The Dodd-Frank Act for nonbank
financial companies, foreign companies and foreign banks
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NONBANK FINANCIAL COMPANY
DEFINITIONS.—
(A) FOREIGN NONBANK FINANCIAL COMPANY.—
The term ‘‘foreign nonbank financial
company’’ means a company (other than a company that is, or
is treated in the United States as, a bank holding company) that
is—
(i) incorporated or organized in
a country other than the United States; and
(ii)
predominantly engaged in, including through
a branch in the United States, financial activities, as
defined in paragraph (6).
(B)
U.S. NONBANK FINANCIAL COMPANY.—
The term ‘‘U.S. nonbank financial
company’’ means a company (other than a bank holding
company or a Farm Credit System institution chartered and subject
to the provisions of the Farm Credit Act of 1971 (12 U.S.C. 2001
et seq.), or a national securities exchange (or parent thereof),
clearing agency (or parent thereof, unless the parent is a bank
holding company), security-based swap execution facility, or
security-based swap data repository registered with the
Commission, or a board of trade designated as a contract market
(or parent thereof), or a derivatives clearing organization (or
parent thereof, unless the parent is a bank holding company), swap
execution facility or a swap data repository registered with the
Commodity Futures Trading Commission), that is—
(i)
incorporated or organized under the laws of
the United States or any State;
and (ii)
predominantly engaged in financial activities, as defined in
paragraph (6).
(C) NONBANK
FINANCIAL COMPANY.—
The term
‘‘nonbank financial company’’ means a
U.S. nonbank financial company and a foreign nonbank financial
company.
(D) NONBANK
FINANCIAL COMPANY SUPERVISED BY THE BOARD OF GOVERNORS.—
The term ‘‘nonbank financial company
supervised by the Board of Governors’’ means a nonbank
financial company that the Council has determined under section
113 shall be supervised by the Board of Governors.
SEC. 161.
REPORTS BY AND EXAMINATIONS OF NONBANK FINANCIAL COMPANIES BY THE
BOARD OF GOVERNORS.
(a) REPORTS.—
(1) IN GENERAL.—
The Board of Governors [BOARD OF
GOVERNORS.—The term ‘‘Board of Governors’’ means the Board of
Governors of the Federal Reserve System] may require
each nonbank financial company supervised by
the Board of Governors, and any subsidiary thereof, to submit
reports under oath, to keep the Board of Governors informed as to—
(A) the financial condition of the company or subsidiary,
systems of the company or subsidiary for monitoring and
controlling financial, operating, and other risks, and the extent
to which the activities and operations of the company or
subsidiary pose a threat to the financial stability of the United
States; and
(B) compliance by the company or subsidiary
with the requirements of this title.
(2) USE OF EXISTING REPORTS AND
INFORMATION.—
In carrying out
subsection (a), the Board of Governors shall, to the fullest
extent possible, use—
(A) reports and supervisory
information that a nonbank financial company or subsidiary thereof
has been required to provide to other Federal or State regulatory
agencies;
(B) information otherwise obtainable from Federal
or State regulatory agencies;
(C) information that is
otherwise required to be reported publicly; and
(D)
externally audited financial statements
of such company or subsidiary.
(3) AVAILABILITY.—
Upon the request of the Board of Governors, a nonbank
financial company supervised by the Board of Governors, or a
subsidiary thereof, shall promptly provide to the Board of
Governors any information described in paragraph (2).
(b) EXAMINATIONS.—
(1) IN GENERAL.—
Subject to paragraph (2), the Board of Governors may examine
any nonbank financial company supervised by the Board of Governors
and any subsidiary of such company, to inform the Board of
Governors of—
(A) the nature of the
operations and financial condition of the company and such
subsidiary;
(B) the financial, operational, and
other risks of the company or such subsidiary that may pose a
threat to the safety and soundness of such company or subsidiary
or to the financial stability of the United States;
(C) the
systems for monitoring and controlling such risks; and
(D)
compliance by the company or such subsidiary with the requirements
of this title.
(2) USE OF
EXAMINATION REPORTS AND INFORMATION.—
For purposes of this subsection, the Board of Governors shall,
to the fullest extent possible, rely on reports of examination of
any subsidiary depository institution or functionally regulated
subsidiary made by the primary financial regulatory agency for
that subsidiary, and on information described in subsection
(a)(2).
(c) COORDINATION WITH
PRIMARY FINANCIAL REGULATORY AGENCY.—
The Board of Governors shall—
(1) provide reasonable
notice to, and consult with, the primary financial regulatory
agency for any subsidiary before requiring a report or commencing
an examination of such subsidiary under this section; and
(2) avoid duplication of examination activities, reporting
requirements, and requests for information, to the fullest extent
possible.
SEC. 162.
ENFORCEMENT.
(a) IN GENERAL.—
Except as provided in subsection (b), a nonbank financial
company supervised by the Board of Governors and any subsidiaries
of such company (other than any depository institution subsidiary)
shall be subject to the provisions of
subsections (b) through (n) of section 8 of the Federal Deposit
Insurance Act (12 U.S.C. 1818), in the same manner and to the same
extent as if the company were a bank holding company, as provided
in section 8(b)(3) of the Federal Deposit Insurance Act (12 U.S.C.
1818(b)(3)).
(b) ENFORCEMENT
AUTHORITY FOR FUNCTIONALLY REGULATED SUBSIDIARIES.—
(1)
REFERRAL.—
If the Board of
Governors determines that a condition, practice, or activity of a
depository institution subsidiary or functionally regulated
subsidiary of a nonbank financial company supervised by the Board
of Governors does not comply with the regulations or orders
prescribed by the Board of Governors under this Act, or
otherwise poses a threat to the financial stability of the United
States, the Board of Governors may recommend, in writing, to the
primary financial regulatory agency for the subsidiary that such
agency initiate a supervisory action or enforcement proceeding.
The recommendation shall be accompanied by a written
explanation of the concerns giving rise to the recommendation.
(2) BACK-UP AUTHORITY OF THE
BOARD OF GOVERNORS.—
If, during
the 60-day period beginning on the date on which the primary
financial regulatory agency receives a recommendation under
paragraph (1), the primary financial regulatory agency does not
take supervisory or enforcement action against a subsidiary that
is acceptable to the Board of Governors, the
Board of Governors (upon a vote of its members) may take the
recommended supervisory or enforcement action, as if the
subsidiary were a bank holding company subject to supervision by
the Board of Governors.
SEC. 163. ACQUISITIONS.
(a) ACQUISITIONS
OF BANKS; TREATMENT AS A BANK HOLDING COMPANY.—
For purposes of section 3 of the Bank Holding Company Act of
1956 (12 U.S.C. 1842), a nonbank financial
company supervised by the Board of Governors shall be deemed to
be, and shall be treated as, a bank holding company.
(b) ACQUISITION OF NONBANK
COMPANIES.—
(1) PRIOR NOTICE FOR LARGE ACQUISITIONS.—
Notwithstanding section 4(k)(6)(B) of the Bank Holding Company
Act of 1956 (12 U.S.C. 1843(k)(6)(B)), a
bank holding company with total consolidated assets equal to or
greater than $50,000,000,000 or a nonbank financial company
supervised by the Board of Governors shall NOT acquire direct or
indirect ownership or control of any voting shares of any
company (other than an insured depository institution) that is
engaged in activities described in section 4(k) of the Bank
Holding Company Act of 1956 having total
consolidated assets of $10,000,000,000 or more, without providing
written notice to the Board of Governors in advance of the
transaction.
(2)
EXEMPTIONS.—
The prior notice
require ment in paragraph (1) shall not apply with regard to the
acquisition of shares that would qualify for the exemptions in
section 4(c) or section 4(k)(4)(E) of the Bank Holding Company Act
of 1956 (12 U.S.C. 1843(c) and (k)(4)(E)).
SEC. 165. ENHANCED SUPERVISION AND
PRUDENTIAL
STANDARDS FOR NONBANK FINANCIAL COMPANIES SUPERVISED
BY THE BOARD OF GOVERNORS AND CERTAIN BANK HOLDING COMPANIES
(a) IN GENERAL.—
(1) PURPOSE.—
In order to prevent or mitigate risks to
the financial stability of the United States that could arise from
the material financial distress or failure, or ongoing activities,
of large, interconnected financial institutions, the Board
of Governors shall, on its own or pursuant to recommendations by
the Council under section 115, establish prudential standards for
nonbank financial companies supervised by the Board of Governors
and bank holding companies with total consolidated
assets equal to or greater than
$50,000,000,000 that—
(A) are
more stringent than the standards and requirements applicable to
nonbank financial companies and bank holding companies that do not
present similar risks to the financial stability of the United
States; and
(B) increase in stringency, based on the
considerations identified in subsection (b)(3).
(2)
TAILORED APPLICATION.—
(A) IN GENERAL.—
In prescribing more stringent prudential
standards under this section, the Board of Governors may, on its
own or pursuant to a recommendation by the Council in accordance
with section 115, differentiate among
companies on an individual basis or by category, taking into
consideration their capital structure, riskiness, complexity,
financial activities (including the financial activities of their
subsidiaries), size, and any other risk-related factors that the
Board of Governors deems appropriate.
(B)
ADJUSTMENT OF THRESHOLD FOR APPLICATION OF CERTAIN STANDARDS.—
The Board of Governors may, pursuant to a
recommendation by the Council in accordance with section 115,
establish an asset threshold above
$50,000,000,000 for the application of any standard
established under subsections (c) through (g).
(b)
DEVELOPMENT OF PRUDENTIAL STANDARDS.—
(1) IN GENERAL.—
(A)
REQUIRED STANDARDS.—
The Board of Governors shall establish
prudential standards for nonbank financial companies supervised by
the Board of Governors and bank holding companies described in
subsection (a), that shall include—
(i) risk-based
capital requirements and leverage limits, unless the Board of
Governors, in consultation with the Council, determines that such
requirements are not appropriate for a company subject to more
stringent prudential standards be
cause of the activities of
such company (such as investment company activities or assets
under management) or structure, in which case, the Board of
Governors shall apply other standards that result in similarly
stringent risk controls;
(ii) liquidity requirements;
(iii) overall risk management requirements;
(iv) resolution plan and credit exposure
report requirements; and
(v) concentration limits.
TITLE IX—INVESTOR PROTECTIONS AND
IMPROVEMENTS TO THE REGULATION OF SECURITIES
‘‘(b)
PRODUCTION OF DOCUMENTS.— ‘‘(1) PRODUCTION BY FOREIGN FIRMS.—
If a foreign public accounting firm
performs material services upon which
a registered public accounting firm relies
in the conduct of an audit or interim review, issues an audit
report, performs audit work, or conducts interim reviews,
the foreign public accounting firm shall—
‘‘(A) produce the audit work papers
of the foreign public accounting firm and all other documents of
the firm related to any such audit work or interim review
to the Commission or the Board, upon
request of the Commission or the Board;
‘‘(B) be subject to
the jurisdiction of the courts of the United States for purposes
of enforcement of any request for such documents.
‘‘(2) OTHER
PRODUCTION.—
Any registered public
accounting firm that relies, in whole or in part, on the
work of a foreign public accounting firm
in issuing an audit report, performing audit work, or
conducting an interim review, shall—
‘‘(A) produce the audit work papers of
the foreign public accounting firm and all other documents related
to any such work in response to a request for production by the
Commission or the Board;
‘‘(B) secure the
agreement of any foreign public accounting firm to such
production, as a condition of the reliance by the registered
public accounting firm on the work of that foreign public
accounting firm.’’;
(2) by redesignating subsection (d) as
subsection (g); and
(3) by inserting after subsection (c) the
following:
‘‘(d)
SERVICE OF REQUESTS OR PROCESS.—
‘‘(1) IN GENERAL.—
Any foreign public
account ing firm that performs work for a domestic
registered public accounting firm shall furnish to the domestic
registered public accounting firm a written
irrevocable consent and power of attorney that
designates the domestic registered public
accounting firm as an agent upon whom may be served any request by
the Commission or the Board under this section or upon whom
may be served any process, pleadings, or other papers in any
action brought to enforce this section.
‘‘(2)
SPECIFIC AUDIT WORK.—
Any foreign public
accounting firm that performs
material services upon which a registered public accounting
firm relies
in the conduct of an
audit or interim review, issues an audit report, performs audit
work, or, performs interim reviews, shall
designate to the Commission or the Board an agent in the United
States upon whom may be served any request by the
Commission or the Board under this section or upon whom may be
served any process, pleading, or other papers in
any action
brought to enforce this section.
‘‘(e)
SANCTIONS.—
A willful refusal to comply, in whole in or
in part, with any request by the Commission or the Board under
this section, shall be deemed a violation of this Act.
‘‘(f)
OTHER MEANS OF SATISFYING PRODUCTION OBLIGATIONS.—
Notwithstanding any other provisions of this
section, the staff of the Commission or the
Board may allow a foreign public accounting firm that is
subject to this section to meet production obligations under this
section through alternate means, such as
through foreign counterparts of the Commission or the Board.’’.
SEC. 929K. SHARING
PRIVILEGED INFORMATION WITH OTHER AUTHORITIES.
Section 24 of the Securities Exchange Act
of 1934 (15 U.S.C. 78x) is amended—
(1) in subsection (d), as amended by
subsection (d)(1)(A), by striking ‘‘subsection (f)’’ and inserting
‘‘subsection (g)’’;
(2) in subsection (e), as added by
subsection (d)(1)(C), by striking ‘‘subsection (f)’’ and inserting
‘‘subsection (g)’’
(3) by redesignating subsection (f) as
subsection (g); and
(4) by inserting after subsection (e) the
following:
‘‘(f)
SHARING PRIVILEGED INFORMATION WITH OTHER AUTHORITIES.—
‘‘(1)
PRIVILEGED INFORMATION PROVIDED BY THE COMMISSION.—
The Commission shall
not be deemed to have waived any privilege applicable to
any information by transferring that information to or permitting
that information to be used by—
‘‘(A) any agency
(as defined in section 6 of title 18, United States Code);
‘‘(B) the Public Company Accounting Oversight Board;
‘‘(C) any self-regulatory organization;
‘‘(D) any
foreign securities authority;
‘‘(E) any foreign law enforcement author ity; or
‘‘(F) any State securities or law enforce
ment authority.
‘‘(2)
NONDISCLOSURE OF PRIVILEGED INFORMATION PROVIDED TO THE
COMMISSION.—
The Commission shall not be compelled to
disclose privileged information obtained from any foreign
securities authority, or foreign law enforcement authority,
if the authority has in good faith determined and represented to
the Commission that the information is privileged.
‘‘(3)
NONWAIVER OF PRIVILEGED INFORMATION PROVIDED TO THE COMMISSION.—
‘‘(A) IN GENERAL.—
Federal agencies, State securities and law
enforcement authorities, self-regulatory organizations, and the
Public Company Accounting Oversight Board shall
not be deemed to have waived any privilege
applicable to any information by transferring that information to
or permitting that information to be used by the Commission.
‘‘(B) EXCEPTION.—
The provisions of subparagraph (A) shall
not apply to a self-regulatory organization
or the Public Company Accounting Oversight Board with
respect to information used by the Commission in an action against
such organization.
‘‘(4)
DEFINITIONS.—
For purposes of this subsection—
‘‘(A) the term
‘privilege’ includes any work-product
privilege, attorney-client privilege, governmental privilege, or
other privilege recognized under Federal, State, or foreign law;
‘‘(B) the term
‘foreign law enforcement authority’ means any foreign
authority that is empowered under foreign law to detect,
investigate or prosecute potential violations of law; and
‘‘(C) the term
‘State securities or law enforcement authority’ means the
authority of any State or territory that is empowered under State
or territory law to detect, investigate, or prosecute potential
violations of law.’’
(b)
EXTRATERRITORIAL JURISDICTION OF THE ANTIFRAUD PROVISIONS OF THE
FEDERAL SECURITIES LAWS.—
(1) UNDER THE
SECURITIES ACT OF 1933.—
Section 22 of the Securities Act of 1933
(15 U.S.C.77v(a)) is amended by adding at the end the following
new subsection:
‘‘(c) EXTRATERRITORIAL
JURISDICTION.—The district courts of the United States and the
United States
courts of any Territory shall have jurisdiction
of an action or proceeding brought or instituted by the Commission
or
the United States alleging a violation of section 17(a) in
volving—
‘‘(1) conduct within the United States that constitutes
significant steps in furtherance of the violation, even if the
securities transaction occurs outside the United States and
involves only foreign investors; or
‘‘(2) conduct occurring outside the
United States that has a foreseeable substantial effect with in
the United States.’’.
(2) UNDER THE
SECURITIES EXCHANGE ACT OF 1934.—
Section 27 of the Securities Exchange Act of
1934 (15 U.S.C. 78aa) is amended—
(A) by striking ‘‘The
district’’ and insert ing the following:
‘‘(a) IN GENERAL.—The district’’; and (B)
by adding at the end the following new subsection
‘‘(b)
EXTRATERRITORIAL JURISDICTION.—The district courts of the United
States and the United States courts of any Territory shall have
jurisdiction of an action or proceeding brought or instituted by
the Commission or the United States alleging a violation of the
antifraud provisions of this title involving—
‘‘(1) conduct within the United States that constitutes
significant steps in furtherance of the violation, even if the
securities transaction occurs outside the United States and
involves only foreign investors; or
‘‘(2) conduct occurring outside the
United States that has a foreseeable substantial effect with in
the United States.’’.
(3) UNDER THE
INVESTMENT ADVISERS ACT OF 1940.—
Section 214 of the Investment Advisers Act of
1940 (15 U.S.C. 80b–14) is amended—
(A) by striking ‘‘The
district’’ and insert ing the following:
‘‘(a) IN GENERAL.—The
district’’; and
(B) by adding at the end the following new
subsection:
‘‘(b)
EXTRATERRITORIAL JURISDICTION.—The district courts of the United
States and the United States courts of any Territory shall have
jurisdiction of an action or proceeding brought or instituted by
the Commission or the United States alleging a violation of
section 206 in volving—
‘‘(1) conduct within the United States that constitutes
significant steps in furtherance of the violation, even if the
violation is committed by a foreign adviser and involves only
foreign investors; or
‘‘(2) conduct occurring outside the
United States that has a foreseeable substantial effect with in
the United States.’’.
SEC. 929Y. STUDY ON EXTRATERRITORIAL PRIVATE
RIGHTS OF ACTION.
(a) IN GENERAL.—
The Securities and Exchange Commission of the
United States shall solicit public comment and thereafter conduct
a study to determine the extent to which private rights of action
under the antifraud provisions of the Securities and Exchange Act
of 1934 (15 U.S.C. 78u-4) should be extended to cover—
(1) conduct within the United States that
constitutes a significant step in the furtherance of the
violation, even if the securities transaction occurs outside the
United States and involves only foreign investors; and
(2) conduct occurring outside the United
States that has a foreseeable substantial effect within the United
States.
(b)
CONTENTS.—
The study shall consider and analyze, among
other things—
(1) the scope of such a private right of
action, including whether it should extend to all private actors
or whether it should be more limited to extend just to
institutional investors or otherwise;
(2) what implications
such a private right of action would have on international comity;
(3) the economic costs and benefits of
extending a private right of action for transnational securities
frauds; and
(4) whether a narrower extraterritorial
standard should be adopted.
(c)
REPORT.—
A report of the study shall be submitted and
recommendations made to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on Financial
Services of the House not later than 18 months after the date of
enactment of this Act.
Subtitle
I—Public Company Accounting Oversight Board, Portfolio Margining,
and Other Matters
SEC. 981. AUTHORITY TO SHARE CERTAIN
INFORMATION WITH FOREIGN AUTHORITIES.
(a) DEFINITION.—
Section 2(a) of the Sarbanes-Oxley Act of
2002 (15 U.S.C. 7201(a)) is amended by
adding at the end the following:
‘‘(17) FOREIGN
AUDITOR OVERSIGHT AUTHORITY.—
The term ‘foreign
auditor oversight authority’ means any governmental body or other
entity empowered by a foreign government to conduct inspections of
public accounting firms or otherwise to administer or enforce laws
related to the regulation of public accounting firms.’’.
(b)
AVAILABILITY TO SHARE INFORMATION.—
Section 105(b)(5) of the Sarbanes-Oxley Act
of 2002 (15 U.S.C. 7215(b)(5)) is amended by adding at the end the
following:
‘‘(C)
AVAILABILITY TO FOREIGN OVERSIGHT AUTHORITIES.—
Without the loss of its status as
confidential and privileged in the hands of the Board, all
information referred to in subparagraph (A) that relates to a
public accounting firm that a foreign government has empowered a
foreign auditor oversight authority to inspect or otherwise
enforce laws with respect to, may, at the discretion of the Board,
be made available to the foreign auditor oversight authority, if—
‘‘(i) the Board finds that it is necessary to accomplish the
purposes of this Act or to protect investors;
‘‘(ii) the foreign auditor oversight authority provides—
‘‘(I) such assurances of confidentiality as the Board may
request;
‘‘(II) a description of the applicable information
systems and controls of the foreign auditor oversight authority;
and
‘‘(III) a description of the laws and regulations of the
foreign government of the foreign auditor oversight authority that
are relevant to information access; and
‘‘(iii) the Board determines that it is
appropriate to share such information.’’.
(c)
CONFORMING AMENDMENT.—
Section 105(b)(5)(A) of the Sarbanes-Oxley
Act of 2002 (15 U.S.C. 7215(b)(5)(A)) is amended by striking
‘‘subparagraph (B)’’ and inserting ‘‘subparagraphs (B) and (C)’’.
SEC. 982.
OVERSIGHT OF BROKERS AND DEALERS.
(a) DEFINITIONS.—
(1)
DEFINITIONS AMENDED.—
Title I of the Sarbanes-Oxley Act of 2002 (15
U.S.C. 7201 et seq.) is amended by adding at the end the following
new section:
‘‘SEC. 110.
DEFINITIONS.
‘‘For the purposes of this title, the
following definitions shall apply:
‘‘(1) AUDIT.—
The term ‘audit’ means
an exam ination of the financial statements, reports, documents,
procedures, controls, or notices of any issuer, broker, or dealer
by an independent public accounting firm in accordance with the
rules of the Board or the Commission, for the purpose of
expressing an opinion on the financial statements or providing an
audit report.
‘‘(2) AUDIT
REPORT.—
The term ‘audit report’
means a document, report, notice, or other record—
‘‘(A) prepared following an audit
performed for purposes of compliance by an issuer, broker, or
dealer with the requirements of the securities laws; and
‘‘(B) in which a public accounting firm
either—
‘‘(i) sets forth the opinion of that firm
regarding a financial statement, report, notice, or other
document, procedures, or
controls; or
‘‘(ii) asserts that no such opinion can
be expressed.
The Dodd-Frank Act
HIGHLIGHTS OF THE LEGISLATION
Consumer Protections with Authority and
Independence:
Creates a new independent watchdog, housed at the Federal Reserve,
with the authority to ensure American consumers get the clear,
accurate information they need to shop for mortgages, credit
cards, and other financial products, and protect them from hidden
fees, abusive terms, and deceptive practices.
Ends Too Big to Fail Bailouts:
Ends the possibility that taxpayers will be asked to write a check
to bail out financial firms that threaten the economy by: creating
a safe way to liquidate failed financial firms; imposing tough new
capital and leverage requirements that make it undesirable to get
too big; updating the Fed’s authority to allow system-wide support
but no longer prop up individual firms; and establishing rigorous
standards and supervision to protect the economy and American
consumers, investors and businesses.
Advance Warning System:
Creates a council to identify and address systemic risks posed by
large, complex companies, products, and activities before they
threaten the stability of the economy.
Transparency & Accountability for Exotic
Instruments:
Eliminates loopholes that allow risky and abusive practices to go
on unnoticed and unregulated -- including loopholes for
over-the-counter derivatives, asset-backed securities, hedge
funds, mortgage brokers and payday lenders.
Executive Compensation and Corporate
Governance:
Provides shareholders with a say on pay and corporate affairs with
a non-binding vote on executive compensation and golden
parachutes.
Protects Investors:
Provides tough new rules for transparency and accountability for
credit rating agencies to protect investors and businesses.
Enforces Regulations on the Books:
Strengthens oversight and empowers regulators to aggressively
pursue financial fraud, conflicts of interest and manipulation of
the system that benefits special interests at the expense of
American families and businesses.
The Dodd-Frank Act
SECTIONS
Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Severability.
Sec. 4. Effective date.
Sec. 5.
Budgetary effects.
Sec. 6. Antitrust savings clause.
TITLE I—FINANCIAL STABILITY
Sec. 101. Short title.
Sec. 102. Definitions.
Financial Stability Oversight Council
Sec. 111. Financial Stability Oversight Council established.
Sec. 112. Council authority.
Sec. 113. Authority to require
supervision and regulation of certain nonbank financial companies.
Sec. 114. Registration of nonbank financial companies supervised
by the Board of Governors.
Sec. 115. Enhanced supervision and
prudential standards for nonbank financial companies supervised by
the Board of Governors and certain bank holding companies.
Sec.
116. Reports.
Sec. 117. Treatment of certain companies that
cease to be bank holding companies.
Sec. 118. Council funding.
Sec. 119. Resolution of supervisory jurisdictional disputes among
member agencies.
Sec. 120. Additional standards applicable to
activities or practices for financial stability purposes.
Sec.
121. Mitigation of risks to financial stability.
Sec. 122. GAO
Audit of Council.
Sec. 123. Study of the effects of size and
complexity of financial institutions on capital market efficiency
and economic growth.
Sec. 151. Definitions.
Sec. 152. Office of Financial Research
established.
Sec. 153. Purpose and duties of the Office.
Sec. 154. Organizational structure; responsibilities of primary
programmatic units.
Sec. 155. Funding.
Sec. 156. Transition
oversight.
Additional Board of Governors Authority
for Certain Nonbank Financial Companies and Bank Holding Companies
Sec. 161. Reports by and examinations of nonbank financial
companies by the Board of Governors.
Sec. 162. Enforcement.
Sec. 163. Acquisitions.
Sec. 164. Prohibition against
management interlocks between certain financial companies.
Sec.
165. Enhanced supervision and prudential standards for nonbank
financial companies supervised by the Board of Governors and
certain bank holding companies.
Sec. 166. Early remediation
requirements.
Sec. 167. Affiliations.
Sec. 168. Regulations.
Sec. 169. Avoiding duplication.
Sec. 170. Safe harbor.
Sec.
171. Leverage and risk-based capital requirements.
Sec. 172.
Examination and enforcement actions for insurance and orderly
liquidation purposes.
Sec. 173. Access to United States
financial market by foreign institutions.
Sec. 174. Studies and
reports on holding company capital requirements.
Sec. 175.
International policy coordination.
Sec. 176. Rule of
construction.
TITLE II—ORDERLY LIQUIDATION AUTHORITY
Sec. 201. Definitions.
Sec. 202. Judicial review.
Sec.
203. Systemic risk determination.
Sec. 204. Orderly liquidation
of covered financial companies.
Sec. 205. Orderly liquidation
of covered brokers and dealers.
Sec. 206. Mandatory terms and
conditions for all orderly liquidation actions.
Sec. 207.
Directors not liable for acquiescing in appointment of receiver.
Sec. 208. Dismissal and exclusion of other actions.
Sec. 209.
Rulemaking; non-conflicting law.
Sec. 210. Powers and duties of
the Corporation.
Sec. 211. Miscellaneous provisions.
Sec.
212. Prohibition of circumvention and prevention of conflicts of
interest.
Sec. 213. Ban on certain activities by senior
executives and directors.
Sec. 214. Prohibition on taxpayer
funding.
Sec. 215. Study on secured creditor haircuts.
Sec.
216. Study on bankruptcy process for financial and nonbank
financial institutions
Sec. 217. Study on international coordination relating to
bankruptcy process
for nonbank financial institutions
TITLE III—TRANSFER OF POWERS TO THE
COMPTROLLER OF THE CURRENCY, THE CORPORATION, AND THE BOARD OF
GOVERNORS
Sec. 300. Short title.
Sec. 301. Purposes.
Sec. 302.
Definition.
Subtitle A—Transfer of Powers and Duties
Sec. 311. Transfer date.
Sec. 312. Powers and duties
transferred.
Sec. 313. Abolishment.
Sec. 314. Amendments to
the Revised Statutes.
Sec. 315. Federal information policy.
Sec. 316. Savings provisions.
Sec. 317. References in Federal
law to Federal banking agencies.
Sec. 318. Funding.
Sec.
319. Contracting and leasing authority.
Subtitle B—Transitional Provisions
Sec. 321. Interim use of funds, personnel, and property of the
Office of Thrift Supervision.
Sec. 322. Transfer of employees.
Sec. 323. Property transferred.
Sec. 324. Funds transferred.
Sec. 325. Disposition of affairs.
Sec. 326. Continuation of
services.
Sec. 327. Implementation plan and reports.
Subtitle C—Federal Deposit Insurance
Corporation
Sec. 331. Deposit insurance reforms.
Sec. 332. Elimination
of procyclical assessments.
Sec. 333. Enhanced access to
information for deposit insurance purposes.
Sec. 334.
Transition reserve ratio requirements to reflect new assessment
base.
Sec. 335. Permanent increase in deposit and share
insurance.
Sec. 336. Management of the Federal Deposit
Insurance Corporation.
Subtitle D—Other Matters
Sec. 341. Branching.
Sec. 342. Office of Minority and Women
Inclusion.
Sec. 343. Insurance of transaction accounts.
Subtitle E—Technical and Conforming
Amendments
Sec. 351. Effective date.
Sec. 352. Balanced Budget and
Emergency Deficit Control Act of 1985.
Sec. 353. Bank
Enterprise Act of 1991.
Sec. 354. Bank Holding Company Act of
1956.
Sec. 355. Bank Holding Company Act Amendments of 1970.
Sec. 356. Bank Protection Act of 1968.
Sec. 357. Bank Service
Company Act.
Sec. 358. Community Reinvestment Act of 1977.
Sec. 359. Crime
Control Act of 1990.
Sec. 360. Depository Institution
Management Interlocks Act.
Sec. 361. Emergency Homeowners’
Relief Act.
Sec. 362. Federal Credit Union Act.
Sec. 363.
Federal Deposit Insurance Act.
Sec. 364. Federal Home Loan Bank
Act.
Sec. 365. Federal Housing Enterprises Financial Safety and
Soundness Act of 1992.
Sec. 366. Federal Reserve Act.
Sec.
367. Financial Institutions Reform, Recovery, and Enforcement Act
of 1989.
Sec. 368. Flood Disaster Protection Act of 1973.
Sec. 369. Home Owners’ Loan Act.
Sec. 370. Housing Act of 1948.
Sec. 371. Housing and Community Development Act of 1992.
Sec.
372. Housing and Urban-Rural Recovery Act of 1983.
Sec. 373.
National Housing Act.
Sec. 374. Neighborhood Reinvestment
Corporation Act.
Sec. 375. Public Law 93–100.
Sec. 376.
Securities Exchange Act of 1934.
Sec. 377. Title 18, United
States Code.
Sec. 378. Title 31, United States Code.
TITLE IV—REGULATION OF ADVISERS TO HEDGE
FUNDS AND
OTHERS
Sec. 401. Short title.
Sec. 402. Definitions.
Sec. 403.
Elimination of private adviser exemption; limited exemption for
foreign private advisers; limited intrastate exemption.
Sec.
404. Collection of systemic risk data; reports; examinations;
disclosures.
Sec. 405. Disclosure provision amendment.
Sec.
406. Clarification of rulemaking authority.
Sec. 407. Exemption
of venture capital fund advisers.
Sec. 408. Exemption of and
record keeping by private equity fund advisers.
Sec. 409.
Family offices.
Sec. 410. State and Federal responsibilities;
asset threshold for Federal registration of investment advisers.
Sec. 411. Custody of client assets.
Sec. 412. Adjusting the
accredited investor standard.
Sec. 413. GAO study and report on
accredited investors.
Sec. 414. GAO study on self-regulatory
organization for private funds.
Sec. 415. Commission study and
report on short selling.
Sec. 416. Transition period.
TITLE V—INSURANCE
Subtitle A—Office of National Insurance
Sec. 501. Short title.
Sec. 502. Federal Insurance Office.
Subtitle B—State-Based Insurance Reform
Sec. 511. Short title.
Sec. 512. Effective date.
PART I—NONADMITTED INSURANCE
Sec. 521. Reporting, payment, and allocation of premium taxes.
Sec. 522. Regulation of nonadmitted insurance by insured’s home
State.
Sec. 523. Participation in national producer database.
Sec. 524. Uniform standards for surplus lines eligibility.
Sec.
525. Streamlined application for commercial purchasers.
Sec.
526. GAO study of nonadmitted insurance market.
Sec. 527.
Definitions.
PART II—REINSURANCE
Sec. 531. Regulation of credit for reinsurance and reinsurance
agreements.
Sec. 532. Regulation of reinsurer solvency.
Sec.
533. Definitions.
PART III—RULE OF CONSTRUCTION
Sec. 541. Rule of construction.
Sec. 542. Severability.
TITLE VI—IMPROVEMENTS TO REGULATION OF
BANK AND SAVINGS ASSOCIATION HOLDING COMPANIES AND DEPOSITORY
INSTITUTIONS
Sec. 601. Short title.
Sec. 602. Definition.
Sec. 603.
Moratorium and study on treatment of credit card banks, industrial
loan companies, and certain other companies under the Bank Holding
Company Act of 1956.
Sec. 604. Reports and examinations of
holding companies; regulation of functionally regulated
subsidiaries.
Sec. 605. Assuring consistent oversight of
permissible activities of depository institution subsidiaries of
holding companies.
Sec. 606. Requirements for financial holding
companies to remain well capitalized and well managed.
Sec.
607. Standards for interstate acquisitions.
Sec. 608. Enhancing
existing restrictions on bank transactions with affiliates.
Sec. 609. Eliminating exceptions for transactions with financial
subsidiaries.
Sec. 610. Lending limits applicable to credit
exposure on derivative transactions, repurchase agreements,
reverse repurchase agreements, and securities lending and
borrowing transactions.
Sec. 611. Consistent treatment of
derivative transactions in lending limits.
Sec. 612.
Restriction on conversions of troubled banks.
Sec. 613. De novo
branching into States.
Sec. 614. Lending limits to insiders.
Sec. 615. Limitations on purchases of assets from insiders.
Sec. 616. Regulations regarding capital levels.
Sec. 617.
Elimination of elective investment bank holding company framework.
Sec. 618. Securities holding companies.
Sec. 619. Prohibitions
on proprietary trading and certain relationships with hedge funds
and private equity funds.
Sec. 620. Study of bank investment
activities.
Sec. 621. Conflicts of interest.
Sec. 622.
Concentration limits on large financial firms.
Sec. 623.
Interstate merger transactions.
Sec. 624. Qualified thrift
lenders.
Sec. 625. Treatment of dividends by certain mutual holding
companies.
Sec. 626. Intermediate holding companies.
Sec.
627. Interest-bearing transaction accounts authorized.
Sec.
628. Credit card bank small business lending.
TITLE VII—WALL STREET TRANSPARENCY AND
ACCOUNTABILITY
Sec. 701. Short title.
Subtitle A—Regulation of
Over-the-Counter Swaps Markets
PART I—REGULATORY AUTHORITY
Sec. 711. Definitions.
Sec. 712. Review of regulatory
authority.
Sec. 713. Portfolio margining conforming changes.
Sec. 714. Abusive swaps.
Sec. 715. Authority to prohibit
participation in swap activities.
Sec. 716. Prohibition against
Federal Government bailouts of swaps entities.
Sec. 717. New
product approval CFTC—SEC process.
Sec. 718. Determining status
of novel derivative products.
Sec. 719. Studies.
Sec. 720.
Memorandum.
PART II—REGULATION OF SWAP MARKETS
Sec. 721. Definitions.
Sec. 722. Jurisdiction.
Sec. 723.
Clearing.
Sec. 724. Swaps; segregation and bankruptcy
treatment.
Sec. 725. Derivatives clearing organizations.
Sec. 726. Rulemaking on conflict of interest.
Sec. 727. Public
reporting of swap transaction data.
Sec. 728. Swap data
repositories.
Sec. 729. Reporting and recordkeeping.
Sec.
730. Large swap trader reporting.
Sec. 731. Registration and
regulation of swap dealers and major swap participants.
Sec.
732. Conflicts of interest.
Sec. 733. Swap execution
facilities.
Sec. 734. Derivatives transaction execution
facilities and exempt boards of trade.
Sec. 735. Designated
contract markets.
Sec. 736. Margin.
Sec. 737. Position
limits.
Sec. 738. Foreign boards of trade.
Sec. 739. Legal
certainty for swaps.
Sec. 740. Multilateral clearing
organizations.
Sec. 741. Enforcement.
Sec. 742. Retail
commodity transactions.
Sec. 743. Other authority.
Sec. 744.
Restitution remedies.
Sec. 745. Enhanced compliance by
registered entities.
Sec. 746. Insider trading.
Sec. 747.
Antidisruptive practices authority.
Sec. 748. Commodity
whistleblower incentives and protection.
Sec. 749. Conforming amendments.
Sec. 750. Study on oversight
of carbon markets.
Sec. 751. Energy and environmental markets
advisory committee.
Sec. 752. International harmonization.
Sec. 753. Anti-manipulation authority.
Sec. 754. Effective
date.
Subtitle B—Regulation of Security-Based Swap Markets
Sec. 761. Definitions under the Securities Exchange Act of 1934.
Sec. 762. Repeal of prohibition on regulation of security-based
swap agreements.
Sec. 763. Amendments to the Securities
Exchange Act of 1934.
Sec. 764. Registration and regulation of
security-based swap dealers and major security-based swap
participants.
Sec. 765. Rulemaking on conflict of interest.
Sec. 766. Reporting and recordkeeping.
Sec. 767. State gaming
and bucket shop laws.
Sec. 768. Amendments to the Securities
Act of 1933; treatment of security based swaps.
Sec. 769.
Definitions under the Investment Company Act of 1940.
Sec. 770.
Definitions under the Investment Advisers Act of 1940.
Sec.
771. Other authority.
Sec. 772. Jurisdiction.
Sec. 773.
Civil penalties.
Sec. 774. Effective date.
TITLE VIII—PAYMENT, CLEARING, AND
SETTLEMENT SUPERVISION
Sec. 801. Short title.
Sec. 802. Findings and purposes.
Sec. 803. Definitions.
Sec. 804. Designation of systemic
importance.
Sec. 805. Standards for systemically important
financial market utilities and payment, clearing, or settlement
activities.
Sec. 806. Operations of designated financial market
utilities.
Sec. 807. Examination of and enforcement actions
against designated financial market utilities.
Sec. 808.
Examination of and enforcement actions against financial
institutions subject to standards for designated activities.
Sec. 809. Requests for information, reports, or records.
Sec.
810. Rulemaking.
Sec. 811. Other authority.
Sec. 812.
Consultation.
Sec. 813. Common framework for designated
clearing entity risk management.
Sec. 814. Effective date.
TITLE IX—INVESTOR PROTECTIONS AND
IMPROVEMENTS TO
THE REGULATION OF SECURITIES
Sec. 901. Short title.
Subtitle A—Increasing Investor
Protection
Sec. 911. Investor Advisory Committee established.
Sec. 912. Clarification of authority of the Commission to engage
in investor testing.
Sec. 913. Study and rulemaking regarding
obligations of brokers, dealers, and investment advisers.
Sec.
914. Study on enhancing investment adviser examinations.
Sec.
915. Office of the Investor Advocate.
Sec. 916. Streamlining of
filing procedures for self-regulatory organizations.
Sec. 917.
Study regarding financial literacy among investors.
Sec. 918.
Study regarding mutual fund advertising.
Sec. 919.
Clarification of Commission authority to require investor
disclosures before purchase of investment products and services.
Sec. 919A. Study on conflicts of interest.
Sec. 919B. Study on
improved investor access to information on investment advisers and
broker-dealers.
Sec. 919C. Study on financial planners and the
use of financial designations.
Sec. 919D. Ombudsman.
Subtitle B—Increasing Regulatory
Enforcement and Remedies
Sec. 921. Authority to restrict mandatory pre-dispute
arbitration.
Sec. 922. Whistleblower protection.
Sec. 923.
Conforming amendments for whistleblower protection.
Sec. 924.
Implementation and transition provisions for whistleblower
protection.
Sec. 925. Collateral bars.
Sec. 926.
Disqualifying felons and other ‘‘bad actors’’ from Regulation D
offerings.
Sec. 927. Equal treatment of self-regulatory
organization rules.
Sec. 928. Clarification that section 205 of
the Investment Advisers Act of 1940 does not apply to
State-registered advisers.
Sec. 929. Unlawful margin lending.
Sec. 929A. Protection for employees of subsidiaries and affiliates
of publicly traded companies.
Sec. 929B. Fair Fund amendments.
Sec. 929C. Increasing the borrowing limit on Treasury loans.
Sec. 929D. Lost and stolen securities.
Sec. 929E. Nationwide
service of subpoenas.
Sec. 929F. Formerly associated persons.
Sec. 929G. Streamlined hiring authority for market specialists.
Sec. 929H. SIPC Reforms.
Sec. 929I. Protecting confidentiality
of materials submitted to the Commission.
Sec. 929J. Expansion
of audit information to be produced and exchanged.
Sec. 929K.
Sharing privileged information with other authorities.
Sec.
929L. Enhanced application of antifraud provisions.
Sec. 929M.
Aiding and abetting authority under the Securities Act and the
Investment Company Act.
Sec. 929N. Authority to impose
penalties for aiding and abetting violations of the Investment
Advisers Act.
Sec. 929O. Aiding and abetting standard of
knowledge satisfied by recklessness.
Sec. 929P. Strengthening
enforcement by the Commission.
Sec. 929Q. Revision to
recordkeeping rule.
Sec. 929R. Beneficial ownership and
short-swing profit reporting.
Sec. 929S. Fingerprinting.
Sec. 929T. Equal treatment of self-regulatory organization rules.
Sec. 929U. Deadline for completing examinations, inspections and
enforcement actions.
Sec. 929V. Security Investor Protection Act amendments.
Sec.
929W. Notice to missing security holders.
Sec. 929X. Short sale
reforms.
Sec. 929Y. Study on extraterritorial private rights of
action.
Sec. 929Z. GAO study on securities litigation.
Subtitle C—Improvements to the
Regulation of Credit Rating Agencies
Sec. 931. Findings.
Sec. 932. Enhanced regulation,
accountability, and transparency of nationally recognized
statistical rating organizations.
Sec. 933. State of mind in
private actions.
Sec. 934. Referring tips to law enforcement or
regulatory authorities.
Sec. 935. Consideration of information
from sources other than the issuer in rating decisions.
Sec.
936. Qualification standards for credit rating analysts.
Sec.
937. Timing of regulations.
Sec. 938. Universal ratings
symbols.
Sec. 939. Removal of statutory references to credit
ratings.
Sec. 939A. Review of reliance on ratings.
Sec.
939B. Elimination of exemption from fair disclosure rule.
Sec.
939C. Securities and Exchange Commission study on strengthening
credit rating agency independence.
Sec. 939D. Government
Accountability Office study on alternative business models.
Sec. 939E. Government Accountability Office study on the creation
of an independent professional analyst organization.
Sec. 939F.
Study and rulemaking on assigned credit ratings.
Sec. 939G.
Effect of Rule 436(g).
Sec. 939H. Sense of Congress.
Subtitle D—Improvements to the
Asset-Backed Securitization Process
Sec. 941. Regulation of credit risk retention.
Sec. 942.
Disclosures and reporting for asset-backed securities.
Sec.
943. Representations and warranties in asset-backed offerings.
Sec. 944. Exempted transactions under the Securities Act of 1933.
Sec. 945. Due diligence analysis and disclosure in asset-backed
securities issues.
Sec. 946. Study on the macroeconomic effects
of risk retention requirements.
Subtitle E—Accountability and Executive
Compensation
Sec. 951. Shareholder vote on executive compensation
disclosures.
Sec. 952. Compensation committee independence.
Sec. 953. Executive compensation disclosures.
Sec. 954.
Recovery of erroneously awarded compensation.
Sec. 955.
Disclosure regarding employee and director hedging.
Sec. 956.
Enhanced compensation structure reporting.
Sec. 957. Voting by
brokers.
Subtitle F—Improvements to the
Management of the Securities and Exchange Commission
Sec. 961. Report and certification of internal supervisory
controls.
Sec. 962. Triennial report on personnel management.
Sec. 963. Annual financial controls audit.
Sec. 964. Report on oversight of national securities associations.
Sec. 965. Compliance examiners.
Sec. 966. Suggestion program
for employees of the Commission.
Sec. 967. Commission
organizational study and reform.
Sec. 968. Study on SEC
revolving door.
Subtitle G—Strengthening Corporate
Governance
Sec. 971. Proxy access.
Sec. 972. Disclosures regarding
chairman and CEO structures.
Subtitle H—Municipal Securities
Sec. 975. Regulation of municipal securities and changes to
the board of the MSRB.
Sec. 976. Government Accountability
Office study of increased disclosure to investors.
Sec. 977.
Government Accountability Office study on the municipal securities
markets.
Sec. 978. Funding for Governmental Accounting
Standards Board.
Sec. 979. Commission Office of Municipal
Securities.
Subtitle I—Public Company Accounting
Oversight Board, Portfolio Margining, and Other Matters
Sec. 981. Authority to share certain information with foreign
authorities.
Sec. 982. Oversight of brokers and dealers.
Sec. 983. Portfolio margining.
Sec. 984. Loan or borrowing of
securities.
Sec. 985. Technical corrections to Federal
securities laws.
Sec. 986. Conforming amendments relating to
repeal of the Public Utility Holding Company Act of 1935.
Sec.
987. Amendment to definition of material loss and nonmaterial
losses to the Deposit Insurance Fund for purposes of Inspector
General reviews.
Sec. 988. Amendment to definition of material
loss and nonmaterial losses to the National Credit Union Share
Insurance Fund for purposes of Inspector General reviews.
Sec.
989. Government Accountability Office study on proprietary
trading.
Sec. 989A. Senior investor protections.
Sec. 989B.
Designated Federal entity inspectors general independence.
Sec.
989C. Strengthening Inspector General accountability.
Sec.
989D. Removal of Inspectors General of designated Federal
entities.
Sec. 989E. Additional oversight of financial
regulatory system.
Sec. 989F. GAO study of person to person
lending.
Sec. 989G. Exemption for nonaccelerated filers.
Sec. 989H. Corrective responses by heads of certain establishments
to deficiencies identified by Inspectors General.
Sec. 989I.
GAO study regarding exemption for smaller issuers.
Sec. 989J.
Further promoting the adoption of the NAIC Model Regulations that
enhance protection of seniors and other consumers.
Subtitle J—Securities and Exchange
Commission Match Funding
Sec. 991. Securities and Exchange Commission match funding.
TITLE X—BUREAU OF CONSUMER FINANCIAL
PROTECTION
Sec. 1001. Short title.
Sec. 1002. Definitions.
Subtitle A—Bureau of Consumer Financial
Protection
Sec. 1011. Establishment of the Bureau of Consumer Financial
Protection.
Sec. 1012. Executive and administrative powers.
Sec. 1013. Administration.
Sec. 1014. Consumer Advisory Board.
Sec. 1015. Coordination.
Sec. 1016. Appearances before and
reports to Congress.
Sec. 1017. Funding; penalties and fines.
Sec. 1018. Effective date.
Subtitle B—General Powers of the Bureau
Sec. 1021. Purpose, objectives, and functions.
Sec. 1022.
Rulemaking authority.
Sec. 1023. Review of Bureau regulations.
Sec. 1024. Supervision of nondepository covered persons.
Sec.
1025. Supervision of very large banks, savings associations, and
credit unions.
Sec. 1026. Other banks, savings associations,
and credit unions.
Sec. 1027. Limitations on authorities of the
Bureau; preservation of authorities.
Sec. 1028. Authority to
restrict mandatory pre-dispute arbitration.
Sec. 1029.
Exclusion for auto dealers.
Sec. 1029A. Effective date.
Subtitle C—Specific Bureau Authorities
Sec. 1031. Prohibiting unfair, deceptive, or abusive acts or
practices.
Sec. 1032. Disclosures.
Sec. 1033. Consumer
rights to access information.
Sec. 1034. Response to consumer
complaints and inquiries.
Sec. 1035. Private education loan
ombudsman.
Sec. 1036. Prohibited acts.
Sec. 1037. Effective
date.
Subtitle D—Preservation of State Law
Sec. 1041. Relation to State law.
Sec. 1042. Preservation
of enforcement powers of States.
Sec. 1043. Preservation of
existing contracts.
Sec. 1044. State law preemption standards
for national banks and subsidiaries clarified.
Sec. 1045.
Clarification of law applicable to nondepository institution
subsidiaries.
Sec. 1046. State law preemption standards for
Federal savings associations and subsidiaries clarified.
Sec.
1047. Visitorial standards for national banks and savings
associations.
Sec. 1048. Effective date.
Subtitle E—Enforcement Powers
Sec. 1051. Definitions.
Sec. 1052. Investigations and
administrative discovery.
Sec. 1053. Hearings and adjudication proceedings.
Sec. 1054.
Litigation authority.
Sec. 1055. Relief available.
Sec.
1056. Referrals for criminal proceedings.
Sec. 1057. Employee
protection.
Sec. 1058. Effective date.
Subtitle F—Transfer of Functions and
Personnel; Transitional Provisions
Sec. 1061. Transfer of consumer financial protection
functions.
Sec. 1062. Designated transfer date.
Sec. 1063.
Savings provisions.
Sec. 1064. Transfer of certain personnel.
Sec. 1065. Incidental transfers.
Sec. 1066. Interim authority
of the Secretary.
Sec. 1067. Transition oversight.
Subtitle G—Regulatory Improvements
Sec. 1071. Small business data collection.
Sec. 1072.
Assistance for economically vulnerable individuals and families.
Sec. 1073. Remittance transfers.
Sec. 1074. Department of the
Treasury study on ending the conservatorship of Fannie Mae,
Freddie Mac, and reforming the housing finance system.
Sec.
1075. Reasonable fees and rules for payment card transactions.
Sec. 1076. Use of consumer reports.
Sec. 1077. Reverse mortgage
study and regulations.
Sec. 1078. Report on private education
loans and private educational lenders.
Sec. 1079. Study and
report on credit scores.
Sec. 1079A. Review, report, and
program with respect to exchange facilitators.
Sec. 1079B.
Financial fraud provisions.
Subtitle H—Conforming Amendments
Sec. 1081. Amendments to the Inspector General Act.
Sec.
1082. Amendments to the Privacy Act of 1974.
Sec. 1083.
Amendments to the Alternative Mortgage Transaction Parity Act of
1982.
Sec. 1084. Amendments to the Electronic Fund Transfer
Act.
Sec. 1085. Amendments to the Equal Credit Opportunity Act.
Sec. 1086. Amendments to the Expedited Funds Availability Act.
Sec. 1087. Amendments to the Fair Credit Billing Act.
Sec.
1088. Amendments to the Fair Credit Reporting Act and the Fair and
Accurate Credit Transactions Act of 2003.
Sec. 1089. Amendments
to the Fair Debt Collection Practices Act.
Sec. 1090.
Amendments to the Federal Deposit Insurance Act.
Sec. 1091.
Amendment to Federal Financial Institutions Examination Council
Act of 1978.
Sec. 1092. Amendments to the Federal Trade
Commission Act.
Sec. 1093. Amendments to the Gramm-Leach-Bliley
Act.
Sec. 1094. Amendments to the Home Mortgage Disclosure Act
of 1975.
Sec. 1095. Amendments to the Homeowners Protection Act
of 1998.
Sec. 1096. Amendments to the Home Ownership and Equity
Protection Act of 1994.
Sec. 1097. Amendments to the Omnibus
Appropriations Act, 2009.
Sec. 1098. Amendments to the Real Estate Settlement Procedures Act
of 1974.
Sec. 1098A. Amendments to the Interstate Land Sales
Full Disclosure Act.
Sec. 1099. Amendments to the Right to
Financial Privacy Act of 1978.
Sec. 1100. Amendments to the
Secure and Fair Enforcement for Mortgage Licensing Act of 2008.
Sec. 1100A. Amendments to the Truth in Lending Act.
Sec. 1100B.
Amendments to the Truth in Savings Act.
Sec. 1100C. Amendments
to the Telemarketing and Consumer Fraud and Abuse Prevention Act.
Sec. 1100D. Amendments to the Paperwork Reduction Act.
Sec.
1100E. Adjustments for inflation in the Truth in Lending Act.
Sec. 1100F. Small business fairness and regulatory transparency.
Sec. 1100G. Effective date.
TITLE XI—FEDERAL RESERVE SYSTEM
PROVISIONS
Sec. 1101. Federal Reserve Act amendments on emergency lending
authority.
Sec. 1102. Reviews of special Federal reserve credit
facilities.
Sec. 1103. Public access to information.
Sec.
1104. Liquidity event determination.
Sec. 1105. Emergency
financial stabilization.
Sec. 1106. Additional related
amendments.
Sec. 1107. Federal Reserve Act amendments on
Federal reserve bank governance.
Sec. 1108. Federal Reserve Act
amendments on supervision and regulation policy.
Sec. 1109. GAO
audit of the Federal Reserve facilities; publication of Board
actions.
TITLE XII—IMPROVING ACCESS TO MAINSTREAM
FINANCIAL INSTITUTIONS
Sec. 1201. Short title.
Sec. 1202. Purpose.
Sec. 1203.
Definitions.
Sec. 1204. Expanded access to mainstream financial
institutions.
Sec. 1205. Low-cost alternatives to payday loans.
Sec. 1206. Grants to establish loan-loss reserve funds.
Sec.
1207. Procedural provisions.
Sec. 1208. Authorization of
appropriations.
Sec. 1209. Regulations.
Sec. 1210.
Evaluation and reports to Congress.
TITLE XIII—PAY IT BACK ACT
Sec. 1301. Short title.
Sec. 1302. Amendment to reduce TARP
authorization.
Sec. 1303. Report.
Sec. 1304. Amendments to
Housing and Economic Recovery Act of 2008.
Sec. 1305. Federal
Housing Finance Agency report.
Sec. 1306. Repayment of
unobligated ARRA funds.
TITLE XIV—MORTGAGE REFORM AND
ANTI-PREDATORY LENDING ACT
Sec. 1400. Short title; designation as enumerated consumer
law.
Subtitle A—Residential Mortgage Loan Origination Standards
Sec. 1401. Definitions.
Sec. 1402. Residential mortgage
loan origination.
Sec. 1403. Prohibition on steering
incentives.
Sec. 1404. Liability.
Sec. 1405. Regulations.
Sec. 1406. Study of shared appreciation mortgages.
Subtitle B—Minimum Standards For
Mortgages
Sec. 1411. Ability to repay.
Sec. 1412. Safe harbor and
rebuttable presumption.
Sec. 1413. Defense to foreclosure.
Sec. 1414. Additional standards and requirements.
Sec. 1415.
Rule of construction.
Sec. 1416. Amendments to civil liability
provisions.
Sec. 1417. Lender rights in the context of borrower
deception.
Sec. 1418. Six-month notice required before reset of
hybrid adjustable rate mortgages.
Sec. 1419. Required
disclosures.
Sec. 1420. Disclosures required in monthly
statements for residential mortgage loans.
Sec. 1421. Report by
the GAO.
Sec. 1422. State attorney general enforcement
authority.
Subtitle C—High-Cost Mortgages
Sec. 1431. Definitions relating to high-cost mortgages.
Sec. 1432. Amendments to existing requirements for certain
mortgages.
Sec. 1433. Additional requirements for certain
mortgages.
Subtitle D—Office of Housing Counseling
Sec. 1441. Short title.
Sec. 1442. Establishment of Office
of Housing Counseling.
Sec. 1443. Counseling procedures.
Sec. 1444. Grants for housing counseling assistance.
Sec. 1445.
Requirements to use HUD-certified counselors under HUD programs.
Sec. 1446. Study of defaults and foreclosures.
Sec. 1447.
Default and foreclosure database.
Sec. 1448. Definitions for
counseling-related programs.
Sec. 1449. Accountability and
transparency for grant recipients.
Sec. 1450. Updating and
simplification of mortgage information booklet.
Sec. 1451. Home
inspection counseling.
Sec. 1452. Warnings to homeowners of
foreclosure rescue scams.
Subtitle E—Mortgage Servicing
Sec. 1461. Escrow and impound accounts relating to certain
consumer credit transactions.
Sec. 1462. Disclosure notice
required for consumers who waive escrow services.
Sec. 1463.
Real Estate Settlement Procedures Act of 1974 amendments.
Sec.
1464. Truth in Lending Act amendments.
Sec. 1465. Escrows
included in repayment analysis.
Subtitle F—Appraisal Activities
Sec. 1471. Property appraisal requirements.
Sec. 1472.
Appraisal independence requirements.
Sec. 1473. Amendments
relating to Appraisal Subcommittee of FFIEC, Appraiser
Independence Monitoring, Approved Appraiser Education, Appraisal
Management Companies, Appraiser Complaint Hotline, Automated
Valuation Models, and Broker Price Opinions.
Sec. 1474. Equal
Credit Opportunity Act amendment.
Sec. 1475. Real Estate
Settlement Procedures Act of 1974 amendment relating to certain
appraisal fees.
Sec. 1476. GAO study on the effectiveness and
impact of various appraisal methods, valuation models and
distributions channels, and on the Home Valuation Code of conduct
and the Appraisal Subcommittee.
Subtitle G—Mortgage Resolution and
Modification
Sec. 1481. Multifamily mortgage resolution program.
Sec.
1482. Home Affordable Modification Program guidelines.
Sec.
1483. Public availability of information of Making Home Affordable
Program.
Sec. 1484. Protecting tenants at foreclosure extension
and clarification.
Subtitle H—Miscellaneous Provisions
Sec. 1491. Sense of Congress regarding the importance of
government-sponsored enterprises reform to enhance the protection,
limitation, and regulation of the terms of residential mortgage
credit.
Sec. 1492. GAO study report on government efforts to
combat mortgage foreclosure rescue scams and loan modification
fraud.
Sec. 1493. Reporting of mortgage data by State.
Sec.
1494. Study of effect of drywall presence on foreclosures.
Sec.
1495. Definition.
Sec. 1496. Emergency mortgage relief.
Sec.
1497. Additional assistance for Neighborhood Stabilization
Program.
Sec. 1498. Legal assistance for foreclosure-related
issues.
TITLE XV—MISCELLANEOUS PROVISIONS
Sec. 1501. Restrictions on use of United States funds for
foreign governments; protection of American taxpayers.
Sec.
1502. Conflict minerals.
Sec. 1503. Reporting requirements
regarding coal or other mine safety.
Sec. 1504. Disclosure of
payments by resource extraction issuers.
Sec. 1505. Study by
the Comptroller General.
Sec. 1506. Study on core deposits and
brokered deposits.
TITLE XVI—FINANCIAL CRISIS ASSESSMENT
AND FUND
Sec. 1601. Financial crisis special assessment.
Sec. 1602.
Financial Crisis Special Assessment Fund.
Sec. 1603. Certain
swaps, etc., not treated as section 1256 contracts.
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