Summary:
FHA Solvency Act of 2013 - (Sec. 2) Amends the National Housing Act with respect to mortgage insurance.

Requires the Secretary of Housing and Urban Development (Secretary) (HUD) (who currently is merely authorized) to establish and collect annual premium payments in an amount between 0.55% and 2.0% (currently, not exceeding 1.5%) of the remaining insured principal balance.

Directs the Secretary to review annually the amount of the annual and up-front premiums collected and the expected losses to the Mutual Mortgage Insurance (MMI) Fund.

(Sec. 3) Prohibits the Secretary from insuring, or entering into a commitment to insure, a mortgage executed by a mortgagor who is the mortgagor under any two mortgages on one- to four-family residential properties that have previously been foreclosed upon.

Sec. 4) Authorizes the Secretary to require a mortgagee to indemnify HUD for the loss if a mortgage executed by an approved or insured mortgagee contains such a material defect that the mortgage should not have been approved or endorsed for insurance, and a loan becomes delinquent within 36 months of such approval or endorsement leading to a default, or the Secretary pays a claim within 36 months after such approval or endorsement, regardless of whether the violation caused the mortgage default. Requires the Secretary to deposit any indemnified amounts collected in the MMI Fund .

Directs the Secretary, if fraud or misrepresentation was involved in connection with the origination, to require the mortgagee approved under the direct endorsement program or the mortgagee delegated authority to indemnify the Secretary for the loss regardless of when an insurance claim is paid. Excepts a mortgagee from mandatory indemnification, however, if: (1) the fraud or misrepresentation was committed not by the mortgagee but by a third party; and (2) the mortgagee had implemented adequate quality control and review procedures to deter, detect, and identify such fraud or misrepresentation.

Requires the Secretary to issue regulations establishing: (1) appropriate requirements and procedures governing indemnification by mortgagees, including public reporting; and (2) an appeals process to appeal any determination of indemnification made by the Secretary.

(Sec. 5) Changes the mandatory annual review of the rate of early defaults and claims for insured single family mortgages originated or underwritten by each mortgagee to a mandatory annual review of the mortgagees originating or underwriting insured single family mortgages.

 Expands the bases the Secretary uses to compare mortgage performance and authorizes the Secretary to terminate a mortgage's approval on a national basis instead of (as at present) only in a specific geographical area.

(Sec 6) Authorizes the Secretary to issue rules requiring an underperforming servicer to contract with an independent specialty subservicer for a single mortgage or any pool of mortgages.

Limits this rule to: (1) mortgages insured under the National Housing Act that were originated on or after the enactment of this Act, and (2) servicers whose performance condition materially and adversely affects the Secretary's ability to recover any amounts owed to the Secretary.

(Sec. 7) Requires the Secretary to issue a single, uniform resource guide to inform lenders and servicers of the policies, processes, and procedures applicable to insured mortgages. Directs the Secretary to: (1) evaluate and revise as necessary the underwriting standards for mortgages eligible to be insured, and (2) ensure that the MMI Fund attains a capital ratio of at least 3% (currently 2%) within 10 years after the enactment of this Act and maintains it at all times thereafter. Authorizes appropriations.

(Sec. 8) Directs the Secretary evaluate and revise as necessary, by mortgagee letter or rule, the underwriting standards for mortgages eligible for insurance, which shall: (1) be based on empirically derived, demonstrably and statistically sound models; and (2) include criteria whose evaluation has historically resulted in comparatively low rates of delinquency and default during adverse economic conditions.

(Sec. 9) Directs the Secretary to ensure that the MMI Fund: (1) attains a capital ratio of at least 3.0% within 10 years after enactment of this Act the FHA Solvency Act of 2013, and (2) maintains at least such capital ratio at all times thereafter.

Requires the MMI Fund to be designated as: (1) undercapitalized if the capital reserve ratio falls below 100% but not less than 50%, (2) significantly undercapitalized if it falls below 50% but not less than 0%, and (3) critically undercapitalized if it falls below 0%.

Directs the Secretary to report to Congress updates on the results of the annual independent actuarial study of the MMI Fund required to: (1) reflect the most recently available information; and (2) analyze the Fund's financial position if it is designated as undercapitalized, significantly undercapitalized, or critically undercapitalized until it achieves the capital ratio required to be maintained.

Specifies mandatory corrective actions, including imposition of premium surcharges according to a certain schedule, when the MMI Fund is undercapitalized, significantly undercapitalized, or critically undercapitalized.

(Sec. 10) Requires the Secretary's annual report to Congress on the independent actuarial study of the MMI Fund to include an alternative stress test scenario based on relative assumptions used in the annual Comprehensive Capital Analysis and Review stress tests performed by the Board of Governors of the Federal Reserve System. Requires the Secretary to develop the alternative stress test of the MMI Fund.

(Sec. 11) Directs the Secretary of the Treasury to provide written notice to Congress within 48 hours of exercising any authority under the Federal Credit Reform Act of 1990 to fund reestimates of the MMI Fund, or of certain other HUD or FHA accounts. Directs the Secretary to: (1) provide written notice to Congress within 48 hours of receiving funds pursuant to such authority to cover a downward estimate, and (2) include in any mandatory report to Congress the dollar figure of any amounts owed by HUD to the Treasury as a result of the exercise of such authority.

Requires such notices to be made available to the public and posted on HUD and Treasury websites.

(Sec. 12) Amends the Department of Housing and Urban Development Act to establish, within FHA, a Deputy Assistant Secretary and Chief Risk Officer, appointed by the Secretary and responsible to the Federal Housing Commissioner for all matters relating to managing and mitigating risk to HUD mortgage insurance funds and ensuring the performance of HUD-insured mortgages.

Requires such official to report annually to Congress on underwriting standards for HUD-insured mortgages, including the lowest performing loans.

(Sec. 13) Amends the National Housing Act to require the Secretary to require the independent actuary to disclose any events or circumstances that occur after the annual actuarial study is completed but before it is submitted to Congress, if such changes are sufficiently significant that a reasonable person would expect them to alter substantially the actuary's forecasts of the economic value of the Fund or any projections relating to the Fund's capital reserve ratio. Requires the Secretary to inform Congress of any such disclosures.

(Sec. 14) Requires the Comptroller General (GAO) to study any relevant FHA information disclosed by the Secretary in conjunction with the release of the annual actuarial report.

(Sec. 15) Amends the National Housing Act with respect to the eligibility requirements for insurance for home equity conversion mortgages (HECMs) (reverse mortgages) for elderly homeowners. Requires a mortgage to contain terms and provisions relating to property maintenance, the establishment of escrow accounts or set-asides, the limiting of amounts of any payment made available under the mortgage, and the performance of financial assessments.

Amends the Reverse Mortgage Stabilization Act of 2013 to authorize the Secretary to establish by notice or mortgage letter requirements pertaining to escrow accounts or set-asides, financial assessments, or mortgage payment limits.

Directs the Secretary to require the establishment of an escrow account or set-aside in any instance where, after a financial assessment of the mortgagor has been completed, such an account or set-aside would mitigate the risk of loss to the mortgagee, the mortgagor, the program, or the MMI Fund.

Terminates the Secretary's authority to change an HECM by mortgage letter 24 months after the enactment of this Act.

Directs the Secretary to issue a notice of proposed rulemaking within 90 days after issuing a notice or mortgagee letter which addresses the same additional or alternative requirements that are the subject of the notice or mortgagee letter. Requires the Secretary then within 24 months after issuing such a notice to: (1) issue a final rule addressing those same additional or alternative requirements, or (2) withdraw the notice or mortgagee letter.

Directs the Secretary to issue a notice of proposed rulemaking that: (1) eliminates the use, issuance, or establishment of any standard fixed-rate full draw product offered under the HECM program; and (2) requires any other fixed-rate draw product offered under the HECM program not subject to such elimination to be based on a financial assessment of the mortgagor.

Directs the Secretary, on a quarterly basis, to report to the Congress on the status and financial condition of each distinct product offered under the HECM program.

Requires the Secretary, if any individual product has a default rate measurably higher than the default rates occurring in any other product or is experiencing losses measurably higher than losses incurred in any other product, to study the product further and include in the next quarterly report: (1) information identifying and enumerating the causes of such higher default rates and the severity of losses, and (2) a detailed description of the actions to be taken to correct such inefficiencies.

(Sec. 16) Revises requirements for insuring an HECM that will be used to purchase a 1- to 4-family dwelling unit, one unit of which the mortgagor will occupy as a primary residence. Prohibits a fixed rate HECM in this circumstance from involving a principal limit with a principal limit factor exceeding .61.

(Sec. 17) Directs the Secretary within 90 days after enactment of this Act to issue the final rule to implement a specified proposed rule entitled "Federal Housing Administration (FHA) Risk Management Initiatives: Revised Seller Concessions." Requires the Secretary to ensure that the final rule: (1) limits seller contributions towards purchase-related expenses of a borrower without reducing the maximum insured amount of an insured mortgage; and (2) defines the acceptable types of expenses that a seller or interested third party, or both, may contribute, such as closing costs, prepaid expenses, discount points, up-front mortgage insurance premiums, and interest rate buydowns.

(Sec. 18) Directs the Comptroller General to conduct a one-time study to determine the appropriate dollar amount limitation on the maximum original principal obligation of a mortgage that may be insured under the National Housing Act

fha solvency act sec amends national housing act respect mortgage insurance requires secretary housing_and_urban_development secretary hud currently merely authorized establish collect annual premium payments currently exceeding remaining insured principal balance directs secretary review annually annual premiums collected expected losses mmi fund sec prohibits secretary insuring entering commitment insure mortgage executed mortgagor mortgagor mortgages one- family residential properties previously foreclosed sec authorizes secretary require mortgagee indemnify hud loss mortgage executed approved insured mortgagee contains material defect mortgage approved endorsed insurance loan delinquent months approval endorsement leading default secretary pays claim months approval endorsement regardless violation caused mortgage default requires secretary deposit amounts collected mmi fund directs secretary fraud misrepresentation involved connection origination require mortgagee approved direct endorsement program mortgagee delegated authority indemnify secretary loss regardless insurance claim paid excepts mortgagee mandatory indemnification fraud misrepresentation committed mortgagee party mortgagee implemented adequate quality control review procedures deter detect identify fraud misrepresentation requires secretary issue regulations establishing appropriate requirements procedures governing indemnification mortgagees including public reporting appeals process appeal determination indemnification secretary sec changes mandatory annual review rate early defaults claims insured single family mortgages originated underwritten mortgagee mandatory annual review mortgagees originating underwriting insured single family mortgages expands bases secretary uses compare mortgage performance authorizes secretary terminate mortgage approval national basis instead present specific geographical area sec authorizes secretary issue rules requiring underperforming servicer contract independent specialty single mortgage pool mortgages limits rule mortgages insured national housing act originated enactment act servicers performance condition materially adversely affects secretary ability recover amounts owed secretary sec requires secretary issue single uniform resource guide inform lenders servicers policies processes procedures applicable insured mortgages directs secretary evaluate revise necessary underwriting standards mortgages eligible insured ensure mmi fund attains capital ratio currently years enactment act maintains times authorizes appropriations sec directs secretary evaluate revise necessary mortgagee letter rule underwriting standards mortgages eligible insurance shall based derived statistically sound models include criteria evaluation historically resulted comparatively low rates delinquency default adverse economic conditions sec directs secretary ensure mmi fund attains capital ratio years enactment act fha solvency act maintains capital ratio times requires mmi fund designated undercapitalized capital reserve ratio falls significantly undercapitalized falls critically undercapitalized falls directs secretary report congress updates results annual independent actuarial study mmi fund required reflect recently available information analyze fund financial position designated undercapitalized significantly undercapitalized critically undercapitalized achieves capital ratio required maintained specifies mandatory corrective actions including imposition premium surcharges according certain schedule mmi_fund undercapitalized significantly undercapitalized critically undercapitalized sec requires secretary annual report congress independent actuarial study mmi_fund include alternative stress test scenario based relative assumptions annual stress tests performed board_of_governors federal_reserve_system requires secretary develop alternative stress test mmi_fund sec directs secretary treasury provide written notice congress hours exercising authority fund mmi_fund certain hud fha accounts directs secretary provide written notice congress hours receiving funds pursuant authority cover estimate include mandatory report congress dollar figure amounts owed hud treasury result exercise authority requires notices available public posted hud treasury websites sec amends department_of_housing_and_urban_development_act establish fha deputy assistant secretary chief appointed secretary responsible federal_housing commissioner matters relating managing mitigating risk hud mortgage insurance funds ensuring performance hud insured mortgages requires official report annually congress underwriting standards hud insured mortgages including lowest performing loans sec amends national housing act require secretary require independent actuary disclose events circumstances occur annual actuarial study completed submitted congress changes sufficiently significant reasonable person expect alter substantially actuary forecasts economic value fund projections relating fund capital reserve ratio requires secretary inform congress disclosures sec requires comptroller general gao study relevant fha information disclosed secretary conjunction release annual actuarial report sec amends national housing act respect eligibility requirements insurance home equity conversion mortgages reverse mortgages elderly homeowners requires mortgage contain terms provisions relating property maintenance establishment escrow accounts set asides limiting amounts payment available mortgage performance financial assessments amends reverse mortgage stabilization act authorize secretary establish notice mortgage letter requirements pertaining escrow accounts set asides financial assessments mortgage payment limits directs secretary require establishment escrow account set aside instance financial assessment mortgagor completed account set aside mitigate risk loss mortgagee mortgagor program mmi_fund terminates secretary authority change mortgage letter months enactment act directs secretary issue notice proposed rulemaking days issuing notice mortgagee letter addresses additional alternative requirements subject notice mortgagee letter requires secretary months issuing notice issue final rule addressing additional alternative requirements withdraw notice mortgagee letter directs secretary issue notice proposed rulemaking eliminates use issuance establishment standard fixed rate draw product offered program requires fixed rate draw product offered program subject elimination based financial assessment mortgagor directs secretary quarterly basis report congress status financial condition distinct product offered program requires secretary individual product default rate measurably higher default rates occurring product experiencing losses measurably higher losses incurred product study product include quarterly report information identifying causes higher default rates severity losses detailed description actions taken correct inefficiencies sec revises requirements insuring purchase family dwelling unit unit mortgagor occupy primary residence prohibits fixed rate circumstance involving principal limit principal limit factor exceeding sec directs secretary days enactment act issue final rule implement specified proposed rule entitled federal_housing_administration fha risk management initiatives revised seller concessions requires secretary ensure final rule limits seller contributions purchase related expenses borrower reducing maximum insured insured mortgage defines acceptable types expenses seller interested party contribute closing costs prepaid expenses discount points mortgage insurance premiums interest rate sec directs comptroller general conduct time study determine appropriate dollar limitation maximum original principal obligation mortgage insured national housing act


Summary:
Financial and Economic Literacy Improvement Act of 2013 - Amends the Elementary and Secondary Education Act of 1965 to direct the Secretary of Education to award formula matching grants to states or partnerships between states and experienced nonprofit providers of financial literacy or personal finance education.

Requires grantees to use 25% of the grant funds to: (1) develop financial literacy standards and assessments for at least three grade levels, (2) create teacher training programs to embed financial literacy or personal finance education into core academic subjects, and (3) evaluate the impact such education has on students' financial literacy.

Requires the remaining grant funds to be used for subgrants to local educational agencies (LEAs) or partnerships between LEAs and community organizations, local businesses, or other educational entities to implement such financial literacy activities, including student assessments and teacher training.

Amends the Higher Education Act of 1965 to direct the Secretary to award competitive grants to institutions of higher education (IHEs) or partnerships between IHEs and experienced nonprofit providers of financial literacy or personal finance education for activities that increase student knowledge in consumer, economic, and personal financial concepts.

amends elementary secondary education act direct secretary education award formula matching grants states partnerships states experienced nonprofit providers financial literacy personal finance education requires grantees use grant funds develop financial literacy standards assessments grade levels create teacher training programs embed financial literacy personal finance education core academic subjects evaluate impact education students financial literacy requires remaining grant funds subgrants local educational agencies leas partnerships leas community organizations local businesses educational entities implement financial literacy activities including student assessments teacher training amends higher education act direct secretary award competitive grants institutions higher education ihes partnerships ihes experienced nonprofit providers financial literacy personal finance education activities increase student knowledge consumer economic personal financial concepts


Summary:
Freedom and Mobility in Consumer Banking Act - Amends the Truth in Savings Act to prohibit depository institutions from: (1) prohibiting a consumer from closing a covered account (a checking, savings, or any other account that the Bureau of Consumer Financial Protection [CFPB] may include), regardless of whether the balance is positive, zero, or negative; (2) charging any fee to close such account; or (3) reopening such an account to apply subsequent debits after a consumer has requested the account to be closed, unless the consumer requests that the account be reopened.

Requires depository institutions to provide consumers with a description of the policies and procedures in place to close such accounts at the time the account is opened, upon request, and on the websites of such institutions.

Directs the CFPB to prescribe regulations relating to the closure of such accounts, including: (1) allowing consumers to receive available funds from a closed account in the form of a cashier's check, electronic funds transfer, or any other means offered by the institution or determined appropriate by the CFPB; (2) requiring depository institutions to provide consumers with certain information regarding any preauthorized transactions or direct deposits associated with an account before it is closed; (3) prohibiting a depository institution from reporting adverse information regarding such account to any consumer reporting agency if, at the time the account is closed, the account has a negative balance resulting solely from any fee assessed by the depository institution; and (4) establishing the terms under which a depository institution may report to a consumer reporting agency that an account had a negative closing balance, provided that the institution notifies the consumer and provides a reasonable period for repayment of the balance.

Directs the Comptroller General (GAO) to report to Congress and the CFPB regarding additional barriers that could limit the ability of a consumer to close a covered account. Requires the CFPB, after receiving such report, to determine whether regulations should be issued to remove such barriers.

freedom mobility consumer banking act amends truth savings act prohibit depository institutions prohibiting consumer closing covered account checking savings account bureau_of_consumer_financial_protection cfpb include regardless balance positive zero negative charging fee close account reopening account apply subsequent consumer requested account closed consumer requests account reopened requires depository institutions provide consumers description policies procedures place close accounts time account opened request websites institutions directs cfpb prescribe regulations relating closure accounts including allowing consumers receive available funds closed account form check electronic funds transfer means offered institution determined appropriate cfpb requiring depository institutions provide consumers certain information preauthorized transactions direct deposits associated account closed prohibiting depository institution reporting adverse information account consumer reporting agency time account closed account negative balance resulting solely fee assessed depository institution establishing terms depository institution report consumer reporting agency account negative closing balance provided institution notifies consumer provides reasonable period repayment balance directs comptroller general gao report congress cfpb additional barriers limit ability consumer close covered account requires cfpb receiving report determine regulations issued remove barriers


Summary:
Mortgage Choice Act of 2013 - Amends the Truth in Lending Act with respect to requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is not a residential mortgage transaction, a reverse mortgage transaction, or a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% percent of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.)

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

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

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

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

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

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


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

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

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


Summary:
Preserving Access to Manufactured Housing Act of 2013 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to revise the exclusion from the meaning of "mortgage originator" of any employee of a retailer of manufactured homes who does not for compensation or gain take residential mortgage loan applications, for compensation or gain offer or negotiate terms of a residential mortgage loan, or advise a consumer on loan terms (including rates, fees, and other costs).

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

Amends the Truth in Lending Act to revise the definition of "high cost mortgage."

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


Summary:
Equal Employment for All Act of 2013 - Amends the Fair Credit Reporting Act to prohibit a current or prospective employer from using a consumer report or an investigative consumer report, or from causing one to be procured, for either employment purposes or for making an adverse action, if the report contains information that bears upon the consumer's creditworthiness, credit standing, or credit capacity.

Makes exceptions to such prohibition when: (1) the consumer applies for, or currently holds, employment that requires a national security clearance; or (2) a consumer report is otherwise required by law.

amends fair credit reporting act prohibit current prospective employer consumer report investigative consumer report causing procured employment purposes making adverse action report contains information bears consumer creditworthiness credit standing credit capacity makes exceptions prohibition consumer applies currently holds employment requires national security clearance consumer report required law


Summary:
Prepaid Card Disclosure Act of 2014 - Amends the Electronic Fund Transfer Act to extend its coverage to spending accounts (transaction accounts) established by a consumer (or on a consumer's behalf) at an insured depository institution or credit union: (1) to which recurring electronic fund transfers may be made, at the consumer's direction; or (2) from which payments may be made, at the consumer's direction, through the use of a card, code, or device (commonly referred to as prepaid cards). Treats as a spending account any similar transaction account operated or managed by a financial institution, or any other person, whose funds: (1) are pooled with the funds of a person other than the one who established the account, or (2) are held in a name other than that of the person who established the account.

Excludes from the meaning of spending account: (1) any nonreloadable general-use prepaid card in an amount under $250; (2) any general-use prepaid card solely associated with a certain kind of health plan, a qualified transportation fringe, a health savings account or any other health care benefit account; (3) a gift certificate; (4) a store gift card; (5) an electronic promise, plastic card, or payment code, or device; (6) a nonreloadable card labeled as a gift card and marketed solely as such; (7) a nonreloadable loyalty, rebate, or promotional card; or (8) a debit card or general-use prepaid card that has been provided to a person pursuant to a federal, state or local government-administered payment program, in which the person may only use the card to transfer or debit funds, monetary value, or other assets that have been provided pursuant to that program.

Authorizes the Consumer Financial Protection Bureau (CFPB) to require the placement of a QR code, barcode, or other similar technology on any packaging, card, or other object associated with a spending account, provided that the technology is capable of providing an electronic link to certain required disclosures to the consumer.

disclosure act amends electronic fund transfer act extend coverage spending accounts transaction accounts established consumer consumer behalf insured depository institution credit union recurring electronic fund transfers consumer direction payments consumer direction use card code device commonly referred prepaid cards treats spending account similar transaction account operated managed financial institution person funds pooled funds person established account held person established account excludes meaning spending account nonreloadable general use prepaid card general use prepaid card solely associated certain kind health plan qualified transportation fringe health savings account health care benefit account gift certificate store gift card electronic promise plastic card payment code device nonreloadable card labeled gift card marketed solely nonreloadable loyalty rebate promotional card debit card general use prepaid card provided person pursuant federal state local government administered payment program person use card transfer debit funds monetary value assets provided pursuant program authorizes consumer financial protection bureau cfpb require placement code similar technology packaging card object associated spending account provided technology capable providing electronic link certain required disclosures consumer


Summary:
Data Security Act of 2014 - Prescribes security procedures which an entity that maintains or communicates sensitive account or personal information must implement and enforce in order to protect the information from an unauthorized use likely to result in substantial harm or inconvenience to the consumer.

Grants exclusive enforcement powers to specified federal regulatory agencies with oversight of financial institutions.

Denies a private right of action, including a class action, regarding any act or practice regulated under this Act.

Prohibits any civil or criminal action in state court or under state law relating to any act or practice governed under this Act.

Prescribes data security standards to be implemented by federal agencies.

Preempts state law with respect to the responsibilities of any person to protect against and investigate such data security breaches and mitigate any losses or harm resulting from them.

data security act prescribes security procedures entity maintains communicates sensitive account personal information implement enforce order protect information unauthorized use likely result substantial harm inconvenience consumer grants exclusive enforcement powers specified federal regulatory agencies oversight financial institutions denies private right action including class action act practice regulated act prohibits civil criminal action state court state law relating act practice governed act prescribes data security standards implemented federal agencies preempts state law respect responsibilities person protect investigate data security breaches mitigate losses harm resulting


Summary:
Personal Data Protection and Breach Accountability Act of 2014 - Title I: Enhancing Punishment for Identity Theft and Other Violations of Data Privacy and Security - Amends the federal criminal code to impose a fine and/or prison term of up to five years for intentionally or willfully concealing a security breach involving sensitive personally identifiable information when such breach results in economic harm or substantial emotional distress to one or more persons.

Makes it unlawful for a service provider to knowingly or intentionally redirect web searches or otherwise monitor, manipulate, aggregate, and market data from websites without the consent of the Internet user. Imposes a civil fine of up to $500,000 for a violation of this provision and an increased fine of up to $1 million for engaging in a pattern or practice of activity that violates this provision.

Title II: Privacy and Security of Sensitive Personally Identifiable Information - Makes any interstate business entity that collects, accesses, transmits, uses, stores, or disposes of sensitive personally identifiable information on 10,000 or more U.S. persons subject to the requirements for a data privacy and security program under this Act. Exempts public records not otherwise subject to a confidentiality or nondisclosure requirement, certain financial institutions subject to the Gramm-Leach-Bliley Act, business entities subject to the Health Insurance Portability and Accountability Act of 1996 (HIPAA), and service providers exclusively engaged in the transmission, routing, or storage of data.

Requires business entities that are subject to personal data privacy and security requirements of this Act to implement a comprehensive program that: (1) ensures the privacy, security, and confidentiality of sensitive personally identifiable information; (2) protects against any anticipated vulnerabilities to the privacy, security, or integrity of such information; and (3) protects against unauthorized access to such information that could create a significant risk of harm.

Requires such entities to: (1) assess risks of future security breaches and design a personal data privacy and security program to control such risks; (2) ensure employee training for implementing a security program; (3) ensure regular testing of key controls, systems, and procedures of such program; and (4) monitor, evaluate, and adjust the security program to reflect relevant changes in technology and other considerations.

Authorizes the Attorney General to bring a civil action or request injunctive relief against any business entity that violates the requirements of this title and obtain fines against such entity for violations, including enhanced penalties for intentional or willful violations.

Authorizes a state attorney general to bring a civil action or request injunctive relief against a business entity that adversely threatens or affects the residents of the state by violating the requirements of this title.

Allows individuals aggrieved by a violation of the data privacy and security requirements of this title to bring a civil action to recover for personal injuries sustained as a result of such violation. Allows punitive damages against a business entity that intentionally or willfully violates the provisions of this title.

Requires any agency or interstate business entity that uses, accesses, transmits, stores, disposes of, or collects sensitive personally identifiable information to notify without unreasonable delay any U.S. resident whose information has been, or is reasonably believed to have been, accessed or acquired. Allows a federal law enforcement agency or member of the intelligence community to delay notification if it determines that such notification would impede a lawful criminal investigation or authorized intelligence activity.

Exempts an agency or business entity from the notification requirement if: (1) the U.S. Secret Service or the Federal Bureau of Investigation (FBI) determines that notification of a security breach would reveal sensitive sources, impede law enforcement investigations, or cause damage to national security; or (2) the agency or entity conducts a risk assessment in consultation with the Federal Trade Commission (FTC) and concludes that there is no significant risk of a security breach and the FTC does not act to deny an exemption. Exempts certain financial institutions subject to the Gramm-Leach-Bliley Act and business entities subject to the Health Insurance Portability and Accountability Act of 1996 (HIPAA).

Sets forth the method of notice required for informing individuals of a security breach, including written notice to the last known home mailing address or e-mail address of such individuals and public notice by electronic means or by general media if the sensitive personally identifiable information of more than 5,000 individuals is involved.

Establishes requirements for the content of a notice to an individual whose sensitive personally identifiable information has been breached, including a description of the categories of such information, contact information, and a notice that such individual is entitled to a free consumer credit report on a quarterly basis for two years.

Requires an agency or business entity that is required to provide notice of a security breach to provide at no cost to an individual whose sensitive personally identifiable information was breached a consumer credit report on a quarterly basis for a two-year period, a credit monitoring service, a security freeze on the individual's credit report, and compensation for damages incurred by an individual resulting from the security breach.

Requires any agency or business entity that is required to notify more than 5,000 individuals of a security breach to also notify consumer credit reporting agencies without unreasonable delay.

Requires the Secretary of Homeland Security (DHS), in consultation with the Attorney General, to designate a federal entity (designated entity) to receive information and reports about information security incidents, threats, and vulnerabilities. Requires the designated entity to provide such information to the Secret Service, to the FBI, to the FTC for civil law enforcement purposes, and to other federal agencies for law enforcement, national security, or data security purposes. Requires business entities and agencies to notify the designated entity of a security breach within 10 days of discovery.

Authorizes the Attorney General to bring a civil action or request injunctive relief against any business entity that violates such notification requirements. Grants the FTC authority for enforcing compliance with such requirements.

Authorizes a state attorney general to bring a civil action or request injunctive relief against a business entity that adversely threatens or affects the residents of the state by violating such requirements.

Allows individuals aggrieved by a violation of the notification requirements to bring a civil action to recover for personal injuries sustained as a result of such violation or obtain injunctive relief. Allows punitive damages against a business entity that intentionally or willfully violates such requirements.

Provides that the provisions of this title supersede other provisions of federal or state law relating to notification, but do not exempt any entity from liability under common law for damages caused by failure to notify an individual following a security breach.

Authorizes appropriations to the Secret Service to carry out investigations and risk assessments of security breaches.

Requires the Secret Service and the FBI to report on the number and nature of the security breaches described in notices filed by entities seeking a risk assessment exemption and the response of the Secret Service and FBI to such notices.

Requires the entity designated by DHS under this Act to maintain a clearinghouse of technical information concerning system vulnerabilities identified in the wake of security breaches. Allows agencies and business entities that are certified to review information in the clearinghouse to access such information to improve the security and reduce the vulnerability of networks that contain sensitive personally identifiable information.

Requires the DHS designated entity to ensure that: (1) technical information disclosed to it is stored in a format designed to protect proprietary business information from inadvertent disclosure; and (2) all information stored in the technical information clearinghouse is presented in a form that minimizes the potential for such information to be traced to a particular network, company, or security breach incident. Exempts information in the technical information clearinghouse from disclosure under the Freedom of Information Act.

Title III: Access to and Use of Commercial Data - Requires the Administrator of the General Services Administration (GSA), in considering contract awards totaling more than $500,000, to evaluate: (1) the data privacy and security program of a data broker and the broker's compliance with such program, (2) the extent to which databases and systems have been compromised by security breaches, and (3) data broker responses to such breaches. Defines a "data broker" as a business entity that regularly collects, transmits, or provides access to sensitive personally identifiable information on more than 5,000 individuals who are not the customers or employees of that business entity for purposes of providing such information to non-affiliated third parties on an interstate basis. Requires federal agencies to: (1) evaluate and audit the information security practices of contractors or third party business entities that support the information systems or operations of such agencies involving sensitive personally identifiable information, and (2) ensure remedial action to address any significant deficiencies.

Requires federal agencies to conduct a privacy impact assessment before purchasing or subscribing to personally identifiable information from a data broker. Requires the Comptroller General to report on federal agency adherence to key privacy principles in using data brokers of commercial databases containing sensitive personally identifiable information.

Requires the FBI, in coordination with the Secret Service, to report to the Judiciary Committees of Congress on any reported security breaches at agencies or business entities during the year preceding enactment of this Act.

Requires the Attorney General to submit annual reports on federal, state, and private enforcement of this Act, with recommendations for increasing the effectiveness of such enforcement actions.

Requires the FBI, in coordination with the Attorney General and the FTC to report to the Judiciary Committees on the effectiveness of post-breach notification practices by agencies and business entities.

Title IV: Compliance with Statutory Pay-As-You-Go Act - Provides for compliance of the budgetary effects of this Act with the Statutory Pay-As-You-Go Act of 2010.

breach accountability act title enhancing punishment identity theft violations data privacy security amends federal criminal code impose fine prison term years intentionally willfully concealing security breach involving sensitive personally identifiable information breach results economic harm substantial emotional distress persons makes unlawful service provider knowingly intentionally redirect web searches monitor aggregate market data websites consent internet user imposes civil fine violation provision increased fine million engaging pattern practice activity violates provision title privacy security sensitive personally identifiable information makes interstate business entity collects accesses transmits uses stores disposes sensitive personally identifiable information persons subject requirements data privacy security program act exempts public records subject confidentiality nondisclosure requirement certain financial institutions subject gramm leach bliley act business entities subject health_insurance_portability_and_accountability_act hipaa service providers exclusively engaged transmission routing storage data requires business entities subject personal data privacy security requirements act implement comprehensive program ensures privacy security confidentiality sensitive personally identifiable information protects anticipated vulnerabilities privacy security integrity information protects unauthorized access information create significant risk harm requires entities assess risks future security breaches design personal data privacy security program control risks ensure employee training implementing security program ensure regular testing key controls systems procedures program monitor evaluate adjust security program reflect relevant changes technology considerations authorizes attorney general bring civil action request injunctive relief business entity violates requirements title obtain fines entity violations including enhanced penalties intentional willful violations authorizes state attorney general bring civil action request injunctive relief business entity adversely threatens affects residents state violating requirements title allows individuals aggrieved violation data privacy security requirements title bring civil action recover personal injuries sustained result violation allows punitive damages business entity intentionally willfully violates provisions title requires agency interstate business entity uses accesses transmits stores disposes collects sensitive personally identifiable information notify unreasonable delay resident information reasonably believed accessed acquired allows federal law enforcement agency member intelligence community delay notification determines notification impede lawful criminal investigation authorized intelligence activity exempts agency business entity notification requirement federal_bureau_of_investigation fbi determines notification security breach reveal sensitive sources impede law enforcement investigations cause damage national security agency entity conducts risk assessment consultation federal_trade_commission ftc concludes significant risk security breach ftc act deny exemption exempts certain financial institutions subject gramm leach bliley act business entities subject health_insurance_portability_and_accountability_act hipaa sets forth method notice required informing individuals security breach including written notice known home mailing address mail address individuals public notice electronic means general media sensitive personally identifiable information individuals involved establishes requirements content notice individual sensitive personally identifiable information breached including description categories information contact information notice individual entitled free consumer credit report quarterly basis years requires agency business entity required provide notice security breach provide cost individual sensitive personally identifiable information breached consumer credit report quarterly basis year period credit monitoring service security freeze individual credit report compensation damages incurred individual resulting security breach requires agency business entity required notify individuals security breach notify consumer credit reporting agencies unreasonable delay requires secretary homeland_security dhs consultation attorney general designate federal entity designated entity receive information reports information security incidents threats vulnerabilities requires designated entity provide information secret_service fbi ftc civil law enforcement purposes federal agencies law enforcement national security data security purposes requires business entities agencies notify designated entity security breach days discovery authorizes attorney general bring civil action request injunctive relief business entity violates notification requirements grants ftc authority enforcing compliance requirements authorizes state attorney general bring civil action request injunctive relief business entity adversely threatens affects residents state violating requirements allows individuals aggrieved violation notification requirements bring civil action recover personal injuries sustained result violation obtain injunctive relief allows punitive damages business entity intentionally willfully violates requirements provides provisions title supersede provisions federal state law relating notification exempt entity liability common law damages caused failure notify individual following security breach authorizes appropriations secret_service carry investigations risk assessments security breaches requires secret_service fbi report number nature security breaches described notices filed entities seeking risk assessment exemption response secret_service fbi notices requires entity designated dhs act maintain clearinghouse technical information concerning system vulnerabilities identified wake security breaches allows agencies business entities certified review information clearinghouse access information improve security reduce vulnerability networks contain sensitive personally identifiable information requires dhs designated entity ensure technical information disclosed stored format designed protect proprietary business information inadvertent disclosure information stored technical information clearinghouse presented form minimizes potential information particular network company security breach incident exempts information technical information clearinghouse disclosure freedom information act title iii access use commercial data requires administrator general_services_administration gsa considering contract awards totaling evaluate data privacy security program data broker broker compliance program extent databases systems compromised security breaches data broker responses breaches defines data broker business entity regularly collects transmits provides access sensitive personally identifiable information individuals customers employees business entity purposes providing information non affiliated parties interstate basis requires federal agencies evaluate audit information security practices contractors party business entities support information systems operations agencies involving sensitive personally identifiable information ensure remedial action address significant deficiencies requires federal agencies conduct privacy impact assessment purchasing personally identifiable information data broker requires comptroller general report federal agency adherence key privacy principles data brokers commercial databases containing sensitive personally identifiable information requires fbi coordination secret_service report judiciary_committees congress reported security breaches agencies business entities year preceding enactment act requires attorney general submit annual reports federal state private enforcement act recommendations increasing effectiveness enforcement actions requires fbi coordination attorney general ftc report judiciary_committees effectiveness post breach notification practices agencies business entities title compliance statutory pay act provides compliance budgetary effects act statutory pay act


Summary:
Data Broker Accountability and Transparency Act - Prohibits a data broker from obtaining or causing to be disclosed personal information or any other information relating to any person by making a false, fictitious, or fraudulent statement or representation to any person, including by providing to any person any document that the data broker knows or should know to be forged, counterfeit, lost, stolen, or fraudulently obtained or that contains a false, fictitious, or fraudulent statement or representation.

Defines "data broker" as a commercial entity that collects, assembles, or maintains personal information concerning an individual who is not a customer or an employee in order to sell, or provide third-party access to, such information.

Requires data brokers to establish procedures to ensure the accuracy of the personal information they collect, assemble, or maintain and of any other information that specifically identifies an individual, unless the information identifies only names or addresses.

Exempts from such requirements information that may be inaccurate if it is collected or maintained solely to: (1) indicate whether there may be a discrepancy or irregularity in the personal information associated with an individual; (2) identify or authenticate the identity of an individual; or (3) protect against or investigate fraud or other unlawful conduct.

Requires data brokers to provide individuals a means to review certain information collected, assembled, or maintained on such individuals, unless a regulatory exception promulgated by the Federal Trade Commission (FTC) applies.

Requires data brokers to maintain an Internet website that instructs individuals how to: (1) review their information, and (2) express a preference with respect to the use of their personal information for marketing purposes.

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

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

Defines "public record information" as information obtained originally from records of a federal, state, or local government entity that are available for public inspection.

Requires a data broker, with regard to disputed non-public information, to: (1) note the information that is disputed, (2) use reasonable procedures to independently verify the information, and (3) correct the inaccuracy in the data broker's records if the data broker was reporting the information incorrectly.

Requires data brokers that use, share, or sell certain information for marketing purposes to provide individuals a reasonable means of expressing a preference to exclude their information from being used for such purposes.

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

data broker obtaining causing disclosed personal information information relating person making false fictitious fraudulent statement representation person including providing person document data broker knows know forged counterfeit lost stolen fraudulently obtained contains false fictitious fraudulent statement representation defines data broker commercial entity collects maintains personal information concerning individual customer employee order sell provide party access information requires data brokers establish procedures ensure accuracy personal information collect assemble maintain information specifically identifies individual information identifies names addresses exempts requirements information inaccurate collected maintained solely indicate discrepancy personal information associated individual identify authenticate identity individual protect investigate fraud unlawful conduct requires data brokers provide individuals means review certain information collected assembled maintained individuals regulatory exception promulgated federal_trade_commission ftc applies requires data brokers maintain internet website instructs individuals review information express preference respect use personal information marketing purposes permits individuals dispute accuracy information written request data broker correction requires data broker regard disputed public record information inform individual source information reasonably available direct individual request correction correct data broker records individual provides proof public record corrected data broker reporting information incorrectly defines public record information information obtained originally records federal state local government entity available public inspection requires data broker regard disputed non public information note information disputed use reasonable procedures independently verify information correct data broker records data broker reporting information incorrectly requires data brokers use share sell certain information marketing purposes provide individuals reasonable means expressing preference exclude information purposes sets forth authority ftc states enforce act


Summary: Amends the Interstate Land Sales Full Disclosure Act to exempt from certain registration and disclosure requirements the sale or lease of a condominium unit not already exempt from coverage under such Act.

amends disclosure act exempt certain registration disclosure requirements sale lease condominium unit exempt coverage act


Summary:
Consumer Debit Card Protection Act of 2014 - Amends the Electronic Fund Transfer Act to require a financial institution to recredit a consumer's account within 7 days (currently, 10 days) after receiving notice of an error in the manner of an electronic debit transaction.

Limits consumer liability for unauthorized use of a debit card to the following circumstances:

 the debit card is an accepted debit card; the liability does not exceed $50; the issuer has given the consumer a description of a means by which the issuer may be notified of loss or theft of the card; the unauthorized use occurs before the issuer has been notified of that fact or that an unauthorized use may occur as the result of loss, theft, or otherwise; and the issuer has provided a method whereby the card user can be identified as the person authorized to use the card. States that an issuer has been notified when reasonable steps have been taken to give the issuer the pertinent information, whether or not any particular officer, employee, or agent of the issuer does in fact receive that information.

Places the the burden of proof upon the issuer to show that: (1) the use was authorized, or (2) the conditions of liability for the unauthorized use of a debit card have been met.

consumer debit card protection act amends electronic fund transfer act require financial institution consumer account days currently days receiving notice error manner electronic debit transaction limits consumer liability unauthorized use debit card following circumstances debit card accepted debit card liability exceed issuer given consumer description means issuer notified loss theft card unauthorized use occurs issuer notified fact unauthorized use occur result loss theft issuer provided method card user identified person authorized use card states issuer notified reasonable steps taken issuer pertinent information particular officer employee agent issuer fact receive information places burden proof issuer use authorized conditions liability unauthorized use debit card met


Summary:
CFPB Improvement Act of 2014 - Amends the Consumer Financial Protection Act of 2010 to authorize the Chairperson of the Financial Stability Oversight Council to issue a stay of, or set aside, any regulation issued by the Consumer Financial Protection Bureau (CFPB) upon the affirmative vote of the majority of Council members (currently, two-thirds), excluding the Director. .

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

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

cfpb improvement act amends consumer financial protection act authorize chairperson financial stability oversight council issue stay set aside regulation issued consumer_financial_protection_bureau cfpb affirmative vote majority council members currently thirds excluding director requires council petition member agency council set aside final regulation prescribed cfpb council decides regulation inconsistent safe sound operations financial institutions currently council merely authorized petition set aside final regulation safety soundness banking system stability financial system risk repeals prohibition council set aside regulation expiration specified time period mandatory dismissal petition council issued decision time period requires cfpb director prescribing rule federal consumer financial laws consider impact financial safety soundness insured depository institution


Summary:
Stop Errors in Credit Use and Reporting Act or the SECURE Act - Amends the Fair Credit Reporting Act, with respect to civil liability for either willful or negligent noncompliance by a consumer reporting agency with respect to consumer credit protection requirements, to authorize a court to award: (1) injunctive relief to require compliance with such Act, and (2) costs and reasonable attorney fees to the prevailing party in any successful action for injunctive relief.

Requires a consumer reporting agency to include, in its mandatory notification to a furnisher of disputed information in a consumer's file, all documentation provided by the consumer.

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

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

Directs the CFPB to establish mandatory procedures for a consumer reporting agency to follow to assure maximum possible accuracy of all consumer reports.

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

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

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

Directs the Comptroller General (GAO) to study: (1) credit systems in the international credit system with government-administered consumer credit reporting systems; and (2) the feasibility of a national, U.S. government-administered consumer credit reporting system.

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


Summary:
Fair Debt Collection Practices Technical Clarification Act of 2014 - Amends the Fair Debt Collection Practices Act to exclude from the definition of "debt collector" any law firm or licensed attorney: (1) serving, filing, or conveying formal legal pleadings, discovery requests, or other documents pursuant to the applicable rules of civil procedure; or (2) communicating in, or at the direction of, a court of law or in depositions or settlement conferences, in connection with a pending legal action to collect a debt on behalf of a client.

Prohibits such amendments from being construed to exempt any law firm or licensed attorney engaged in any activity other than those activities specifically described in the amendments from being subject to any other applicable provision of the Fair Debt Collection Practices Act.

fair debt collection practices technical clarification act amends fair debt collection practices act exclude definition debt collector law firm licensed attorney serving filing conveying formal legal pleadings discovery requests documents pursuant applicable rules civil procedure communicating direction court law settlement conferences connection pending legal action collect debt behalf client prohibits amendments construed exempt law firm licensed attorney engaged activity activities specifically described amendments subject applicable provision fair debt collection practices act


Summary:
Amends the Fair Credit Reporting Act with respect to an item of adverse information about an active duty military consumer.

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

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

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

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

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

amends fair credit reporting act respect item adverse information active duty military consumer declares action inaction gave rise item occurred consumer active duty military consumer consumer provide appropriate proof including official orders consumer reporting agency consumer active duty military consumer time action inaction occurred consumer report agency including item information shall clearly conspicuously disclose consumer active duty military consumer action inaction gave rise item occurred requires consumer reporting agency notify promptly active duty military consumer receives item adverse information description item method consumer dispute validity item requires agency use contact information active duty military consumer given communications individual active duty military consumer declares sense congress person making use consumer report containing item adverse information occurred consumer active duty military consumer fact account evaluating consumer creditworthiness requires consumer reporting agency respect item information dispute active duty military consumer include consumer file active duty military consumer time action inaction gave rise disputed item occurred


Summary:
Amends the Truth in Lending Act with respect to the permission that a creditor may presume that a residential mortgage loan has met the requirement that, at the time the loan is consummated, the consumer has a reasonable ability to repay it, if the loan is a qualified mortgage.

Treats as a qualified mortgage any residential mortgage loan made by a creditor having less than $10 billion in total assets, so long as it appears on the creditor's balance sheet (held on portfolio).

amends truth lending act respect permission creditor presume residential mortgage loan met requirement time loan consummated consumer reasonable ability repay loan qualified mortgage treats qualified mortgage residential mortgage loan creditor having billion total assets long appears creditor balance sheet held portfolio


Summary: Amends the Truth in Lending Act to limit to a city or town with under 50,000 inhabitants the meaning of "rural" with respect to rural lenders which may presume that the applicant for a residential mortgage loan has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments.

amends truth lending act limit city town inhabitants meaning rural respect rural lenders presume applicant residential mortgage loan reasonable ability repay loan applicable taxes insurance assessments


Summary:
Preserving American Homeownership Act of 2014 - Requires the Director of the Federal Housing Finance Agency and the Federal Housing Commissioner each to establish a pilot program to encourage the use of shared equity mortgage modifications designed to return greater net present value to investors than other loss-mitigation activities, including foreclosure.

Requires a shared equity mortgage modification to:

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

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


Summary:
Workforce Residential Housing Act of 2014 - Amends the National Housing Act to except from the prohibition against the use of houses built with federally insured mortgages for transient or hotel housing certain mulifamily housing that is a short-term residential property, provided that the Secretary of Housing and Urban Development (HUD) has determined that the provision of such insurance is appropriate.

Defines "short-term residential property" as multifamily housing that:

 has more than 50 dwelling units, each of which contains a kitchen and bathroom facilities; provides mailboxes for each unit; rents the units for a minimum stay of seven days; and does not provide food or beverage services, daily maid services, furnishing and laundering of linen without charge, or bellhop services. Directs the Secretary to: (1) evaluate the risk of providing mortgage insurance for short-term residential properties, and (2) report to Congress on whether any additional risk to the General Insurance Fund resulting from the provision of mortgage insurance for such properties is appropriate.

amends national housing act prohibition use houses built federally insured mortgages transient hotel housing certain housing short term residential property provided secretary housing_and_urban_development hud determined provision insurance appropriate defines short term residential property multifamily housing dwelling units contains kitchen bathroom facilities provides unit rents units minimum stay seven days provide food beverage services daily services furnishing laundering charge services directs secretary evaluate risk providing mortgage insurance short term residential properties report congress additional risk general_insurance_fund resulting provision mortgage insurance properties appropriate


Summary:
Home Foreclosure Reduction Act of 2015

 Amends federal bankruptcy law governing a Chapter 13 debtor (adjustment of debts of an individual with regular income) to exclude from the computation of debts the secured or unsecured portions of: (1) debts secured by the debtor's principal residence if the value of the residence is less than the applicable maximum amount of noncontingent, liquidated, secured debts; or (2) debts secured or formerly secured by the debtor's principal residence that was either sold in foreclosure or surrendered to the creditor if the property's value was less than the applicable maximum amount of noncontingent, liquidated, secured debts.

Applies the credit counseling requirement to a Chapter 13 debtor who certifies receipt of notice that the holder of a claim secured by the debtor's principal residence may commence a foreclosure on it.

Requires the court to disallow a claim that is subject to any remedy for rescission under the Truth in Lending Act, notwithstanding the prior entry of a foreclosure judgment.

Permits a Chapter 13 bankruptcy plan to modify the rights of claim holders with respect to a claim for a loan originated before the effective date of this Act and secured by a security interest in the debtor's principal residence that is the subject of a foreclosure notice.

Authorizes reduction of a claim secured by the debtor's principal residence, but only in specified circumstances, particularly if the debtor sells the residence.

Permits a Chapter 13 bankruptcy plan to deny debtor liability for certain fees and charges incurred while the bankruptcy case is pending and arising from a debt secured by the debtor's principal residence, unless the claim holder observes specified requirements.

Adds to conditions for court confirmation of a plan in bankruptcy that: (1) the holder of a claim secured by the debtor's principal residence retain the lien securing the claim until the later of the payment of the claim as reduced and modified, completion of all payments under the plan, or the discharge of a debtor from all debts; and (2) the plan modifies the claim in good faith and the court does not find that the debtor has been convicted of obtaining by actual fraud the extension, renewal, or refinancing of credit that gives rise to a modified claim.

Authorizes the court, upon request, to confirm a plan proposing a reduction in the interest rate on the loan secured by such security interest and that does not reduce the principal, if certain requirements are met.

Excludes from the final discharge of a debtor from all debts any unpaid portion of such a claim as reduced.

Amends the federal judicial code to prescribe standing trustee fees regarding certain payments received under a Chapter 13 bankruptcy plan.

Instructs the Comptroller General to study: (1) the number of Chapter 13 debtors who filed, during the year following enactment of this Act, for the purpose of restructuring their principal residence mortgages; (2) the number of mortgages restructured under this Act that subsequently resulted in default and foreclosure; (3) a comparison between the effectiveness of mortgages restructured under programs outside of bankruptcy and mortgages restructured under this Act; (4) the number of cases presented to the bankruptcy courts where mortgages were restructured under this Act that were appealed; (5) the number of bankruptcy cases where mortgages were restructured under this Act that were overturned on appeal; (6) the number of bankruptcy judges disciplined as a result of actions taken to restructure mortgages under this Act; and (7) whether the amendments made by this Act should be amended to include a sunset clause.

Directs the Comptroller General to conduct: (1) a comprehensive review of the effects of the amendments made by this subtitle on the bankruptcy court, (2) a survey of whether the program should limit the types of homeowners eligible for the program, and (3) whether such amendments should remain in effect.

home foreclosure reduction act amends federal bankruptcy law governing chapter debtor adjustment debts individual regular income exclude computation debts secured unsecured portions debts secured debtor principal residence value residence applicable maximum liquidated secured debts debts secured secured debtor principal residence sold foreclosure surrendered creditor property value applicable maximum liquidated secured debts applies credit counseling requirement chapter debtor certifies receipt notice holder claim secured debtor principal residence commence foreclosure requires court disallow claim subject remedy rescission truth lending act notwithstanding prior entry foreclosure judgment permits chapter bankruptcy plan modify rights claim holders respect claim loan originated effective date act secured security interest debtor principal residence subject foreclosure notice authorizes reduction claim secured debtor principal residence specified circumstances particularly debtor sells residence permits chapter bankruptcy plan deny debtor liability certain fees charges incurred bankruptcy case pending arising debt secured debtor principal residence claim holder observes specified requirements adds conditions court confirmation plan bankruptcy holder claim secured debtor principal residence retain lien securing claim later payment claim reduced modified completion payments plan discharge debtor debts plan modifies claim good faith court find debtor convicted obtaining actual fraud extension renewal refinancing credit gives rise modified claim authorizes court request confirm plan proposing reduction interest rate loan secured security interest reduce principal certain requirements met excludes final discharge debtor debts unpaid portion claim reduced amends federal judicial code prescribe standing trustee fees certain payments received chapter bankruptcy plan instructs comptroller general study number chapter debtors filed year following enactment act purpose restructuring principal residence mortgages number mortgages restructured act subsequently resulted default foreclosure comparison effectiveness mortgages restructured programs outside bankruptcy mortgages restructured act number cases presented bankruptcy courts mortgages restructured act appealed number bankruptcy cases mortgages restructured act overturned appeal number bankruptcy judges disciplined result actions taken restructure mortgages act amendments act amended include sunset clause directs comptroller general conduct comprehensive review effects amendments subtitle bankruptcy court survey program limit types homeowners eligible program amendments remain effect


Summary:
This bill restores a 10-year statute of limitations for the collection of debts by administrative offset. An administrative offset is the withholding of funds payable by or held by the United States to satisfy a debt, and this bill prohibits the procedure from being used for claims that have been outstanding for more than 10 years.

The bill prohibits the Social Security Administration from seeking an administrative offset for collection of a debt or claim arising out of a Social Security benefit payment from a beneficiary's child who is without fault or from an individual who was under the age of 18 when the debt or claim arose.

bill restores year statute limitations collection debts administrative offset administrative offset withholding funds payable held united_states satisfy debt bill prohibits procedure claims outstanding years bill prohibits social_security_administration seeking administrative offset collection debt claim arising social_security benefit payment beneficiary child fault individual age debt claim arose


Summary:
FHA Alternative Credit Pilot Program Reauthorization Act of 2015

 Amends the National Housing Act to extend from five to 10 years the pilot program to establish for mortgagees an automated process for providing alternative credit rating information on mortgagors and prospective mortgagors under mortgages on 1- to 4-family residences who have insufficient credit histories for determining their creditworthiness.

amends national housing act extend years pilot program establish mortgagees automated process providing alternative credit rating information mortgagors prospective mortgagors mortgages family residences insufficient credit histories determining creditworthiness


Summary:
FHA In-Person Servicing Improvement Act of 2015

 Directs the Secretary of Housing and Urban Development (HUD) to carry out a pilot program to use authority under the National Housing Act to pay insurance benefits to compensate a mortgagee for any costs of taking loss mitigation actions providing an alternative to foreclosure of a mortgage in default or facing imminent default.

Requires the Secretary to make payments to a qualified entity or entities to compensate for their costs of making in-person contact with mortgagors whose payments under covered mortgages are more than 60 days past due.

fha person servicing improvement act directs secretary housing_and_urban_development hud carry pilot program use authority national housing act pay insurance benefits compensate mortgagee costs taking loss mitigation actions providing alternative foreclosure mortgage default facing imminent default requires secretary payments qualified entity entities compensate costs making person contact mortgagors payments covered mortgages days past


Summary: Amends the Truth in Lending Act to modify the exclusion from the definition of "mortgage originator" of a seller providing mortgage financing of three properties in a 12-month period to remove the requirement that a residential mortgage loan be fully amortizing. (Allows treatment as a mortgage originator of any seller providing mortgage financing of three properties in a 12-month period even if the mortgage loan involved is not fully amortizing.)

amends truth lending act modify exclusion definition mortgage originator seller providing mortgage financing properties month period remove requirement residential mortgage loan fully amortizing allows treatment mortgage originator seller providing mortgage financing properties month period mortgage loan involved fully amortizing


Summary:
Facilitating Access to Credit Act of 2015

 Amends the Credit Repair Organizations Act to exempt from its coverage any consumer reporting agency (or affiliate or subsidiary) described under the Fair Credit Reporting Act as:

 one that compiles and maintains files on consumers on a nationwide basis; or any person which, for monetary fees, dues, or on a cooperative nonprofit basis, regularly engages in whole or in part in the practice of assembling or evaluating consumer credit information or other information on consumers in order to furnish consumer reports to third parties, if the person is subject to supervision and examination by the Consumer Financial Protection Bureau. Preempts state law and regulations concerning a credit repair organization to the extent they would apply to consumer reporting agencies subject to this Act.

Directs the Federal Trade Commission to study whether, in addition to these persons, any other person should be exempt from the Credit Repair Organizations Act.

facilitating access credit act amends exempt coverage consumer reporting agency affiliate subsidiary described fair credit reporting act compiles maintains files consumers nationwide basis person monetary fees dues cooperative nonprofit basis regularly engages practice assembling evaluating consumer credit information information consumers order furnish consumer reports parties person subject supervision examination consumer_financial_protection_bureau preempts state law regulations concerning credit repair organization extent apply consumer reporting agencies subject act directs federal_trade_commission study addition persons person exempt


Summary:
Pay Back the Taxpayers Act of 2015

 Prohibits the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac) (government sponsored enterprises or GSEs), after enactment of this Act and during the term of any conservatorship or receivership, from making any contribution or transfer to, or allocating or setting aside any amounts for, the Housing Trust Fund or the Capital Magnet Fund.

Requires any amounts set aside by a GSE, before enactment of this Act, for either Trust Fund but not yet allocated or transferred to it, not to be so allocated or transferred but to be covered into the General Fund of the Treasury and used only for reducing the federal budget deficit.

Requires any amounts paid or repaid to the Secretary of the Treasury by a GSE, in any form after enactment, and during any conservatorship or receivership of the GSE, to be covered into the General Fund and for the same purpose only.

pay taxpayers act prohibits federal_national_mortgage_association fannie_mae federal_home_loan_mortgage_corporation freddie_mac government sponsored enterprises gses enactment act term conservatorship receivership making contribution transfer allocating setting aside amounts housing_trust_fund capital_magnet_fund requires amounts set aside gse enactment act trust_fund allocated transferred allocated transferred covered general_fund treasury reducing federal budget deficit requires amounts paid repaid secretary treasury gse form enactment conservatorship receivership gse covered general_fund purpose


Summary:
Data Accountability and Trust Act

Requires the Federal Trade Commission (FTC) to promulgate regulations requiring each person engaged in interstate commerce that owns or possesses data containing personal information to establish specified security policies and procedures to treat and protect such information.

Requires the regulations to include methods for disposing of both electronic and nonelectronic data.

Requires information brokers to submit their security policies to the FTC in conjunction with a notification of a security breach notification or upon the FTC's request. Authorizes the FTC to conduct information security practices audits of brokers who have had a security breach or require such brokers to conduct independent audits.

Requires information brokers to: (1) establish procedures to verify the accuracy of information that identifies individuals, (2) provide to individuals whose personal information it maintains a means to review it, (3) place a conspicuous notice on the Internet instructing individuals how to request access to such information, and (4) correct inaccurate information.

Directs the FTC to require information brokers to establish measures which facilitate the auditing or retracing of access to, or transmissions of, any data containing personal information.

Makes it unlawful for information brokers to obtain or disclose personal information by false pretenses (pretexting).

Requires such person to notify the FTC and affected individuals of information security breaches. Sets forth requirements concerning such notification, including method of notification requirements and timeliness requirements. Allows an exemption from notification requirements if such person determines that there is no reasonable risk of identity theft, fraud, or other unlawful conduct.

Preempts state information security laws.

requires federal_trade_commission ftc promulgate regulations requiring person engaged interstate commerce owns possesses data containing personal information establish specified security policies procedures treat protect information requires regulations include methods disposing electronic data requires information brokers submit security policies ftc conjunction notification security breach notification ftc request authorizes ftc conduct information security practices audits brokers security breach require brokers conduct independent audits requires information brokers establish procedures verify accuracy information identifies individuals provide individuals personal information maintains means review place conspicuous notice internet instructing individuals request access information correct inaccurate information directs ftc require information brokers establish measures facilitate auditing retracing access transmissions data containing personal information makes unlawful information brokers obtain disclose personal information false pretenses pretexting requires person notify ftc affected individuals information security breaches sets forth requirements concerning notification including method notification requirements timeliness requirements allows exemption notification requirements person determines reasonable risk identity theft fraud unlawful conduct preempts state information security laws


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

Preserving Access to Manufactured Housing Act of 2015

(Sec. 2) Amends the Truth in Lending Act to revise the exclusion from the meaning of "mortgage originator" of any employee of a retailer of manufactured homes who does not for compensation or gain take residential mortgage loan applications, for compensation or gain offer or negotiate terms of a residential mortgage loan, or advise a consumer on loan terms (including rates, fees, and other costs).

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

(Sec. 3) Revises the definition of "high cost mortgage."

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