H. Res. 964: H.R. 4173 – Wall Street Reform and Consumer Protection Act of 2009

  COMMITTEE ACTION: REPORTED BY A RECORD VOTE OF 8-3 on Thursday December 10, 2009.
FLOOR ACTION: ADOPTED BY A RECORD VOTE OF 238-186 on Thursday, December 10, 2009.

MANAGERS: Perlmutter/Sessions

111th Congress 
1st Session

H.RES 964

[Report No. 111-370]

 

 H.R. 4173 - Wall Street Reform and Consumer Protection Act of 2009

  1. Provides for further consideration under a structured rule.
  2. Provides no additional general debate.
  3. Provides that the bill, as amended, shall be considered as read.
  4. Waives all points of order against provisions in the bill, as amended. This waiver does not affect the point of order available under clause 9 of rule XXI (regarding earmark disclosure).
  5. No amendments to the bill, as amended, shall be in order except those amendments printed in the Rules Committee report accompanying the resolution and amendments en bloc.
  6. Provides that the amendments made in order may be offered only in the order printed in the report (except as specified in section 4), may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.
  7. Waives all points of order against the amendments printed in the report or amendments en bloc except for clauses 9 and 10 of rule XXI.
  8. Provides that the chair of the Committee on Financial Services or his designee may offer amendments en bloc consisting of amendments printed in the report of the Committee on Rules accompanying this resolution not earlier disposed of. Amendments en bloc offered pursuant to this section shall be considered as read, shall be debatable for 20 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their designees, shall not be subject to amendment, and shall not be subject to a demand for division of the question. The original proponent of an amendment included in such amendments en bloc may insert a statement in the Congressional Record immediately before the disposition of the amendments en bloc.
  9. Provides that the Chair of the Committee of the Whole may recognize for consideration any amendment printed in the report of the Committee on Rules accompanying this resolution out of the order printed, but not sooner than 30 minutes after the chair of the Committee on Financial Services or his designee announces from the floor a request to that effect.
  10. Provides that in the case of sundry amendments reported from the Committee, the question of their adoption shall be put to the House en gros and without division of the question.
  11. Provides one motion to recommit with or without instructions.
  12. Provides that the Chair may entertain a motion that the Committee rise only if offered by the chair of the Committee on Financial Services or his designee.
  13. Provides that that the Chair may not entertain a motion to strike out the enacting words of the bill (as described in clause 9 of rule XVIII).
  14. Provides that during consideration of the bill, the Chair may reduce to two minutes the minimum time for electronic voting.
  15. Provides that in the engrossment of the bill, the Clerk is authorized to make technical and conforming changes to amendatory instructions.

—————

RESOLUTION

            Resolved, That at any time after the adoption of this resolution the Speaker may, pursuant to clause 2(b) of rule XVIII, declare the House resolved into the Committee of the Whole House on the state of the Union for further consideration of the bill (H.R. 4173) to provide for financial regulatory reform, to protect consumers and investors, to enhance Federal understanding of insurance issues, to regulate the over-the-counter derivatives markets, and for other purposes. No further general debate shall be in order.

            Sec. 2.(a) The bill, as amended, shall be considered for amendment under the five-minute rule and shall be considered as read. All points of order against provisions in the bill, as amended, are waived.

            (b) Notwithstanding clause 11 of rule XVIII, no further amendment to the bill, as amended, shall be in order except the amendments printed in the report of the Committee on Rules accompanying this resolution and amendments en bloc described in section 3 of this resolution.

            (c) Each amendment printed in the report of the Committee on Rules shall be considered only in the order printed in the report (except as specified in section 4 of this resolution), may be offered only by a Member designated in the report, shall be considered as read, shall be debatable for the time specified in the report equally divided and controlled by the proponent and an opponent, shall not be subject to amendment, and shall not be subject to a demand for division of the question.

            (d) All points of order against amendments printed in the report of the Committee on Rules or amendments en bloc described in section 3 of this resolution are waived except those arising under clause 9 or 10 of rule XXI.

            Sec. 3. It shall be in order at any time for the chair of the Committee on Financial Services or his designee to offer amendments en bloc consisting of amendments printed in the report of the Committee on Rules accompanying this resolution not earlier disposed of. Amendments en bloc offered pursuant to this section shall be considered as read, shall be debatable for 20 minutes equally divided and controlled by the chair and ranking minority member of the Committee on Financial Services or their designees, shall not be subject to amendment, and shall not be subject to a demand for division of the question. The original proponent of an amendment included in such amendments en bloc may insert a statement in the Congressional Record immediately before the disposition of the amendments en bloc.

            Sec. 4. The Chair of the Committee of the Whole may recognize for consideration of any amendment printed in the report of the Committee on Rules accompanying this resolution out of the order printed, but not sooner than 30 minutes after the chair of the Committee on Financial Services or his designee announces from the floor a request to that effect.

            Sec. 5. At the conclusion of consideration of the bill for amendment the Committee shall rise and report the bill, as amended, to the House with such further amendments as may have been adopted. In the case of sundry amendments reported from the Committee, the question of their adoption shall be put to the House en gros and without division of the question. The previous question shall be considered as ordered on the bill and amendments thereto to final passage without intervening motion except one motion to recommit with or without instructions.

            Sec. 6. The Chair may entertain a motion that the Committee rise only if offered by the chair of the Committee on Financial Services or his designee. The Chair may not entertain a motion to strike out the enacting words of the bill (as described in clause 9 of rule XVIII).

            Sec. 7. During consideration of H.R. 4173, the Chair may reduce to two minutes the minimum time for electronic voting under clause 6 of rule XVIII and clauses 8 and 9 of rule XX.

            Sec. 8. In the engrossment of H.R. 4173, the Clerk is authorized to make technical and conforming changes to amendatory instructions.

SUMMARY OF AMENDMENTS TO BE MADE IN ORDER
(summaries derived from information provided by sponsors)

1. Frank (MA)

The manager’s amendment to The Wall Street Reform and Consumer Protection Act of 2009 (H.R. 4173) provides for clarifications to Title I (the Financial Stability Improvement Act), Title IV (the Consumer Financial Protection Agency Act), Title V (Capital Markets), Title VI (Federal Insurance Office), and the Mortgage Reform and Anti-Predatory Lending Act (to be added as Title VII).  Also included are provisions to provide mortgage assistance to unemployed homeowners and assistance for the purchase and repair of foreclosed properties with an emphasis on increasing the supply of affordable rental housing.  It includes a provision to make the amendment PAYGO compliant.  Further, the amendment: 1) Would add the head of the CFPA to the Financial Services Oversight Council and clarifies that prudential standards promulgated under the Financial Stability Improvement Act of 2009 do not supersede state or federal consumer protection standards. 2) Would add a representative of the State securities commissioners (or other office performing like functions) as a non-voting representative on the Financial Services Oversight Council. 3) Would improve various oversight provisions in the bill, including adding GAO authority to conduct oversight of the CFPA, among other improvements. 4) Would clarify that the systemic risk regulator created and empowered under the Act is the Financial Services Oversight Council, rather than the Board of Governors of the Federal Reserve System. Emergency voting provisions remain unchanged, the Board retains its equal vote as a  the Member of the Council, and may act at the direction of the Council. 5) Would clarify that financial companies cannot be compelled by the systemic risk regulator to waive any privilege (such as attorney-client privilege) when providing data at the request of the systemic risk regulator. The bill currently provides only that in responding to the request the company shall not be deemed to have waived any such privilege. 6) Would clarify §1105 of H.R. 4173 such that the limited scope of the judicial review provision in §1105(h) is unambiguous. It would limit judicial review to the new regulatory powers defined by §1105, which establishes new regulatory prerogatives through mitigation of systemic risk. 7) Would clarify the conditions under which contingent capital will be triggered. 8) Would require HAMP-participating servicers to disclose “net present value” (NPV) analysis mortgage-related or homeowner-related inputs to the homeowner upon denial of loan modification, requires the Department of Treasury to create a homeowner-accessible website with a calculator for NPV analysis of a mortgage, and requires the Department of Treasury to make public its methodology and model used for calculating NPV. 9) Would modify changes of control in applicable financial institutions.            10) Would extend the ability of the Federal Reserve to prevent the merger, acquisition, or consolidation of a non- bank financial holding company under the Bank Holding Company Act. 11) Would eliminate the current disparity between banks and thrifts by allowing for nationwide de novo interstate branching for all federally insured depository institutions. 12) Would create a mutual commercial bank charter. 13) Would reduce the size of the haircut that FDIC may impose on secured creditors of a firm placed into receivership that results in losses to the taxpayer or the Fund to 10 percent.  It further focuses the haircut to secured loans with a term of 30 days or less, and exempts from the haircut loans secured by Treasury bonds, agency or GSE backed debt, as well as debt derived from real property.  The amendment clarifies no haircut may be imposed unless all shareholders and other junior creditors are wiped out.  The revised amendment makes additional technical changes, all of which are consistent with the policy aim of the original amendment, as stated above.  14) Would direct the Department of the Treasury to conduct a study to analyze how the resolution authority granted in the bill is funded.  15) Would require the CFPA Director to establish a website for consumer complaints in conjunction with a complaint monitoring system and toll-free number. 16) Would establish the Office of Financial Protection for Older Adults to strengthen the protection of seniors against financial exploitation. Facilitates the education of seniors on protecting themselves from fraud and abuse, monitors the designations within the senior financial advisor community to alert regulators of misleading certifications, and improves coordination between current elder protection agencies.17) Would clarify that the CFPA can charge higher assessments for banks that have poor consumer protection records or pose excessive risk to consumers. 18) Would use funds from the CFPA Victims Relief Fund to pay for financial literacy programs administered by the Treasury Department’s Financial Education and Counseling Grant Program. 19) Would establish an office within the Consumer Financial Protection Agency (CFPA) to advise the director on the impact of agency polices and regulations on small, community financial institutions and help ensue that the policies and regulations of the CFPA do not unduly burden community financial institutions20) Would clarify the rulemaking supervisory and enforcement authority of the CFPA. 21) Would limit the CFPA’s authority regarding charitable contributions through tax-exempt organizations recognized by the IRS. 22) Would consider as “unfair” for a credit bureau to make available for purchase by lenders any type of credit score for a consumer that is not also available for purchase by that same consumer. 23) Would define person-to-person lending platforms for purposes of an exception to the securities law, make the Consumer Financial Protection Agency the primary regulator of person to person lending, and specify that until the CFPA has adopted disclosure requirements person to person lending platforms would be required to continue to provide disclosures under the Securities Acts of 1933 and 1934. 24) Would require that the Director of the CFPA: (1) conduct a review of Federal laws and regulations relating to the protection of individuals that utilize exchange facilitators (2) submit to Congress recommendations on the steps necessary to ensure appropriate protection of such persons and (3) establish and carry out a program, utilizing the authority of the CFPA, to protect individuals that utilize exchange facilitators.  25) Would direct the CFPA to promulgate a rule, within 180 days, requiring banks to prominently place at their branch locations information regarding the fees and charges associated with the bank's overdraft protection program.  26) Would retain the existing Consumer Advisory Council at the Federal Reserve and would add additional statutory requirements to the Council that it make an annual set of recommendations to the Consumer Financial Protection Agency, that it make these recommendations public, and that it meet with the CFPA Director annually to discuss them. Would require the Consumer Advisory Council to meet with the Fed Board of Governors annually and the Chair of the Fed to include the Council’s recommendations for consumer protection regulations for the CFPA in his mandated appearances before Congress. 27) Would require private educational lenders to obtain institutional certification prior to making a loan to students.  It would require the Consumer Financial Protection Agency and the Department of Education to conduct a study on private education loans and lenders and report to Congress on the compliance of institutions and private educational lenders with these provisions.  28) Would clarify that private funds, investment advisors and others cannot be compelled by the systemic risk regulator to waive and shall not be deemed to have waived any privilege (such as attorney client privilege), by adding to Title V the same language to that effect that was included in Title 1.  29) Would mandate the registration of all credit rating agencies as “Nationally Recognized Statistical Rating Organization.” 30) Would lower the liability standard for credit rating agencies from "knowingly or recklessly" to "gross negligence". 31) Would provide that a purchaser of a security given a rating by a nationally recognized statistical rating organization shall have the right to recover for damages only if the credit rating was grossly negligent based on the facts and circumstances available at the time the rating was issued and was a substantial factor in the investor's economic loss. 32) Would strike Section 7419 of the bill concerning custodial requirements for investment advisers. 33) Would require the Comptroller General to include in the study the feasibility of providing an optional additional level of insurance for Securities Investor Protection Corporation protection. 34) Would double the funding for the Senior Investment Protection grant program established in the bill, and increase the maximum amount for grants under the program. 35) Would include geographic disparities in access and cost of insurance products in a study on modernization and improvement of insurance regulation in the United States . 36) Would amend Section 104(a) of the Helping Families Save Their Homes Act (PL 111-22) to require the Comptroller of Currency, in coordination with the Director of Thrift Supervision, to issue its mortgage metrics data by state.  38) Would serve as a substitute for Section 1109 of the bill. Would cap the FDIC’s guarantee authority at $500 billion under a debt guarantee program, limit the financial institutions that may participate, empower the FDIC to push a defaulting borrower into bankruptcy or receivership (whichever is applicable), repeal the FDIC’s existing systemic risk authority but restore it if the new authority sunsets, reorder in bankruptcy the FDIC’s claim on the assets of a borrower that has issued debt guaranteed under this section, authorize the FDIC to demand the pledge of collateral in return for any guarantee, ensure that the guarantee fees collected on a guarantee program shall be actuarially sufficient to cover losses, clarify that any back-up special assessment to cover losses on the program would be imposed solely on participants in the program, permit the FDIC to require warrants for assistance provided under this section or Section 1604 (Resolution Authority) an d limit the application of executive compensation rules under Resolution Authority to times when the FDIC has borrowed from the Treasury under Section 1609(o). 39)  Would amend Section 1255, Requirement for Countercyclical Capital Requirement, by striking “may decrease” and inserting “decreases” on page 204, line 14.  40) Would enhance the ability of nonbank institutions to comply with the regulatory efforts of the Consumer Financial Products Agency, bring needed fairness to the regulatory processes desired by Congress, and better focus regulatory efforts on nonbank products and practices. 41) Would provide an exemption for any retailers and other non-financial firms subject to the Consumer Financial Protection Agency Act.  42) Would make a number of technical clarifications to the amendments to the Federal Trade Commission's rulemaking procedure for unfair or deceptive acts or practices, to more closely conform with the Administrative Procedure Act.  43) Would clarify that any losses on loan guarantees for solvent institutions are paid solely by loan guarantee program participants.  44) Would add the head of the CFPA to the Financial Services Oversight Council and clarifies that prudential standards promulgated under the Financial Stability Improvement Act of 2009 do not supersede state or federal consumer protection standards.  45) Would clarify the authority of the Public Company Accounting Oversight Board to inspect the auditors of broker dealers and requires rule making thereon.  46) Would apply the current 10% deposit cap on interstate acquisitions to thrift acquisitions.  47) Would make technical changes to clarify that the Federal Trade Commission (FTC) retains enforcement authority with regard to the enumerated statutes transferred to the new Consumer Financial Protection Agency (CFPA), to provide for CFPA consultation with FTC in certain areas in which FTC has expertise, and to clarify other provisions.  48) Would establish a definitive deadline for concluding disapproval proceedings. Whereas the current standard is that disapproval proceedings must be concluded within 180 days after publication of the notice of a proposed rule change in the Federal Register, the proposed revisions would instead specify 200 days after a proper filing. Accordingly, the SEC would not be able to hold a filing from publication indefinitely to avoid triggering disapproval proceedings.  49) Would clarify that the extension of credit and collection of debt as defined in the merchants’ exclusion of Title V is not a financial product or service.  50) Would clarify the definition of financial data processing in Title V, and establishes that a person is not engaged in “financial activity” if they are providing “interactive computer service” as defined by the Communications Act of 1934.  51) Would clarify that federal financial regulatory agencies have broad authority to impose and enforce stricter standards with respect to firms they regulate to mitigate systemic risk.

(30 minutes)

2. Sessions (TX)

Would strike provisions which create a new private right of action against credit rating agencies; the amendment contains enforcement of credit rating agencies to the SEC (current practice).

(10 minutes)

3. Peterson (MN), Frank (MA)

The amendment provides for position limits for physical commodities, clearing of over-the counter transactions, increased transparency, reporting, and recordkeeping, and transparency of offshore trading.  It also addresses jurisdictional issues in the context of swaps by providing for CFTC jurisdiction over swaps and SEC jurisdiction over swaps that are primarily based on securities (or narrow based security indexes).  These two agencies are required to consult with each other and with banking regulators before regulating.
The amendment further requires a swap to be cleared if a clearing agency or organization will accept the swap for clearing, and the CFTC or SEC has determined that clearing is mandatory for such swap.  Clearing is not required if one of the counterparties is not a swap dealer or major swap participant and can demonstrate business or risk management practices for non-cleared swaps.   Swaps that must be cleared must also be traded on exchange or on a swap execution facility or “SEF”, unless there is no exchange or SEF that will list the swap.  A SEF is a facility for execution or trading of swaps such as an electronic trade execution facility.  Voice brokers are still permitted to enter and execute swaps subject to the clearing requirement, so long as they process the swap though a regulated exchange or SEF.  Uncleared swaps must be reported to a swap repository or to the regulator.
The amendment requires swap dealers and major participants to maintain capital appropriate to the risk associated with the non-cleared swaps being held as a dealer or major participant.  Dealers and major participants must also meet margin requirements to help ensure their own safety and soundness, and which are appropriate for the risk associated with the non-cleared swaps they hold as a dealer or major participant.  Dealers must also segregate funds or property associated with an uncleared swap at their counterparties’ request.
The amendment requires the CFTC to establish position limits on swaps that perform a significant price discovery function and require aggregate limits across markets. It further requires the CFTC to establish position limits on futures transactions for physically deliverable commodities that are applicable to spot month, each month, and all months aggregated, and to hold hearings on such position limits. The CFTC is also authorized to provide exemptions to position limits.
The amendment also requires Foreign Boards of Trade to meet certain standards of comparability to the requirements applicable to boards of trade and provides legal certainty for certain contracts traded on or through a foreign board of trade. 
The amendment also clarifies CFTC jurisdiction with respect to certain retail commodity transactions.

(30 minutes)

4. Peterson (MN)

Would provide that the CFTC would define the terms "Commercial Risk", "operating risk", and "balance sheet risk" for purposes of the Commodity Exchange Act

(10 minutes)

5. Lynch (MA)

Would provide rules toward the equitable governance of clearing houses and swap exchange facilities.

(10 minutes)

6. Murphy, Scott (NY), McMahon (NY), Kratovil (MD)

Would replace the current definition of Major Swap Participant with the definition that was reported out of the House Agriculture Committee.

(10 minutes)

7. Frank (MA)

Would create authority for the prudential regulators, the CFTC and the SEC, to set margin in swap and security-based swap transactions involving end users.

(10 minutes)

8. Stupak (MI), Van Hollen, Chris (MD)

Would require transparency in swaps contracts by requiring all non-cleared swaps be executed on a registered swap execution facility.
 

(10 minutes)

9. Stupak (MI), DeLauro (CT), Larson, John (CT), Van Hollen, Chris (MD)

Would allow the Commodity Futures Trading Commission and the Securities and Exchange Commission the authority to ban abusive swaps, amends any proposed commercial risk definition to disregard balance sheet risk, and maintains any illegal swap entered into after enactment of this Act will not be valid.

(10 minutes)

10. Matsui (CA), Sutton (OH), Castor (FL)

Would require any mortgage servicer or lender participating in the Making Home Affordable Program, to report to the Department of Treasury on a monthly basis. The Department shall make such a report available on their website within two weeks of receiving such information for public viewing.  The report to Treasury shall include, but not limited to the following, with respect to the Making Home Affordable Plan: A) the number of loan modification requests received; B) number of loan modification requests being processed; C) the number of loan modification requests that have been approved; D) the number of loan modification requests that have been denied.  The amendment gives the Secretary of Treasury authority to publicly release any other relevant data the Secretary deems necessary.

(10 minutes)

11. Paulsen (MN)

Would clarify that the non-voting members of the systemic risk council shall not be excluded from participating in any of the Council's proceedings, meetings, discussions, and deliberations. 

(10 minutes)

12. Kanjorski (PA), Frank (MA), Sarbanes (MD), Cohen (TN)

Would strike the provisions exempting public companies with less than $75 million in market capitalization from the requirements of the Sarbanes-Oxley Act related to the external audit of internal controls.

(10 minutes)

13. Marshall (GA)

Would provide that no private right of action may brought forward based on any provision of the Consumer Financial Protection Agency title.

(10 minutes)

14. McCarthy, Kevin (CA)

Would strike section 6012 (relating to “Effect of Rule 436(G)”).  The amendment would strike increased liability language that would be a barrier to entry, inhibiting increased competition in the rating agency market.

(10 minutes)

15. Cohen (TN), Frank (MA)

Would strike language that would permit FINRA to regulate investment advisers that are associated with broker dealers.

(10 minutes)

16. Peters (MI)

Would authorize the FDIC to make assessments for the Systemic Dissolution Fund used to repay any shortfalls in Troubled Asset Relief Program (TARP) to ensure that such shortfalls do not add to the deficit or national debt. 

(10 minutes)

17. Watt (NC)

Would revise the exclusion for auto dealers under the Consumer Financial Protection Agency Act by clarifying what auto dealer activities are excepted.

(10 minutes)

18. Frank (MA), Kanjorski (PA)

Would aim to stem the unintended consequences resulting from the definitional change of NRSRO from “Nationally Recognized Statistical Rating Organization to “Nationally Registered Statistical Rating Organization.”  Section 6005 creates inconsistencies in the securities laws as it amends the definition only in the 1933 and 1934 Acts and it has potential impact on state rules and regulations requiring a change of state level statute.

(10 minutes)

19. Conyers (MI), Turner (OH), Lofgren (CA), Marshall (GA), Waters (CA), Cohen (TN), Miller, Brad (NC), Delahunt (MA), Nadler (NY), Fudge (OH)

Would allow bankruptcy courts to extend repayment periods, reduce excessive interest rates and fees, and adjust the principal balance of the mortgage to a home's fair market value as necessary to prevent foreclosure and revised to allow the VA, FHA, and RHS to take steps to facilitate mortgage modifications.  The amendment is substantively identical to title I, subtitle A and sections 121-123 of subtitle B of H.R. 1106 (Helping Families Save Their Homes Act of 2009), which passed the House on March 5, 2009.

(10 minutes)

20. Burgess (TX)

Would strike the word "orderliness" from the list of items the Financial Services Oversight Council must advise Congress on how to improve financial regulatory developments.

(10 minutes)

21. Burgess (TX)

Would index to inflation any mitigatory action imposed by the Financial Services Oversight Council involving the sale, divestiture or transfer of more than $10 billion in total assets by a financial holding company subject to stricter standards. 

(10 minutes)

22. Burgess (TX)

Would require the Federal Reserve to define by rule or regulation the term 'significantly undercapitalized' at a threshold the Fed determines to be prudent for the effective monitoring, management and oversight of the financial system.

(10 minutes)

23. Burgess (TX)

Would set an outer time limit of two years to the amount of time the GAO can use to audit the Federal Reserve.

(10 minutes)

24. Burgess (TX)

Would remove from the GAO study of the SEC's "revolving door" the requirement to determine if employees of the SEC who are later employed by financial institutions "have engaged in information sharing".

(10 minutes)

25. Herseth Sandlin (SD)

Would direct the SEC to take into account the relative risk profile of different classes of funds when it is developing the new registration regime for private funds.

(10 minutes)

26. Garrett (NJ)

Would allow rating agency firms to deregister as Nationally Recognized Statistical Rating Organizations (NRSRO), provided such NRSRO certifies that it received less than $250 million during its last full fiscal year in compensation for providing credit ratings on securities and money market instruments issued in the

(10 minutes)

27. Dent (PA)

Would state a sense of Congress that mortgage lenders should provide loan applicants with a simplified summary of their loan contracts, including an easy-to-read list of the basic loan terms, payment information, the existence of prepayment penalties or balloon payments, and escrow information.

(10 minutes)

28. Moore, Dennis (KS), Garrett (NJ)

Would specify only the tax policies, licensing and other regulatory requirements of the home state of the policyholder govern a surplus lines transaction, as well as allows sophisticated commercial entities direct access to the surplus lines market. The amendment also prohibits states from voiding established, contractual arbitration agreements between reinsurers and primary companies.

(10 minutes)

29. Wittman (VA)

Would amend various banking laws to clarify the applicability of exceptions to allow banks to announce, advertise, publicize, and/or deal in any lottery that benefits nonprofit tax-exempt organizations.

(10 minutes)

30. Minnick (ID)

Would define unfair, deceptive, or abusive acts or practices that would be determined by the CFPA.

(10 minutes)

31. Bartlett (MD)

Would provide for State loan originator supervisory authority to review and grant exceptions on a case by case basis to the mortgage originators lifetime ban.

(10 minutes)

32. Schakowsky (IL), Titus (NV)

Would provide the Director of the Consumer Financial Protection Agency with authority to issue regulations for reverse mortgage transactions within one year of enactment.  It would clarify the Director’s authority to consider additional consumer protections under both consumer protection statutes and HUD regulations.

(10 minutes)

33. Kilroy (OH)

Would make explicit that financing for the Systemic Dissolution Fund would come exclusively from assessments on industry, without recourse to the American taxpayer.

(10 minutes)

34. Murphy, Scott (NY)

Would repeal a prohibition on the payment of interest on business checking accounts.

(10 minutes)

35. Minnick (ID), Schock (IL), Shuler (NC), Castle (DE), Childers (MS), Campbell (CA), Markey, Betsy (CO), Reichert (WA), Teague (NM), Bright (AL), Boren (OK), Griffith (AL)

Would create a Consumer Financial Protection Council (CFPC) of regulators with rule-writing authority in safety and soundness of institutions and consumer protections regarding all financial products.  The CFPC is comprised of 12 members including the Secretary of Treasury, Secretary of Housing and Urban Development, the Chairman of the Federal Reserve, the chairman of the CFTC and SEC, among other federal and state regulators.

(20 minutes)

36. Bachus (AL), Biggert (IL), Capito (WV), Hensarling (TX), Garrett (NJ), Neugebauer (TX)

Would provide an alternative bill that establishes a new chapter of the bankruptcy code to resolve certain non-bank financial institutions; creates a consumer protection council comprised of existing Federal regulators to revise and promulgate model regulations to enhance consumer protection and improve disclosure; strengthens anti-fraud provisions; regulates over-the-counter derivatives markets; addresses executive compensation; removes statutory reliance on credit ratings; reforms the Government Sponsored Enterprises (Fannie Mae and Freddie Mac); and creates a Federal Insurance Office.

(30 minutes)