Summary:
Financial Institution Customer Protection Act of 2016

 (Sec. 2) This bill prohibits a federal banking agency from formally or informally suggesting, requesting, or ordering a depository institution to terminate either a specific customer account, or group of customer accounts, or otherwise restrict or discourage it from entering into or maintaining a banking relationship with a specific customer or group of customers, unless: (1) the agency has a material reason to do so, and (2) the reason is not based solely on reputation risk.

The "material reason" criterion shall be satisfied if an agency believes that a specific customer or group of customers poses a threat to national security, including any belief that they are involved in terrorist financing.

Unless the appropriate agency determines that the customer or group of customers has used due diligence to avoid doing business with any entity described below, the bill deems the criteria addressing "material reason" to be met if the agency believes a customer or group of customers is, or is acting as, a conduit for an entity which:

 poses a threat to national security; is involved in terrorist financing; is an agency of the government of Iran, North Korea, Syria, or any country listed from time to time on the State Sponsors of Terrorism list; is either located in, or subject to the jurisdiction of, any of such countries; or does business with any entity located in such countries. If an appropriate federal banking agency orders a depository institution to terminate a specific customer account or a group of customer accounts, the depository institution shall inform the customer or customers of the justification for the termination.

No notice may be given to the customer, however, if the agency requests or orders a depository institution to terminate a customer account (or a group of customer accounts) based upon a belief that customer or those customers pose a threat to national security or are otherwise described above.

(Sec. 3) The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 is amended to revise requirements for summoning witnesses and requiring production of books or other records the Attorney General deems relevant or material to a civil investigation in contemplation of a civil proceeding which may result in civil penalties for specified violations.

customer protection act sec bill prohibits federal banking agency formally requesting ordering depository institution terminate specific customer account group customer accounts restrict discourage entering maintaining banking relationship specific customer group customers agency material reason reason based solely reputation risk material reason criterion shall satisfied agency believes specific customer group customers poses threat national security including belief involved terrorist financing appropriate agency determines customer group customers diligence avoid business entity described bill deems criteria addressing material reason met agency believes customer group customers acting conduit entity poses threat national security involved terrorist financing agency government iran north_korea syria country listed time time list located subject jurisdiction countries business entity located countries appropriate federal banking agency orders depository institution terminate specific customer account group customer accounts depository institution shall inform customer customers justification termination notice given customer agency requests orders depository institution terminate customer account group customer accounts based belief customer customers pose threat national security described sec financial institutions reform recovery enforcement act amended revise requirements witnesses requiring production books records attorney general deems relevant material civil investigation civil proceeding result civil penalties specified violations


Summary:
Capital Access for Small Businesses and Jobs Act

 Amends the Federal Credit Union Act to empower federal credit unions to receive payments on certain uninsured non-share accounts, subject to such terms, rates, and conditions as may be established by the board of directors, within limitations prescribed by the National Credit Union Administration Board (Board).

Requires any Board-prescribed system of prompt corrective action to take into account that credit unions rely predominantly (under current law, must rely) upon retained earnings to build net worth.

Redefines "net worth" with respect to any insured credit union (other than a low-income credit union) to include uninsured non-share capital accounts that:

 do not alter the cooperative nature of the credit union; are subordinate to all other claims against the credit union, including the claims of creditors, shareholders, and the National Credit Union Share Insurance Fund; are available to cover operating losses in excess of retained earnings and, to the extent so applied, will not be replenished; if they have a stated maturity, have an initial maturity of at least five years, and their net worth may be discounted at the Board's discretion when the remaining maturity is less than five years; are subject to disclosure and consumer protection requirements as determined by the Board; are offered by a credit union that is sufficiently capitalized and well-managed; and are subject to such rules and regulations as the Board may establish.

jobs_act amends federal_credit_union_act empower federal credit unions receive payments certain uninsured non share accounts subject terms rates conditions established board directors limitations prescribed requires board prescribed system prompt corrective action account credit unions rely predominantly current law rely retained earnings build net worth redefines net worth respect insured credit union low income credit union include uninsured non share capital accounts alter cooperative nature credit union subordinate claims credit union including claims creditors shareholders national_credit_union_share_insurance_fund available cover operating losses excess retained earnings extent applied stated maturity initial maturity years net worth discounted board discretion remaining maturity years subject disclosure consumer protection requirements determined board offered credit union sufficiently capitalized managed subject rules regulations board establish


Summary:
Start Saving Sooner Act of 2015

 Amends the Internal Revenue Code to establish a tax-exempt individual retirement account for taxpayers under age 18, to be known as a young savers account. Treats such accounts as Roth individual retirement accounts for income tax purposes. Allows the tax credit for retirement savings for contributions to a young savers account. Directs the Secretary of the Treasury to pay any overpayment of tax that is attributable to the tax credit for retirement savings to the taxpayer's young savers account.

sooner act amends internal revenue code establish tax exempt individual retirement account taxpayers age known young savers account treats accounts roth individual retirement accounts income tax purposes allows tax credit retirement savings contributions young savers account directs secretary treasury pay overpayment tax attributable tax credit retirement savings taxpayer young savers account


Summary:
NCUA Budget Transparency Act

This bill instructs the Comptroller General to study the National Credit Union Administration (NCUA) in order to:

 examine the process and procedures related to NCUA budgeting practices; identify areas where the NCUA can provide greater budget transparency to Members of Congress, the NCUA's regulated entities, and the public; and determine the availability of line-by-line budget data for the National Credit Union Share Insurance Fund, the National Credit Union Central Liquidity Facility, and the Temporary Corporate Credit Union Stabilization Fund.

ncua budget transparency act bill instructs comptroller_general study national_credit_union_administration ncua order examine process procedures related ncua budgeting practices identify areas ncua provide greater budget transparency members congress ncua regulated entities public determine availability line line budget data national_credit_union_share_insurance_fund


Summary:
Credit Union Small Business Jobs Creation Act

 Amends the Federal Credit Union Act to prohibit an insured credit union from making any member business loan that would result in the total amount of such loans outstanding at that credit union at any one time exceeding either: (1) 1.75 times the actual net worth of the credit union, or (2) 12.25% of the total assets of the credit union.

Authorizes the National Credit Union Administration Board to approve an application by an insured credit union to make one or more member business loans that would result in a total amount of such loans outstanding at any one time of up to 27.5 % of the total assets of the credit union, if the credit union meets specified safety and soundness criteria. Prohibits an insured credit union that has made such a member business loan but that is not well capitalized from making any new member business loans until it becomes well capitalized and obtains Board approval.

Directs the Board to develop a tiered approval process, including lending standards, under which an insured credit union gradually increases the amount of member business lending in a manner consistent with safe and sound operations.

Directs the Comptroller General to study the status of member business lending by insured credit unions.

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


Summary:
Community Lending Enhancement and Regulatory Relief Act of 2015 or the CLEARR Act of 2015

This bill amends the Gramm-Leach-Bliley Act to exempt from its annual privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, and (2) has not changed its policies and practices regarding disclosures of nonpublic personal information from those disclosed in the most recent disclosure sent to consumers.

The federal banking agencies are directed to study jointly the appropriate capital requirements for mortgage servicing assets for nonsystemic banking institutions. Mortgage servicing assets are those resulting from contracts to service loans secured by real estate, where such loans are owned by third parties. A nonsystemic banking institution is any banking institution other than one identified by the Financial Stability Board as a global systemically important bank.

Any regulatory implementation of either Basel III or National Credit Union Administration capital requirements about mortgage servicing assets for nonsystemic banking institutions is prohibited until six months after a report to Congress on the study.

 The Truth in Lending Act (TILA) is amended to direct the Board of Governors of the Federal Reserve System (Federal Reserve Board) to exempt from certain escrow or impound requirements a loan secured by a first lien on a consumer's principal dwelling if the loan is held by a creditor with assets of $10 billion or less.

The Consumer Financial Protection Bureau must provide either exemptions to or adjustments from the mortgage loan servicing and escrow account administration requirements of the Real Estate Settlement Procedures Act of 1974 for servicers of 20,000 or fewer mortgage loans.

The TILA is also amended to exempt from property appraisal requirements a higher-risk mortgage loan of $250,000 or less if it appears on the loan creditor's balance sheet for at least three years.

The Federal Deposit Insurance Act is revised to direct federal banking agencies to issue regulations that allow a reduced reporting requirement for depository institutions meeting certain criteria when making the first and third report of condition for a year.

If a depository financial institution receives an order to request a funds transfer (entry) via an automated clearing house, it shall not be required to verify that the entry is not a prohibited monetary transaction if the originating depository financial institution has warranted its compliance with the sanctions programs administered by the Office of Foreign Assets Control.

The Federal Reserve Board must revise the Small Bank Holding Company Policy Statement on the Assessment of Financial and Managerial Factors to raise its consolidated asset threshold from $1 billion to $5 billion.

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

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

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

regulatory relief act act bill amends gramm leach bliley act exempt annual privacy policy notice requirement financial institution provides nonpublic personal information accordance specified requirements changed policies practices disclosures nonpublic personal information disclosed recent disclosure sent consumers federal banking agencies directed study jointly appropriate capital requirements mortgage servicing assets banking institutions mortgage servicing assets resulting contracts service loans secured real estate loans owned parties banking institution banking institution identified financial_stability_board global systemically important bank regulatory implementation national_credit_union_administration capital requirements mortgage servicing assets banking institutions prohibited months report congress study truth lending act tila amended direct board_of_governors federal_reserve_system federal_reserve_board exempt certain escrow impound requirements loan secured lien consumer principal dwelling loan held creditor assets billion consumer_financial_protection_bureau provide exemptions adjustments mortgage loan servicing escrow account administration requirements real_estate_settlement_procedures_act servicers fewer mortgage loans tila amended exempt property appraisal requirements higher risk mortgage loan appears loan creditor balance sheet years federal_deposit_insurance_act revised direct federal banking agencies issue regulations allow reduced reporting requirement depository institutions meeting certain criteria making report condition year depository financial institution receives order request funds transfer entry automated clearing house shall required verify entry prohibited monetary transaction originating depository financial institution warranted compliance sanctions programs administered office_of_foreign_assets_control federal_reserve_board revise small_bank_holding_company_policy_statement raise consolidated asset threshold billion billion tila amended create safe harbor lawsuit creditors depository institutions failure comply certain requirements respect residential mortgage loan banking regulators required treat loan qualified mortgage creditor loan origination held balance sheet prepayment penalties respect loan comply specified limitations safe harbor lawsuit created mortgage originators steering consumer residential mortgage loan creditor depository institution informed mortgage originator intends hold loan balance sheet life loan mortgage originator informs consumer creditor intends


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

Systemic Risk Designation Improvement Act of 2015

 (Sec. 3) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to authorize the Financial Stability Oversight Council (FSOC) to subject a bank holding company to enhanced supervision and prudential standards by the Board of Governors of the Federal Reserve System if the FSOC makes a final determination that material financial distress at the bank holding company, or the nature, scope, size, scale, concentration, interconnectedness, or mix of its activities, could threaten the financial stability of the United States. This FSOC determination procedure replaces the current process under which bank holding companies with total consolidated assets of $50 billion or more are automatically subject to such enhanced supervision and prudential standards.

 The FSOC must make these final determinations using an indicator-based measurement approach established by the Basel Committee on Banking Supervision to determine systemic importance, which considers each bank holding company's size, interconnectedness, available substitutes, global cross-jurisdictional activity, and complexity.

 A bank holding company designated, as of this bill's enactment, as a Global Systemically Important Bank (GSIB) by the Financial Stability Board shall be deemed to have been the subject of a final determination that it could pose a threat to U.S. financial stability, thereby making these GSIBs subject to enhanced supervision.

(Sec. 4) The bill revises the Federal Reserve Board's authority over bank holding company acquisition restrictions, prohibitions on interlocks between management of different financial companies, and enhanced supervision and prudential standards to make these requirements subject to FSOC's determination instead of operating automatically when a bank meets a $50 billion threshold.

(Sec. 5) The FSOC is prohibited from making a final determination concerning a bank holding company under this bill before one year after its enactment.

 A bank holding company shall be deemed to have been the subject of such a final determination during this one-year period, however, if its total consolidated assets are $50 billion or more.

measure amended introduced summary expanded action occurred measure systemic risk designation improvement act sec bill amends dodd frank wall street reform consumer protection act authorize financial_stability_oversight_council fsoc subject bank holding company enhanced supervision prudential standards board_of_governors federal_reserve_system fsoc makes final determination material financial distress bank holding company nature scope size scale concentration interconnectedness mix activities threaten financial stability united_states fsoc determination procedure replaces current process bank holding companies total consolidated assets billion automatically subject enhanced supervision prudential standards fsoc final determinations indicator based measurement approach established basel_committee_on_banking_supervision determine systemic importance considers bank holding company size interconnectedness available substitutes global cross jurisdictional activity complexity bank holding company designated bill enactment financial_stability_board shall deemed subject final determination pose threat financial stability making subject enhanced supervision sec bill revises federal_reserve_board authority bank holding company acquisition restrictions prohibitions interlocks management different financial companies enhanced supervision prudential standards requirements subject fsoc determination instead operating automatically bank meets billion threshold sec fsoc prohibited making final determination concerning bank holding company bill year enactment bank holding company shall deemed subject final determination year period total consolidated assets billion


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

Holding Company Registration Threshold Equalization Act of 2015

 (Sec. 2) Amends the Securities Exchange Act of 1934 to require an issuer that is a savings and loan holding company to register with the Securities and Exchange Commission if: (1) its assets exceed $10 million, and (2) it has a class of equity security held of record by 2,000 or more persons.

Requires termination of such registration after a savings and loan holding company certifies that its holders of record of that class of security have been reduced to fewer than 1,200 persons.

Suspends automatically the duty of a savings and loan holding company to file supplementary and periodic information if the securities of each class to which the registration statement relates (other than any class of asset-backed securities) are held of record by fewer than 1,200 persons.

measure amended introduced summary expanded action occurred measure holding company registration threshold equalization act sec amends securities exchange act require issuer savings loan holding company register securities_and_exchange_commission assets exceed million class equity security held record persons requires termination registration savings loan holding company certifies holders record class security reduced fewer persons suspends automatically duty savings loan holding company file supplementary periodic information securities class registration statement relates class asset backed securities held record fewer persons


Summary:
Small Business and Community Investments Expansion Act of 2015

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

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

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


Summary:
Roth Accounts for Youth Savings Act of 2015 or the RAYS Act

This bill amends the Internal Revenue Code to allow dependents of a taxpayer to establish a tax-preferred savings account similar to the existing Roth Individual Retirement Account, to be known as a Roth Account for Youth. Any amounts in such an account will be disregarded for purposes of determining elibility for benefits or assistance under a means-tested federal benefit program.

roth accounts youth savings act rays act bill amends internal_revenue_code allow dependents taxpayer establish tax preferred savings account similar existing roth individual retirement account known roth account youth amounts account disregarded purposes determining benefits assistance means tested federal benefit program


Summary:
Credit Union Residential Loan Parity Act

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

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

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

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


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

SAFE Act Confidentiality and Privilege Enhancement Act

 (Sec. 2) Amends the S.A.F.E. Mortgage Licensing Act of 2008 to extend to state and federal regulatory officials having financial services oversight authority (currently only those having mortgage oversight authority) access to any information provided to the Nationwide Mortgage Licensing System and Registry (or any system established by the Director of the Consumer Financial Protection Bureau without the loss of privilege or confidentiality protections provided by federal and state laws.

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


Summary:
Community Bank Access to Capital Act of 2015

This bill directs the Board of Governors of the Federal Reserve System to increase the asset threshold under the Small Bank Holding Company Policy Statement on Assessment of Financial and Managerial Factors from less than $1 billion to less than $5 billion.

The Comptroller of the Currency, the Board, and the Federal Deposit Insurance Corporation (FDIC) shall exempt community banks from regulations implementing the International Regulatory Framework for Banks (Basel III), and, as they determine appropriate, to adjust the related capital requirements.

 A community bank is defined as one whose consolidated assets are $50 billion or less.

The bill also exempts from the internal control attestation requirements of the Sarbanes-Oxley Act of 2002 both an insured depository institution and a depository institution holding company with consolidated assets of less than $1 billion.

Savings and loan associations meeting specified asset and equity security holder criteria shall be subject to security registration requirements.

The Securities and Exchange Commission (SEC) is prohibited from adjusting under Regulation D the $1 million net worth threshold and $200,000 and $300,000 income thresholds that define a natural person as an accredited investor.

The SEC shall increase from 35 to 70 the number of purchasers of securities in transactions deemed not to involve a public offering and so are exempt from regulation under the Securities Exchange Act of 1933.

The Securities Exchange Act of 1934 is amended to: (1) subject a savings and loan holding company to registration requirements for securities whose issuer has total assets exceeding $10 million and a class of non-exempt equity security held of record by 2,000 or more persons; and (2) apply the automatic termination of registration, and suspension of the duty to file supplementary and periodic information, to a savings and loan holding company whose securities are found to be held by less than 1,200 persons.

bill directs board_of_governors federal_reserve_system increase asset threshold small_bank_holding_company_policy_statement_on_assessment_of_financial_and_managerial_factors billion billion comptroller currency board federal_deposit_insurance_corporation fdic shall exempt community banks regulations implementing international regulatory framework banks basel iii determine appropriate adjust related capital requirements community bank defined consolidated assets billion bill exempts internal control attestation requirements sarbanes-oxley_act insured depository institution depository institution holding company consolidated assets billion savings loan associations meeting specified asset equity security holder criteria shall subject security registration requirements securities_and_exchange_commission sec prohibited adjusting regulation million net worth threshold income thresholds define natural person accredited investor sec shall increase number purchasers securities transactions deemed involve public offering exempt regulation securities exchange act securities_exchange_act amended subject savings loan holding company registration requirements securities issuer total assets exceeding million class non exempt equity security held record persons apply automatic termination registration suspension duty file supplementary periodic information savings loan holding company securities found held persons


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

Financial Stability Oversight Council Improvement Act of 2015

(Sec. 2) This bill amends the Financial Stability Act of 2010 to require the Financial Stability Oversight Council (FSOC), when determining whether to subject a U.S. or a foreign nonbank financial company to supervision by the Board of Governors of the Federal Reserve System, including prudential standards, to consider the appropriateness of imposing such standards as opposed to other forms of regulation to mitigate identified risks to U.S. financial stability.

FSOC must: (1) reevaluate annually its determinations regarding a nonbank financial company under Federal Reserve Board supervision, and (2) provide the company written notice and opportunity to submit written materials contesting a determination

A nonbank financial company, every five years after FSOC's final determination, may request a reevaluation of it.

The bill prescribes procedural requirements for proposed FSOC determinations and final decisionmaking.

FSOC must study every five years: (1) the impact of its determinations to subject nonbank financial companies to Federal Reserve Board supervision and prudential standards, and (2) whether such determinations have the intended result of improving domestic financial stability.

measure amended introduced summary expanded action occurred measure financial stability oversight council improvement act sec bill amends financial stability act require financial_stability_oversight_council fsoc determining subject foreign nonbank financial company supervision board_of_governors federal_reserve_system including prudential standards consider appropriateness imposing standards opposed forms regulation mitigate identified risks financial stability fsoc reevaluate annually determinations nonbank financial company federal_reserve_board supervision provide company written notice opportunity submit written materials contesting determination nonbank financial company years fsoc final determination request reevaluation bill prescribes procedural requirements proposed fsoc determinations final decisionmaking fsoc study years impact determinations subject nonbank financial companies federal_reserve_board supervision prudential standards determinations intended result improving domestic financial stability


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

Small Bank Exam Cycle Reform Act of 2015

(Sec. 2) This bill amends the Federal Deposit Insurance Act to increase from $500 million to $1 billion the asset size of small insured depository institutions eligible for 18-month on-site examination cycles.

Such an institution is also qualified for the 18-month cycle if its total assets are at most $200 million (currently $100 million) and the most recent examination found its composite condition to be good rather than outstanding.

A federal banking agency is granted discretion to increase this assets ceiling amount from $200 million to $1 billion (currently from $100 million to $500 million) if that greater asset size would be consistent with the principles of safety and soundness.

measure amended introduced summary expanded action occurred measure small bank exam cycle reform act sec bill amends federal_deposit_insurance_act increase million billion asset size small insured depository institutions eligible month site examination cycles institution qualified month cycle total assets million currently million recent examination found composite condition good outstanding federal banking agency granted discretion increase assets ceiling million billion currently million million greater asset size consistent principles safety soundness


Summary:
State Regulatory Representation Clarification Act of 2015

 Amends the Federal Deposit Insurance Act, with respect to presidential appointees to the Board of Directors of the Federal Deposit Insurance Corporation, to replace the bank supervisory experience requirement with a requirement that one appointee shall have served as a state bank supervisor. (A state bank supervisor has primary regulatory authority over state banks or savings associations in the state.)

state regulatory representation clarification act amends federal_deposit_insurance_act respect presidential appointees board_of_directors federal_deposit_insurance_corporation replace bank supervisory experience requirement requirement appointee shall served state bank supervisor state bank supervisor primary regulatory authority state banks savings associations state


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

Federal Savings Association Charter Flexibility Act of 2015

(Sec. 2) This bill amends the Home Owners' Loan Act to permit a federal savings association to elect to operate subject to supervision by the Comptroller of the Currency with the rights and duties of a national bank.

measure amended introduced summary expanded action occurred measure charter flexibility act sec bill amends permit federal savings association elect operate subject supervision comptroller_of_the_currency rights duties national bank


Summary:
Mutual Bank Capital Opportunity Act of 2015

 Amends the Federal Deposit Insurance Act to authorize a mutual depository to issue mutual capital certificates that qualify as common equity Tier 1 capital for purposes of capital requirements mandated by federal law or regulation.

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

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

opportunity act amends federal_deposit_insurance_act authorize mutual depository issue mutual capital certificates qualify common equity tier capital purposes capital requirements mandated federal law regulation defines mutual capital certificate financial instrument issued mutual depository entitles holder payment fixed variable participating dividends board directors declares voting member rights redeemable years issuance defines mutual depository insured depository institution operating non stock form including federal non stock depository form non stock depository provided state law deposits insured instrumentality federal government


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

Financial Institutions Examination Fairness and Reform Act

(Sec. 2) This bill amends the Federal Financial Institutions Examination Council Act of 1978 to require a federal financial institutions regulatory agency to make a final examination report to a financial institution within 60 days after the later of: (1) the exit interview for an examination of the institution, or (2) the provision of additional information by the institution relating to the examination.

The bill sets a deadline for the exit interview if a financial institution is not subject to a resident examiner program.

(Sec. 3) Examination standards are prescribed for financial institutions that:

 prescribe requirements and prohibitions for the treatment of certain commercial loans, prohibit a federal financial institution regulatory agency from requiring a well-capitalized financial institution to raise additional capital in lieu of certain actions prohibited with respect to such commercial loans, and require federal financial institutions regulatory agencies to develop and apply identical definitions and reporting requirements for non-accrual loans. (Sec. 4) The bill establishes in the Federal Financial Institutions Examination Council (FFIEC) the Office of Independent Examination Review, headed by a director appointed by the FFIEC, but independent from any member agency of the FFIEC.

(Sec. 5) Financial institutions may appeal a material supervisory determination contained in a final report of examination.

The director must determine the merits of the appeal on the record, or, at the election of the financial institution, refer the appeal to an administrative law judge.

The director's decision on an appeal shall: (1) be the final agency action, and (2) bind the agency whose supervisory determination was the subject of the appeal and the financial institution making the appeal.

Financial institutions may also petition for judicial review of the director's decision.

The bill prohibits a federal financial institutions regulatory agency from:

 retaliating against a financial institution, including service providers, or any institution-affiliated party, for exercising appellate rights under this bill; or delaying or denying any agency action that would benefit a financial institution or any institution-affiliated party on the basis that an appeal under this bill is pending. (Sec. 6) The Riegle Community Development and Regulatory Improvement Act of 1994 is amended to require:

 the Consumer Financial Protection Bureau to establish an independent intra-agency appellate process in connection with the regulatory appeals process, and safeguards to protect an insured depository institution or insured credit union from retaliation by any federal banking agency for exercising its rights.

measure amended introduced summary expanded action occurred measure financial institutions examination fairness reform_act sec bill amends federal_financial_institutions_examination_council_act require federal financial institutions regulatory agency final examination report financial institution days later exit interview examination institution provision additional information institution relating examination bill sets deadline exit interview financial institution subject resident examiner program sec examination standards prescribed financial institutions prescribe requirements prohibitions treatment certain commercial loans prohibit federal financial institution regulatory agency requiring capitalized financial institution raise additional capital lieu certain actions prohibited respect commercial loans require federal financial institutions regulatory agencies develop apply identical definitions reporting requirements non accrual loans sec bill establishes federal_financial_institutions_examination_council headed director appointed independent member agency sec financial institutions appeal material supervisory determination contained final report examination director determine merits appeal record election financial institution refer appeal administrative law judge director decision appeal shall final agency action bind agency supervisory determination subject appeal financial institution making appeal financial institutions petition judicial review director decision bill prohibits federal financial institutions regulatory agency retaliating financial institution including service providers institution affiliated party exercising appellate rights bill delaying denying agency action benefit financial institution institution affiliated party basis appeal bill pending sec riegle_community_development_and_regulatory_improvement_act amended require consumer_financial_protection_bureau establish independent intra agency appellate process connection regulatory appeals process safeguards protect insured depository institution insured credit union retaliation federal banking agency exercising rights


Summary:
Marijuana Businesses Access to Banking Act of 2015

This bill provides a safe harbor for depository institutions providing financial services to a marijuana-related legitimate business insofar as it prohibits a federal banking regulator from: (1) terminating or limiting the deposit or share insurance of a depository institution solely because it provides financial services to a marijuana-related legitimate business; or (2) prohibiting, penalizing, or otherwise discouraging a depository institution from offering such services.

A federal banking regulator may neither recommend, motivate, provide incentives, nor encourage a depository institution to refuse to offer financial services to an individual, nor downgrade or cancel financial services offered to an individual, solely because the individual: (1) is a manufacturer, producer, owner or operator of a marijuana-related legitimate business; or (2) the depository institution was not aware that the individual is the owner or operator of a marijuana-related legitimate business.

 A federal banking regulator may not take any adverse or corrective supervisory action, solely because of the business involved, on a loan made to an owner or operator of: (1) a marijuana-related legitimate business, or (2) real estate or equipment that is leased to a marijuana-related legitimate business.

Immunity from federal criminal prosecution or investigation is granted, subject to certain conditions, to a depository institution that provides financial services to a marijuana-related legitimate business in a state or one of its political subdivisions that allows the cultivation, production, manufacture, sale, transportation, display, dispensing, distribution, or purchase of marijuana. Neither the depository institution nor its officers, directors, nor employees may be held liable under federal law or regulation solely for providing such financial services or further investing income derived from those services.

The Department of the Treasury must require any suspicious activity report filed by a financial institution regarding a marijuana-based business to comply with specified guidance of the Financial Crimes Enforcement Network.

banking act bill provides safe harbor depository institutions providing financial services marijuana related legitimate business insofar prohibits federal banking regulator terminating limiting deposit share insurance depository institution solely provides financial services marijuana related legitimate business prohibiting penalizing discouraging depository institution offering services federal banking regulator recommend motivate provide incentives encourage depository institution refuse offer financial services individual downgrade cancel financial services offered individual solely individual manufacturer producer owner operator marijuana related legitimate business depository institution aware individual owner operator marijuana related legitimate business federal banking regulator adverse corrective supervisory action solely business involved loan owner operator marijuana related legitimate business real estate equipment leased marijuana related legitimate business immunity federal criminal prosecution investigation granted subject certain conditions depository institution provides financial services marijuana related legitimate business state political subdivisions allows cultivation production manufacture sale transportation display dispensing distribution purchase marijuana depository institution officers directors employees held liable federal law regulation solely providing financial services investing income derived services department_of_the_treasury require suspicious activity report filed financial institution marijuana based business comply specified guidance financial_crimes_enforcement_network


Summary:
Municipal Bond Market Support Act of 2015

Amends Internal Revenue Code provisions relating to the small issuer exemption from interest expense allocation rules for financial institutions to: (1) permanently increase from $10 million to $30 million the annual limit on the amount of tax-exempt obligations that a small issuer may issue, and (2) allow an inflation adjustment to such increased limit amount after 2015.

municipal_bond_market_support_act code provisions relating small issuer exemption interest expense allocation rules financial institutions permanently increase million million annual limit tax exempt obligations small issuer issue allow inflation adjustment increased limit


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

National Credit Union Administration Budget Transparency Act

(Sec. 2) This bill amends the Federal Credit Union Act to require the National Credit Union Administration Board, before the annual submission of its required detailed business-type budget, to: (1) print a draft of the budget in the Federal Register, (2) hold a public hearing to receive comments from the public on the draft, and (3) include in the required integral set of accounts statements in which the budget will address any of such comments.

measure amended introduced summary expanded action occurred measure national_credit_union_administration budget transparency act sec bill amends federal_credit_union_act require national_credit_union_administration_board annual submission required detailed business type budget print draft budget federal_register hold public hearing receive comments public draft include required integral set accounts statements budget address comments


Summary:
Financial Transparency Act of 2015

This bill directs the Office of Financial Research of the Department of the Treasury and the following financial regulatory agencies to adopt data standards for all information collected or received by them, including corporate financial data:

 the Securities and Exchange Commission (SEC), the Federal Deposit Insurance Corporation, the Office of the Comptroller of the Currency, the Bureau of Consumer Financial Protection, the Board of Governors of the Federal Reserve System, the Commodity Futures Trading Commission, the National Credit Union Administration, and the Federal Housing Finance Agency. The Financial Stability Act of 2010 is amended to direct the Office of Financial Research (OFR) to promulgate data standards, including common identifiers and data formats, for the information reported to member agencies or collected on behalf of the Financial Stability Oversight Council.

The OFR must publish any public information (with specified exceptions) as open data, freely available for download in bulk, accessible via application programming interface where appropriate, and offered without any registration requirement or reuse restriction (open data publication).

The Investment Advisers Act of 1940 is amended to require the SEC to adopt data standards incorporating those promulgated by the OFR and apply them to:

 investment advisers reports and registration statements, information submitted by nationally recognized statistical rating organizations, asset-backed securities disclosures, corporate disclosures in registration statements and prospectuses, periodic and current corporate disclosures, corporate proxy and consent solicitation materials, and security-based swap reporting. The SEC, like the OFR, must publish all public information as open data.

The Municipal Securities Rulemaking Board and national securities associations must likewise adopt OFR-promulgated data transparency standards.

The SEC must, by rule, adopt a data standard that is both human-readable and machine-readable, and that complies with this Act regarding corporate financial data for which it was using the eXtensible Business Reporting Language standard.

The SEC shall also establish a program to improve the quality of corporate financial data furnished by issuers.

The Federal Deposit Insurance Act is amended to require the Federal Deposit Insurance Corporation to adopt the data standards and open data publication requirements prescribed in this Act and apply them to all information received from a depository institution or financial company.

The Revised Statutes of the United States, the Consumer Financial Protection Act of 2010, the Commodity Exchange Act, the Federal Credit Union Act, and the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 are amended to direct the Comptroller of the Currency, the Consumer Financial Protection Bureau, the Commodity Futures Trading Commission, the National Credit Union Administration Board, and the Federal Housing Finance Agency, respectively, to adopt, for all information regularly submitted to them, the data standards and open data publication requirements prescribed by this Act.

financial transparency act bill directs following financial regulatory agencies adopt data standards information collected received including corporate financial data securities_and_exchange_commission sec federal_deposit_insurance_corporation office_of_the_comptroller_of_the_currency bureau_of_consumer_financial_protection board_of_governors federal_reserve_system commodity_futures_trading_commission national_credit_union_administration federal_housing_finance_agency financial stability act amended direct office_of_financial_research promulgate data standards including common identifiers data formats information reported member agencies collected behalf financial_stability_oversight_council publish public information specified exceptions open data freely available download bulk accessible application programming interface appropriate offered registration requirement reuse restriction open data publication investment advisers act amended require sec adopt data standards incorporating promulgated apply investment advisers reports registration statements information submitted nationally recognized statistical rating organizations asset backed securities disclosures corporate disclosures registration statements periodic current corporate disclosures corporate proxy consent solicitation materials security based swap reporting sec like publish public information open data municipal_securities_rulemaking_board national securities associations likewise adopt promulgated data transparency standards sec rule adopt data standard human readable machine readable complies act corporate financial data standard sec shall establish program improve quality corporate financial data furnished issuers federal_deposit_insurance_act amended require federal_deposit_insurance_corporation adopt data standards open data publication requirements prescribed act apply information received depository institution financial company revised statutes united_states consumer_financial_protection_act commodity_exchange_act federal_credit_union_act federal_housing_enterprises_financial_safety soundness act amended direct comptroller currency consumer_financial_protection_bureau commodity_futures_trading_commission national_credit_union_administration_board federal_housing_finance_agency respectively adopt information regularly submitted data standards open data publication requirements prescribed act


Summary:
Too Big to Fail, Too Big to Exist Act

 This bill directs the Financial Stability Oversight Council to compile and submit to the Secretary of the Treasury a list of entities that the Council deems Too Big To Fail (List), including U.S. bank holding companies the Financial Stability Board has identified as systemically important banks.

The Secretary of the Treasury shall: (1) submit the List to Congress and the President, and (2) break up entities on the List so that their failure would no longer cause a catastrophic effect upon the U.S. or global economy without a taxpayer bailout.

Any entity on the List may not use or have access to advances from any Federal Reserve credit facility, the Federal Reserve discount window, or any program or facility made available under the Federal Reserve Act, including asset purchases, temporary or bridge loans, government investments in debt or equity, or capital injections from any federal institution.

No insured depository institution on the List, nor any entity that owns one, may use insured deposit amounts to fund:

 any activity relating to hedging that is not directly related to commercial banking activity at the insured bank, any use of derivatives for speculative purposes, any activity related to the dealing of derivatives, or any other form of speculative activity specified by regulators. Nor may any entity on the List conduct such activities in a manner that either: (1) puts insured deposits at risk, or (2) creates a risk of loss to the Deposit Insurance Fund.

big fail big exist act bill directs financial_stability_oversight_council compile submit secretary treasury list entities council deems including bank holding companies financial_stability_board identified systemically important banks secretary treasury shall submit list congress president break entities list failure longer cause catastrophic effect global economy taxpayer bailout entity list use access advances federal_reserve credit facility federal_reserve discount window program facility available federal reserve act including asset purchases temporary bridge loans government investments debt equity capital injections federal institution insured depository institution list entity owns use insured deposit amounts fund activity relating hedging directly related commercial banking activity insured bank use derivatives speculative purposes activity related dealing derivatives form speculative activity specified regulators entity list conduct activities manner puts insured deposits risk creates risk loss deposit_insurance_fund


Summary:
Community Lender Regulatory Relief and Consumer Protection Act of 2015

This bill amends the Truth in Lending Act with respect to the presumption of a mortgagor's ability to pay a qualified residential mortgage loan and the insured depository institutions or insured credit unions meeting specified criteria that may be its creditors.

 The Gramm-Leach-Bliley Act is amended to exempt from its requirement of annual written privacy notices certain financial institutions.

The Federal Deposit Insurance Act is amended to: (1) increase from $500 million to $1 billion the size of certain small insured depository institutions eligible for an 18-month on-site examination cycle, and (2) require private deposit insurers of credit unions to give the Federal Housing Finance Agency copies of independent audit reports within 7 days after the audit is completed.

 The Federal Home Loan Bank Act is amended to require the treatment of a state-chartered credit union as an insured depository institution even though it is not federally insured if it has applied for membership in a federal home loan bank and has met specified conditions, including insurance application eligibility requirements under the Federal Credit Union Act.

 The Government Accountability Office must report to Congress on the adequacy of insurance reserves held by the private deposit insurer of privately insured credit unions, including the level of compliance with federal regulations regarding disclosure of a lack of federal deposit insurance.

The Securities Exchange Act of 1934 is amended to extend securities registration requirements to savings and loan holding companies.

The S.A.F.E. Mortgage Licensing Act of 2008 is amended to:

 establish a transitional period during which a state, while examining the applicant's submitted background information, may permit a covered registered loan originator applying for a state license as a loan originator to act as one under the supervision of a non-depository firm that engages in loan origination in that state, and grant confidentiality to information shared with state and federal regulatory officials with financial services industry oversight authority. The Consumer Financial Protection Act of 2010 is amended to cover specified sections of the Servicemembers Civil Relief Act as "enumerated consumer laws."

The expiration of the Protecting Tenants at Foreclosure Act of 2009 is repealed, and the Act is restored and revived as it was in effect on December 31, 2014.

community lender regulatory relief consumer protection act bill amends truth lending act respect presumption mortgagor ability pay qualified residential mortgage loan insured depository institutions insured credit unions meeting specified criteria creditors gramm leach bliley act amended exempt requirement annual written privacy notices certain financial institutions federal_deposit_insurance_act amended increase million billion size certain small insured depository institutions eligible month site examination cycle require private deposit insurers credit unions federal_housing_finance_agency copies independent audit reports days audit completed federal_home_loan_bank_act amended require treatment state chartered credit union insured depository institution federally insured applied membership federal home loan bank met specified conditions including insurance application eligibility requirements federal_credit_union_act government_accountability_office report congress adequacy insurance reserves held private deposit insurer privately insured credit unions including level compliance federal regulations disclosure lack federal deposit insurance securities_exchange_act amended extend securities registration requirements savings loan holding companies mortgage licensing act amended establish transitional period state examining applicant submitted background information permit covered registered loan originator applying state license loan originator act supervision non depository firm engages loan origination state grant confidentiality information shared state federal regulatory officials financial services industry oversight authority consumer_financial_protection_act amended cover specified sections servicemembers_civil_relief_act enumerated consumer laws expiration protecting_tenants foreclosure act repealed act restored revived effect december


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

Risk-Based Capital Study Act of 2015

(Sec. 2) This bill directs the National Credit Union Administration (NCUA) to study the appropriate capital requirements for federal credit unions and state credit unions, including:

 whether the NCUA has the clear legal authority to prescribe separate risk-based capital thresholds for both "adequately capitalized" and "well capitalized" credit unions; a discussion of the differences between credit unions and other types of depository institutions and reasons why they should have similar or different risk-weights for their capital requirements; a discussion of the rationale behind the risk-weights assigned in the proposed NCUA rule "Risk-Based Capital"; and an analysis of the impact the proposed rule would have upon excess capital above the minimum level for a credit union to be "well capitalized" (a credit union's "capital cushion"), including the potential impact upon credit union lending and credit union examinations. A credit union may not be required to provide information regarding the capital standards sought in the NCUA study, but may provide it voluntarily.

(Sec. 3) The NCUA may not issue or implement any final rule or regulation governing risk-based capital (including the proposed rule) earlier than 120 days after it reports to Congress on the study.

measure amended introduced summary expanded action occurred measure sec bill directs national_credit_union_administration ncua study appropriate capital requirements federal credit unions state credit unions including ncua clear legal authority prescribe separate risk based capital thresholds adequately capitalized capitalized credit unions discussion differences credit unions types depository institutions reasons similar different risk weights capital requirements discussion rationale risk weights assigned proposed ncua rule analysis impact proposed rule excess capital minimum level credit union capitalized credit union capital including potential impact credit union lending credit union examinations credit union required provide information capital standards sought ncua study provide voluntarily sec ncua issue implement final rule regulation governing risk based capital including proposed rule earlier days reports congress study


Summary:
Capital Access for Small Business Banks Act

This bill amends the Internal Revenue Code to allow a bank or a depository institution holding company which is an S corporation to: (1) have 500 shareholders (the current limit is 100 shareholders), and (2) issue qualified preferred bank stock. The bill makes a distribution of qualified preferred bank stock to a shareholder includible in the gross income of the shareholder and allows the bank or holding company to deduct the amount of such distribution.

bill amends internal_revenue_code allow bank depository institution holding company corporation shareholders current limit shareholders issue qualified preferred bank stock bill makes distribution qualified preferred bank stock shareholder includible gross income shareholder allows bank holding company deduct distribution


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

Taking Account of Institutions with Low Operation Risk Act of 2015 or the TAILOR Act of 2015

(Sec. 2) This bill directs the Office of the Comptroller of the Currency, the Board of Governors of the Federal Reserve System, the Federal Deposit Insurance Corporation, the National Credit Union Administration, and the Consumer Financial Protection Bureau (federal financial institutions regulatory agencies) to:

 take into consideration the risk profile and business models of institutions subject to regulatory action; determine the necessity, appropriateness, and impact of applying that action to such institutions; and tailor regulatory action so as to limit the burden of regulatory compliance as befits the risk profile and business model involved. The federal financial institutions regulatory agencies shall also consider:

 the impact that such regulatory action has upon the ability of the institution to flexibly serve evolving and diverse customer needs, the potential unintended impact of examination manuals or other regulatory directives that work in conflict with the tailoring of such regulatory action, and the underlying policy objectives of the regulatory action and statutory scheme involved. In addition, a federal financial institutions regulatory agency must disclose in every notice of a proposed and final rulemaking for a regulatory action how it has applied this bill.

The Financial Institutions Examination Council shall report to Congress on the extent to which regulatory actions tailored pursuant to this bill result in differential regulation of similarly-situated institutions of diverse charter types with respect to comparable regulations.

The agencies must also apply the requirements of this bill to all regulations adopted five years before the introduction of this bill and ending on the date of its enactment.

measure amended introduced summary expanded action occurred measure taking account institutions low operation risk act tailor act sec bill directs office_of_the_comptroller_of_the_currency board_of_governors federal_reserve_system federal_deposit_insurance_corporation national_credit_union_administration consumer_financial_protection_bureau federal financial institutions regulatory agencies consideration risk profile business models institutions subject regulatory action determine necessity appropriateness impact applying action institutions tailor regulatory action limit burden regulatory compliance risk profile business model involved federal financial institutions regulatory agencies shall consider impact regulatory action ability institution serve evolving diverse customer needs potential unintended impact examination manuals regulatory directives work conflict regulatory action underlying policy objectives regulatory action statutory scheme involved addition federal financial institutions regulatory agency disclose notice proposed final rulemaking regulatory action applied bill financial institutions examination council shall report congress extent regulatory actions tailored pursuant bill result differential regulation similarly situated institutions diverse charter types respect comparable regulations agencies apply requirements bill regulations adopted years introduction bill ending date enactment


Summary:
Community Bank Capital Clarification Act

This bill amends the Financial Stability Act of 2010 with respect to:

 minimum leverage capital requirements and minimum risk-based capital requirements for depository institution holding companies; mandatory deductions from actual capital in the calculation of such minimum capital requirements for certain investments by such institutions, especially in financial subsidiaries; and the exemption from such capital deductions for the debt or equity instruments issued by certain smaller institutions. A depository institution holding company exempted from capital deductions because it had less than $15 billion of total consolidated assets at the end of a quarterly financial reporting period after December 31, 2009, shall continue to be treated as an exempt institution as long it has total consolidated assets of less than $15 billion.

bill amends financial stability act respect minimum leverage capital requirements minimum risk based capital requirements depository institution holding companies mandatory deductions actual capital calculation minimum capital requirements certain investments institutions especially financial subsidiaries exemption capital deductions debt equity instruments issued certain smaller institutions depository institution holding company exempted capital deductions billion total consolidated assets end quarterly financial reporting period december shall continue treated exempt institution long total consolidated assets billion


Summary:
Community Financial Institution Exemption Act

Amends the Consumer Financial Protection Act of 2010 to exempt community financial institutions from all rules and regulations issued by the Consumer Financial Protection Bureau. Defines a "community financial institution" as an insured depository institution or credit union with less than $10 billion in consolidated assets.

Authorizes the Bureau to: (1) revoke such an exemption with respect to a specific rule or regulation issued or modified after enactment of this Act and with respect to a specific class of community financial institutions if the Bureau finds that such class of institutions has engaged in a pattern or practice of activities that have been detrimental to the interests of consumers and that are of a type that the specific rule or regulation is intended to address, and (2) modify a rule or regulation issued before enactment of this Act with respect to such institutions if the effect of such modification is to expand a current exemption or to reduce the costs and the regulatory burden associated with complying with such rule or regulation.

exemption act amends consumer financial protection act exempt community financial institutions rules regulations issued consumer_financial_protection_bureau defines community financial institution insured depository institution credit union billion consolidated assets authorizes bureau revoke exemption respect specific rule regulation issued modified enactment act respect specific class community financial institutions bureau finds class institutions engaged pattern practice activities detrimental interests consumers type specific rule regulation intended address modify rule regulation issued enactment act respect institutions effect modification expand current exemption reduce costs regulatory burden associated complying rule regulation


Summary:
21st Century Glass-Steagall Act of 2015

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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

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


Summary:
Common Sense Economic Recovery Act of 2015

 This bill cites circumstances under which, for purposes of determining capital requirements or measuring an insured depository institution's capital, such an institution may treat a non-accrual loan as an accrual loan.

(Non-accrual [also known as non-performing or doubtful] loans are those on which interest is overdue and full collection of principal is uncertain, and so interest, if it has not been paid in over 90 days, cannot be credited to the bank's revenue account until it has actually been received.)

An insured depository institution may treat a non-accrual loan as an accrual loan if: (1) the loan is current, (2) no monthly payment has been more than 30 days delinquent during the previous 6-month period, and (3) loan payments are being made pursuant to the contract terms and all parties agree to any refinances and modifications.

A modified or restructured loan may not be treated as a non-accrual loan if the borrower demonstrates the ability to perform on such a loan: (1) over a period of 6 months; or (2) over a period of 3 consecutive payments in the case of a quarterly, semi-annual, or longer repayment schedule.

The appropriate federal banking agency is prohibitted from: (1) imposing any additional accounting requirements upon an insured depository institution with respect to a loan treated as an accrual loan under this Act if the result of such requirement would adversely impact measurement of the institution's capital, or (2) requiring an insured depository institution to treat a loan as a non-accrual loan solely because the loan collateral has reduced in value.

Any issuer of a security registered under the Securities Exchange Act of 1934 is excluded from the accounting requirements and prohibitions of this Act.

The Financial Stability Oversight Council must study how best to prevent the issuance of contradictory guidance to such institutions by federal banking agencies with respect to loan classifications and capital requirements.

common sense economic recovery act bill cites circumstances purposes determining capital requirements measuring insured depository institution capital institution treat non accrual loan accrual loan non accrual known non performing doubtful loans interest overdue collection principal uncertain interest paid days credited bank revenue account actually received insured depository institution treat non accrual loan accrual loan loan current monthly payment days delinquent previous month period loan payments pursuant contract terms parties agree refinances modifications modified restructured loan treated non accrual loan borrower demonstrates ability perform loan period months period consecutive payments case quarterly semi annual longer repayment schedule appropriate federal banking agency imposing additional accounting requirements insured depository institution respect loan treated accrual loan act result requirement adversely impact measurement institution capital requiring insured depository institution treat loan non accrual loan solely loan collateral reduced value issuer security registered securities exchange act excluded accounting requirements prohibitions act financial stability oversight council study best prevent issuance guidance institutions federal banking agencies respect loan classifications capital requirements


Summary:
Community Bank Flexibility Act

This bill amends the Internal Revenue Code, with respect to the tax treatment of small banks, to: (1) allow such banks to reorganize as either corporations or partnerships for tax purposes, (2) permit such banks to reorganize without incurring an additional tax for liquidation, and (3) impose a five-year recognition period of the built-in gains of such banks.

community bank flexibility act bill amends internal_revenue_code respect tax treatment small banks allow banks reorganize corporations partnerships tax purposes permit banks reorganize incurring additional tax liquidation impose year recognition period built gains banks


Summary:
Financial Stability Oversight Council Reform Act

This bill amends the Financial Stability Act of 2010 to make the budgets of the Financial Stability Oversight Council (FSOC) and the Office of Financial Research (OFR) subject to the annual appropriations process and to establish requirements for reports and a public notice and comment period.

(Sec. 2) The budgets of the FSOC and the OFR are funded by assessments on financial institutions which are deposited into the Financial Research Fund and, under current law, are immediately available to be spent. This bill requires the funding from the Financial Research Fund to be made available by appropriations Acts.

(Sec. 3) The OFR must submit quarterly reports to Congress regarding its:

 finances; workforce; and actions taken to achieve the goals, objectives, and performance measures of the office. (Sec. 4) The OFR must provide a public notice and comment period of at least 90 days before issuing any proposed report, rule, or regulation.

(Sec. 5) The bill expands the duties of the OFR to include:

 publishing an annual work plan; consulting with other federal departments and agencies with relevant expertise prior to preparing any public report with respect to a specified entity, class of entities, or financial product or service; and developing and implementing a cybersecurity plan. The Government Accountability Office must annually audit the cybersecurity plan and its implementation.

financial_stability_oversight_council reform act bill amends financial stability act budgets financial_stability_oversight_council fsoc office_of_financial_research subject annual appropriations process establish requirements reports public notice comment period sec budgets fsoc funded assessments financial institutions deposited current law immediately available spent bill requires funding available appropriations acts sec submit quarterly reports congress finances workforce actions taken achieve goals objectives performance measures office sec provide public notice comment period days issuing proposed report rule regulation sec bill expands duties include publishing annual work plan consulting federal departments agencies relevant expertise prior preparing public report respect specified entity class entities financial product service developing implementing cybersecurity plan government_accountability_office annually audit cybersecurity plan implementation


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

FSOC Transparency and Accountability Act

(Sec. 2) This bill amends the Financial Stability Act of 2010 to repeal the nonapplicability of the Federal Advisory Committee Act (FACA) to the Financial Stability Oversight Council (thus applying FACA to the Council).

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

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

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

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

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

measure amended introduced summary expanded action occurred measure fsoc transparency accountability act sec bill amends financial stability act repeal federal_advisory_committee_act faca financial_stability_oversight_council applying faca council council declared agency purposes government sunshine act open meeting requirements voting profile council members revised cite following member agencies having collectively vote board_of_governors federal_reserve_system securities_and_exchange_commission sec federal_deposit_insurance_corporation fdic commodity_futures_trading_commission cftc national_credit_union_administration ncua board member agencies shall determine council vote voting process normally applicable votes members cast collective council vote agency head council member select individuals member staff attend meeting council including meeting representatives member agencies members council meetings shall open attendance participation members specified congressional committees including meeting representatives member agencies members


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

Office of Financial Research Accountability Act of 2015

(Sec. 2) This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to require the Office of Financial Research within the Department of the Treasury to publish annually a detailed work plan of the Office priorities for the upcoming fiscal year, including a detailed description of the progress made by primary financial regulatory agencies in adopting a unique alphanumeric system ("Legal Entity Identifier") to identify legally distinct entities that engage in financial transactions, as well as a list of regulations requiring the use of such a system and actions taken to ensure its adoption by those agencies.

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

measure amended introduced summary expanded action occurred measure office_of_financial_research accountability act sec bill amends dodd frank wall street reform consumer protection act require office_of_financial_research department_of_the_treasury publish annually detailed work plan office priorities upcoming fiscal year including detailed description progress primary financial regulatory agencies adopting unique system legal entity identifier identify legally distinct entities engage financial transactions list regulations requiring use system actions taken ensure adoption agencies bill requires office develop implement cybersecurity plan adequate safeguards protect integrity confidentiality data office possession


Summary:
(This measure has not been amended since it was introduced. The expanded summary of the House reported version is repeated here.) (Sec. 1) This bill directs the Federal Reserve Board to revise the Small Bank Holding Company Policy Statement on the Assessment of Financial and Managerial Factors to raise its consolidated asset threshold from $1 billion to $5 billion.

The bill exempts from the leverage and risk-based capital requirements of the Dodd-Frank Wall Street Reform and Consumer Protection Act any bank holding company or savings and loan holding company that is subject to the application of such Statement.

measure amended introduced expanded summary house reported version repeated sec bill directs federal_reserve_board revise small_bank_holding_company_policy_statement raise consolidated asset threshold billion billion bill exempts leverage risk based capital requirements dodd frank wall street reform consumer protection act bank holding company savings loan holding company subject application statement


Summary:
Financial Institution Legislative Edict Simplification Act of 2015 or the FILES Act of 2015

This bill amends the Dodd-Frank Wall Street Reform and Consumer Protection Act to exempt from specified titles of the Act "safe and sound financial institutions," including any depository institution, credit union, bank holding company, or savings and loan holding company having:

 total consolidated assets of less than $50 billion, and a composite CAMELS rating of 1 or 2 under the Uniform Financial Institutions Rating System (or under an equivalent rating under a comparable rating system) as of the entity's most recent examination. A CAMELS rating assesses a bank's capital adequacy, assets, management capability, earnings, liquidity, and sensitivity.

The bill exempts such institutions from the titles of the Act that address:

 financial stability; orderly liquidation authority; improvements to regulation of bank and savings association holding companies and depository institutions; and mortgage reform and anti-predatory lending.

files act bill amends dodd frank wall street reform consumer protection act exempt specified titles act safe sound financial institutions including depository institution credit union bank holding company savings loan holding company having total consolidated assets billion composite rating uniform financial institutions rating system equivalent rating comparable rating system entity recent examination rating assesses bank capital adequacy assets management capability earnings liquidity sensitivity bill exempts institutions titles act address financial stability orderly liquidation authority improvements regulation bank savings association holding companies depository institutions mortgage reform anti predatory lending


Summary:
Consumer Protection and Choice Act

This bill amends the Truth in Lending Act to prohibit a deferred presentment transaction except as provided under this Act.

A "deferred presentment transaction" is one in which currency or other payment is provided to a consumer in exchange for a consumer's check or other payment instrument and an agreement that such check or payment instrument shall be held for a deferment period prior to presentment, deposit, or redemption.

If the Consumer Financial Protection Bureau (CFPB) determines that a state has in effect a law that provides for the licensing of deferred presentment providers and the regulation of deferred presentment transactions, and that meets the requirements specified by this Act, any CFPB regulations concerning such transactions and providers shall not apply in such state.

Such a state law must:

 require a provider to be licensed by the state; establish a transaction database; require a provider to verify through such database that a consumer entering into such a transaction does not have an outstanding transaction; require a provider to report immediately to such database information about each transaction entered into and each transaction paid or settled; require that a transaction agreement be in writing and allow the consumer to rescind the agreement within the first 24 hours; require a transaction agreement to limit the interest and fees to no more that 10% of the transaction amount, the processing fee to $5, the transaction amount to $500, and the duration of the transaction to no less than 7 days and no more than 31 days; and allow a 60-day grace period after the contractual repayment date for a consumer to repay the amount due, subject to early termination if a consumer fails to complete a course with a consumer credit counseling agency. The bill makes these changes effective 24 months after enactment and prohibits the CFPB from establishing or enforcing any regulation governing deferred presentment transactions or payday loans during such period.

choice act bill amends truth lending act prohibit deferred transaction provided act deferred transaction currency payment provided consumer exchange consumer check payment instrument agreement check payment instrument shall held deferment period prior deposit redemption consumer_financial_protection_bureau cfpb determines state effect law provides licensing deferred providers regulation deferred transactions meets requirements specified act cfpb regulations concerning transactions providers shall apply state state law require provider licensed state establish transaction database require provider verify database consumer entering transaction outstanding transaction require provider report immediately database information transaction entered transaction paid settled require transaction agreement writing allow consumer rescind agreement hours require transaction agreement limit interest fees transaction processing fee transaction duration transaction days days allow day grace period contractual repayment date consumer repay subject early termination consumer fails complete course consumer credit counseling agency bill makes changes effective months enactment prohibits cfpb establishing enforcing regulation governing deferred transactions payday loans period


Summary:
USAccounts: Investing in America's Future Act of 2015

This bill establishes in the Treasury the USAccount Fund, from which an initial contribution and subsequent matching contributions of up to $500 annually shall be made to accounts known as USAccounts.

USAccounts shall be established under this Act for individuals born after December 31, 2017, who have not yet attained age 18. The bill provides for contributions by the government and the private sector to such USAccounts and allows tax-exempt distributions from such accounts for higher education expenses and for funding the individual retirement accounts of an account holder, but prohibits any distributions before an account holder reaches age 18.

The bill establishes in the executive branch a USAccount Fund Board to manage investments in the USAccount Fund.

The bill amends the Internal Revenue Code to: (1) exempt the USAccount Fund and USAccounts from income taxation, (2) increase the amount of the child tax credit by the applicable USAccount contribution amount, and (3) require the Internal Revenue Service to notify taxpayers of their potential eligibility for the earned income tax credit.

investing america future act bill establishes treasury initial contribution subsequent matching contributions annually shall accounts known shall established act individuals born december attained age bill provides contributions government private sector allows tax exempt distributions accounts higher education expenses funding individual retirement accounts account holder prohibits distributions account holder reaches age bill establishes executive branch manage investments bill amends internal_revenue_code exempt income taxation increase child tax credit applicable contribution require internal_revenue_service notify taxpayers potential eligibility earned income tax credit