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<bill bill-stage="Introduced-in-Senate" dms-id="A1" public-private="public"><metadata xmlns:dc="http://purl.org/dc/elements/1.1/">
<dublinCore>
<dc:title>115 S1002 IS: Community Lending Enhancement and Regulatory Relief Act of 2017</dc:title>
<dc:publisher>U.S. Senate</dc:publisher>
<dc:date>2017-05-02</dc:date>
<dc:format>text/xml</dc:format>
<dc:language>EN</dc:language>
<dc:rights>Pursuant to Title 17 Section 105 of the United States Code, this file is not subject to copyright protection and is in the public domain.</dc:rights>
</dublinCore>
</metadata>
<form>
<distribution-code display="yes">II</distribution-code><congress>115th CONGRESS</congress><session>1st Session</session><legis-num>S. 1002</legis-num><current-chamber>IN THE SENATE OF THE UNITED STATES</current-chamber><action><action-date date="20170502">May 2, 2017</action-date><action-desc><sponsor name-id="S347">Mr. Moran</sponsor> (for himself, <cosponsor name-id="S314">Mr. Tester</cosponsor>, <cosponsor name-id="S360">Ms. Heitkamp</cosponsor>, and <cosponsor name-id="S384">Mr. Tillis</cosponsor>) introduced the following bill; which was read twice and referred to the <committee-name committee-id="SSBK00">Committee on Banking, Housing, and Urban Affairs</committee-name></action-desc></action><legis-type>A BILL</legis-type><official-title>To enhance the ability of community financial institutions to foster economic growth and serve
their communities, boost small businesses, increase individual savings,
and for other purposes.</official-title></form>
<legis-body display-enacting-clause="yes-display-enacting-clause">
<section id="S1" section-type="section-one"><enum>1.</enum><header>Short
title</header><text display-inline="no-display-inline">This Act may be cited as the <quote><short-title>Community Lending Enhancement and Regulatory Relief Act of 2017</short-title></quote> or the <quote><short-title>CLEAR Relief Act of 2017</short-title></quote>.</text>
</section><section id="H55F92B7ADF1F4DA887515380A8AC6EDE"><enum>2.</enum><header>Community bank
exemption from annual management assessment of internal controls
requirement of
the Sarbanes-Oxley Act of 2002</header><text display-inline="no-display-inline">Section 404 of the Sarbanes-Oxley Act of 2002 (<external-xref legal-doc="usc" parsable-cite="usc/15/7262">15 U.S.C. 7262</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="idEB80256ECD694D8E85E6A225081F66BE" style="OLC">
<subsection id="H7E2A81DAC04F4784A97763B2C080860F"><enum>(d)</enum><header>Community bank
exemption</header>
<paragraph id="H6F366C95EE2D4D5C837260536FF712BD"><enum>(1)</enum><header>Definitions</header><text>In this subsection—</text>
<subparagraph id="id6A6A350D989347D0954F5FC9BDFDA395"><enum>(A)</enum><text>the term <term>bank holding company</term> has the meaning given the term in section 2 of the Bank Holding Company Act of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1841">12 U.S.C. 1841</external-xref>);</text>
</subparagraph><subparagraph id="idFA89AD91A29042F788551E6EC136D1DC"><enum>(B)</enum><text>the term <term>insured depository institution</term> has the meaning given the term in section 3 of the Federal Deposit Insurance Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1813">12 U.S.C. 1813</external-xref>); and</text>
</subparagraph><subparagraph id="idF5064844BBB44C1AB4BEF2F1A35868D1"><enum>(C)</enum><text>the term <term>savings and loan holding company</term> has the meaning given the term in section 10(a) of the Home Owners' Loan Act (<external-xref legal-doc="usc" parsable-cite="usc/12/1467a">12 U.S.C. 1467a(a)</external-xref>).</text>
</subparagraph></paragraph><paragraph id="id9C849742D468438F8F58D0D859A06A54"><enum>(2)</enum><header>In
general</header><text>This section and the rules prescribed under this section shall not apply in any fiscal year to any bank holding company, savings and loan holding company, or insured depository institution that, as of the end of the preceding fiscal year, had total consolidated assets of $1,000,000,000 or less.</text>
</paragraph><paragraph commented="no" display-inline="no-display-inline" id="H0472BB8737AE4E50A413E91DCB34573B"><enum>(3)</enum><header>Adjustment of
amount</header><text>The Commission shall annually adjust the dollar amount in paragraph (1) by an amount equal to the percentage increase, for the most recent year, in total assets held by all bank holding companies, savings and loan holding companies, and insured depository institutions, as reported by the Federal Deposit Insurance Corporation.</text></paragraph></subsection><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id907C100DE439477C93C4626376E7E544"><enum>3.</enum><header>Escrow
requirements relating to certain consumer credit transactions</header><text display-inline="no-display-inline">Section 129D(c) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639d">15 U.S.C. 1639d(c)</external-xref>) is amended—</text>
<paragraph id="H6B46ED0C81EB494EBA29EDF7C2E3CFA1"><enum>(1)</enum><text>by redesignating paragraphs (1) through (4) as subparagraphs (A) through (D), respectively, and adjusting the margins accordingly;</text>
</paragraph><paragraph id="HC8712D8F6C9B42A4BC16617663F7D491"><enum>(2)</enum><text>by striking <quote>The Bureau</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="H21B42681C3A440C29E9F841943617437" style="OLC">
<paragraph id="H072EB9F9CA824DD3B61AD0852D599843"><enum>(1)</enum><header>In
general</header><text display-inline="yes-display-inline">The Bureau</text></paragraph><after-quoted-block>;
and</after-quoted-block></quoted-block>
</paragraph><paragraph id="HFF232A8E3BDA4726A194EFCA6C161BA0"><enum>(3)</enum><text>by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="H47C30E9833B349A78A8AF4F9DE933249" style="OLC">
<paragraph id="idE5435E434D7442E89F6C6437820E42B2"><enum>(2)</enum><header>Treatment of
loans held by smaller institutions</header><text>The Bureau shall, by regulation, exempt from the requirements of subsection (a) any loan secured by a first lien on the principal dwelling of a consumer, if such loan is held by an insured depository institution having assets of $10,000,000,000 or less.</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></section><section id="id8D116009DD1A455EB317EDC4BECC6A3A"><enum>4.</enum><header>Minimum
standards for residential mortgage loans</header><text display-inline="no-display-inline">Section 129C(b)(2) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639c">15 U.S.C. 1639c(b)(2)</external-xref>) is amended by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id8C6E710E682D4632A4AF0036760B0FC6" style="OLC">
<subparagraph id="idc5ed0e8727fd4f44acf200f8bf5453a3"><enum>(F)</enum><header>Safe
Harbor</header>
<clause id="idDE4840B9B4E742B8BC4FA3BE5D38B363"><enum>(i)</enum><header>In general</header><text>In this section—</text> <subclause id="id552f48c8a60a45b8a7aab538645d2573"><enum>(I)</enum><text>the term <term>qualified mortgage</term> includes any mortgage loan that is originated and retained in portfolio for a period of not less than 3 years by a depository institution together with its affiliates has less than $10,000,000,000 in total consolidated assets; and</text>
</subclause><subclause id="idcc43f53e8996465593511fb86dae6d3d"><enum>(II)</enum><text>loans described in subclause (I) shall be deemed to meet the requirements of subsection (a).</text>
</subclause></clause><clause id="id9d1f956ea75b46b2a1388ca88ac54548"><enum>(ii)</enum><header>Exception for certain transfer</header><text>In the case of a depository institution that transfers a loan originated by that institution to another depository institution by reason of the bankruptcy or failure of the originating depository institution or the purchase of the originating depository institution, the depository institution acquiring the loan shall be deemed to have complied with the requirement under clause (i)(I).</text></clause></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block>
</section><section id="id38898d3687e44cb1b87bd80be2368594"><enum>5.</enum><header>Exemption from Volcker rule</header><text display-inline="no-display-inline">Section 13(h)(1) of the Bank Holding Company Act of 1956 (<external-xref legal-doc="usc" parsable-cite="usc/12/1851">12 U.S.C. 1851(h)(1)</external-xref>) is amended—</text> <paragraph id="id54057c9d30f346808e6ea8e04346dbd1"><enum>(1)</enum><text>in subparagraph (D), by redesignating clauses (i) and (ii) as subclauses (I) and (II), respectively;</text>
</paragraph><paragraph id="id622115524f6c4c5abcdf91a374bf1f9a"><enum>(2)</enum><text>by redesignating subparagraphs (A) through (D) as clauses (i) through (iv), respectively;</text> </paragraph><paragraph id="ida597cef7a54e454d910803a726df72ad"><enum>(3)</enum><text>by striking <quote>institution that functions solely in a trust or fiduciary capacity, if—</quote> and inserting the following: “institution—</text>
<quoted-block display-inline="no-display-inline" id="id15abbd9f5f7b42328fa4f988feb0f103" style="OLC">
<subparagraph id="id93966e56b1c14c85be5c86cec3c1429b"><enum>(A)</enum><text>that functions solely in a trust or fiduciary capacity, if—</text></subparagraph><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph><paragraph id="id5a240946c522438595bca9917ddbef7d"><enum>(4)</enum><text>in clause (iv)(II), as redesignated, by striking the period at the end and inserting the following: “; or</text>
<quoted-block display-inline="no-display-inline" id="idfe61f7688d5b44c08009bb13a5a66798" style="OLC">
<subparagraph id="id8b8ac94517b74da9b6fea2b610d3f659"><enum>(B)</enum><text>with total consolidated assets of $10,000,000,000 or less.</text></subparagraph><after-quoted-block>.</after-quoted-block></quoted-block> </paragraph></section><section id="id5caa8914e0144f2ba31062ca3b9c4f9c"><enum>6.</enum><header>No wait for lower mortgage rates</header> <subsection id="id9d4df9a031b0412da62e610dfe62fbbb"><enum>(a)</enum><header>In general</header><text>Section 129(b) of the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1639">15 U.S.C. 1639(b)</external-xref>) is amended—</text>
<paragraph id="id299eb31e5279497591cd26737743544f"><enum>(1)</enum><text>by redesignating paragraph (3) as paragraph (4); and</text> </paragraph><paragraph id="id76248bd8b2c24432b8ee1bf1b7ae73c2"><enum>(2)</enum><text>by inserting after paragraph (2) the following:</text>
<quoted-block display-inline="no-display-inline" id="id358cbd8b0bb04f2d8daef27edbe84255" style="OLC">
<paragraph id="id29b27921ce61436c99bf4bf0426e29e1"><enum>(3)</enum><header>No wait for lower rate</header><text>If a creditor extends to a consumer a second offer of credit with a lower annual percentage rate, the transaction may be consummated without regard to the period specified in paragraph (1).</text></paragraph><after-quoted-block>.</after-quoted-block></quoted-block>
</paragraph></subsection><subsection id="id09d8dcd9e6b74c15a4db47d9336ff1ba"><enum>(b)</enum><header>Safe harbor for good faith compliance with TILA-RESPA integrated disclosure rule</header><text>Section 1032(f) of the Consumer Financial Protection Act of 2010 (<external-xref legal-doc="usc" parsable-cite="usc/12/5532">12 U.S.C. 5532(f)</external-xref>) is amended—</text> <paragraph id="idc5a7249f1b5b42aa80867ca72888ab92"><enum>(1)</enum><text>by striking <quote>Not later than</quote> and inserting the following:</text>
<quoted-block display-inline="no-display-inline" id="idC983334B62A5461B90D85993F5076705" style="OLC">
<paragraph id="id3634ee73d6df44ea80c03be0e0a5ac89"><enum>(1)</enum><header>In general</header><text>Not later than</text></paragraph><after-quoted-block>; and</after-quoted-block></quoted-block> </paragraph><paragraph id="idbef91eb2170f488885b89b1ad88f2f64"><enum>(2)</enum><text>by adding at the end the following:</text>
<quoted-block display-inline="no-display-inline" id="id1B308D0BF5CC401D9BC761C749EE6901" style="OLC">
<paragraph id="id6985f625de074a02a018dc0095ad5464"><enum>(2)</enum><header>Safe harbor for good faith compliance</header>
<subparagraph id="id7661eef5be5444b38add4b98244d81bd"><enum>(A)</enum><header>Safe harbor</header><text>Notwithstanding any other provision of law, during the period described in subparagraph (B), an entity that provides the disclosures required under the Truth in Lending Act (<external-xref legal-doc="usc" parsable-cite="usc/15/1601">15 U.S.C. 1601</external-xref> et seq.) and sections 4 and 5 of the Real Estate Settlement Procedures Act of 1974 (<external-xref legal-doc="usc" parsable-cite="usc/12/2603">12 U.S.C. 2603</external-xref> and 2604), as in effect on July 31, 2017, shall not be subject to any civil, criminal, or administrative action or penalty for failure to fully comply with any requirement under this subsection.</text>
</subparagraph><subparagraph id="id3405c2346d254bb99cc825bd91ddb5d9"><enum>(B)</enum><header>Applicable period</header><text>Subparagraph (A) shall apply to an entity during the period beginning on the date of enactment of this paragraph and ending on the date that is 30 days after the date on which a certification by the Director that the model disclosures required under paragraph (1) are accurate and in compliance with all State laws is published in the Federal Register.</text></subparagraph></paragraph><after-quoted-block>.</after-quoted-block></quoted-block></paragraph></subsection></section></legis-body></bill>
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