Summary:
Insurance Capital and Accounting Standards Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) and the Home Owners' Loan Act to make minimum leverage and risk-based capital requirements governing insurance companies under the state law also apply to insurance companies that are either depository holding companies or subsidiaries of depository holding companies.

Presumes any insurance company, insurance affiliate, or insurance subsidiary in compliance with applicable risk-based capital standards under state law also to be in compliance with minimum capital requirements of Dodd-Frank.

Declares inapplicable to such companies the minimum leverage and risk-based capital requirements of Dodd-Frank unless the Board of Governors of the Federal Reserve System (Board) first determines that: (1) the benefits of applying those requirements outweigh their cost, and (2) a quantitative impact study shows such requirements to be appropriate.

Prohibits the Board from requiring a nonbank financial company that is an insurance company under its supervision to comply with accounting standards that differ from regulatory accounting standards under state law.

Amends the Federal Deposit Insurance Act (FDIA) to require a federal banking agency, before requiring a depository institution holding company that is an insurance company (or that has one or more subsidiaries that are insurance companies) to be used directly or indirectly as a source of financial strength for a subsidiary depository institution, to first obtain: (1) the consent of the domiciliary state insurance commissioner, and (2) a certification that the commissioner considered the safety and soundness of the insurance company or subsidiary insurance company before providing such consent.

amends dodd frank wall street reform consumer protection act dodd-frank minimum leverage risk based capital requirements governing insurance companies state law apply insurance companies depository holding companies subsidiaries depository holding companies presumes insurance company insurance affiliate insurance subsidiary compliance applicable risk based capital standards state law compliance minimum capital requirements dodd-frank declares inapplicable companies minimum leverage risk based capital requirements dodd-frank board_of_governors federal_reserve_system board determines benefits applying requirements outweigh cost quantitative impact study shows requirements appropriate requiring nonbank financial company insurance company supervision comply accounting standards differ regulatory accounting standards state law amends federal_deposit_insurance_act fdia require federal banking agency requiring depository institution holding company insurance company subsidiaries insurance companies directly indirectly source financial strength subsidiary depository institution obtain consent domiciliary state insurance commissioner certification commissioner considered safety soundness insurance company subsidiary insurance company providing consent


Summary:
Subsidy Reserve Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to require a nonbank financial company supervised by the Board of Governors of the Federal Reserve (Board) and each bank holding company with total consolidated assets of $500 billion or more (companies) to establish and maintain a Subsidy Reserve.

Instructs the Board to:

 establish a formula for determining the financial benefit received by such companies as a result of the expectations on the part of their shareholders, creditors, and counterparties that the government will shield them from losses in the event of their failure; require them to apply the formula annually to their annual financial statement; and maintain the resulting amount in their Subsidy Reserve, in addition to any such previous amounts. Prohibits a decrease in the amount of funds in the Subsidy Reserve unless a company makes a sale of assets, spins off a subsidiary, or makes a similar divestiture. Permits the decrease only in an amount that reflects the amount of such sale, spin off, or similar divestiture, either on a pro rata basis or according to the risk weighting of the property sold, spun off, or divested.

Prohibits amounts in the Subsidy Reserve from being taken into account when determining the companies' capital for purposes of meeting any capital requirement.

amends dodd frank wall street reform consumer protection act dodd-frank require nonbank financial company supervised board_of_governors bank holding company total consolidated assets billion companies establish maintain instructs board establish formula determining financial benefit received companies result expectations shareholders creditors counterparties government shield losses event failure require apply formula annually annual financial statement maintain resulting addition previous amounts prohibits decrease funds company makes sale assets subsidiary makes similar divestiture permits decrease reflects sale similar divestiture pro rata basis according risk property sold prohibits amounts taken account determining companies capital purposes meeting capital requirement


Summary:
Basel III Commonsense Approach for Small Entities Act or Basel III CASE Act - Directs the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency, before issuing any final rule in relation to proposals they have issued for the International Basel III agreement on general risk-based capital requirements, to conduct an empirical study that includes: (1) a quantitative analysis of the rule's impact on the U.S. financial services sector, specifically community, mid-size, and regional financial institutions; and (2) a determination of the long-term impact of the rule, including changes to the current risk weight framework.

Permits a financial institution to provide information voluntarily for the study upon agency request, but prohibits agencies from requiring such information.

Requires the study to be made available to the public for notice and comment.

board_of_governors federal_reserve_system federal_deposit_insurance_corporation fdic office_of_the_comptroller_of_the_currency issuing final rule relation proposals issued international basel iii agreement general risk based capital requirements conduct empirical study includes quantitative analysis rule impact financial services sector specifically community mid size regional financial institutions determination long term impact rule including changes current risk weight framework permits financial institution provide information voluntarily study agency request prohibits agencies requiring information requires study available public notice comment


Summary: Small Business Opportunity Acceleration Act of 2013 - Amends the Small Business Act to eliminate loan guarantee fees for certain small business loans that total $150,000 or less. (Currently, the Small Business Administration [SBA] is required to collect a guarantee fee, which is payable by the participating lender, and may be charged to the borrower, of up to 2% of the deferred participation share of a such a total loan amount that is $150,000 or less.)

act amends small business act eliminate loan guarantee fees certain small business loans total currently small_business_administration sba required collect guarantee fee payable participating lender charged borrower deferred participation share total loan


Summary:
Community Lending and Small Business Jobs Act of 2013 - Small Business Lending to Entrepreneurs for Growth in Underserved Populations Act of 2013 or the Small Business Leg-Up Act of 2013 - Requires, upon the expiration of investment authority for the Small Business Lending Fund Program provided in the Small Business Jobs Act of 2010, that all unobligated funds in the Small Business Lending Fund be transferred to the Community Development Financial Institutions (CDFI) Fund. Directs that all funds received in connection with certain purchases of preferred stock and other financial instruments pursuant to such authority be transferred to the CDFI Fund.

 Amends the Riegle Community Development and Regulatory Improvement Act of 1994 to direct the Administrator of the CDFI Fund to carry out a Small Business Capital Investment (SBCI) Program (a small business revolving loan program) to continue making capital investments in eligible community development financial institutions in order to increase the availability of credit for small businesses.

Requires that: (1) all funds the CDFI Fund Administrator receives in connection with SBCI Program purchases be deposited in the CDFI Fund, and (2) the authority to make such capital investments continue so long as specified funding amounts are available.

Allows eligible community development financial institutions (with maximum assets of $10 billion as reported in audited financial statements) to apply to receive a capital investment of up to 10% of total assets, or another appropriate percentage determined by the CDFI Fund Administrator.

Directs the CDFI Fund Administrator, to the extent practicable and except as otherwise provided, to carry out the SBCI Program in the same manner as the Small Business Lending Fund Program.

Microenterprise and Youth Entrepreneurship Development Act of 2013 - Expands the definition of "disadvantaged entrepreneur," for purposes of the microenterprise technical assistance and capacity building grant program, to include a microentrepreneur operating or intending to operate a business in an investment area.

Increases to 60% (currently, 50%) the minimum percentage of such grants required to be used to benefit very low-income persons, including those residing on Indian reservations.

Requires the Administrator of the Small Business Administration (SBA) to consider the impact of the 2007-2009 economic crisis on an applicant's geographic area when deciding whether to reduce or eliminate matching requirements for applicants with severe constraints on available funding sources.

Directs the SBA Administrator to establish an SBA Microenterprise Coordinator position.

Requires the SBA Administrator to establish an Office of Youth Entrepreneurship and appoint a Director to carry out: (1) the youth entrepreneur technical assistance grant program to make grants to assist entities, including nonprofit microenterprise development organizations, to provide individuals under 25 years of age with technical assistance related to entrepreneurship; and (2) the youth entrepreneurship curriculum grant program to make grants to applying local educational agencies of states and federally recognized Indian tribes.

community lending small business jobs act underserved populations act requires expiration investment authority small_business_lending_fund_program provided small_business_jobs_act unobligated funds transferred directs funds received connection certain purchases preferred stock financial instruments pursuant authority transferred amends riegle_community_development_and_regulatory_improvement_act direct administrator carry program small business revolving loan program continue making capital investments eligible community development financial institutions order increase availability credit small businesses requires funds receives connection purchases deposited authority capital investments continue long specified funding amounts available allows eligible community development financial institutions maximum assets billion reported audited financial statements apply receive capital investment total assets appropriate percentage determined directs extent practicable provided carry manner small_business_lending_fund_program expands definition disadvantaged entrepreneur purposes microenterprise technical assistance capacity building grant program include microentrepreneur operating intending operate business investment area increases currently minimum percentage grants required benefit low income persons including residing indian reservations requires administrator small_business_administration sba consider impact economic crisis applicant geographic area deciding reduce eliminate matching requirements applicants severe constraints available funding sources directs sba administrator establish sba microenterprise coordinator position requires sba administrator establish appoint director carry youth entrepreneur technical assistance grant program grants assist entities including nonprofit microenterprise development organizations provide individuals years age technical assistance related entrepreneurship youth entrepreneurship curriculum grant program grants applying local educational agencies states federally recognized indian tribes


Summary:
Protect American Investments Act of 2013 - Prohibits a U.S.-based company, entity, or person from paying a financial transaction tax imposed by a foreign country on any covered financial transaction. Defines "covered financial transaction" as a financial transaction occurring on a U.S. exchange or over-the-counter within the United States, notwithstanding the nationality of the issuer of such security or the residence of any party to the transaction.

Requires the Secretary of the Treasury to: (1) promulgate regulations or other guidance to carry out this Act; (2) not assist any foreign government in collecting any excise tax, related penalty, or related judgment on any covered financial transaction; and (3) apply provisions of the Convention Between the United States of America and the Government of the French Republic for the Avoidance of Double Taxation and the Prevention of Fiscal Evasion With Respect to Taxes on Income and Capital to exempt covered financial transactions.

protect american investments act prohibits company entity person paying financial transaction tax imposed foreign country covered financial transaction defines covered financial transaction financial transaction occurring exchange counter united_states notwithstanding nationality issuer security residence party transaction requires secretary treasury promulgate regulations guidance carry act assist foreign government collecting excise tax related penalty related judgment covered financial transaction apply provisions convention united_states_of_america government exempt covered financial transactions


Summary:
Determination of Appropriate Risk-Based Capital Requirements for Community Financial Institutions Act of 2013 - Directs the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (federal banking agencies) to conduct an empirical impact study before issuing a final rule in relation to proposed regulatory capital rules for the international Basel III agreement (Rules).

Requires the study to include: (1) the potential impact of such Rules upon the U.S. financial services sector, specifically community, mid-size, and regional financial institutions; (2) the long-term impact of such Rules, including changes to the current risk weight framework; (3) the cost and complexity of the Rules for community financial institutions; (4) the potential indicators of community banks having to maintain higher leverage capital ratios and higher total risk-based capital ratios than non-community banks and whether such capital levels are commensurate with higher historical losses or greater risk; and (5) the impact of the Rules upon real estate markets, specifically residential mortgage lending and home equity lines of credit.

Exempts this delay in rulemaking any rules applicable to global systemically important banks (as identified by the Financial Stability Board).

Allows any financial institution to provide information for the study voluntarily upon agency request, but prohibits the agencies from requiring it.

Requires the study to be made available to the public for notice and comment.

Prohibits any regulation issued by the federal banking agencies to implement the Rules from taking effect until one year after enactment of this Act.

determination appropriate risk based capital requirements community financial institutions act directs board_of_governors federal_reserve_system federal_deposit_insurance_corporation fdic office_of_the_comptroller_of_the_currency federal banking agencies conduct empirical impact study issuing final rule relation proposed regulatory capital rules international basel iii agreement rules requires study include potential impact rules financial services sector specifically community mid size regional financial institutions long term impact rules including changes current risk weight framework cost complexity rules community financial institutions potential indicators community banks having maintain higher leverage capital ratios higher total risk based capital ratios non community banks capital levels commensurate higher historical losses greater risk impact rules real estate markets specifically residential mortgage lending home equity lines credit exempts delay rulemaking rules applicable global systemically important banks identified financial_stability_board allows financial institution provide information study voluntarily agency request prohibits agencies requiring requires study available public notice comment prohibits regulation issued federal banking agencies implement rules taking effect year enactment act


Summary:
Regulatory Relief for Credit Unions Act of 2013 - Amends the Federal Credit Union Act to authorize the National Credit Union Administration Board (NCUAB), if it determines that a regulation issued by the Consumer Financial Protection Bureau (CFPB) would create an undue hardship when applied to credit unions, to: (1) delay the regulation's application to credit unions until the NCUAB determines that it would not create an undue hardship; and (2) modify the regulation as it applies to credit unions, so long as the modification meets CFPB's objective in issuing the regulation.

Authorizes a federal credit union to apply for NCUAB permission to comply with a state law applicable to a state credit union in lieu of applicable federal regulation (if any), for purposes of the credit union's branches located in that state. Limits such permission only to the state for which permission is given. Prohibits a federal credit union from complying with the regulation in any other state in lieu of the applicable federal regulation.

Prohibits a federal credit union, however, from applying for permission to comply with state law if it would conflict with federal limitations on member business loans.

Requires the NCUAB to: (1) implement a two-tier system of net worth ratios for credit unions, consisting of a risk-based net worth ratio and a net worth capital ratio; and (2) establish standards for leverage ratios to the same extent as are provided for net worth ratios.

Redefines net worth to include components of equity under generally accepted accounting principles not included in retained earnings.

Increases the net worth ratios for well-capitalized, adequately capitalized, undercapitalized, and significantly undercapitalized credit unions.

Directs the NCUAB to design the risk-based net worth requirement to account for material risks applicable to insured credit unions that are taken account of by comparable standards applicable to institutions insured by the Federal Deposit Insurance Corporation (FDIC).

Prohibits the NCUAB from reclassifying an insured credit union into a lower net worth category due solely to interest rate risk, or treat an insured credit union as if it were in a lower net worth category, for reasons not pertaining to its safety and soundness.

Exempts from the requirement of a net worth restoration plan any credit union undercapitalized as a result of a major natural or man-made disaster.

Eliminates the requirement that an insured credit union that is not well-capitalized set aside an earnings-retention amount annually. Authorizes the NCUAB to require an insured credit union that is not well-capitalized, instead, to submit a net worth restoration plan.

Directs the NCUAB to study problems associated with the current prompt corrective action regime.

Amends the Consumer Financial Protection Act of 2010 to require each regulation issued by the NCUAB and the CFPB to include a cost-benefit analysis detailing the estimated cost of compliance compared to its measurable benefit.

Directs the Comptroller General (GAO) to study whether improvements or modernization is needed for the Central Liquidity Facility.

Permits a federal credit union to: (1) purchase and hold for its own account investment grade securities, not exceeding 10% of its total assets; and (2) purchase mortgage servicing rights as an investment, including mortgage servicing rights from other credit unions.

Modifies NCUAB authority to define the extent of share insurance coverage for member accounts where a member holds funds for the use of a nonmember. Requires coverage for an account established by a member to be consistent with FDIC coverage, regardless of the membership status of the owner of funds deposited in an account established by a member.

Amends the Consumer Financial Protection Act of 2010 to authorize a federal banking agency, when it determines that a CFPB regulation would create an undue hardship upon a depository institution the agency regulates, to: (1) delay the regulation's application until the application would not create an undue hardship, and (2) modify the regulation so long as the modification meets the CFPB objective in issuing the regulation.

Requires that: (1) each CFPB regulation applicable to a depository institution include a cost-benefit analysis comparing the estimated cost of compliance with the regulation's measurable benefit, and (2) any information provided by a depository institution for purposes of that analysis be voluntary.

regulatory relief credit unions act amends federal_credit_union_act authorize national_credit_union_administration_board determines regulation issued consumer_financial_protection_bureau cfpb create undue hardship applied credit unions delay regulation application credit unions determines create undue hardship modify regulation applies credit unions long modification meets cfpb objective issuing regulation authorizes federal credit union apply permission comply state law applicable state credit union lieu applicable federal regulation purposes credit union branches located state limits permission state permission given prohibits federal credit union complying regulation state lieu applicable federal regulation prohibits federal credit union applying permission comply state law conflict federal limitations member business loans requires implement tier system net worth ratios credit unions consisting risk based net worth ratio net worth capital ratio establish standards leverage ratios extent provided net worth ratios redefines net worth include components equity generally accepted accounting principles included retained earnings increases net worth ratios capitalized adequately capitalized undercapitalized significantly undercapitalized credit unions directs design risk based net worth requirement account material risks applicable insured credit unions taken account comparable standards applicable institutions insured federal_deposit_insurance_corporation fdic prohibits reclassifying insured credit union lower net worth category solely interest rate risk treat insured credit union lower net worth category reasons pertaining safety soundness exempts requirement net worth restoration plan credit union undercapitalized result major natural man disaster eliminates requirement insured credit union capitalized set aside earnings retention annually authorizes require insured credit union capitalized instead submit net worth restoration plan directs study problems associated current prompt corrective action regime amends consumer financial protection act require regulation issued cfpb include cost benefit analysis detailing estimated cost compliance compared measurable benefit directs comptroller general gao study improvements modernization needed permits federal credit union purchase hold account investment grade securities exceeding total assets purchase mortgage servicing rights investment including mortgage servicing rights credit unions modifies authority define extent share insurance coverage member accounts member holds funds use nonmember requires coverage account established member consistent fdic coverage regardless membership status owner funds deposited account established member amends consumer financial protection act authorize federal banking agency determines cfpb regulation create undue hardship depository institution agency regulates delay regulation application application create undue hardship modify regulation long modification meets cfpb objective issuing regulation requires cfpb regulation applicable depository institution include cost benefit analysis comparing estimated cost compliance regulation measurable benefit information provided depository institution purposes analysis voluntary


Summary:
Marijuana Businesses Access to Banking Act of 2013 - Prohibits a federal banking regulator from: (1) terminating or limiting the deposit insurance of a depository institution solely because it either provides or has provided financial services to a marijuana-related legitimate business; or (2) prohibiting, penalizing, or otherwise discouraging a depository institution from providing financial services to a marijuana-related legitimate business.

Prohibits a federal banking regulator, in addition, from recommending, motivating, providing incentives, or encouraging a depository institution not to offer financial services to an individual, or to downgrade or cancel financial services offered to an individual, solely because the individual: (1) is or later becomes a manufacturer, producer, owner or operator of a marijuana-related legitimate business; or (2) the depository institution was not aware that the individual is the owner or operator of a marijuana-related legitimate business.

 Prohibits a federal banking regulator from taking any action on a loan to an owner or operator of: (1) a marijuana-related legitimate business, or (2) real estate or equipment that is leased to a marijuana-related legitimate business.

Grants immunity from federal criminal prosecution or investigation to a depository institution providing financial services to a marijuana-related legitimate business.

Prohibits the Secretary of the Treasury from requiring a depository institution, and any director, officer, employee, or agent of a depository institution, to report a transaction as suspicious solely because a party to the transaction is a marijuana-related legitimate business.

banking act prohibits federal banking regulator terminating limiting deposit insurance depository institution solely provides provided financial services marijuana related legitimate business prohibiting penalizing discouraging depository institution providing financial services marijuana related legitimate business prohibits federal banking regulator addition recommending motivating providing incentives encouraging depository institution offer financial services individual downgrade cancel financial services offered individual solely individual later manufacturer producer owner operator marijuana related legitimate business depository institution aware individual owner operator marijuana related legitimate business prohibits federal banking regulator taking action loan owner operator marijuana related legitimate business real estate equipment leased marijuana related legitimate business grants immunity federal criminal prosecution investigation depository institution providing financial services marijuana related legitimate business prohibits secretary treasury requiring depository institution director officer employee agent depository institution report transaction suspicious solely party transaction marijuana related legitimate business


Summary:
Savings for Working Families Act of 2013 - Allows certain low-income individuals between age 18 and 61 to establish tax-exempt individual development accounts (IDAs) to pay for certain qualified expenses, including education expenses, first-time homebuyer costs, and business capitalization or expansion costs. Sets forth rules for the establishment, maintenance, and termination of IDAs. Permits tax-free withdrawals from IDAs for qualified expenses, but requires IDA beneficiaries to complete one or more financial education courses prior to making an IDA withdrawal.

Allows certain financial institutions, tax-exempt organizations, and Indian tribes to sponsor and administer IDAs. Amends the Internal Revenue Code to allow such entities a business-related tax credit for the cost of administering IDAs and for making matching contributions to IDAs in parallel accounts.

Provides that IDA amounts shall be disregarded for purposes of determining eligibility for assistance under certain means-tested federal programs.

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


Summary:
Surveillance Order Reporting Act of 2013 - Permits each electronic service provider to report information to the public about requests and demands for information made by any government entity under a surveillance law and exempts such provider from liability with respect to that report even if the provider would otherwise be prohibited by a surveillance law from reporting that information.

Allows the provider to report such information not more often than quarterly and only to the extent that the report reveals estimates of the number of such demands and requests made, the number the service provider complied with, and the numbers of users and/or accounts for which information was demanded, requested, or provided.

Permits any estimate disclosed to be: (1) an overall estimate or broken down by categories of, or provisions of, authorizing surveillance laws; and (2) expressed in no greater detail than in a range of 100, rounded to the nearest 100s.

 Defines "surveillance law" to include the Foreign Intelligence Surveillance Act of 1978 and specified sections of the National Security Act of 1947, the Right to Financial Privacy Act of 1978, the Fair Credit Reporting Act, and the federal criminal code (dealing with counterintelligence access to telephone toll and transactional records).

surveillance order reporting act permits electronic service provider report information public requests demands information government entity surveillance law exempts provider liability respect report provider prohibited surveillance law reporting information allows provider report information quarterly extent report reveals estimates number demands requests number service provider complied numbers users accounts information demanded requested provided permits estimate disclosed overall estimate broken categories provisions authorizing surveillance laws expressed greater detail range rounded nearest defines surveillance law include foreign_intelligence_surveillance_act specified sections national security act right_to_financial_privacy_act fair credit reporting act federal criminal code dealing counterintelligence access telephone toll transactional records


Summary:
Systemic Risk Designation Improvement Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to authorize the Financial Stability Oversight Council to determine that a bank holding company shall be subject to enhanced supervision and prudential standards by the Board of Governors of the Federal Reserve System, if the Council makes a final determination that material financial distress at the bank holding company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities, could threaten the financial stability of the United States.

Prescribes an indicator-based measurement approach to be considered by the Council.

systemic risk designation improvement act amends dodd frank wall street reform consumer protection act authorize financial_stability_oversight_council determine bank holding company shall subject enhanced supervision prudential standards board_of_governors federal_reserve_system council makes final determination material financial distress bank holding company nature scope size scale concentration interconnectedness mix activities threaten financial stability united_states prescribes indicator based measurement approach considered council


Summary:
Consumer Financial Freedom and Washington Accountability Act - (Sec. 2) Amends the Consumer Financial Protection Act of 2010 to establish, in lieu of the Consumer Financial Protection Bureau (CFPB), an independent Financial Product Safety Commission to regulate the offering and provision of consumer financial products or services under federal consumer financial laws.

Replaces the position of Director of the CFPB with a Commission composed of the Vice Chairman for Supervision of the Federal Reserve System and four additional members appointed by the President, by and with the advice and consent of the Senate, each to serve for a term of five years.

Prohibits the Chair of the Commission from making requests for estimates related to appropriations without the Commission's prior approval.

Repeals requirements for funding the CFPB, including the Consumer Financial Protection Fund.

Subjects the Commission to the congressional appropriations process. Authorizes appropriations for $300 million for each of FY2014 and FY2015. Repeals the requirement that at least six members of the Consumer Advisory Board be appointed on a rotating basis upon the recommendation of the regional Federal Reserve Bank Presidents. Makes technical and conforming amendments to the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank), the Electronic Fund Transfer Act, the Expedited Funds Availability Act, the Federal Deposit Insurance Act, and the Federal Financial Institutions Examination Council Act of 1978.

(Sec. 3) Requires the rates of basic pay for all Commission employees to be set and adjusted in accordance with the General Schedule.

(Sec. 4) Amends Dodd-Frank to require the Commission and its contractors to obtain a consumer's permission before requesting, obtaining, accessing, collecting, using, retaining, or disclosing pertinent nonpublic personal information.

(Sec. 5) Authorizes the Chairperson of the Financial Stability Oversight Council (FSOC) to issue a stay of, or set aside, any regulation issued by the Commission (currently, by the CFPB) upon the affirmative vote of the majority of FSOC members (currently, two-thirds), excluding the Commission Chair.

 Requires the FSOC, upon the petition of one of its member agencies, to set aside a final regulation prescribed by the Commission (currently, by the CFPB) if the FSOC decides that such regulation is inconsistent with the safe and sound operations of U.S. financial institutions. (Currently the FSOC is merely authorized, upon petition, to set aside a final CFPB regulation if it 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 FSOC set-aside of a regulation after expiration of a specified time period, and (2) mandatory dismissal of a petition if the FSOC has not issued a decision within such time period.

 Requires the Commission Chair, when prescribing a rule under federal consumer financial laws, to consider its impact upon the financial safety or soundness of an insured depository institution.

(Sec. 6) Requires the Commission, whenever it proposes a new rule or regulation, to report to the FSOC and make publicly available: (1) an initial regulatory flexibility analysis that includes the financial impact of the proposed rule or regulation upon covered persons, regardless of size; and (2) an analysis of whether the proposed rule or regulation will impair the ability of individuals and small businesses to have access to credit.

(Sec. 7) Repeals the exclusive rulemaking authority of the CFPB (or, now, the Commission) with respect to federal consumer financial law.

consumer financial freedom washington accountability act sec amends consumer financial protection act establish lieu consumer_financial_protection_bureau cfpb independent regulate offering provision consumer financial products services federal consumer financial laws replaces position director cfpb commission composed vice chairman additional members appointed president advice consent senate serve term years prohibits chair commission making requests estimates related appropriations commission prior approval repeals requirements funding cfpb including subjects commission congressional appropriations process authorizes appropriations million fy2014 fy2015 repeals requirement members appointed rotating basis recommendation regional makes technical conforming amendments dodd frank wall street reform consumer protection act dodd-frank electronic fund transfer act expedited funds availability act federal_deposit_insurance_act federal_financial_institutions_examination_council_act sec requires rates basic pay commission employees set adjusted accordance general_schedule sec require commission contractors obtain consumer permission requesting obtaining accessing collecting retaining disclosing pertinent nonpublic personal information sec authorizes chairperson financial stability oversight council fsoc issue stay set aside regulation issued commission currently cfpb affirmative vote majority fsoc members currently thirds excluding requires fsoc petition member agencies set aside final regulation prescribed commission currently cfpb fsoc decides regulation inconsistent safe sound operations financial institutions currently fsoc merely authorized petition set aside final cfpb regulation safety soundness banking system stability financial system risk repeals prohibition fsoc set aside regulation expiration specified time period mandatory dismissal petition fsoc issued decision time period requires commission chair prescribing rule federal consumer financial laws consider impact financial safety soundness insured depository institution sec requires commission proposes new rule regulation report fsoc publicly available initial regulatory flexibility analysis includes financial impact proposed rule regulation covered persons regardless size analysis proposed rule regulation impair ability individuals small businesses access credit sec repeals exclusive rulemaking authority cfpb commission respect federal consumer financial law


Summary:
(This measure has not been amended since it was passed by the Senate on December 11, 2014. The summary of that version is repeated here.)

Directs the Board of Governors of the Federal Reserve System (Board) to publish in the Federal Register proposed revisions to the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors, applying such policy to certain bank holding companies and savings and loan holding companies having pro forma consolidated assets of less than $1 billion, and which: (1) are not engaged in significant nonbanking activities either directly or through a nonbank subsidiary, (2) do not conduct significant off-balance sheet activities either directly or through a nonbank subsidiary (including securitization and asset management or administration), and (3) do not have a material amount of debt or equity securities outstanding (other than trust preferred securities) that are registered with the Securities and Exchange Commission (SEC).

Retains Board authority to exclude from such Policy Statement either a bank holding company or a savings and loan holding company, regardless of asset size, if exclusion is determined warranted for supervisory purposes.

Exempts from the leverage and risk-based capital requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act any bank holding company or savings and loan holding company having less than $1 billion in total consolidated assets that complies with the requirements of the Policy Statement.

measure amended passed senate december summary version repeated directs_the_board_of_governors federal_reserve_system board publish federal_register proposed revisions small_bank_holding_company_policy_statement_on_assessment_of_financial_and_managerial_factors applying policy certain bank holding companies savings loan holding companies having pro forma consolidated assets billion engaged significant nonbanking activities directly nonbank subsidiary conduct significant balance sheet activities directly nonbank subsidiary including securitization asset management administration material debt equity securities outstanding trust preferred securities registered securities_and_exchange_commission sec authority exclude bank holding company savings loan holding company regardless asset size exclusion determined warranted supervisory purposes exempts leverage risk based capital requirements dodd frank wall street reform consumer protection act bank holding company savings loan holding company having billion total consolidated assets complies requirements


Summary:
(This measure has not been amended since it was passed by the House on September 15, 2014. The summary of that version is repeated here.)

American Savings Promotion Act - Amends the Revised Statutes of the United States, the Federal Reserve Act, the Federal Deposit Insurance Act, and the Home Owners' Loan Act to authorize covered financial institutions to conduct a contest, known as a "savings promotion raffle," in which the sole consideration required for a chance of winning designated prizes is obtained by the deposit of a specified amount of money in a savings account or program, where each ticket or entry has an equal chance of being drawn. Subjects such drawing contest to regulations promulgated by the appropriate prudential regulator.

 Excludes such "savings promotion raffle" from the prohibition against a covered financial institution's dealing in "lottery" tickets.

Amends the federal criminal code to exempt: (1) savings promotion raffles conducted by an insured depository institution or an insured credit union from specified prohibitions against interstate and foreign travel or transportation in aid of racketeering enterprises, and (2) any savings promoton raffle from the prohibition against illegal gambling businesses.

measure amended passed house september summary version repeated united_states federal_reserve_act federal_deposit_insurance_act authorize covered financial institutions conduct contest known savings promotion sole consideration required chance winning designated prizes obtained deposit specified money savings account program ticket entry equal chance drawn subjects drawing contest regulations promulgated appropriate prudential regulator excludes savings promotion prohibition covered financial institution dealing lottery tickets amends federal criminal code exempt savings promotion conducted insured depository institution insured credit union specified prohibitions interstate foreign travel transportation aid racketeering enterprises savings prohibition illegal gambling businesses


Summary:
(This measure has not been amended since it was passed by the House on May 6, 2014. The summary of that version is repeated here.)

Credit Union Share Insurance Fund Parity Act - Amends the Federal Credit Union Act regarding insured amounts payable in connection with a bankrupt state-chartered credit union for which the National Credit Union Administration (NCUA) Board is the liquidating agent.

Revises requirements relating to the limitation to the standard maximum share insurance amount ($250,000) for the net amount of share insurance payable to any member at an insured credit union in the event of such a bankruptcy. Applies the limitation also to any person with funds lawfully held in a member account.

Requires the Board to provide pass-through share insurance paid by certain lawyers administering deposits or shares of any interest on a lawyer's trust account (IOLTA), or paid by the escrow agent administering other similar escrow accounts.

Defines "IOLTA" as a system in which lawyers place certain client funds in interest-bearing or dividend-bearing accounts, with the interest or dividends then used to fund programs such as legal service organizations providing services to clients in need.

Treats IOLTAs as escrow accounts for share insurance purposes, and considers them as member accounts if the administering attorney or escrow agent is a member of the insured credit union in which the funds are held.

Declares that nothing in this Act shall be construed as authorizing an insured credit union to accept IOLTA or similar escrow account deposits in an amount greater than authorized under federal or state law.

measure amended passed house summary version repeated parity act amends federal_credit_union_act insured amounts payable connection state chartered credit union national_credit_union_administration ncua board liquidating agent revises requirements relating limitation standard maximum share insurance net share insurance payable member insured credit union event bankruptcy applies limitation person funds lawfully held member account requires board provide pass share insurance paid certain lawyers administering deposits shares interest lawyer trust account paid escrow agent administering similar escrow accounts defines system lawyers place certain client funds interest bearing dividend bearing accounts interest dividends fund programs legal service organizations providing services clients need treats escrow accounts share insurance purposes considers member accounts administering attorney escrow agent member insured credit union funds held declares act shall construed authorizing insured credit union accept similar escrow account deposits greater authorized federal state law


Summary:
Capital Access for Small Community Financial Institutions Act of 2014 - (Sec. 2) Amends the Federal Home Loan Bank Act to treat certain privately insured credit unions as insured depository institutions for purposes of determining eligibility for membership in a federal home loan bank.

Permits a credit union which lacks federal deposit insurance and has applied for membership in a federal home loan bank to be treated as meeting all the eligibility requirements for federal deposit insurance if the supervisor of the chartering state has determined that it meets all federal deposit insurance eligibility requirements.

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

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

Declares that if a federal home loan bank makes an advance to a state-chartered credit union that is not federally insured: (i) the bank's interest in any collateral securing such advance has the same priority and is afforded the same standing and rights that the security interest would have had if the advance had been made to a federally-insured credit union, and (2) the bank has the same right to access such collateral that it would have had if the advance had been made to a federally-insured credit union. Amends the Federal Deposit Insurance Act to require private deposit insurers of credit unions that are members of a federal home loan bank to submit copies of their audit reports within seven days to the Federal Housing Finance Agency.

(Sec. 3) Directs the Comptroller General (GAO) to study: (1) the adequacy of insurance reserves held by a private deposit insurer that insures deposits in an insured credit union or any credit union eligible to apply to become one, and (2) such credit unions' compliance with federal regulations governing disclosure of a lack of federal deposit insurance.

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


Summary:
The Small Business and Community Investments Expansion Act of 2013 - Amends the Federal Home Loan Bank Act to authorize Federal Home Loan Banks to make long-term secured advances to their members to provide funds to community development financial institutions.

Requires a Bank, at the time of origination or renewal of a loan or advance, to obtain and maintain a security interest in collateral eligible pursuant to any secured loan for any community development financial institution.

amends federal_home_loan_bank act authorize federal_home_loan_banks long term secured advances members provide funds community development financial institutions requires bank time origination renewal loan advance obtain maintain security interest collateral eligible pursuant secured loan community development financial institution


Summary:
Building Community Financial Institutions' Capacity to Combat Money Laundering Act - Establishes the BSA Compliance Fund.

Requires deposit into the Fund of: (1) 25% of all civil money penalties imposed upon domestic financial institutions for violations related to mandatory reports and recordkeeping on monetary instruments transactions, and (2) 25% of any civil fine paid by a domestic financial institution for violations of other federal law with respect to actions for which a civil money penalty is also imposed for prohibited monetary transactions.

Instructs the Secretary of the Treasury to: (1) use the Fund to make grants to community financial institutions with under $10 billion in assets to improve their compliance with statutory requirements governing reports and recordkeeping on monetary instruments transactions, and (2) give grant priority to institutions located in counties that have 20% or more of residents living below the federal poverty line.

requires deposit civil money penalties imposed domestic financial institutions violations related mandatory reports recordkeeping monetary instruments transactions civil fine paid domestic financial institution violations federal law respect actions civil money penalty imposed prohibited monetary transactions instructs secretary treasury use fund grants community financial institutions billion assets improve compliance statutory requirements governing reports recordkeeping monetary instruments transactions grant priority institutions located counties residents living federal poverty line


Summary:
U.S. Financial Services Global Viability Act - Amends the Bank Holding Company Act of 1956 to delay the effective date for prohibitions or the mandate for related rulemaking against proprietary trading by a banking entity and any equity, partnership, or other ownership interest of a banking entity in or sponsorship of hedge funds or private equity funds. (Currently the effective date of such prohibitions and the mandate to make related regulations is the earlier of 12 months after the date of the issuance of final rules or 2 years after the date of enactment [July 21, 2010].)

 Delays the effective date of such prohibitions and regulatory mandate until the Secretary of the Treasury: (1) identifies the foreign countries having foreign banks chartered and headquartered in them that compete significantly with banking entities subject to such Act, and (2) certifies that such countries have applied to such foreign banks (including subsidiaries and affiliates) requirements equivalent to those set forth under such Act.

bank_holding_company_act delay effective date prohibitions mandate related rulemaking proprietary trading banking entity equity partnership ownership interest banking entity sponsorship hedge funds private equity funds currently effective date prohibitions mandate related regulations earlier months date issuance final rules years date enactment july delays effective date prohibitions regulatory mandate secretary treasury identifies foreign countries having foreign banks chartered headquartered compete significantly banking entities subject act certifies countries applied foreign banks including subsidiaries affiliates requirements equivalent set forth act


Summary:
21st Century Glass-Steagall Act of 2013 - Amends the Federal Deposit Insurance Act to prohibit an insured depository institution from: (1) being or becoming an affiliate of any insurance company, securities entity, or swaps entity; (2) being in common ownership or control with any insurance company, securities entity, or swaps entity; or (3) engaging in any activity that would cause the insured depository institution to qualify as an insurance company, securities entity, or swaps entity.

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


Summary:
Fairness for Community Job Creators Act - Amends the Bank Holding Company Act of 1956 relating to prohibitions on proprietary trading and certain relationships with hedge and private equity funds (Volcker Rule).

Prohibits any construction of these prohibitions to require the divestiture of collateralized debt obligations that were issued before December 10, 2013, if, as of that date, those obligations are predominantly backed by trust-preferred securities.

fairness community job act amends bank_holding_company_act relating prohibitions proprietary trading certain relationships hedge private equity funds volcker rule prohibits construction prohibitions require divestiture collateralized debt obligations issued december date obligations predominantly backed trust preferred securities


Summary:
Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions against proprietary trading by banking entities and certain relationships of such entities with hedge funds and private equity funds (Volcker rule).

Directs the Commodity Futures Trading Commission (CFTC), the Securities and Exchange Commission (SEC), and the appropriate federal banking agencies, when issuing or modifying any regulation related to such prohibitions, to consider: (1) whether it is necessary or appropriate in the public interest; (2) whether it will promote efficiency, competition, and capital formation; and (3) the impact it would have on competition.

Prohibits such agencies from adopting a regulation that would impose a burden on competition neither necessary nor appropriate in furtherance of the Act.

Directs such agencies to include in the statement of basis and purpose incorporated in the regulation the reasons for determining that any burden on competition imposed by the regulation is necessary or appropriate in furtherance of this Act.

amends bank_holding_company_act respect certain prohibitions proprietary trading banking entities certain relationships entities hedge funds private equity funds volcker rule directs commodity_futures_trading_commission cftc securities_and_exchange_commission sec appropriate federal banking agencies issuing modifying regulation related prohibitions consider necessary appropriate public interest promote efficiency competition capital formation impact competition prohibits agencies adopting regulation impose burden competition necessary appropriate furtherance act directs agencies include statement basis purpose incorporated regulation reasons determining burden competition imposed regulation necessary appropriate furtherance act


Summary:
Federal Reserve Accountability and Transparency Act of 2014 - Amends the Federal Reserve Act to require the Board of Governors of the Federal Reserve System to consider specified economic impacts of any regulation before issuing it.

Directs the Board, in deciding whether and how to regulate, to assess the costs and benefits of regulatory alternatives, including the alternative of not regulating, and choose the approach that maximizes net benefits.

Sets forth additional considerations, including market liquidity in the securities markets and global competitiveness.

Requires the Board, whenever it adopts or amends a regulation designated as a"major rule," to make a post-adoption impact assessment, including intended and unintended consequences of the regulation.

Requires a one-week blackout period before each meeting of the Federal Open Market Committee, until midnight of the day after the meeting, during which restrictions are imposed upon public communications by Board members and staff, with specified exceptions, regarding macroeconomic or financial developments or current or prospective monetary policy issues.

Applies to Board members and staff the ethics standards that apply to Securities and Exchange commission (SEC) employees with respect to financial interests and transactions. Prescribes requirements for disclosure of brokerage accounts.

Directs the Board to make publicly available on its website staff salaries and financial information.

Directs the Comptroller General (GAO) to study the employee pay and pay scale used by the Board.

Requires the Vice Chairman for Supervision to testify to Congress on the status of all pending and anticipated Board rulemakings.

Revises requirements for Board communications with Congress.

Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to require the Board to: (1) issue regulations for nonbank financial company stress test conditions, and (2) disclose and update publicly the aggregate number of supervisory letters sent to bank holding companies.

Requires the Board to: (1) submit audits and performance reviews to certain congressional committees, and (2) designate as chairman of the board of directors of the Federal reserve bank and as Federal reserve agent one of either class A or class B directors with tested banking experience.

Eliminates Class C Directors who are required to represent the public with due but not exclusive consideration to the interests of agriculture, commerce, industry, services, labor, and consumers.

Requires the Board to choose its chairman instead of the President, with the advice and consent of the Senate.

Revises requirements for: (1) the terms of Board Directors, and (2) the filling of vacancies.

Prohibits Board members and employees from international travel for purposes of performing any Board function.

Requires the Board to notify Congress and the public before entering into negotiations with either a foreign or multinational entity.

Amends the Federal Financial Institutions Examination Council Act of 1978, and the Financial Stability Act of 2010 to require the Financial Institutions Examination Council and the Financial Stability Oversight Council, before issuing any regulation, to: (1) identify and assess the nature and source of the problem to be addressed, (2) assess the costs and benefits of available regulatory alternatives, and (3) make a post-adoption impact assessment of any major rule.

Subjects members and employeees of both Councils to the same ethics standards and outside employment and activity requirements as govern SEC employees.

transparency_act amends federal reserve act require board_of_governors federal_reserve_system consider specified economic impacts regulation issuing directs board deciding regulate assess costs benefits regulatory alternatives including alternative regulating choose approach maximizes net benefits sets forth additional considerations including market liquidity securities markets global competitiveness requires board adopts amends regulation designated rule post adoption impact assessment including intended unintended consequences regulation requires week blackout period meeting federal_open_market_committee midnight day meeting restrictions imposed public communications board members staff specified exceptions macroeconomic financial developments current prospective monetary policy issues applies board members staff ethics standards apply commission sec employees respect financial interests transactions prescribes requirements disclosure brokerage accounts directs board publicly available website staff salaries financial information directs comptroller general gao study employee pay pay scale board requires vice chairman supervision testify congress status pending anticipated board rulemakings revises requirements board communications congress amends dodd frank wall street reform consumer protection act require board issue regulations nonbank financial company stress test conditions disclose update publicly aggregate number supervisory letters sent bank holding companies requires board submit audits performance reviews certain congressional committees designate chairman board directors federal reserve bank federal reserve agent class class directors tested banking experience eliminates class directors required represent public exclusive consideration interests agriculture commerce industry services labor consumers requires board choose chairman instead president advice consent senate revises requirements terms board directors filling vacancies members employees international travel purposes performing board function requires board notify congress public entering negotiations foreign multinational entity amends federal_financial_institutions_examination_council_act financial stability act require financial institutions examination council financial_stability_oversight_council issuing regulation identify assess nature source problem addressed assess costs benefits available regulatory alternatives post adoption impact assessment major rule subjects members councils ethics standards outside employment activity requirements govern sec employees


Summary:
Systemic Risk Designation Improvement Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to authorize the Financial Stability Oversight Council to determine that a bank holding company shall be subject to enhanced supervision and prudential standards by the Board of Governors of the Federal Reserve System, if the Council makes a final determination that material financial distress at the bank holding company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities, could threaten the financial stability of the United States.

Requires that final determination to be based upon specified factors using an indicator-based measurement approach established by the Basel Committee on Banking Supervision to determine systemic importance.

 Exempts from any Council determination to subject a bank holding company to enhanced supervision and prudential standards a bank holding company with total consolidated assets of $50 billion or less.

Prohibits the Council, before the effective date of this Act, from making a final determination concerning any material financial distress of a bank holding company identified by the Financial Stability Board as a Global Systemically Important Financial Institution.

systemic risk designation improvement act amends dodd frank wall street reform consumer protection act authorize financial_stability_oversight_council determine bank holding company shall subject enhanced supervision prudential standards board_of_governors federal_reserve_system council makes final determination material financial distress bank holding company nature scope size scale concentration interconnectedness mix activities threaten financial stability united_states requires final determination based specified factors indicator based measurement approach established basel_committee_on_banking_supervision determine systemic importance exempts council determination subject bank holding company enhanced supervision prudential standards bank holding company total consolidated assets billion effective date act making final determination concerning material financial distress bank holding company identified financial_stability_board


Summary:
(This measure has not been amended since it was passed by the House on July 14, 2014. The summary of that version is repeated here.)

Smart Savings Act - Makes the default investment in the Thrift Savings Plan (TSP) an age-appropriate target date asset allocation investment fund (L Fund), instead of the Government Securities Investment Fund (G Fund), if no election has been made for the investment of available funds. Retains the Government Securities Investment Fund as the default fund for members of the Uniformed Services. Requires TSP participants whose default fund is an age-appropriate L Fund to receive a risk acknowledgement prior to enrollment.

Extends requirements relating to fiduciary protections to TSP beneficiaries.

measure amended passed house july summary version repeated smart savings act makes default investment thrift savings plan tsp age appropriate target date asset allocation investment fund instead election investment available funds retains government securities investment fund default fund members uniformed_services requires tsp participants default fund age appropriate receive risk acknowledgement prior enrollment extends requirements relating fiduciary protections tsp beneficiaries


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

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

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

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


Summary:
Mutual Bank Choice and Continuity Act of 2014 - Amends the Federal Deposit Insurance Act to authorize a mutual depository to issue mutual capital certificates that qualify as common equity Tier 1 capital for purposes of capital requirements mandated by federal law or regulation.

Defines "mutual capital certificate" as a financial instrument issued by a mutual depository that entitles the holder to a payment of fixed, variable, or participating dividends but no voting or member rights, nor is it redeemable until five years after issuance.

Defines "mutual depository" as an insured depository institution operating in a non-stock form, including a federal non-stock depository and any form of non-stock depository provided for under state law, whose deposits are insured by an instrumentality of the federal government.

Amends the Revised Statutes of the United States to authorize the Comptroller of the Currency to charter mutual national banks either de novo or through conversion of an insured depository institution or insured credit union, in order to establish mutual institutions operating in non-stock form for the deposit of funds, the extension of credit, and other services.

Prescribes procedures for voluntary conversion of: (1) a mutual depository to a mutual national bank, (2) a mutual national bank to a stock national bank, or (3) a mutual national bank to a state national bank operating in stock form.

Prescribes procedures for: (1) a mutual national bank to reorganize as a federal mutual bank holding company, and (2) a mutual bank holding company organized under state law to convert to a federal mutual bank holding company.

Permits a mutual national bank to retain capital at the holding company level in order to comply with the capital requirements of the Board of Governors of the Federal Reserve System.

Grants a tax liable depositor in a savings, demand, or other authorized depository account in a depository institution subsidiary the same rights regarding the federal mutual bank holding company as that depositor would have had if the depository institution subsidiary had been a mutual national bank.

Subjects a federal mutual bank holding company to Federal Reserve Board regulation and supervision.

Prescribes procedures for a federal mutual bank holding company governing: (1) capital improvement, and (2) insolvency and liquidation.

Permits a mutual holding company, including any form of mutual depository holding company under state law, to convert to federal mutual bank holding company status.

continuity act amends federal_deposit_insurance_act authorize mutual depository issue mutual capital certificates qualify common equity tier capital purposes capital requirements mandated federal law regulation defines mutual capital certificate financial instrument issued mutual depository entitles holder payment fixed variable participating dividends voting member rights redeemable years issuance defines mutual depository insured depository institution operating non stock form including federal non stock depository form non stock depository provided state law deposits insured instrumentality federal government amends revised statutes united_states authorize comptroller currency charter mutual national banks novo conversion insured depository institution insured credit union order establish mutual institutions operating non stock form deposit funds extension credit services prescribes procedures voluntary conversion mutual depository mutual national bank mutual national bank stock national bank mutual national bank state national bank operating stock form prescribes procedures mutual national bank reorganize federal mutual bank holding company mutual bank holding company organized state law convert federal mutual bank holding company permits mutual national bank retain capital holding company level order comply capital requirements board_of_governors federal_reserve_system grants tax liable depositor savings demand authorized depository account depository institution subsidiary rights federal mutual bank holding company depositor depository institution subsidiary mutual national bank subjects federal mutual bank holding company federal_reserve_board regulation supervision prescribes procedures federal mutual bank holding company governing capital improvement insolvency liquidation permits mutual holding company including form mutual depository holding company state law convert federal mutual bank holding company status


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

Money Remittances Improvement Act of 2014 - Authorizes the Secretary of the Treasury, with respect to compliance with reporting requirements for monetary instrument transactions of financial institutions, to rely upon examinations conducted by a state supervisory agency of a category of financial institution if: (1) the category is required to comply with federal requirements, or (2) the state supervisory agency examines the category for compliance with federal requirements.

Instructs the Secretary to consult with state supervisory agencies when issuing rules to implement this Act.

measure amended introduced summary version repeated money remittances improvement act authorizes secretary treasury respect compliance reporting requirements monetary instrument transactions financial institutions rely examinations conducted state supervisory agency category financial institution category required comply federal requirements state supervisory agency examines category compliance federal requirements instructs secretary consult state supervisory agencies issuing rules implement act


Summary:
FSOC Transparency and Accountability Act - Amends the Financial Stability Act of 2010 to repeal the nonapplicability of the Federal Advisory Committee Act (FACA) to the Financial Stability Oversight Council (thus applying FACA to the Council).

Declares the Council an agency for purposes of the "Government in the Sunshine Act" (and its open meeting requirements).

 Revises the voting profile of Council members to single out the following member agencies as each having collectively one vote: (1) the Board of Governors of the Federal Reserve System, (2) the Securities and Exchange Commission (SEC), (3) the Federal Deposit Insurance Corporation (FDIC), (4) the Commodity Futures Trading Commission (CFTC), and (5) the National Credit Union Administration (NCUA) Board.

Directs such member agencies to: (1) determine their Council vote by using the voting process normally applicable to votes by their members, and (2) cast the one collective Council vote by the agency head.

Permits any Council member to select to have one or more individuals on the member's staff attend a meeting of the Council, including any meeting of representatives of the member agencies other than the members themselves.

Requires all Council meetings to be open to attendance and participation by members of specified congressional committees, including any meeting of representatives of the member agencies other than the members themselves.

fsoc transparency accountability act amends financial stability act repeal federal_advisory_committee_act faca financial_stability_oversight_council applying faca council agency purposes government sunshine act open meeting requirements revises voting profile council members single following member agencies having collectively vote board_of_governors federal_reserve_system securities_and_exchange_commission sec federal_deposit_insurance_corporation fdic commodity_futures_trading_commission cftc national_credit_union_administration ncua board directs member agencies determine council vote voting process normally applicable votes members cast collective council vote agency head permits council member select individuals member staff attend meeting council including meeting representatives member agencies members requires council meetings open attendance participation members specified congressional committees including meeting representatives member agencies members


Summary:
Insurance Capital Standards Clarification Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act concerning establishment of minimum leverage and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System (Board).

States that federal banking agencies shall not be required to subject any person to such minimum capital requirements, to the extent that such person either: (1) acts in its capacity as a regulated insurance entity regulated by a state insurance regulator, or (2) is a regulated foreign subsidiary engaged in the business of insurance (including a regulated foreign affiliate of such subsidiary).

Exempts from any requirement to prepare holding company financial statements in accordance with Generally Accepted Accounting Principles any Board-supervised depository institution holding company or nonbank financial company that is also a person regulated by a state insurance regulator or a regulated foreign subsidiary (or a regulated foreign affiliate) that files its holding company financial statements using only Statutory Accounting Principles in accordance with state law.

insurance capital standards clarification act amends dodd frank wall street reform consumer protection act concerning establishment minimum leverage minimum risk based capital requirements consolidated basis depository institution holding company nonbank financial company supervised board_of_governors federal_reserve_system board states federal banking agencies shall required subject person minimum capital requirements extent person acts capacity regulated insurance entity regulated state insurance regulator regulated foreign subsidiary engaged business insurance including regulated foreign affiliate subsidiary exempts requirement prepare holding company financial statements accordance board supervised depository institution holding company nonbank financial company person regulated state insurance regulator regulated foreign subsidiary regulated foreign affiliate files holding company financial statements statutory accounting principles accordance state law


Summary:
Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act (Dodd-Frank) to authorize the Financial Stability Oversight Council to determine that a bank holding company shall be subject to enhanced supervision and prudential standards by the Board of Governors of the Federal Reserve System, if the Council makes a final determination that material financial distress at the bank holding company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities could threaten the financial stability of the United States.

 Subjects bank holding companies with total consolidated assets of $250 billion or more to such enhanced supervision and prudential standards.

Directs the Council to: (1) review each bank holding company with total consolidated assets of between $50 billion and $250 billion in order to determine whether to subject such company to such enhanced Board supervision and prudential standards; and (2) re-review within 36 months any company not subjected to enhanced Board supervision and prudential standards, or sooner if its activities have significantly changed and it might pose a threat to U.S. financial stability.

Expresses the sense of Congress that: (1) consolidated asset size is only one of many factors to be considered in determining systemic risk; and (2) specified processes identified in Dodd-Frank (as modified by this Act) represent a more accurate indicator of systemic risk.

amends dodd frank wall street reform consumer protection act dodd-frank authorize financial_stability_oversight_council determine bank holding company shall subject enhanced supervision prudential standards board_of_governors federal_reserve_system council makes final determination material financial distress bank holding company nature scope size scale concentration interconnectedness mix activities threaten financial stability united_states subjects bank holding companies total consolidated assets billion enhanced supervision prudential standards directs council review bank holding company total consolidated assets billion billion order determine subject company enhanced board supervision prudential standards review months company subjected enhanced board supervision prudential standards sooner activities significantly changed pose threat financial stability expresses sense congress consolidated asset size factors considered determining systemic risk specified processes identified dodd-frank modified act represent accurate indicator systemic risk


Summary: Policyholder Protection Act of 2014 - Amends the Federal Deposit Insurance Act to declare that any regulation, order, or other action of the Board of Governors of the Federal Reserve System that requires a bank holding company to provide funds or other assets to a subsidiary depository institution shall not be effective nor enforceable with respect to an entity that is a savings and loan holding company that is also an insurance company, an affiliate of an insured depository institution that is an insurance company, or any other company that is an insurance company and that directly or indirectly controls an insured depository institution if: (1) such funds or assets are to be provided by the entity, and (2) the state insurance authority for the insurance company determines that such an action would have a materially adverse effect on the entity's financial condition.Declares further that requiring a bank holding company that is an insurance company or such an entity to serve as a source of financial strength shall be deemed the kind of action of the Board to which this Act applies.

policyholder protection act amends federal_deposit_insurance_act declare regulation order action board_of_governors federal_reserve_system requires bank holding company provide funds assets subsidiary depository institution shall effective enforceable respect entity savings loan holding company insurance company affiliate insured depository institution insurance company company insurance company directly indirectly controls insured depository institution funds assets provided entity state insurance authority insurance company determines action materially adverse effect entity financial condition declares requiring bank holding company insurance company entity serve source financial strength shall deemed kind action board act applies


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

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

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


Summary: Relief for America's Main Street Lenders Act - Amends the Commodity Exchange Act, the Securities Exchange Act of 1934, the Electronic Fund Transfer Act, and the Dodd-Frank Wall Street Reform and Consumer Protection Act to exclude from the definition of financial entity, solely with respect to an interest rate swap or interest rate security-based swap, financial institutions whose total assets are $50 billion or less.

relief america main street lenders act amends commodity_exchange_act securities exchange act electronic fund transfer act dodd frank wall street reform consumer protection act exclude definition financial entity solely respect interest rate swap interest rate security based swap financial institutions total assets billion


Summary: Establishes a six-month moratorium during which the Financial Stability Oversight Council is prohibited from making a determination under the Financial Stability Act of 2010 that a U.S. nonbank financial company shall be supervised by the Board of Governors of the Federal Reserve System and be subject to prudential standards, if the Council determines that material financial distress at the company (or its nature, scope, size, scale, concentration, interconnectedness, or mix of activities) could pose a threat to the financial stability of the United States.

establishes month moratorium financial_stability_oversight_council prohibited making determination financial stability act nonbank financial company shall supervised board_of_governors federal_reserve_system subject prudential standards council determines material financial distress company nature scope size scale concentration interconnectedness mix activities pose threat financial stability united_states


Summary:
The Office of Financial Research Accountability Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to require the Director of the Office of Financial Research to publish annually, after a period of 60 days for public notice and comment, a detailed work plan concerning the Office priorities for the upcoming fiscal year.

Requires the Office to develop and implement a cybersecurity plan using adequate safeguards to protect the integrity and confidentiality of the data in Office possession.

Directs the Comptroller General (GAO) to audit annually the cybersecurity plan and its implementation.

amends dodd frank wall street reform consumer protection act require director office_of_financial_research publish annually period days public notice comment detailed work plan concerning office priorities upcoming fiscal year requires office develop implement cybersecurity plan adequate safeguards protect integrity confidentiality data office possession directs comptroller general gao audit annually cybersecurity plan implementation