities and subordinate obligations of Fannie Mae, as well as mortgage-backed securities of Freddie Mac, from regulation by the Securities and Exchange Commission (SEC), thus subjecting such securities and obligations to SEC regulation. Prescribes a deadline and procedures for the wind down of operations and dissolution of an enterprise three years after enactment of this Act.

taxpayer protection act sets deadline director federal_housing_finance_agency fhfa terminate conservatorship federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac director determines financially viable refers fannie_mae freddie_mac enterprises government sponsored enterprises gses requires director appoint fhfa immediately receiver enterprise found financially viable amends federal_housing_enterprises_financial_safety soundness act repeal housing goals housing trust fund amends housing_and_community_development_act restrict authority enterprise acquire mortgage assets following conservatorship repeals certain temporary general permanent high cost area increases conforming loan limits establishes new conforming loan limits amends require director require enterprise charge guarantee fee connection guaranteed specified year period equivalent enterprise charge held capital standards private banks financial institutions amends federal_national_mortgage_association charter act federal_home_loan_mortgage_corporation_act prohibit reduction rate dividends paid enterprise amends require director establish minimum levels capital enterprises including levels excess minimums necessary appropriate light enterprise particular circumstances authorizes director deem failure enterprise maintain revised minimum capital levels constitute unsafe unsound condition amends prohibit enterprises purchasing mortgages mortgagor paid specified minimum downpayment require enterprises pay state local taxes repeals exemption mortgage backed securities subordinate obligations fannie_mae mortgage backed securities freddie_mac regulation securities_and_exchange_commission sec subjecting securities obligations sec regulation prescribes deadline procedures wind operations dissolution enterprise years enactment act


Summary: Title I: Consumer Financial Protection Safety and Soundness Improvement Act of 2011 - Consumer Financial Protection Safety and Soundness Improvement Act of 2011 - (Sec. 102) Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to authorize the Chairperson of the Financial Stability Oversight Council to issue a stay of, or set aside, any regulation issued by the Consumer Financial Protection Bureau (CFPB) upon the affirmative vote of the majority (currently, two-thirds) of Council members, excluding the Chair of the Commission of the CFPB (as provided for in this Act).Applies to a petition by nonvoting members of the Council for review of a CFPB final regulation the procedures and requirements that apply to a petition by an agency represented by a member of the Council. Authorizes an agency or a nonvoting member of the Council to make petitions on any subject matter, regardless of their areas of particular expertise. Prohibits a Council member from voting on the decision to issue a stay of, or set aside, any regulation under Dodd-Frank if such member has, within the previous two-year period, been employed by any company or other entity that is subject to such regulation. (Sec. 103) Requires the Council, upon the petition of a member agency of the Council, to set aside a final regulation prescribed by the Bureau if the Council decides that such regulation is inconsistent with the safe and sound operations of U.S. financial institutions. (Currently the Council is merely authorized, upon petition, to set aside a final regulation, but only if the regulation would put the safety and soundness of the U.S. banking system or the stability of the U.S. financial system at risk.) Repeals: (1) the prohibition against Council set-aside of a regulation after expiration of a specified deadline (unless a stay is issued); and (2) mandatory dismissal of a petition if the Council has not issued a decision by such deadline. Requires Council meetings that are convened to issue a stay of, or set aside, any regulation to be open to public observation. Requires the Council to provide live online streaming or broadcasting of the meetings. (Sec. 104) Establishes a Commission to serve as head of the Bureau, in lieu of a single Director, and to prescribe regulations and issue orders. Prescribes the composition of the Commission as the Vice Chairman for Supervision of the Federal Reserve System and four additional members who shall be appointed by the President, by and with the advice and consent of the Senate. Requires such members to have strong competencies and experiences related to consumer financial protection. Recommends that they also should want to protect service members and their families who are sacrificing their lives for this country from abusive financial practices. Requires one member of the Commission to have as his or her primary responsibility the oversight of CFPB activities pertaining to protecting consumers, with a focus on consumers who are older, minorities, youth, or veterans, from unfair, deceptive, and abusive lending practices. Requires that no more than two members of the Commission be of the same political party. (Sec. 106) Designates the single calendar date for the transfer to the Bureau of the consumer financial protection functions of other specified agencies to be: (1) the date that would have been designated, but for the application of this Act, and (2) the date on which the Chair of the Commission of the Bureau is confirmed by the Senate. (Sec. 107) Directs the Inspector General of the Board of Governors of the Federal Reserve System and the CFPB (IGs) to report annually to Congress and make accessible to the public: (1) a list of all new rules, guidelines, and regulations prescribed by the CFPB within the previous fiscal year; (2) a detailed list of all authority which the IGs believe overlaps with the efforts of other federal departments and agencies; (3) all administrative expenses of the CFPB, including the amount spent on salaries, office supplies, and office space, and (4) the current amount in the CFPB Fund. (Sec. 108) Requires the CFPB, each time it proposes a new rule or regulation, to carry out: (1) an initial regulatory flexibility analysis, including the financial impact of the proposed rule or regulation on all financial entities, regardless of size; and (2) an analysis of whether the proposed rule or regulation will impair the ability of individuals and small business to access credit from financial institutions. Title II: FHA Refinance Program Termination Act - FHA Refinance Program Termination Act - (Sec. 202) Rescinds and permanently cancels all unexpended balances of certain amounts made available under the Emergency Economic Stabilization Act (EESA) that have been allocated for use under the FHA Refinance Program of the Making Home Affordable initiative of the Secretary of the Treasury. (Sec. 203) Declares null and void Mortgagee Letter 2010-23 of the Secretary of Housing and Urban Development (HUD). Prohibits HUD from: (1) issuing any regulation, order, notice, or mortgagee letter based on or substantially similar to such Mortgagee Letter; or (2) newly insuring any mortgage under the FHA Refinance Program except pursuant to a commitment to insure made before enactment of this Act. Directs HUD to: (1) terminate the FHA Refinance Program, and (2) study and report to Congress on the extent of its usage by and its impact upon, covered homeowners (members of the U.S. Armed Forces, veterans, members and veterans with service-connected disabilities [and their survivors and dependents], and persons eligible to receive a Gold Star lapel pin as a widow, parent, or next of kin of certain deceased members of the Armed Forces). (Sec. 204) Requires HUD to publish on its Website that: (1) the FHA Short Refinance Program has been terminated, and (2) individuals having trouble paying a mortgage and needing help contacting their lender or servicer to negotiate or acquire a loan modification should contact their Members of Congress to assist them.

title soundness improvement act consumer financial protection safety soundness improvement act sec amends dodd frank wall street reform consumer protection act authorize chairperson financial stability oversight council issue stay set aside regulation issued consumer_financial_protection_bureau cfpb affirmative vote majority currently thirds council members excluding provided petition nonvoting members council review cfpb final regulation procedures requirements apply petition agency represented member agency nonvoting member council petitions subject matter regardless areas particular expertise prohibits council member voting decision issue stay set aside regulation dodd-frank member previous year period employed company entity subject regulation sec requires council petition member agency council set aside final regulation prescribed bureau council decides regulation inconsistent safe sound operations financial institutions currently council merely authorized petition set aside final regulation regulation safety soundness banking system stability financial system risk repeals prohibition council set aside regulation expiration specified deadline stay issued mandatory dismissal petition council issued decision deadline meetings convened issue stay set aside regulation open public observation requires council provide live online broadcasting meetings sec establishes commission serve head bureau lieu single director prescribe regulations issue orders prescribes composition commission vice chairman additional members shall appointed president advice consent senate requires members strong competencies experiences related consumer financial protection recommends want protect service members families lives country abusive financial practices requires member commission primary responsibility oversight cfpb activities pertaining protecting consumers focus consumers older minorities youth veterans unfair deceptive abusive lending practices requires members commission political party sec designates single calendar date transfer bureau consumer financial protection functions specified agencies date designated application act date chair commission bureau confirmed senate sec directs inspector general board_of_governors federal_reserve_system cfpb igs report annually congress accessible public list new rules guidelines regulations prescribed cfpb previous fiscal year detailed list authority igs believe efforts federal departments agencies administrative expenses cfpb including spent salaries office supplies office space current sec requires cfpb time proposes new rule regulation carry initial regulatory flexibility analysis including financial impact proposed rule regulation financial entities regardless size analysis proposed rule regulation impair ability individuals small business access credit financial institutions title sec rescinds permanently cancels unexpended balances certain amounts available emergency_economic_stabilization_act eesa allocated use initiative secretary treasury sec declares null void mortgagee letter secretary housing_and_urban_development hud prohibits hud issuing regulation order notice mortgagee letter based substantially similar newly insuring mortgage pursuant commitment insure enactment act directs hud terminate study report congress extent usage impact covered homeowners members veterans members veterans service connected disabilities survivors dependents persons eligible receive lapel pin widow parent kin certain deceased members armed_forces sec requires hud publish website fha short refinance program terminated individuals having paying mortgage needing help contacting lender servicer negotiate acquire loan modification contact members congress assist


Summary: Capital Access for Main Street Act of 2011 - Authorizes an insured depository institution with assets of less than $10 billion, for purposes of capital calculation under the Financial Institutions Examination Council's Consolidated Reports of Condition and Income, to choose to amortize any loss or write-down, on a quarterly straight-line basis over a seven-year period, which it has incurred with respect to: (1) a loan secured by commercial real estate, or (2) other real estate owned.

main street act authorizes insured depository institution assets billion purposes capital calculation financial institutions examination council choose amortize loss write quarterly straight line basis seven year period incurred respect loan secured commercial real estate real estate owned


Summary: Small Business Lending Enhancement Act of 2011 - Amends the Federal Credit Union Act to prohibit an insured credit union from making any member business loan that would result in the total amount of such loans outstanding at that credit union at any one time exceeding either: (1) 1.75 times the actual net worth of the credit union, or (2) 12.25% of the total assets of the credit union. Authorizes the National Credit Union Administration Board to approve an application by an insured credit union to make one or more member business loans that would result in a total amount of such loans outstanding at any one time of up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria. Prohibits an insured credit union that has made such a member business loan but that is not well capitalized from making any new member business loans until it becomes well capitalized and obtains Board approval. Directs the Board to develop a tiered approval process, including lending standards, under which an insured credit union gradually increases the amount of member business lending in a manner that is consistent with safe and sound operations. Directs the Comptroller General to study the status of member business lending by insured credit unions.

small business lending enhancement act amends federal_credit_union_act prohibit insured credit union making member business loan result total loans outstanding credit union time exceeding times actual net worth credit union total assets credit union authorizes national_credit_union_administration_board approve application insured credit union member business loans result total loans outstanding time total assets credit union credit union meets specified safety soundness criteria prohibits insured credit union member business loan capitalized making new member business loans capitalized obtains board approval directs board develop tiered approval process including lending standards insured credit union gradually increases member business lending manner consistent safe sound operations directs comptroller general study status member business lending insured credit unions


Summary: S Corporation Modernization Act of 2011 - Amends the Internal Revenue Code to revise the tax treatment of S corporations by: (1) permanently reducing from 10 to 5 years the period during which S corporation built-in gains are subject to tax; (2) repealing mandatory termination of S corporation elections for excessive passive investment income; (3) allowing S corporations to increase passive investment income from 25 to 60% without incurring additional tax; (4) allowing nonresident aliens to be potential current beneficiaries of an electing small business trust (ESBT); (5) allowing individual retirement accounts (IRAs) to be S corporation shareholders; (6) allowing ESBTs to claim expanded charitable tax deductions; and (7) making permanent the rule requiring a basis adjustment to stock of an S corporation making charitable contributions of property.

corporation modernization act amends internal revenue code revise tax treatment corporations permanently reducing years period corporation built gains subject tax repealing mandatory termination corporation elections excessive passive investment income allowing corporations increase passive investment income incurring additional tax allowing nonresident aliens potential current beneficiaries electing small business trust esbt allowing individual retirement accounts iras corporation shareholders allowing esbts claim expanded charitable tax deductions making permanent rule requiring basis adjustment stock corporation making charitable contributions property


Summary: Return to Prudent Banking Act of 2011 - Amends the Federal Deposit Insurance Act (FDIA) to prohibit an insured depository institution from being an affiliate of any broker or dealer, investment adviser, investment company, or any other person or entity engaged principally in the issue, flotation, underwriting, public sale, or distribution of stocks, bonds, debentures, notes, or other securities. Prohibits officers, directors and employees of securities firms from simultaneous service on the boards of depository institutions, except in specified circumstances. Requires any such individual serving as an officer, director, employee, or other institution-affiliated party of any insured depository institution to terminate such service as soon as practicable after enactment of this Act. Requires an insured depository institution to wind-down in an orderly manner and terminate any affiliation prohibited by this Act. Amends the Banking Act of 1933 (Glass-Steagall Act) to expand its prohibition against the transaction of banking activities by securities firms. Declares that Congress ratifies the interpretation by the Supreme Court of specified statutory language in the case of Investment Company Institute v. Camp ( ICI vs. Camp) regarding permissible activities of banks and securities firms. Declares that the reasoning of the Court in that case shall continue to apply to the limitations placed upon security affiliations under the FDIA as enacted by this Act. Prohibits a federal banking agency or federal court from issuing an interpretation regarding such security affiliations that is narrower than that of Court in ICI vs. Camp. Makes technical and conforming changes to the Gramm-Leach-Bliley Act, the Revised Statutes of the United States, and specified federal law. Requires the Board of Governors of the Federal Reserve System, the Comptroller of the Currency, or another appropriate federal banking agency to report to Congress a detailed description of the basis for its decision each time it makes a determination or grants an extension concerning an affiliation between insured depository institutions and investment banks or securities firms.

return prudent banking act amends federal_deposit_insurance_act fdia prohibit insured depository institution affiliate broker dealer investment adviser investment company person entity engaged principally issue flotation underwriting public sale distribution stocks bonds debentures notes securities prohibits officers directors employees securities firms simultaneous service boards depository institutions specified circumstances requires individual serving officer director employee institution affiliated party insured depository institution terminate service soon practicable enactment act requires insured depository institution wind orderly manner terminate affiliation prohibited act amends banking act glass steagall act expand prohibition transaction banking activities securities firms declares congress ratifies interpretation supreme_court specified statutory language case camp ici camp permissible activities banks securities firms declares reasoning court case shall continue apply limitations placed security affiliations fdia enacted act prohibits federal banking agency federal court issuing interpretation security affiliations court ici camp makes technical conforming changes gramm leach bliley act revised_statutes united_states specified federal law requires board_of_governors federal_reserve_system comptroller currency appropriate federal banking agency report congress detailed description basis decision time makes determination grants extension concerning affiliation insured depository institutions investment banks securities firms


Summary: Amends the Federal Reserve Act to remove from Federal Open Market Committee membership the presidents or first vice presidents, as appropriate, of the Federal Reserve banks.

amends federal_reserve_act remove federal_open_market_committee membership presidents vice presidents appropriate federal_reserve banks


Summary: (Sec. 1) Amends the Wall Street Transparency and Accountability Act of 2010, Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, to delay until December 31, 2012, or 90 days after publication of the relevant final rule or regulation (unless the rule or regulation specifies a later date), or the otherwise applicable effective date, whichever is the latest, the effective date for implementation of certain parts of Title VII, including the promulgation of regulations, the conduct of studies and preparation of reports, and the registration of persons, as well as the exemption of persons, agreements, contracts, or transactions from coverage by Title VII. Exempts from such delay, however, the authority of the Commodity Futures Trading (CFTC) and the Securities and Exchange Commission (SEC) to issue final definitions pertaining to swap transactions, swap participants, and eligible contract participants. Requires the CFTC and the SEC to further define swaps and related terms subject to their joint rulemaking. States that the effective date for CFTC reporting of swap-data and SEC reporting of security-based swap data is 90 days after publication of the final rule in the Federal Register, or the effective date otherwise applicable to such reporting, whichever is later. Grants the CFTC and the SEC interim authority to permit the reporting of swap data and security-based swap data to certain persons who have: (1) provided notice of their intention to register as a swap data repository or as a security-based swap data repository, and (2) made appropriate undertakings to the respective Commission as the latter determines to be in the public interest. (Sec. 2) Requires the two Commissions, before prescribing final rules and regulations under Title VII, to conduct additional public hearings and roundtables on specified issues, solicit public comment, and take into account the testimony of interested parties when performing mandatory cost-benefit analyses and when determining the effective date of final rules and regulations. (Sec. 3) Amends the Commodity Exchange Act (CEA) and the Securities Exchange Act of 1934 to authorize the CFTC and the SEC, respectively, to exempt a person from the registration and related regulatory requirements of such Acts if: (1) the person is subject to comparable supervision and regulation under a regulatory scheme administered by another regulatory authority or the appropriate government authorities in the person's home country that is comparable to the requirements of Title VII, (2) adequate information-sharing arrangements are in effect between the agencies and the foreign regulator, and (3) the exemption is consistent with the public interest .

sec amends wall street transparency accountability act title vii dodd frank wall street reform consumer protection act delay december days publication relevant final rule regulation rule regulation specifies later date applicable effective date whichever latest effective date implementation certain parts title vii including promulgation regulations conduct studies preparation reports registration persons exemption persons agreements contracts transactions coverage title vii exempts delay authority cftc securities_and_exchange_commission sec issue final definitions pertaining swap transactions swap participants eligible contract participants requires cftc sec define swaps related terms subject joint rulemaking states effective date cftc reporting swap data sec reporting security based swap data days publication final rule federal_register effective date applicable reporting whichever later grants cftc sec interim authority permit reporting swap data security based swap data certain persons provided notice intention register swap data repository security based swap data repository appropriate respective commission determines public interest sec requires commissions prescribing final rules regulations title vii conduct additional public hearings specified issues solicit public comment account testimony interested parties performing mandatory cost benefit analyses determining effective date final rules regulations sec amends commodity_exchange_act cea securities_exchange_act authorize cftc sec respectively exempt person registration related regulatory requirements acts person subject comparable supervision regulation regulatory scheme administered regulatory authority appropriate government authorities person home country comparable requirements title vii adequate information sharing arrangements effect agencies foreign regulator exemption consistent public interest


Summary: Ponzi Scheme Victims' Tax Relief Act of 2011- Amends the Internal Revenue Code to allow: (1) a special theft loss tax deduction for qualified fraudulent investment losses and for such losses in connection with assets held in an individual retirement account (IRA); (2) a carryback of net operating losses which are qualified fraudulent investment losses for up to 10 years; (3) withdrawals from tax-exempt retirement plans for a 10-year period without penalty to replace qualified fraudulent investment losses; (4) catch-up contributions to retirement plans to compensate for fraudulent investment losses; and (5) an extension of the limitation period for filing refund claims for overpayments of tax in connection with gifts and bequests of an interest in an investment for which there is a qualified fraudulent investment loss. Defines "qualified fraudulent investment loss" as a loss discovered in 2008 or 2009 resulting from a fraudulent arrangement in which a person receives cash or property from investors, purports to earn income for investors, reports partially or wholly fictitious income to such investors, makes payments to some investors from payments made by other investors, and appropriates some or all of the investors' cash or property. Waives for a one-year period after the enactment of this Act the application of any law or rule of law (including res judicata) which prevents any credit or refund otherwise allowed by this Act.

scheme victims tax relief act amends internal revenue code allow special theft loss tax deduction qualified fraudulent investment losses losses connection assets held individual retirement account ira carryback net operating losses qualified fraudulent investment losses years withdrawals tax exempt retirement plans year period penalty replace qualified fraudulent investment losses catch contributions retirement plans compensate fraudulent investment losses extension limitation period filing refund claims overpayments tax connection gifts bequests interest investment qualified fraudulent investment loss defines qualified fraudulent investment loss loss discovered resulting fraudulent arrangement person receives cash property investors purports earn income investors reports partially wholly fictitious income investors makes payments investors payments investors appropriates investors cash property waives year period enactment act application law rule law including res prevents credit refund allowed act


Summary: Faster Access and Shorter Transaction Time for Checks Act of 2011 or FASTT Checks Act - Amends the Expedited Funds Availability Act to provide for faster access to funds deposited in a receiving depository institution by doubling the amounts available for withdrawal at specified earliest times after deposit. Revises the next business day availability requirement for cash deposited in a new depositor account. Eliminates the exception from this rule (thus requiring next business day availability) for large deposits in large depository banks if a check: (1) has been truncated and cleared in accordance with the Check Clearing for the 21st Century Act, and (2) is received for payment or deposit at a depositary bank with total assets of $10 billion or more. Treats Saturday as a business day in the calculation of any period within which funds deposited in an account at a receiving depository institution are required to be available.

shorter transaction time checks act checks act amends expedited funds availability act provide faster access funds deposited receiving depository institution doubling amounts available withdrawal specified earliest times deposit revises business day availability requirement cash deposited new depositor account eliminates exception rule requiring business day availability large deposits large depository banks check truncated cleared accordance 21st century act received payment deposit bank total assets billion treats saturday business day calculation period funds deposited account receiving depository institution required available


Summary: Community Banks Serving Their Communities First Act or Communities First Act - Revises regulatory requirements for community banks, including through amendments to: (1) the Federal Deposit Insurance Act to permit certain insured depository institutions to submit a short form report of condition, and (2) the Sarbanes-Oxley Act of 2002 to exempt certain small-sized depository institutions from the annual management assessment of internal controls requirements. Directs the Board of Governors of the Federal Reserve System (Federal Reserve Board) to publish in the Federal Register certain proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors relating to: (1) certain bank holding companies with pro forma consolidated assets of less than $1 billion, and (2) an increased debt-to-equity ratio allowable for a small bank holding company. Amends the Securities Exchange Act of 1934 to direct the Securities and Exchange Commission (SEC) to: (1) ensure that information, documents, and reports accurately and appropriately reflect the business model of a registered security issuer; (2) approve any new or amended generally accepted accounting principle only if it would have no negative economic impact on certain small-sized insured depository institutions; (3) increase the shareholder registration threshold for certain banks and bank holding companies; and (4) terminate the registration of any class of security, in the case of a bank or bank holding company, whose holders of record are reduced to less than 1700 persons. Amends the Consumer Financial Protection Act of 2010 to: (1) authorize the Financial Stability Oversight Council to set aside a final regulation prescribed by the Consumer Financial Protection Bureau (CFPB) if the Council decides that it would be inconsistent with the safe and sound operation of U.S. financial institutions, or could adversely impact disproportionately a subset of the banking industry; and (2) repeal the authority of the Federal Reserve Board to delegate to the CFPB its authority to examine persons for compliance with federal consumer financial laws. Amends the Truth in Lending Act (TILA) to instruct the Federal Reserve Board to exempt from escrow or impound account requirements any loan secured by a first lien on a consumer's principal dwelling, if the loan is held by a creditor with assets of $10 billion or less. Amends the Gramm-Leach-Bliley Act to exempt certain financial institutions from furnishing a mandatory annual privacy notice. Amends the Consolidated Farm and Rural Development Act to authorize the Secretary of Agriculture to: (1) assess, for certain guaranteed business and industry loans for rural communities under $5 million, a one-time fee of 1% or less of the loan's guaranteed principal; and (2) establish a preferred certified lender's program for specified lenders. Amends the Right to Financial Privacy Act of 1978 to require a government authority to reimburse fees incurred by certain small-sized financial institutions with assets of $10 billion or less for all records required to be furnished for federal law enforcement or investigative purposes. Authorizes specified institutions to amortize losses or write-downs on a quarterly straight-line basis over a 10-year period for purposes of capital calculation under the Financial Institutions Examination Council's Consolidated Reports of Condition. Authorizes an insured depository institution, for purposes of determining statutory capital requirements or measuring capital, to average, over a five-year period, the appraised value of any real estate securing a loan held by the institution. Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act regarding review of reliance on credit ratings to direct federal regulatory agencies to require, in specified circumstances, that ratings-based determinations be confirmed by an analysis of the probability of a loss from holding an asset. Amends the Equal Credit Opportunity Act with respect to requirements with which a financial institution must comply in collecting data for evaluation of a credit application by a women-owned, minority-owned, or small business. Applies such requirements only to financial institutions having over $1 billion in assets (thus exempting smaller financial institutions). Amends the Internal Revenue Code to: (1) defer income recognition on long-term certificates of deposit held by cash basis individuals, (2) exclude from gross income any interest on loans secured by agricultural real property, (3) increase the cap on qualified small issue bonds, (4) allow certain FDIC-insured financial institutions with $10 billion or less in gross assets to elect partnership (limited liability company) tax treatment, and (5) set forth special rules for Roth IRAs for individuals under age 26 (young savers' accounts). Reduces by 20% (up to $250,000) the aggregate tax for a community bank, and by 50% (up to $500,000) for community banks operating in specified distressed areas. Allows similar aggregate tax reductions for small-sized community banks that are subchapter S corporations. Subjects to certain IRS principles a qualifying investment in specified small bank issuers in the same manner as if such investment had been made by the Department of the Treasury. Prescribes requirements for a five-year net operating loss carryback for 2010 and 2011 for certain community banks. Increases to 200 the shareholder limit for small business subchapter S corporations. Permits the issuance of preferred stock for subchapter S corporations.

act communities act revises regulatory requirements community banks including amendments federal_deposit_insurance_act permit certain insured depository institutions submit short form report condition sarbanes oxley act exempt certain small sized depository institutions annual management assessment internal controls requirements directs board_of_governors federal_reserve_system federal_reserve_board publish federal_register certain proposed revisions small_bank_holding_company_policy_statement_on_assessment_of_financial_and_managerial_factors relating certain bank holding companies pro forma consolidated assets billion increased debt equity ratio allowable small bank holding company amends securities_exchange_act direct securities_and_exchange_commission sec ensure information documents reports accurately appropriately reflect business model registered security issuer approve new amended generally accepted accounting principle negative economic impact certain small sized insured depository institutions increase shareholder registration threshold certain banks bank holding companies terminate registration class security case bank bank holding company holders record reduced persons amends consumer_financial_protection_act authorize financial_stability_oversight_council set aside final regulation prescribed consumer_financial_protection_bureau cfpb council decides inconsistent safe sound operation financial institutions adversely impact disproportionately subset banking industry repeal authority federal_reserve_board delegate cfpb authority examine persons compliance federal consumer financial laws amends truth lending act tila instruct federal_reserve_board exempt escrow impound account requirements loan secured lien consumer principal dwelling loan held creditor assets billion amends gramm leach bliley act exempt certain financial institutions furnishing mandatory annual privacy notice amends consolidated_farm rural development act authorize secretary agriculture assess certain guaranteed business industry loans rural communities million time fee loan guaranteed principal establish preferred certified lender program specified lenders amends right financial privacy act require government authority reimburse fees incurred certain small sized financial institutions assets billion records required furnished federal law enforcement investigative purposes authorizes specified institutions amortize losses write downs quarterly straight line basis year period purposes capital calculation financial institutions examination council authorizes insured depository institution purposes determining statutory capital requirements measuring capital average year period appraised value real estate securing loan held institution amends dodd-frank_wall_street_reform consumer protection act review reliance credit ratings direct federal regulatory agencies require specified circumstances ratings based determinations confirmed analysis probability loss holding asset amends equal_credit_opportunity_act respect requirements financial institution comply collecting data evaluation credit application women owned minority owned small business applies requirements financial institutions having billion assets exempting smaller financial institutions amends internal revenue code defer income recognition long term certificates deposit held cash basis individuals exclude gross income interest loans secured agricultural real property increase cap qualified small issue bonds allow certain fdic insured financial institutions billion gross assets elect partnership limited liability company tax treatment set forth special rules roth iras individuals age young savers accounts reduces aggregate tax community bank community banks operating specified distressed areas allows similar aggregate tax reductions small sized community banks subchapter corporations subjects certain irs principles qualifying investment specified small bank issuers manner investment department_of_the_treasury prescribes requirements year net operating loss carryback certain community banks increases shareholder limit small business subchapter corporations permits issuance preferred stock subchapter corporations


Summary: Common Sense Economic Recovery Act of 2011 - Cites circumstances under which, for purposes of determining capital requirements or measuring an insured depository institution's capital, such an institution may treat a non-accrual loan as an accrual loan. (Non-accrual [also known as non-performing or doubtful] loans are those on which interest is overdue and full collection of principal is uncertain, and so interest, if it has not been paid in over 90 days, cannot be credited to the bank's revenue account until it has actually been received.) Conditions treatment as an accrual loan on a non-accrual loan's being current, not more than 30 days delinquent on a monthly payment, and an amortizing loan whose payments are not being funded through an interest reserve account. Applies accrual loan treatment, to the same extent as non-modified mortgage loans, to modified mortgage loans meeting the criteria of this Act, including those that also meet the criteria for troubled debt restructuring. Prohibits the appropriate federal banking agency from imposing any additional accounting requirements upon an insured depository institution with respect to a loan treated as an accrual loan under this Act if the result of the additional requirement would adversely impact measurement of the institution's capital. Directs the Financial Stability Oversight Council to study how best to prevent the issuance of contradictory guidance to such institutions by federal banking agencies with respect to loan classifications and capital requirements.

common sense economic recovery act cites circumstances purposes determining capital requirements measuring insured depository institution capital institution treat non accrual loan accrual loan non accrual known non performing doubtful loans interest overdue collection principal uncertain interest paid days credited bank revenue account actually received conditions treatment accrual loan non accrual loan current days delinquent monthly payment amortizing loan payments funded interest reserve account applies accrual loan treatment extent non modified mortgage loans modified mortgage loans meeting criteria act including meet criteria troubled debt restructuring prohibits appropriate federal banking agency imposing additional accounting requirements insured depository institution respect loan treated accrual loan act result additional requirement adversely impact measurement institution capital directs financial_stability_oversight_council study best prevent issuance guidance institutions federal banking agencies respect loan classifications capital requirements


Summary: Swaps Bailout Prevention Act - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to revise the prohibition against federal government assistance to (bailouts of) registered swap dealers, security-based swap dealers, major swap participants, or major security-based swap participants with respect to any swap, security-based swap, or other activity. Extends the meaning of "covered depository institution" to include an uninsured U.S. branch or agency of a foreign bank that has a prudential regulator as well as an insured depository institution (as covered by current law). Repeals the application of this prohibition to any insured depository institution unless it limits its swap or security-based swap activities to: (1) hedging and other similar risk mitigating activities directly related to the institution's activities; (2) acting as a swaps entity for swaps or security-based swaps involving rates or reference assets permissible for investment by a national bank; or (3) acting as a swaps entity for credit default swaps, including swaps or security-based swaps involving the credit risk of asset-backed securities, but only if they are cleared by a derivatives clearing organization under the Commodity Exchange Act, or a clearing agency registered, or exempt from registration, as a derivatives clearing organization, or as a clearing agency under the Securities Exchange Act. Replaces these requirements for exemption from the prohibition with a declaration that the prohibition against federal assistance to swaps entities shall not apply to a covered depository institution that limits swap and security-based swap activities to: (1) hedging and similar risk mitigating activities directly related to the institution's activities, or (2) acts as a swaps entity for swaps or security-based swaps other than a structured finance swap. Defines "structured finance swap" as a swap or security-based swap based on an asset-backed security (or group or index primarily composed of asset-backed securities). Exempts also from the prohibition against federal assistance to swaps entities any covered depository institution that acts as a swaps entity for structured finance swaps or security-based swaps if: (1) they are undertaken for hedging or risk management purposes; or (2) each asset-backed security underlying such structured finance swaps is of a credit quality and of a type or category authorized by the prudential regulators. Exempts from the prohibition entirely any swap or security-based swap activity conducted outside the United States with a non-U.S. counterparty by a non-U.S. swaps entity licensed, in the case of a foreign branch of a U.S. depository institution, or organized under the laws of a jurisdiction outside the United States.

swaps bailout prevention act amends dodd frank wall street reform consumer protection act revise prohibition federal government assistance bailouts registered swap dealers security based swap dealers major swap participants major security based swap participants respect swap security based swap activity extends meaning covered depository institution include uninsured branch agency foreign bank prudential regulator insured depository institution covered current law repeals application prohibition insured depository institution limits swap security based swap activities hedging similar risk mitigating activities directly related institution activities acting swaps entity swaps security based swaps involving rates reference assets permissible investment national bank acting swaps entity credit default swaps including swaps security based swaps involving credit risk asset backed securities cleared derivatives clearing organization commodity_exchange_act clearing agency registered exempt registration derivatives clearing organization clearing agency securities exchange act replaces requirements exemption prohibition declaration prohibition federal assistance swaps entities shall apply covered depository institution limits swap security based swap activities hedging similar risk mitigating activities directly related institution activities acts swaps entity swaps security based swaps structured finance swap defines structured finance swap swap security based swap based asset backed security group index primarily composed asset backed securities exempts prohibition federal assistance swaps entities covered depository institution acts swaps entity structured finance swaps security based swaps undertaken hedging risk management purposes asset backed security underlying structured finance swaps credit quality type category authorized prudential regulators exempts prohibition entirely swap security based swap activity conducted outside united_states counterparty non swaps entity licensed case foreign branch depository institution organized laws jurisdiction outside united_states


Summary: FFSCC Charter Act of 2011 - Directs the Comptroller of the Currency to: (1) provide for the establishment and chartering of Federal Financial Services and Credit Companies (FFSCCs); and (2) ensure that credit alternatives are available to the underbanked. Prescribes eligibility criteria for an FFSCC charter. Subjects FFSCCs to specified requirements, including: (1) credit disclosures; (2) account access; (3) financial literacy programs; (4) a comprehensive array of financial services to the underbanked, unbanked, and consumers with low credit scores; and (5) grant of access to credit products predominately to unbanked or underbanked consumers. Subjects FFSCCs to an annual fee to offset the cost of implementing this Act. Directs the Comptroller to: (1) draft approved, model product and disclosure forms that may be utilized by FFSCCs with any approved credit products or services; (2) study rates and terms used in the extension of credit; and (3) develop a suite of FSCC financial products for underbanked persons which contain transparent and full disclosure of all related fees and terms, and are economically viable for FFSCCs to offer.

charter act directs comptroller currency provide establishment chartering ensure credit alternatives available prescribes eligibility criteria charter specified requirements including credit disclosures account access financial literacy programs comprehensive array financial services consumers low credit scores grant access credit products predominately consumers annual fee offset cost implementing act directs comptroller draft approved model product disclosure forms utilized approved credit products services study rates terms extension credit develop suite financial products persons contain transparent disclosure related fees terms economically viable offer


Summary: Amends the Securities Exchange Act of 1934 to increase from $1 million to $10 million the shareholder registration threshold for an issuer of securities. Requires an issuer that is either a bank or a bank holding company to register a security with the Securities and Exchange Commission (SEC) if its assets exceed $10 million and include a certain class of equity security held of record by 2,000 or more persons. Requires termination of a security registration in the case of a bank or a bank holding company if the number of holders of record of the class of security is reduced to less than 1,200. Repeals periodic reporting requirements also for such a bank or bank holding company. Directs the Chief Economist and the Director of the Division of Corporation Finance of the SEC to conduct a joint cost-benefit analysis of shareholder registration thresholds. Directs the SEC to issue final regulations to implement this Act not later than 1 year after its date of enactment.

amends securities exchange act increase million million shareholder registration threshold issuer securities requires issuer bank bank holding company register security securities_and_exchange_commission sec assets exceed million include certain class equity security held record persons requires termination security registration case bank bank holding company number holders record class security reduced repeals periodic reporting requirements bank bank holding company directs chief economist director sec conduct joint cost benefit analysis shareholder registration thresholds directs sec issue final regulations implement act later year date enactment


Summary: Amends the Federal Deposit Insurance Act to remove the Director of the Consumer Financial Protection Bureau (CFPB) from membership on the Board of Directors of the Federal Deposit Insurance Corporation (FDIC) and substitute the Chairman of the Board of Governors of the Federal Reserve System (or a designee).

amends federal_deposit_insurance_act remove director consumer_financial_protection_bureau cfpb membership board_of_directors federal_deposit_insurance_corporation fdic substitute chairman board_of_governors federal_reserve_system designee


Summary: Directs the Board of Governors of the Federal Reserve System to amend "Regulation D" (Reserve Requirements of Depository Institutions) to revise the definition of "savings deposit" with respect to a passbook savings account, statement savings account, or a money market deposit account. Requires the Board to increase from 6 to 30 the number of transfers and withdrawals a depositor may make per calendar month (or statement cycle or similar period of at least four weeks) to another account of the depositor at the same institution or to a third party by specified means.

directs board_of_governors federal_reserve_system amend regulation reserve requirements depository institutions revise definition savings deposit respect savings account statement savings account money market deposit account requires board increase number transfers withdrawals depositor calendar month statement cycle similar period weeks account depositor institution party specified means


Summary: Ensuring a Response for Servicemembers Act - Directs each lending institution subject to specified interest rate requirements under the Servicemembers Civil Relief Act to designate an employee as a compliance officer responsible for ensuring the institution's compliance and distributing information to servicemembers regarding applicable obligations and liabilities. Requires, during any fiscal year, such lending institutions with annual assets of at least $10 billion for the preceding fiscal year to maintain a toll-free telephone number and make the number available on the institution's primary Internet website.

ensuring response servicemembers act directs lending institution subject specified interest rate requirements servicemembers civil relief act designate employee compliance officer responsible ensuring institution compliance distributing information servicemembers applicable obligations liabilities requires fiscal year lending institutions annual assets billion preceding fiscal year maintain toll free telephone number number available institution primary internet website


Summary: Glass-Steagall Restoration Act of 2011 - Amends the Banking Act of 1933 (Glass-Steagall Act) to prohibit a member bank from being affiliated with specified organizations engaged principally in the issue, flotation, underwriting, public sale, or distribution of stocks, bonds, debenture, notes, or other securities. Prohibits the staff and personnel of corporations and partnerships (as well as any individual) primarily engaged in the issue, flotation, underwriting, public sale, or distribution, of stocks, bonds, or other similar securities from serving simultaneously as an officer, director, or employee of any member bank. Authorizes the Board of Governors of the Federal Reserve System to grant an exception in limited classes of cases when in the Board's judgment it would not unduly influence the investment policies of such member bank or the advice it gives its customers regarding investments.

amends banking act glass steagall act prohibit member bank affiliated specified organizations engaged principally issue flotation underwriting public sale distribution stocks bonds debenture notes securities prohibits staff personnel corporations partnerships individual primarily engaged issue flotation underwriting public sale distribution stocks bonds similar securities serving simultaneously officer director employee member bank authorizes board_of_governors federal_reserve_system grant exception limited classes cases board judgment unduly influence investment policies member bank advice gives customers investments


Summary: Whistleblower Improvement Act of 2011 - Amends the Securities Exchange Act of 1934 and the Commodity Exchange Act to require a whistleblower employee, as a prerequisite to eligibility for a whistleblower award, to: (1) first report information relating to misconduct to his or her employer before reporting it to the Securities and Exchange Commission (SEC), and (2) report such information to the SEC within 180 days after reporting it to the employer. Prohibits a whistleblower award to any whistleblower who fails to report the relevant information to his or her employer first, unless: (1) the employer lacks either a policy prohibiting retaliation for reporting potential misconduct or an internal reporting system allowing for anonymous reporting, or (2) the SEC determines that internal reporting was not a viable option. Prohibits a whistleblower award to any whistleblower who has legal or compliance responsibilities and a fiduciary or contractual obligation to investigate internal reports of misconduct or violations if the information learned by the whistleblower during the course of his or her duties was communicated with the reasonable expectation that such person would take appropriate steps to respond. Makes the whistleblower award discretionary instead of mandatory. Repeals the minimum award requirement. Prohibits an award to a whistleblower found civilly liable or determined by the SEC to have been complicit in misconduct related to the pertinent violation. Requires the SEC to notify the pertinent entity before commencing any enforcement action relating to information reported by a whistleblower, unless such notification would jeopardize investigative measures and impede the gathering of relevant facts. Directs the Comptroller General to study what impact, if any, the whistleblower incentives program has had upon shareholder value.

whistleblower improvement act amends securities exchange act commodity_exchange_act require whistleblower employee prerequisite eligibility whistleblower award report information relating misconduct employer reporting securities_and_exchange_commission sec report information sec days reporting employer prohibits whistleblower award whistleblower fails report relevant information employer employer lacks policy prohibiting retaliation reporting potential misconduct internal reporting system allowing anonymous reporting sec determines internal reporting viable option prohibits whistleblower award whistleblower legal compliance responsibilities fiduciary contractual obligation investigate internal reports misconduct violations information learned whistleblower course duties communicated reasonable expectation person appropriate steps respond makes whistleblower award discretionary instead mandatory repeals minimum award requirement prohibits award whistleblower found civilly liable determined sec complicit misconduct related pertinent violation requires sec notify pertinent entity commencing enforcement action relating information reported whistleblower notification jeopardize investigative measures impede gathering relevant facts directs comptroller general study impact whistleblower incentives program shareholder value