Terminating Bailouts for Taxpayer Fairness Act of 2013 or TBTF Act - Requires federal banking agencies to establish capital requirements for the ratio of equity capital to total consolidated assets for all financial institutions.
Prohibits such requirements from requiring a financial institution with more than $50 billion in total consolidated assets to have a ratio of less than 8% of equity capital to total consolidated assets.
Requires the equity capital requirement for a financial institution with $50 billion or less in total consolidated assets to be comparable to federal banking requirements established under specified regulations for prompt corrective actions and for capital adequacy in effect as of May 1, 2013.
Directs the Federal Deposit Insurance Corporation (FDIC) to: (1) study historical equity capital ratios chosen by large depository institutions before the advent of the Federal Reserve System, federal deposit insurance, and the federal income tax (policies) encouraged depositories to favor more highly leveraged deposit and debt funding; and (2) structure the capital surcharge for financial institutions with at least $500 billion in total consolidated assets so that it fully accounts for and offsets any distortion of capital levels by such policies.
Directs the federal banking agencies to establish equity capital surcharges for each financial institution having at least $500 billion in total consolidated assets.
Authorizes capital requirements to increase continuously as a percentage of total consolidated assets as such assets increase.
Prescribes anti-evasion and implementation measures.
Directs the Board of Governors of the Federal Reserve System (Board), the FDIC, and the Comptroller of the Currency to establish capital requirements for each affiliate and subsidiary of a financial institution that are no less stringent than those established under this Act. Exempts from such requirements any financial institution with less than $50 billion in total consolidated assets.
Amends the Home Owner's Loan Act to prohibit the Board from prescribing or imposing capital or capital adequacy rules, guidelines, standards, or requirements on any functionally regulated subsidiary of a savings and loan holding company or functionally regulated affiliate of certain savings associations.
Permits federal banking agencies, in order to measure the relative risk of certain assets and prevent investment in excessive amounts of riskier assets, to establish supplemental risk-based capital requirements for any financial institution with more than $20 billion in total consolidated assets (or any affiliate or subsidiary). Prohibits a federal banking agency from implementing such requirements for such a financial institution unless all federal banking agencies agree that bank supervision is insufficient to prevent excessive concentration of riskier assets.
Prohibits the Board, the FDIC, and the Comptroller of the Currency from any further implementation of federal banking agencies rules regarding "Basel III: A Global Regulatory Framework for More Resilient Banks and Banking Systems."
Amends the Federal Reserve Act to permit only an insured depository institution that is a member bank with less than $50 billion of total consolidated assets (or affiliate or subsidiary) to engage in a covered transaction with another affiliate or subsidiary that is not an insured depository institution, with certain exceptions.
Prohibits the affiliate or subsidiary of a financial institution, insured depository institution, or nonbank financial institution, except in connection with its resolution or receivership, from receiving certain federal assistance, including asset purchases, loans, investments in debt or equity, or capital injections, or through the Exchange Stabilization Fund, the Deposit Insurance Fund, or through the Board. Excludes from this prohibition transactions or operations implementing monetary policy matters under the direction of either the Board or the Federal Open Market Committee.
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 (SEC) 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.
Amends the Federal Financial Institutions Examination Council Act of 1978 to establish an Office of Examination Ombudsman.
Amends the Gramm-Leach-Bliley Act to exempt certain financial institutions from mandatory annual written disclosures.
Amends the Equal Credit Opportunity Act to exempt an entity with less than $10 billion in total consolidated assets from the requirement to collect certain data from women-owned, minority-owned, or small business credit applicants.
[Congressional Bills 113th Congress]
[From the U.S. Government Publishing Office]
[S. 798 Introduced in Senate (IS)]
113th CONGRESS
1st Session
S. 798
To address equity capital requirements for financial institutions, bank
holding companies, subsidiaries, and affiliates, and for other
purposes.
_______________________________________________________________________
IN THE SENATE OF THE UNITED STATES
April 24, 2013
Mr. Brown (for himself, Mr. Vitter, Mr. Kirk, and Mr. Sessions)
introduced the following bill; which was read twice and referred to the
Committee on Banking, Housing, and Urban Affairs
_______________________________________________________________________
A BILL
To address equity capital requirements for financial institutions, bank
holding companies, subsidiaries, and affiliates, and for other
purposes.
Be it enacted by the Senate and House of Representatives of the
United States of America in Congress assembled,
SECTION 1. SHORT TITLE.
This Act may be cited as the ``Terminating Bailouts for Taxpayer
Fairness Act of 2013'' or the ``TBTF Act''.
SEC. 2. DEFINITIONS.
(a) In General.--As used in this Act--
(1) the terms ``affiliate'', ``appropriate Federal banking
agency'', ``Federal banking agency'', ``foreign bank'', and
``insured depository institution'' have the same meanings as in
section 3 of the Federal Deposit Insurance Act (12 U.S.C.
1813);
(2) the terms ``bank holding company'' and ``subsidiary''
have the same meanings as in section 2 of the Bank Holding
Company Act of 1956 (12 U.S.C. 1841);
(3) the term ``Board'' means the Board of Governors of the
Federal Reserve System;
(4) the term ``Corporation'' means the Federal Deposit
Insurance Corporation;
(5) the term ``financial institution'' means an insured
depository institution, bank holding company, a savings and
loan holding company, and a foreign bank subject to the Bank
Holding Company Act of 1956;
(6) the term ``nonbank financial company'' has the same
meaning as in the Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5311); and
(7) the term ``savings and loan holding company'' has the
same meaning as in section 10 of the Home Owners' Loan Act (10
U.S.C. 1467a), except that such term does not include any
savings and loan holding company described in section
10(c)(9)(C) of the Home Owners' Loan Act (12 U.S.C.
1467a(c)(9)(C)).
SEC. 3. EQUITY CAPITAL REQUIREMENTS.
(a) Equity Capital Requirements for Bank Holding Companies,
Subsidiaries, and Affiliates.--
(1) Equity capital requirements.--
(A) In general.--Not later than 1 year after the
date of enactment of this Act, the appropriate Federal
banking agency, in consultation with the other Federal
banking agencies, shall, by rule, establish capital
requirements for the ratio of equity capital to total
consolidated assets for all financial institutions.
(B) Limitations.--
(i) In general.--In no case may the
requirements issued under this subsection
require any financial institution with more
than $50,000,000,000 in total consolidated
assets to have a ratio of less than 8 percent
of equity capital to total consolidated assets.
(ii) Comparability.--The equity capital
requirement issued under this subsection for
any financial institution with $50,000,000,000
or less in total consolidated assets shall be
comparable to the requirements established by
the appropriate Federal banking agencies under
the prompt corrective actions regulations
implementing section 38 of the Federal Deposit
Insurance Act (12 U.S.C. 1831o) and under the
capital adequacy regulations implementing
section 5 of the Bank Holding Company Act of
1956 (12 U.S.C. 1844), that were in effect as
of May 1, 2013.
(2) Capital surcharge for the largest financial
institutions.--
(A) Study required.--
(i) In general.--The Corporation shall
study historical equity capital ratios chosen
by large depository institutions before the
advent of the Federal Reserve System, Federal
deposit insurance, and the Federal income tax
encouraged depositories to favor more highly
leveraged deposit and debt funding.
(ii) Report to congress.--Not later than 90
days after the date of enactment of this Act,
the Corporation shall issue a report to the
Committee on Banking, Housing, and Urban
Affairs of the Senate and the Committee on
Financial Services of the House of
Representatives regarding the study conducted
under clause (i).
(iii) Incorporation of findings.--The
Corporation, in consultation with the other
Federal banking agencies, shall structure the
capital surcharge for financial institutions
with at least $500,000,000,000 in total
consolidated assets, such that the surcharge
fully accounts for and offsets any distortion
of capital levels by the Government policies
described in clause (i).
(B) Rules.--Not later than 1 year after the date of
completion of the study required by subparagraph (A),
the appropriate Federal banking agency, in consultation
with the other Federal banking agencies, shall, by
rule, establish equity capital surcharges for each
financial institution having at least $500,000,000,000
in total consolidated assets.
(C) Increases authorized.--Capital requirements
established under this paragraph may increase
continuously as a percentage of total consolidated
assets as the total consolidated assets of a financial
institution increase.
(D) Required amount.--The surcharge imposed under
the rules issued under this paragraph shall require any
financial institution having at least $500,000,000,000
in total consolidated assets to have a ratio of not
less than 15 percent of equity capital to total
consolidated assets.
(E) Anti-evasion.--
(i) In general.--Any attempt by a financial
institution to structure any activity,
transaction, or affiliation for the purpose or
effect of evading or attempting to evade the
asset threshold that gives rise to the
surcharge provided in subparagraph (A) shall be
considered a violation of the Federal Deposit
Insurance Act, section 24 of the Revised
Statutes of the United States, and the Bank
Holding Company Act of 1956, as applicable to
such financial institution.
(ii) Restricting activities.--
Notwithstanding any other provision of law, if
the Board, the Corporation, or the Comptroller
of the Currency has reasonable cause to believe
that a financial institution or any affiliate
thereof has engaged in an activity,
transaction, or affiliation in a manner that
functions as an evasion of the asset threshold
that gives rise to the surcharge provided in
subparagraph (A) or otherwise violates such
provision, the appropriate Federal banking
agency shall order, after due notice and
opportunity for hearing, the financial
institution to restrict, restructure, or divest
the offending activities, transactions, or
investments.
(3) Effective date.--The equity capital and surcharge rules
issued under paragraphs (1) and (2) shall apply with respect to
each financial institution not later than 5 years after the
date on which final rules are published in the Federal Register
with respect to that financial institution.
(4) Well-capitalized status.--
(A) Compliance with other provisions.--Any
financial institution that meets the equity capital
requirements established under paragraph (1) or
surcharge requirements established under paragraph (2)
shall be considered well capitalized for purposes of--
(i) section 38 of the Federal Deposit
Insurance Act (12 U.S.C. 1831o); and
(ii) the early remediation requirements
established pursuant to section 166 of the
Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 5366).
(B) Agency actions.--Consistent with this section,
the appropriate Federal banking agency, in consultation
with the other Federal banking agencies, shall, by
regulation, establish the appropriate capital
categories for financial institutions under section 38
of the Federal Deposit Insurance Act (12 U.S.C. 1831o)
and early remediation requirements established pursuant
to section 166 of the Dodd-Frank Wall Street Reform and
Consumer Protection Act (12 U.S.C. 5366).
(5) Enhanced prudential standards.--The equity capital and
surcharge rules issued under paragraphs (1) and (2) shall be
considered sufficient to satisfy the risk-based capital
requirements and leverage limits for purposes of section 165 of
the Dodd-Frank Wall Street Reform and Consumer Protection Act
(12 U.S.C. 5365).
(b) Equity Capital Requirements for Affiliates and Subsidiaries of
Bank Holding Companies.--
(1) In general.--Not later than 1 year after the date of
enactment of this Act, notwithstanding any other provision of
law applicable to insured depository institutions, the Board
(subject to section 5(c)(3) of the Bank Holding Company Act of
1956 (12 U.S.C. 1844(c)(3)) and section 10(g) of the Home
Owners' Loan Act (12 U.S.C. 1467a(g))), the Corporation, and
the Comptroller of the Currency shall each promulgate
regulations to establish capital requirements for each
affiliate and subsidiary of a financial institution that are no
less stringent than the equity capital requirements established
under subsection (a)(1) or surcharge requirements established
under subsection (a)(2).
(2) Limitation.--Paragraph (1) and the regulations issued
under paragraph (1) do not apply in the case of any financial
institution with less than $50,000,000,000 in total
consolidated assets.
(3) Amendment to bank holding company act of 1956.--Section
5(c)(5)(B) of the Bank Holding Company Act of 1956 (12 U.S.C.
1844(c)(5)(B)) is amended--
(A) by striking clauses (i) and (v);
(B) in clause (iv), by striking ``; or'' and
inserting a period;
(C) in clause (iii), by inserting ``or'' after the
semicolon; and
(D) by redesignating clauses (ii) through (iv) as
clauses (i) through (iii), respectively.
(4) Amendment to the home owner's loan act.--The Home
Owner's Loan Act (15 U.S.C. 1461 et seq.) is amended--
(A) in section 2 (12 U.S.C. 1462) by adding at the
end the following:
``(12) Functionally regulated affiliate.--The term
`functionally regulated affiliate' means, with respect to a
savings association, any affiliate of such savings association
that is a company described in section 5(c)(5)(B) of the Bank
Holding Company Act of 1956 (12 U.S.C. 1844(c)(5)(B)).''; and
(B) in section 10(g) (12 U.S.C. 1467a(g)) by adding
at the end the following:
``(6) Capital for functionally regulated subsidiaries and
functionally regulated affiliates.--Notwithstanding section
3(b)(1) of the Terminating Bailouts for Taxpayer Fairness Act
of 2013, the Board may not, by regulation, guideline, order, or
otherwise, prescribe or impose any capital or capital adequacy
rules, guidelines, standards, or requirements on any
functionally regulated subsidiary of a savings and loan holding
company or functionally regulated affiliate of a savings
association that--
``(A) is not a depository institution; and
``(B) is--
``(i) in compliance with the applicable
capital requirements of its Federal regulatory
authority (including the Securities and
Exchange Commission) or State insurance
authority;
``(ii) properly registered as an investment
adviser under the Investment Advisers Act of
1940, or with any State; or
``(iii) licensed as an insurance agent with
the appropriate State insurance authority.''.
(c) Specific Elements of Capital Requirements.--For purposes of
calculating--
(1) equity capital requirements under this section, equity
capital shall consist of tangible common equity (defined as
common stockholders' equity less goodwill), deferred tax
assets, accumulated other comprehensive income, treasury stock,
and intangible assets plus retained earnings; and
(2) total consolidated assets under this section,
derivative exposures shall include--
(A) the fair value of the derivative exposures
without recognizing the benefits of any netting
arrangement, unless--
(i) the netting arrangement is documented
under a formal master netting agreement or
other formal arrangement with a derivatives
clearing organization; and
(ii) the financial institution, as a matter
of ongoing business practice, exchanges
collateral on a daily basis for the fulfillment
of variation margin requirements on a net
basis, and fulfills all contractual payment
requirements, including payments for contract
termination, on a net basis, with such net
exchange of collateral and payments
encompassing all derivative exposures covered
by the formal arrangement; and
(B) off-balance sheet assets--
(i) defined as any assets in which the
financial institution has guaranteed
performance by another party or provided a
liquidity backstop should another party be
unable to perform under the contractual
obligation; and
(ii) excluding commitments to lend, whereby
certain provisions and or covenants exist that
limit the risk to the bank holding company with
respect to future draws of liquidity.
(d) Risk-Based Capital Requirements Permitted.--
(1) Rule of construction.--Except as provided in paragraph
(2), nothing in this section shall be interpreted to prevent
any appropriate Federal banking agency from establishing
supplemental risk-based capital requirements for any financial
institution with more than $20,000,000,000 in total
consolidated assets, or any affiliate or subsidiary of such
institutions for the purpose of measuring the relative risk of
certain assets and preventing investment in excessive amounts
of riskier assets.
(2) Limitation.--
(A) Joint determination.--An appropriate Federal
banking agency may not implement risk-based capital
requirements with respect to a financial institution
with more than $20,000,000,000, unless all appropriate
Federal banking agencies agree that bank supervision is
insufficient to prevent the excessive concentration of
riskier assets.
(B) Report to congress.--Before proposing risk
based capital rules described in this subsection, the
appropriate Federal banking agencies shall submit a
joint report to the Committee on Banking, Housing, and
Urban Affairs of the Senate and the Committee on
Financial Services of the House of Representatives
detailing the deficiency in supervisory tools in
preventing investment in excessive amounts of riskier
assets and how risk based capital will be used. The
appropriate Federal banking agencies may establish
supplemental risk-based capital requirements that do
not replace the equity capital requirements required by
this Act not earlier than 90 days after the date of
submission of the report under this subparagraph.
(e) Treatment of Basel III International Accord.--The Board, the
Corporation, and the Comptroller of the Currency shall be prohibited
from any further implementation of any rules of the Federal banking
agencies regarding ``Basel III: A Global Regulatory Framework for More
Resilient Banks and Banking Systems''.
SEC. 4. PROHIBITION ON SUBSIDY TRANSFERS.
Section 23A of the Federal Reserve Act (12 U.S.C. 371c) is
amended--
(1) in subsection (a), by adding at the end the following:
``(5) Prohibition on transactions by insured depository
institutions with affiliates or subsidiaries.--
``(A) Affiliate transactions prohibited.--Except as
provided in subparagraph (B), only an insured
depository institution that is a member bank or an
affiliate or subsidiary of a member bank may engage in
a covered transaction with another affiliate or
subsidiary that is not an insured depository
institution.
``(B) Exceptions.--Notwithstanding subparagraph
(A), an insured depository institution that is not a
member bank or an affiliate or subsidiary of a member
bank may--
``(i) engage in lawful dividend payments to
its holding company; or
``(ii) make sales of property or securities
to, or accept infusions of capital or other
distributions from, its parent holding company,
consistent with section 38A of the Federal
Deposit Insurance Act (12 U.S.C. 1831p).''; and
(2) in subsection (b)--
(A) by redesignating paragraphs (8) through (11) as
paragraphs (9) through (12), respectively; and
(B) by inserting after paragraph (7) the following:
``(8) the term `member bank' means a member bank having
less than $50,000,000,000 of total consolidated assets;''.
SEC. 5. LIMITATION ON THE FEDERAL SAFETY NET.
(a) Prohibition Against Government Assistance to Non-Banks.--Except
in connection with the resolution of any insured depository institution
or financial company for which the Corporation has been appointed as
receiver, no affiliate or subsidiary of a financial institution, or
affiliate of an insured depository institution or nonbank financial
institution may receive any assistance through--
(1) asset purchases made by the United States Government,
loans from the United States Government, investments in debt or
equity made by the United States Government, or capital
injections from the United States Government;
(2) the Exchange Stabilization Fund, as established under
section 2 of the Gold Reserve Act of 1934;
(3) the Deposit Insurance Fund established under section
11(a)(4) of the Federal Deposit Insurance Act (12 U.S.C.
1821(a)(4));
(4) the Board, pursuant to its authority under section 10B,
13, or 13A of the Federal Reserve Act (12 U.S.C. 347b, 342, and
343); or
(5) the Board, pursuant to its authority under the third
paragraph of section 13 of the Federal Reserve Act (12 U.S.C.
343).
(b) Exclusion for Monetary Policy.--Subsection (a) shall not apply
to transactions or operations implementing monetary policy matters
under the direction of the Federal Open Market Committee or the Board
of Governors of the Federal Reserve System.
(c) Lending to Systemically Important Financial Market Utilities.--
Section 806 of the Dodd-Frank Wall Street Reform and Consumer
Protection Act (12 U.S.C. 6455) is amended--
(1) by striking subsections (a) through (c); and
(2) redesignating subsections (d) and (e) as subsections
(a) and (b), respectively.
(d) Termination of Systemic Risk Exemption.--Section 13(c)(4)(G) of
the Federal Deposit Insurance Act (12 U.S.C. 1823(c)(4)) is amended--
(1) by striking subparagraph (G); and
(2) by redesignating subparagraph (H) as subparagraph (G).
SEC. 6. RELIEF FOR COMMUNITY BANKS AND SMALL SAVINGS ASSOCIATIONS.
(a) Rural Definition.--For purposes of the rules of the Bureau of
Consumer Financial Protection (in this section referred to as the
``Bureau'') regarding qualified mortgages for purposes of section
129C(c)(2) of the Truth in Lending Act, the definition of the term
``rural'' means any area other than--
(1) a city or town that has a population of greater than
50,000 inhabitants; and
(2) any urbanized area contiguous and adjacent to a city or
town described in paragraph (1).
(b) Securities Exchange Act of 1934.--The Securities Exchange Act
of 1934 (15 U.S.C. 78a et seq.) is amended--
(1) in section 12(g) (15 U.S.C. 78l(g))--
(A) in paragraph (1)(B), by inserting after ``is a
bank'' the following: ``, a savings and loan holding
company (as defined in section 10 of the Home Owners'
Loan Act),''; and
(B) in paragraph (4), by inserting after ``case of
a bank'' the following: ``, a savings and loan holding
company (as defined in section 10 of the Home Owners'
Loan Act),''; and
(2) in section 15(d), by striking ``case of bank'' and
inserting the following: ``case of a bank, a savings and loan
holding company (as defined in section 10 of the Home Owners'
Loan Act),''.
(c) Federal Reserve Board.--The policy statement of the Board in
the Small Bank Holding Company Statement found at Part 225 of the
appendix to title 12, Code of Federal Regulations (or any successor
thereto), shall apply to financial institutions that are otherwise
subject to that policy statement with consolidated assets of more than
$5,000,000,000.
(d) Mutual Holding Company Dividend Waivers.--Notwithstanding the
rule of the Board regarding Mutual Holding Company Dividend Waivers in
section 239.63 of title 12, Code of Federal Regulations (or any
successor thereto), grandfathered mutual holding companies and all
other mutual holding companies shall be permitted to waive the receipt
of dividends declared on the common stock of their bank or mid-size
holding companies.
(e) Examination Ombudsman.--
(1) In general.--The Federal Financial Institutions
Examination Council Act of 1978 (12 U.S.C. 3301 et seq.) is
amended by adding at the end the following:
``SEC. 1012. OFFICE OF EXAMINATION OMBUDSMAN.
``(a) Establishment.--There is established in the Council an Office
of Examination Ombudsman.
``(b) Head of Office.--There is established the position of the
Ombudsman, who shall serve as the head of the Office of Examination
Ombudsman, and who shall be hired separately by the Council and shall
be independent from any member agency of the Council.
``(c) Staffing.--The Ombudsman is authorized to hire staff to
support the activities of the Office of Examination Ombudsman.
``(d) Duties.--The Ombudsman shall--
``(1) receive and, at the Ombudsman's discretion,
investigate complaints from financial institutions, their
representatives, or another entity acting on behalf of such
institutions, concerning examinations, examination practices,
or examination reports;
``(2) hold meetings, at least once every 3 months and in
locations designed to encourage participation from all sections
of the United States, with financial institutions, their
representatives, or another entity acting on behalf of such
institutions, to discuss examination procedures, examination
practices, or examination policies;
``(3) review examination procedures of the Federal
financial institutions regulatory agencies to ensure that the
written examination policies of those agencies are being
followed in practice and adhere to the standards for
consistency established by the Council;
``(4) conduct a continuing and regular program of
examination quality assurance for all examination types
conducted by the Federal financial institutions regulatory
agencies;
``(5) process any supervisory appeal initiated under
section 1015 or section 309(e) of the Riegle Community
Development and Regulatory Improvement Act of 1994; and
``(6) report annually to the Committee on Financial
Services of the House of Representatives, the Committee on
Banking, Housing, and Urban Affairs of the Senate, and the
Council, on the reviews carried out pursuant to paragraphs (3)
and (4), including compliance with the requirements set forth
in section 1012 regarding timeliness of examination reports,
and the Council's recommendations for improvements in
examination procedures, practices, and policies.
``(e) Confidentiality.--The Ombudsman shall keep confidential all
meetings, discussions, and information provided by financial
institutions.''.
(2) Definition.--Section 1003 of the Federal Financial
Institutions Examination Council Act of 1978 (12 U.S.C. 3302)
is amended--
(A) in paragraph (2), by striking ``and'' at the
end;
(B) in paragraph (3), by adding ``and'' at the end;
and
(C) by adding at the end the following:
``(4) the term `Ombudsman' means the Ombudsman established
under section 1012.''.
(f) Exception to Annual Written Privacy Notice Requirement Under
the Gramm-Leach-Bliley Act.--Section 503 of the Gramm-Leach-Bliley Act
(15 U.S.C. 6803) is amended by adding at the end the following:
``(f) Exception to Annual Written Notice Requirement.--
``(1) In general.--A financial institution described in
paragraph (2) shall not be required to provide an annual
written disclosure under this section, until such time as the
financial institution fails to comply with subparagraph (A),
(B), or (C) of paragraph (1).
``(2) Covered institutions.--Paragraph (1) applies with
respect to a financial institution that--
``(A) provides nonpublic personal information in
accordance with the provisions of subsection (b)(2) or
(e) of section 502 or regulations prescribed under
section 504(b);
``(B) has not changed its policies and practices
with respect to disclosing nonpublic personal
information from the policies and practices that were
disclosed in the most recent disclosure sent to
consumers in accordance with this section; and
``(C) otherwise provides customers access to such
most recent disclosure in electronic or other form
permitted by regulations prescribed under section
504.''.
(g) Exemption From Small Business Data Collection.--Section
704B(h)(1) of the Equal Credit Opportunity Act (15 U.S.C. 1691c-
2(h)(1)) is amended by inserting ``with more than $10,000,000,000 in
total consolidated assets'' after ``entity''.
(h) Dodd-Frank.--Section 171(b)(5)(C) of the Dodd-Frank Wall Street
Reform and Consumer Protection Act (12 U.S.C. 5371(b)(5)(C)) is amended
by inserting before the period at the end ``or savings and loan holding
company with less than $500,000,000 in total consolidated assets''.
<all>
Introduced in Senate
Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Committee on Banking, Housing, and Urban Affairs Subcommittee on Financial Institutions and Consumer Protection. Hearings held.
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