hr4173: restoring american financial stability act of 2010
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May 27 (legislative day, May 26), 2010
Ordered to be printed as passed
In the Senate of the United States,May 20, 2010.
Resolved, That the bill from the House of Representa-
tives (H.R. 4173) entitled An Act to provide for financial
regulatory reform, to protect consumers and investors, to en-
hance Federal understanding of insurance issues, to regulate
the over-the-counter derivatives markets, and for other pur-
poses., do pass with the following
AMENDMENTS:
Strike all after the enacting clause and insert the
following:
SECTION 1. SHORT TITLE; TABLE OF CONTENTS.1
(a) SHORT TITLE.This Act may be cited as the Re-2
storing American Financial Stability Act of 2010.3
(b) T ABLE OF CONTENTS.The table of contents for4
this Act is as follows:5
Sec. 1. Short title; table of contents.
Sec. 2. Definitions.
Sec. 3. Severability.
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Sec. 4. Effective date.
TITLE IFINANCIAL STABILITY
Sec. 101. Short title.
Sec. 102. Definitions.
Subtitle AFinancial 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 fi-
nancial 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 compa-nies.
Sec. 118. Council funding.
Sec. 119. Resolution of supervisory jurisdictional disputes among member agen-
cies.
Sec. 120. Additional standards applicable to activities or practices for financial
stability purposes.
Sec. 121. Mitigation of risks to financial stability.
Subtitle BOffice of Financial Research
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.
Subtitle CAdditional Board of Governors Authority for Certain Nonbank
Financial Companies and Bank Holding Companies
Sec. 161. Reports by and examinations of nonbank financial companies super-
vised 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.
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TITLE IIORDERLY LIQUIDATION AUTHORITY
Sec. 201. Definitions.
Sec. 202. Judicial review.
Sec. 203. Systemic risk determination.
Sec. 204. Orderly liquidation.
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 senior executives and directors.
Sec. 214. Prohibition on taxpayer funding.
TITLE IIITRANSFER 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 ATransfer 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 BTransitional Provisions
Sec. 321. Interim use of funds, personnel, and property of the Office of Thrift Su-
pervision.
Sec. 322. Transfer of employees.
Sec. 323. Property transferred.
Sec. 324. Funds transferred.
Sec. 325. Disposition of affairs.
Sec. 326. Continuation of services.
Subtitle CFederal Deposit Insurance Corporation
Sec. 331. Deposit insurance reforms.
Sec. 332. Management of the Federal Deposit Insurance Corporation.
Subtitle DTermination of Federal Thrift Charter
Sec. 341. Termination of Federal savings associations.
Sec. 342. Branching.
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TITLE IVREGULATION 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 eliminated.
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 registra-
tion 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 VINSURANCE
Subtitle AOffice of National Insurance
Sec. 501. Short title.
Sec. 502. Establishment of Office of National Insurance.
Subtitle BState-based Insurance Reform
Sec. 511. Short title.
Sec. 512. Effective date.
PART INONADMITTED INSURANCE
Sec. 521. Reporting, payment, and allocation of premium taxes.
Sec. 522. Regulation of nonadmitted insurance by insureds 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 IIREINSURANCE
Sec. 531. Regulation of credit for reinsurance and reinsurance agreements.Sec. 532. Regulation of reinsurer solvency.
Sec. 533. Definitions.
PART IIIRULE OF CONSTRUCTION
Sec. 541. Rule of construction.
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Sec. 542. Severability.
TITLE VIIMPROVEMENTS TO REGULATION OF BANK AND SAVINGS
ASSOCIATION HOLDING COMPANIES AND DEPOSITORY INSTITU-
TIONS
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 function-
ally regulated subsidiaries.
Sec. 605. Assuring consistent oversight of permissible activities of depository in-
stitution subsidiaries of holding companies.
Sec. 606. Requirements for financial holding companies to remain well capital-
ized 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 secu-
rities lending and borrowing transactions.
Sec. 611. Application of national bank lending limits to insured State banks.
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 of holding companies.
Sec. 617. Elimination of elective investment bank holding company framework.
Sec. 618. Securities holding companies.
Sec. 619. Restrictions on capital market activity by banks and bank holding com-
panies.
Sec. 620. Concentration limits on large financial firms.
TITLE VIIWALL STREET TRANSPARENCY AND ACCOUNTABILITY
Sec. 701. Short title.
Subtitle ARegulation of Over-the-Counter Swaps Markets
PART IREGULATORYAUTHORITY
Sec. 711. Definitions.
Sec. 712. Review of regulatory authority.
Sec. 713. Recommendations for changes to portfolio margining laws.
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 approvalCFTC-SEC process.
Sec. 718. Determining status of novel derivative products.
PART IIR EGULATION OF SWAP MARKETS
Sec. 721. Definitions.
Sec. 722. Jurisdiction.
Sec. 723. Clearing.
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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 partici-
pants.
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. Antimarket manipulation authority.
Sec. 754. Effective date.
Subtitle BRegulation 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 Advisors Act of 1940.
Sec. 771. Other authority.
Sec. 772. Jurisdiction.
Sec. 773. Effective date.
TITLE VIIIPAYMENT, CLEARING, AND SETTLEMENT SUPERVISION
Sec. 801. Short title.
Sec. 802. Findings and purposes.
Sec. 803. Definitions.
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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. Effective date.
TITLE IXINVESTOR PROTECTIONS AND IMPROVEMENTS TO THE
REGULATION OF SECURITIES
Subtitle AIncreasing Investor Protection
Sec. 911. Investor Advisory Committee established.
Sec. 912. Clarification of authority of the Commission to engage in investor test-ing.
Sec. 913. Study and rulemaking regarding obligations of brokers, dealers, and in-
vestment advisers.
Sec. 914. Office of the Investor Advocate.
Sec. 915. Streamlining of filing procedures for self-regulatory organizations.
Sec. 916. Study regarding financial literacy among investors.
Sec. 917. Study regarding mutual fund advertising.
Sec. 918. Clarification of Commission authority to require investor disclosures be-
fore purchase of investment products and services.
Sec. 919. Study on conflicts of interest.
Sec. 919A. Study on improved investor access to information on investment ad-
visers and broker-dealers.
Sec. 919B. Study on financial planners and the use of financial designations.
Subtitle BIncreasing Regulatory Enforcement and Remedies
Sec. 921. Authority to issue rules related to mandatory predispute 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 Offer-
ings.
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 trad-
ed companies.
Sec. 929B. FAIR Fund amendments.
Sec. 929C. Increasing the borrowing limit on Treasury loans.
Subtitle CImprovements to the Regulation of Credit Rating Agencies
Sec. 931. Findings.
Sec. 932. Enhanced regulation, accountability, and transparency of nationally
recognized statistical rating organizations.
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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 rat-
ing 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. Securities and Exchange Commission study on strengthening credit
rating agency independence.
Sec. 939B. Government Accountability Office study on alternative business mod-
els.
Sec. 939C. Government Accountability Office study on the creation of an inde-
pendent professional analyst organization.
Sec. 939D. Initial credit rating assignments.
Subtitle DImprovements 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.
Subtitle EAccountability 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. Excessive compensation by holding companies of depository institutions.
Sec. 957. Voting by brokers.
Subtitle FImprovements 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.
Subtitle GStrengthening Corporate Governance
Sec. 971. Election of directors by majority vote in uncontested elections.Sec. 972. Proxy access.
Sec. 973. Disclosures regarding chairman and CEO structures.
Subtitle HMunicipal 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 inves-
tors.
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Sec. 977. Government Accountability Office study on the municipal securities
markets.
Sec. 978. Study of funding for Government Accounting Standards Board.
Sec. 979. Commission Office of Municipal Securities.
Subtitle IPublic 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 Hold-
ing 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 re-
views.
Sec. 988. Amendment to definition of material loss and nonmaterial losses to the
National Credit Union Share Insurance Fund for purposes ofInspector 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.
Subtitle JSelf-funding of the Securities and Exchange Commission
Sec. 991. Securities and Exchange Commission self-funding.
TITLE XBUREAU OF CONSUMER FINANCIAL PROTECTION
Sec. 1001. Short title.
Sec. 1002. Definitions.
Subtitle ABureau of Consumer Financial Protection
Sec. 1011. Establishment of the Bureau.
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 BGeneral 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.
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Sec. 1027. Limitations on authorities of the Bureau; preservation of authorities.
Sec. 1028. Authority to restrict mandatory pre-dispute arbitration.
Sec. 1029. Effective date.
Subtitle CSpecific 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 DPreservation 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 subsidiariesclarified.
Sec. 1045. Clarification of law applicable to nondepository institution subsidi-
aries.
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 EEnforcement 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 FTransfer 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 GRegulatory Improvements
Sec. 1071. Small business data collection.
Sec. 1072. GAO study on the effectiveness and impact of various appraisal meth-
ods.
Sec. 1073. Prohibited payments to mortgage originators.
Sec. 1074. Minimum standards for residential mortgage loans.
Sec. 1075. Prohibition on certain prepayment penalties.
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Sec. 1076. Assistance for economically vulnerable individuals and families.
Sec. 1077. Remittance transfers.
Sec. 1078. Department of the Treasury study on ending the conservatorship of
Fannie Mae, Freddie Mac, and reforming the housing finance
system.
Sec. 1079. Reasonable fees and rules for payment card transactions.
Sec. 1079A. Use of Consumer Reports.
Subtitle HConforming 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 Accu-
rate Credit Transactions Act.Sec. 1089. Amendments to the Fair Debt Collection Practices Act.
Sec. 1090. Amendments to the Federal Deposit Insurance Act.
Sec. 1091. Amendments to the Gramm-Leach-Bliley Act.
Sec. 1092. Amendments to the Home Mortgage Disclosure Act.
Sec. 1093. Amendments to the Homeowners Protection Act of 1998.
Sec. 1094. Amendments to the Home Ownership and Equity Protection Act of
1994.
Sec. 1095. Amendments to the Omnibus Appropriations Act, 2009.
Sec. 1096. Amendments to the Real Estate Settlement Procedures Act.
Sec. 1097. Amendments to the Right to Financial Privacy Act of 1978.
Sec. 1098. Amendments to the Secure and Fair Enforcement for Mortgage Licens-
ing Act of 2008.
Sec. 1099. Amendments to the Truth in Lending Act.
Sec. 1100. Amendments to the Truth in Savings Act.
Sec. 1101. Amendments to the Telemarketing and Consumer Fraud and Abuse
Prevention Act.
Sec. 1102. Amendments to the Paperwork Reduction Act.
Sec. 1103. Adjustments for inflation in the Truth in Lending Act.
Sec. 1104. Small business fairness and regulatory transparency.
Sec. 1105. Effective date.
TITLE XIFEDERAL RESERVE SYSTEM PROVISIONS
Sec. 1151. Federal Reserve Act amendments on emergency lending authority.
Sec. 1152. Reviews of special Federal Reserve credit facilities.
Sec. 1153. Public access to information.Sec. 1154. Liquidity event determination.
Sec. 1155. Emergency financial stabilization.
Sec. 1156. Additional related amendments.
Sec. 1157. Federal Reserve Act amendments on Federal reserve bank governance.
Sec. 1158. Amendments to the Federal Reserve Act relating to supervision and
regulation policy.
Sec. 1159. GAO audit of the Federal Reserve facilities; Publication of Board ac-
tions.
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TITLE XIIIMPROVING 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 XIIIPAY 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 XIVMISCELLANEOUS
Sec. 1401. Restrictions on use of Federal funds to finance bailouts of foreign gov-
ernments.
TITLE XVCONGO CONFLICT MINERALS
Sec. 1501. Sense of Congress on exploitation and trade of columbite-tantalite, cas-
siterite, gold, and wolframite originating in Democratic Repub-
lic of Congo.
Sec. 1502. Disclosure to Securities and Exchange Commission relating to colum-bite-tantalite, cassiterite, gold, and wolframite originating in
Democratic Republic of Congo.
Sec. 1503. Report.
SEC. 2. DEFINITIONS.1
As used in this Act, the following definitions shall2
apply, except as the context otherwise requires or as other-3
wise specifically provided in this Act:4
(1) AFFILIATE.The term affiliate means any5
company that controls, is controlled by, or is under6
common control with another company.7
(2) A PPROPRIATE FEDERAL BANKING AGENCY.8
On and after the transfer date, the term appropriate9
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Federal banking agency has the same meaning as in1
section 3(q) of the Federal Deposit Insurance Act (122
U.S.C. 1813(q)), as amended by title III.3
(3) BOARD OF GOVERNORS.The term Board of4
Governors means the Board of Governors of the Fed-5
eral Reserve System.6
(4) BUREAU.The term Bureau means the7
Bureau of Consumer Financial Protection established8
under title X.9
(5) COMMISSION.The term Commission10
means the Securities and Exchange Commission, ex-11
cept in the context of the Commodity Futures Trading12
Commission.13
(6) CORPORATION.The term Corporation14
means the Federal Deposit Insurance Corporation.15
(7) COUNCIL.The term Council means the16
Financial Stability Oversight Council established17
under title I.18
(8) C REDIT UNION.The term credit union19
means a Federal credit union, State credit union, or20
State-chartered credit union, as those terms are de-21
fined in section 101 of the Federal Credit Union Act22
(12 U.S.C. 1752).23
(9) F EDERAL BANKING AGENCY.The term24
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(A) Federal banking agency means, indi-1
vidually, the Board of Governors, the Office of2
the Comptroller of the Currency, and the Cor-3
poration; and4
(B) Federal banking agencies means all5
of the agencies referred to in subparagraph (A),6
collectively.7
(10) FUNCTIONALLY REGULATED SUBSIDIARY.8
The term functionally regulated subsidiary has the9
same meaning as in section 5(c)(5) of the Bank Hold-10
ing Company Act of 1956 (12 U.S.C. 1844(c)(5)).11
(11) P RIMARY FINANCIAL REGULATORY AGEN-12
CY.The term primary financial regulatory agen-13
cy means14
(A) the appropriate Federal banking agen-15
cy, with respect to institutions described in sec-16
tion 3(q) of the Federal Deposit Insurance Act,17
except to the extent that an institution is or the18
activities of an institution are otherwise subject19
to the jurisdiction of an agency listed in sub-20
paragraph (B), (C), (D), or (E);21
(B) the Securities and Exchange Commis-22
sion, with respect to23
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(i) any broker or dealer that is reg-1
istered with the Commission under the Se-2
curities Exchange Act of 1934;3
(ii) any investment company that is4
registered with the Commission under the5
Investment Company Act of 1940;6
(iii) any investment adviser that is7
registered with the Commission under the8
Investment Advisers Act of 1940, with re-9
spect to the investment advisory activities of10
such company and activities that are inci-11
dental to such advisory activities; and12
(iv) any clearing agency registered13
with the Commission under the Securities14
Exchange Act of 1934;15
(C) the Commodity Futures Trading Com-16
mission, with respect to any futures commission17
merchant, any commodity trading adviser, and18
any commodity pool operator registered with the19
Commodity Futures Trading Commission under20
the Commodity Exchange Act, with respect to the21
commodities activities of such entity and activi-22
ties that are incidental to such commodities ac-23
tivities;24
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(D) the State insurance authority of the1
State in which an insurance company is domi-2
ciled, with respect to the insurance activities and3
activities that are incidental to such insurance4
activities of an insurance company that is sub-5
ject to supervision by the State insurance au-6
thority under State insurance law; and7
(E) the Federal Housing Finance Agency,8
with respect to Federal Home Loan Banks or the9
Federal Home Loan Bank System, and with re-10
spect to the Federal National Mortgage Associa-11
tion or the Federal Home Loan Mortgage Cor-12
poration.13
(12) P RUDENTIAL STANDARDS.The term pru-14
dential standards means enhanced supervision and15
regulatory standards developed by the Board of Gov-16
ernors under section 115 or 165.17
(13) SECRETARY.The term Secretary means18
the Secretary of the Treasury.19
(14) S ECURITIES TERMS.The20
(A) terms broker, dealer, issuer, na-21
tionally recognized statistical ratings organiza-22
tion, security, and securities laws have the23
same meanings as in section 3 of the Securities24
Exchange Act of 1934 (15 U.S.C. 78c);25
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(B) term investment adviser has the same1
meaning as in section 202 of the Investment Ad-2
visers Act of 1940 (15 U.S.C. 80b2); and3
(C) term investment company has the4
same meaning as in section 3 of the Investment5
Company Act of 1940 (15 U.S.C. 80a3).6
(15) STATE.The term State means any7
State, commonwealth, territory, or possession of the8
United States, the District of Columbia, the Common-9
wealth of Puerto Rico, the Commonwealth of the10
Northern Mariana Islands, American Samoa, Guam,11
or the United States Virgin Islands.12
(16) T RANSFER DATE.The term transfer13
date means the date established under section 311.14
(17) OTHER INCORPORATED DEFINITIONS
.15
(A) F EDERAL DEPOSIT INSURANCE ACT.16
The terms affiliate, bank, bank holding17
company, control (when used with respect to18
a depository institution), deposit, depository19
institution, Federal depository institution,20
Federal savings association, foreign bank,21
including, insured branch, insured deposi-22
tory institution, national member bank, na-23
tional nonmember bank, savings association,24
State bank, State depository institution,25
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State member bank, State nonmember bank,1
State savings association, and subsidiary2
have the same meanings as in section 3 of the3
Federal Deposit Insurance Act (12 U.S.C. 1813).4
(B) HOLDING COMPANIES.The term5
(i) bank holding company has the6
same meaning as in section 2 of the Bank7
Holding Company Act of 1956 (12 U.S.C.8
1841);9
(ii) financial holding company has10
the same meaning as in section 2(p) of the11
Bank Holding Company Act of 1956 (1212
U.S.C. 1841(p)); and13
(iii) savings and loan holding com-14
pany has the same meaning as in section15
10 of the Home Owners Loan Act (1216
U.S.C. 1467a(a)).17
SEC. 3. SEVERABILITY.18
If any provision of this Act, an amendment made by19
this Act, or the application of such provision or amendment20
to any person or circumstance is held to be unconstitu-21
tional, the remainder of this Act, the amendments made by22
this Act, and the application of the provisions of such to23
any person or circumstance shall not be affected thereby.24
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SEC. 4. EFFECTIVE DATE.1
Except as otherwise specifically provided in this Act2
or the amendments made by this Act, this Act and such3
amendments shall take effect 1 day after the date of enact-4
ment of this Act.5
TITLE IFINANCIAL STABILITY6
SEC. 101. SHORT TITLE.7
This title may be cited as the Financial Stability Act8
of 2010.9
SEC. 102. DEFINITIONS.10
(a) IN GENERAL.For purposes of this title, unless the11
context otherwise requires, the following definitions shall12
apply:13
(1) B ANK HOLDING COMPANY.The term bank14
holding company has the same meaning as in sec-15
tion 2 of the Bank Holding Company Act of 1956 (1216
U.S.C. 1841). A foreign bank or company that is17
treated as a bank holding company for purposes of18
the Bank Holding Company Act of 1956, pursuant to19
section 8(a) of the International Banking Act of 197820
(12 U.S.C. 3106(a)), shall be treated as a bank hold-21
ing company for purposes of this title.22
(2) CHAIRPERSON.The term Chairperson23
means the Chairperson of the Council.24
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(3) M EMBER AGENCY.The term member agen-1
cy means an agency represented by a voting member2
of the Council.3
(4) NONBANK FINANCIAL COMPANY DEFINI-4
TIONS.5
(A) FOREIGN NONBANK FINANCIAL COM-6
PANY.The term foreign nonbank financial7
company means a company (other than a com-8
pany that is, or is treated in the United States9
as, a bank holding company or a subsidiary10
thereof) that is11
(i) incorporated or organized in a12
country other than the United States; and13
(ii) predominantly engaged in, includ-14
ing through a branch in the United States,15
financial activities, as defined in paragraph16
(6).17
(B) U.S. NONBANK FINANCIAL COMPANY.18
The term U.S. nonbank financial company19
means a company (other than a bank holding20
company or a subsidiary thereof, or a Farm21
Credit System institution chartered and subject22
to the provisions of the Farm Credit Act of 197123
(12 U.S.C. 2001 et seq.)) that is24
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(i) incorporated or organized under the1
laws of the United States or any State; and2
(ii) predominantly engaged in finan-3
cial activities as defined in paragraph (6).4
(C) NONBANK FINANCIAL COMPANY.The5
term nonbank financial company means a6
U.S. nonbank financial company and a foreign7
nonbank financial company.8
(D) NONBANK FINANCIAL COMPANY SUPER-9
VISED BY THE BOARD OF GOVERNORS.The10
term nonbank financial company supervised by11
the Board of Governors means a nonbank fi-12
nancial company that the Council has deter-13
mined under section 113 shall be supervised by14
the Board of Governors.15
(5) O FFICE OF FINANCIAL RESEARCH.The term16
Office of Financial Research means the office estab-17
lished under section 152.18
(6) P REDOMINANTLY ENGAGED.A company is19
predominantly engaged in financial activities if20
(A) the annual gross revenues derived by the21
company and all of its subsidiaries from activi-22
ties that are financial in nature (as defined in23
section 4(k) of the Bank Holding Company Act24
of 1956) and, if applicable, from the ownership25
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or control of one or more insured depository in-1
stitutions, represents 85 percent or more of the2
consolidated annual gross revenues of the com-3
pany; or4
(B) the consolidated assets of the company5
and all of its subsidiaries related to activities6
that are financial in nature (as defined in sec-7
tion 4(k) of the Bank Holding Company Act of8
1956) and, if applicable, related to the ownership9
or control of one or more insured depository in-10
stitutions, represents 85 percent or more of the11
consolidated assets of the company.12
(7) S IGNIFICANT INSTITUTIONS.The terms sig-13
nificant nonbank financial company and signifi-14
cant bank holding company have the meanings given15
those terms by rule of the Board of Governors.16
(b) DEFINITIONAL CRITERIA.The Board of Gov-17
ernors shall establish, by regulation, the requirements for18
determining if a company is predominantly engaged in fi-19
nancial activities, as defined in subsection (a)(6).20
(c) FOREIGN NONBANKFINANCIAL COMPANIES.For21
purposes of the authority of the Board of Governors under22
this title with respect to foreign nonbank financial compa-23
nies, references in this title to company or subsidiary24
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include only the United States activities and subsidiaries1
of such foreign company.2
Subtitle AFinancial Stability3
Oversight Council4
SEC. 111. FINANCIAL STABILITY OVERSIGHT COUNCIL ES-5
TABLISHED.6
(a) ESTABLISHMENT.Effective on the date of enact-7
ment of this Act, there is established the Financial Stability8
Oversight Council.9
(b) MEMBERSHIP.The Council shall consist of the10
following members:11
(1) VOTING MEMBERS.The voting members,12
who shall each have 1 vote on the Council shall be13
(A) the Secretary of the Treasury, who shall14
serve as Chairperson of the Council;15
(B) the Chairman of the Board of Gov-16
ernors;17
(C) the Comptroller of the Currency;18
(D) the Director of the Bureau;19
(E) the Chairman of the Commission;20
(F) the Chairperson of the Corporation;21
(G) the Chairperson of the Commodity Fu-22
tures Trading Commission;23
(H) the Director of the Federal Housing Fi-24
nance Agency; and25
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(I) an independent member appointed by1
the President, by and with the advice and con-2
sent of the Senate, having insurance expertise.3
(2) NONVOTING MEMBERS.The Director of the4
Office of Financial Research5
(A) shall serve in an advisory capacity as6
a nonvoting member of the Council; and7
(B) may not be excluded from any of the8
proceedings, meetings, discussions, or delibera-9
tions of the Council.10
(c) TERMS; VACANCY.11
(1) TERMS.The independent member of the12
Council shall serve for a term of 6 years.13
(2) VACANCY.Any vacancy on the Council shall14
be filled in the manner in which the original appoint-15
ment was made.16
(3) ACTING OFFICIALS MAY SERVE.In the event17
of a vacancy in the office of the head of a member18
agency or department, and pending the appointment19
of a successor, or during the absence or disability of20
the head of a member agency or department, the act-21
ing head of the member agency or department shall22
serve as a member of the Council in the place of that23
agency or department head.24
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(d) T ECHNICAL ANDPROFESSIONAL ADVISORY COM-1
MITTEES.The Council may appoint such special advisory,2
technical, or professional committees as may be useful in3
carrying out the functions of the Council, including an ad-4
visory committee consisting of State regulators, and the5
members of such committees may be members of the Council,6
or other persons, or both.7
(e) MEETINGS.8
(1) TIMING.The Council shall meet at the call9
of the Chairperson or a majority of the members then10
serving, but not less frequently than quarterly.11
(2) RULES FOR CONDUCTING BUSINESS.The12
Council shall adopt such rules as may be necessary13
for the conduct of the business of the Council. Such14
rules shall be rules of agency organization, procedure,15
or practice for purposes of section 553 of title 5,16
United States Code.17
(f) VOTING.Unless otherwise specified, the Council18
shall make all decisions that it is authorized or required19
to make by a majority vote of the members then serving.20
(g) NONAPPLICABILITY OFFACA.The Federal Advi-21
sory Committee Act (5 U.S.C. App.) shall not apply to the22
Council, or to any special advisory, technical, or profes-23
sional committee appointed by the Council, except that, if24
an advisory, technical, or professional committee has one25
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or more members who are not employees of or affiliated with1
the United States Government, the Council shall publish a2
list of the names of the members of such committee.3
(h) ASSISTANCEFROMFEDERALAGENCIES.Any de-4
partment or agency of the United States may provide to5
the Council and any special advisory, technical, or profes-6
sional committee appointed by the Council, such services,7
funds, facilities, staff, and other support services as the8
Council may determine advisable.9
(i) COMPENSATION OFMEMBERS.10
(1) F EDERAL EMPLOYEE MEMBERS.All mem-11
bers of the Council who are officers or employees of12
the United States shall serve without compensation in13
addition to that received for their services as officers14
or employees of the United States.15
(2) COMPENSATION FOR NON- FEDERAL MEM-16
BER.Section 5314 of title 5, United States Code, is17
amended by adding at the end the following:18
Independent Member of the Financial Stability19
Oversight Council (1)..20
(j) D ETAIL OF GOVERNMENTEMPLOYEES.Any em-21
ployee of the Federal Government may be detailed to the22
Council without reimbursement, and such detail shall be23
without interruption or loss of civil service status or privi-24
lege. An employee of the Federal Government detailed to the25
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Council shall report to and be subject to oversight by the1
Council during the assignment to the Council, and shall2
be compensated by the department or agency from which3
the employee was detailed.4
SEC. 112. COUNCIL AUTHORITY.5
(a) PURPOSES ANDDUTIES OF THE COUNCIL.6
(1) I N GENERAL.The purposes of the Council7
are8
(A) to identify risks to the financial sta-9
bility of the United States that could arise from10
the material financial distress or failure of large,11
interconnected bank holding companies or12
nonbank financial companies;13
(B) to promote market discipline, by elimi-14
nating expectations on the part of shareholders,15
creditors, and counterparties of such companies16
that the Government will shield them from losses17
in the event of failure; and18
(C) to respond to emerging threats to the19
stability of the United States financial markets.20
(2) DUTIES.The Council shall, in accordance21
with this title22
(A) collect information from member agen-23
cies and other Federal and State financial regu-24
latory agencies and, if necessary to assess risks25
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to the United States financial system, direct the1
Office of Financial Research to collect informa-2
tion from bank holding companies and nonbank3
financial companies;4
(B) provide direction to, and request data5
and analyses from, the Office of Financial Re-6
search to support the work of the Council;7
(C) monitor the financial services market-8
place in order to identify potential threats to the9
financial stability of the United States;10
(D) facilitate information sharing and co-11
ordination among the member agencies and other12
Federal and State agencies regarding domestic13
financial services policy development, rule-14
making, examinations, reporting requirements,15
and enforcement actions;16
(E) recommend to the member agencies gen-17
eral supervisory priorities and principles reflect-18
ing the outcome of discussions among the mem-19
ber agencies;20
(F) identify gaps in regulation that could21
pose risks to the financial stability of the United22
States;23
(G) require supervision by the Board of24
Governors for nonbank financial companies that25
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may pose risks to the financial stability of the1
United States in the event of their material fi-2
nancial distress or failure, pursuant to section3
113;4
(H) make recommendations to the Board of5
Governors concerning the establishment of height-6
ened prudential standards for risk-based capital,7
leverage, liquidity, contingent capital, resolution8
plans and credit exposure reports, concentration9
limits, enhanced public disclosures, and overall10
risk management for nonbank financial compa-11
nies and large, interconnected bank holding com-12
panies supervised by the Board of Governors;13
(I) identify systemically important finan-14
cial market utilities and payment, clearing, and15
settlement activities (as that term is defined in16
title VIII), and require such utilities and activi-17
ties to be subject to standards established by the18
Board of Governors;19
(J) make recommendations to primary fi-20
nancial regulatory agencies to apply new or21
heightened standards and safeguards for finan-22
cial activities or practices that could create or23
increase risks of significant liquidity, credit, or24
other problems spreading among bank holding25
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companies, nonbank financial companies, and1
United States financial markets;2
(K) make determinations regarding exemp-3
tions in title VII, where necessary;4
(L) provide a forum for5
(i) discussion and analysis of emerging6
market developments and financial regu-7
latory issues; and8
(ii) resolution of jurisdictional disputes9
among the members of the Council; and10
(M) annually report to and testify before11
Congress on12
(i) the activities of the Council;13
(ii) significant financial market devel-14
opments and potential emerging threats to15
the financial stability of the United States;16
(iii) all determinations made under17
section 113 or title VIII, and the basis for18
such determinations; and19
(iv) recommendations20
(I) to enhance the integrity, effi-21
ciency, competitiveness, and stability22
of United States financial markets;23
(II) to promote market discipline;24
and25
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(III) to maintain investor con-1
fidence.2
(b) AUTHORITY TO OBTAININFORMATION.3
(1) I N GENERAL.The Council may receive, and4
may request the submission of, any data or informa-5
tion from the Office of Financial Research and mem-6
ber agencies, as necessary7
(A) to monitor the financial services mar-8
ketplace to identify potential risks to the finan-9
cial stability of the United States; or10
(B) to otherwise carry out any of the provi-11
sions of this title.12
(2) SUBMISSIONS BY THE OFFICE AND MEMBER13
AGENCIES.Notwithstanding any other provision of14
law, the Office of Financial Research and any mem-15
ber agency are authorized to submit information to16
the Council.17
(3) FINANCIAL DATA COLLECTION.18
(A) I N GENERAL.The Council, acting19
through the Office of Financial Research, may20
require the submission of periodic and other re-21
ports from any nonbank financial company or22
bank holding company for the purpose of assess-23
ing the extent to which a financial activity or fi-24
nancial market in which the nonbank financial25
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company or bank holding company participates,1
or the nonbank financial company or bank hold-2
ing company itself, poses a threat to the finan-3
cial stability of the United States.4
(B) M ITIGATION OF REPORT BURDEN.Be-5
fore requiring the submission of reports from any6
nonbank financial company or bank holding7
company that is regulated by a member agency8
or any primary financial regulatory agency, the9
Council, acting through the Office of Financial10
Research, shall coordinate with such agencies11
and shall, whenever possible, rely on information12
available from the Office of Financial Research13
or such agencies.14
(4) BACK
-UP EXAMINATION BY THE BOARD OF
15
GOVERNORS.If the Council is unable to determine16
whether the financial activities of a nonbank finan-17
cial company pose a threat to the financial stability18
of the United States, based on information or reports19
obtained under paragraph (3), discussions with man-20
agement, and publicly available information, the21
Council may request the Board of Governors, and the22
Board of Governors is authorized, to conduct an ex-23
amination of the nonbank financial company for the24
sole purpose of determining whether the nonbank fi-25
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nancial company should be supervised by the Board1
of Governors for purposes of this title.2
(5) CONFIDENTIALITY.3
(A) I N GENERAL.The Council, the Office4
of Financial Research, and the other member5
agencies shall maintain the confidentiality of6
any data, information, and reports submitted7
under this subsection and subtitle B.8
(B) R ETENTION OF PRIVILEGE.The sub-9
mission of any nonpublicly available data or in-10
formation under this subsection and subtitle B11
shall not constitute a waiver of, or otherwise af-12
fect, any privilege arising under Federal or State13
law (including the rules of any Federal or State14
court) to which the data or information is other-15
wise subject.16
(C) F REEDOM OF INFORMATION ACT.Sec-17
tion 552 of title 5, United States Code, including18
the exceptions thereunder, shall apply to any19
data or information submitted under this sub-20
section and subtitle B.21
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SEC. 113. AUTHORITY TO REQUIRE SUPERVISION AND REG-1
ULATION OF CERTAIN NONBANK FINANCIAL2
COMPANIES.3
(a) U.S. NONBANK FINANCIAL COMPANIES SUPER-4
VISED BY THEBOARD OF GOVERNORS.5
(1) DETERMINATION.The Council, on a non-6
delegable basis and by a vote of not fewer than 23 of7
the members then serving, including an affirmative8
vote by the Chairperson, may determine that a U.S.9
nonbank financial company shall be supervised by the10
Board of Governors and shall be subject to prudential11
standards, in accordance with this title, if the Council12
determines that material financial distress at the13
U.S. nonbank financial company would pose a threat14
to the financial stability of the United States.15
(2) CONSIDERATIONS.Each determination16
under paragraph (1) shall be based on a consider-17
ation by the Council of18
(A) the degree of leverage of the company;19
(B) the amount and nature of the financial20
assets of the company;21
(C) the amount and types of the liabilities22
of the company, including the degree of reliance23
on short-term funding;24
(D) the extent and types of the off-balance-25
sheet exposures of the company;26
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(E) the extent and types of the transactions1
and relationships of the company with other sig-2
nificant nonbank financial companies and sig-3
nificant bank holding companies;4
(F) the importance of the company as a5
source of credit for households, businesses, and6
State and local governments and as a source of7
liquidity for the United States financial system;8
(G) the recommendation, if any, of a mem-9
ber of the Council;10
(H) the operation of, or ownership interest11
in, any clearing, settlement, or payment business12
of the company;13
(I) the extent to which14
(i) assets are managed rather than15
owned by the company; and16
(ii) ownership of assets under manage-17
ment is diffuse; and18
(J) any other factors that the Council deems19
appropriate.20
(b) FOREIGN NONBANK FINANCIAL COMPANIES SU-21
PERVISED BY THEBOARD OF GOVERNORS.22
(1) DETERMINATION.The Council, on a non-23
delegable basis and by a vote of not fewer than 23 of24
the members then serving, including an affirmative25
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vote by the Chairperson, may determine that a for-1
eign nonbank financial company that has substantial2
assets or operations in the United States shall be su-3
pervised by the Board of Governors and shall be sub-4
ject to prudential standards in accordance with this5
title, if the Council determines that material financial6
distress at the foreign nonbank financial company7
would pose a threat to the financial stability of the8
United States.9
(2) CONSIDERATIONS.Each determination10
under paragraph (1) shall be based on a consider-11
ation by the Council of12
(A) the degree of leverage of the company;13
(B) the amount and nature of the United14
States financial assets of the company;15
(C) the amount and types of the liabilities16
of the company used to fund activities and oper-17
ations in the United States, including the degree18
of reliance on short-term funding;19
(D) the extent of the United States-related20
off-balance-sheet exposure of the company;21
(E) the extent and type of the transactions22
and relationships of the company with other sig-23
nificant nonbank financial companies and bank24
holding companies;25
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(F) the importance of the company as a1
source of credit for United States households,2
businesses, and State and local governments, and3
as a source of liquidity for the United States fi-4
nancial system;5
(G) the recommendation, if any, of a mem-6
ber of the Council;7
(H) the extent to which8
(i) assets are managed rather than9
owned by the company; and10
(ii) ownership of assets under manage-11
ment is diffuse; and12
(I) any other factors that the Council deems13
appropriate.14
(c) ANTI
-EVASION
.15
(1) DETERMINATIONS.In order to avoid eva-16
sion of this Act, the Council, on its own initiative or17
at the request of the Board of Governors, may deter-18
mine, on a nondelegable basis and by a vote of not19
fewer than 23 of the members then serving, including20
an affirmative vote by the Chairperson, that21
(A) material financial distress related to fi-22
nancial activities conducted directly or indi-23
rectly by a company incorporated or organized24
under the laws of the United States or any State25
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or the financial activities in the United States of1
a company incorporated or organized in a coun-2
try other than the United States would pose a3
threat to the financial stability of the United4
States based on consideration of the factors in5
subsection (b)(2);6
(B) the company is organized or operates in7
such a manner as to evade the application of8
this title;9
(C) such financial activities of the company10
shall be supervised by the Board of Governors11
and subject to prudential standards in accord-12
ance with this title consistent with paragraph13
(2); and14
(D) upon making a determination under15
subsection (c)(1), the Council shall submit a re-16
port to the appropriate committees of Congress17
detailing the reasons for making such determina-18
tion under this subsection.19
(2) Consolidated supervision of only financial20
activities; Establishment of an intermediate holding21
company.22
(A) ESTABLISHMENT OF AN INTERMEDIATE23
HOLDING COMPANY.Upon a determination24
under paragraph (1), the company may establish25
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an intermediate holding company in which the1
financial activities of such company and its sub-2
sidiaries will be conducted (other than the activi-3
ties described in section 167(b)(2) in compliance4
with any regulations or guidance provided by5
the Board of Governors). Such intermediate hold-6
ing company shall be subject to the supervision7
of the Board of Governors and to prudential8
standards under this title as if the intermediate9
holding company is a nonbank financial com-10
pany supervised by the Board of Governors.11
(B) ACTION OF THE BOARD OF GOV -12
ERNORS.To facilitate the supervision of the fi-13
nancial activities subject to the determination in14
paragraph (1), the Board of Governors may re-15
quire a company to establish an intermediate16
holding company, as provided for in section 167,17
which would be subject to the supervision of the18
Board of Governors and to prudential standards19
under this title as if the intermediate holding20
company is a nonbank financial company super-21
vised by the Board of Governors.22
(3) NOTICE AND OPPORTUNITY FOR HEARING23
AND FINAL DETERMINATION; JUDICIAL REVIEW.Sub-24
sections (d), (f), and (g) shall apply to determinations25
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made by the Council pursuant to paragraph (1) in1
the same manner as such subsections apply to2
nonbank financial companies.3
(4) COVERED FINANCIAL ACTIVITIES.For pur-4
poses of this subsection, the term financial activi-5
ties means activities that are financial in nature (as6
defined in section 4(k) of the Bank Holding Company7
Act of 1956) and include the ownership or control of8
one or more insured depository institutions and shall9
not include internal financial activities conducted for10
the company or any affiliates thereof including inter-11
nal treasury, investment, and employee benefit func-12
tions.13
(5) O NLY FINANCIAL ACTIVITIES SUBJECT TO14
PRUDENTIAL SUPERVISION.Nonfinancial activities
15
of the company shall not be subject to supervision by16
the Board of Governors and prudential standards of17
the Board. For purposes of this Act, the financial ac-18
tivities that are the subject of the determination in19
paragraph (1) shall be subject to the same require-20
ments as a nonbank financial company. Nothing in21
this paragraph shall prohibit or limit the authority22
of the Board of Governors to apply prudential stand-23
ards under this title to the financial activities that24
are subject to the determination in paragraph (1).25
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(d) R EEVALUATION AND RESCISSION.The Council1
shall2
(1) not less frequently than annually, reevaluate3
each determination made under subsections (a) and4
(b) with respect to each nonbank financial company5
supervised by the Board of Governors; and6
(2) rescind any such determination, if the Coun-7
cil, by a vote of not fewer than 23 of the members then8
serving, including an affirmative vote by the Chair-9
person, determines that the nonbank financial com-10
pany no longer meets the standards under subsection11
(a) or (b), as applicable.12
(e) NOTICE AND O PPORTUNITY FOR H EARING AND13
FINALDETERMINATION.14
(1) I N GENERAL
.The Council shall provide to15
a nonbank financial company written notice of a pro-16
posed determination of the Council, including an ex-17
planation of the basis of the proposed determination18
of the Council, that such nonbank financial company19
shall be supervised by the Board of Governors and20
shall be subject to prudential standards in accordance21
with this title.22
(2) HEARING.Not later than 30 days after the23
date of receipt of any notice of a proposed determina-24
tion under paragraph (1), the nonbank financial25
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company may request, in writing, an opportunity for1
a written or oral hearing before the Council to contest2
the proposed determination. Upon receipt of a timely3
request, the Council shall fix a time (not later than4
30 days after the date of receipt of the request) and5
place at which such company may appear, personally6
or through counsel, to submit written materials (or,7
at the sole discretion of the Council, oral testimony8
and oral argument).9
(3) F INAL DETERMINATION.Not later than 6010
days after the date of a hearing under paragraph (2),11
the Council shall notify the nonbank financial com-12
pany of the final determination of the Council, which13
shall contain a statement of the basis for the decision14
of the Council.15
(4) NO HEARING REQUESTED.If a nonbank fi-16
nancial company does not make a timely request for17
a hearing, the Council shall notify the nonbank finan-18
cial company, in writing, of the final determination19
of the Council under subsection (a) or (b), as applica-20
ble, not later than 10 days after the date by which the21
company may request a hearing under paragraph22
(2).23
(f) EMERGENCYEXCEPTION.24
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(1) I N GENERAL.The Council may waive or1
modify the requirements of subsection (d) with respect2
to a nonbank financial company, if the Council deter-3
mines, by a vote of not fewer than 23 of the members4
then serving, including an affirmative vote by the5
Chairperson, that such waiver or modification is nec-6
essary or appropriate to prevent or mitigate threats7
posed by the nonbank financial company to the finan-8
cial stability of the United States.9
(2) NOTICE.The Council shall provide notice of10
a waiver or modification under this paragraph to the11
nonbank financial company concerned as soon as12
practicable, but not later than 24 hours after the13
waiver or modification is granted.14
(3) O PPORTUNITY FOR HEARING
.The Council15
shall allow a nonbank financial company to request,16
in writing, an opportunity for a written or oral hear-17
ing before the Council to contest a waiver or modi-18
fication under this paragraph, not later than 10 days19
after the date of receipt of notice of the waiver or20
modification by the company. Upon receipt of a time-21
ly request, the Council shall fix a time (not later than22
15 days after the date of receipt of the request) and23
place at which the nonbank financial company may24
appear, personally or through counsel, to submit writ-25
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ten materials (or, at the sole discretion of the Council,1
oral testimony and oral argument).2
(4) NOTICE OF FINAL DETERMINATION.Not3
later than 30 days after the date of any hearing4
under paragraph (3), the Council shall notify the sub-5
ject nonbank financial company of the final deter-6
mination of the Council under this paragraph, which7
shall contain a statement of the basis for the decision8
of the Council.9
(g) CONSULTATION.The Council shall consult with10
the primary financial regulatory agency, if any, for each11
nonbank financial company or subsidiary of a nonbank fi-12
nancial company that is being considered for supervision13
by the Board of Governors under this section before the14
Council makes any final determination with respect to such15
nonbank financial company under subsection (a), (b), or16
(c).17
(h) JUDICIAL REVIEW.If the Council makes a final18
determination under this section with respect to a nonbank19
financial company, such nonbank financial company may,20
not later than 30 days after the date of receipt of the notice21
of final determination under subsection (d)(3) or (e)(4),22
bring an action in the United States district court for the23
judicial district in which the home office of such nonbank24
financial company is located, or in the United States Dis-25
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trict Court for the District of Columbia, for an order requir-1
ing that the final determination be rescinded, and the court2
shall, upon review, dismiss such action or direct the final3
determination to be rescinded. Review of such an action4
shall be limited to whether the final determination made5
under this section was arbitrary and capricious.6
SEC. 114. REGISTRATION OF NONBANK FINANCIAL COMPA-7
NIES SUPERVISED BY THE BOARD OF GOV-8
ERNORS.9
Not later than 180 days after the date of a final Coun-10
cil determination under section 113 that a nonbank finan-11
cial company is to be supervised by the Board of Governors,12
such company shall register with the Board of Governors,13
on forms prescribed by the Board of Governors, which shall14
include such information as the Board of Governors, in con-15
sultation with the Council, may deem necessary or appro-16
priate to carry out this title.17
SEC. 115. ENHANCED SUPERVISION AND PRUDENTIAL18
STANDARDS FOR NONBANK FINANCIAL COM-19
PANIES SUPERVISED BY THE BOARD OF GOV-20
ERNORS AND CERTAIN BANK HOLDING COM-21
PANIES.22
(a) IN GENERAL.23
(1) PURPOSE.In order to prevent or mitigate24
risks to the financial stability of the United States25
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that could arise from the material financial distress1
or failure of large, interconnected financial institu-2
tions, the Council may make recommendations to the3
Board of Governors concerning the establishment and4
refinement of prudential standards and reporting and5
disclosure requirements applicable to nonbank finan-6
cial companies supervised by the Board of Governors7
and large, interconnected bank holding companies,8
that9
(A) are more stringent than those applicable10
to other nonbank financial companies and bank11
holding companies that do not present similar12
risks to the financial stability of the United13
States; and14
(B) increase in stringency, based on the15
considerations identified in subsection (b)(3).16
(2) L IMITATION ON BANK HOLDING COMPA-17
NIES.Any standards recommended under sub-18
sections (b) through (f) shall not apply to any bank19
holding company with total consolidated assets of less20
than $50,000,000,000. The Council may recommend21
an asset threshold greater than $50,000,000,000 for22
the applicability of any particular standard under23
those subsections.24
(b) D EVELOPMENT OFPRUDENTIAL STANDARDS.25
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(1) I N GENERAL.The recommendations of the1
Council under subsection (a) may include2
(A) risk-based capital requirements;3
(B) leverage limits;4
(C) liquidity requirements;5
(D) resolution plan and credit exposure re-6
port requirements;7
(E) concentration limits;8
(F) a contingent capital requirement;9
(G) enhanced public disclosures; and10
(H) overall risk management requirements.11
(2) P RUDENTIAL STANDARDS FOR FOREIGN FI-12
NANCIAL COMPANIES.In making recommendations13
concerning the standards set forth in paragraph (1)14
that would apply to foreign nonbank financial com-15
panies supervised by the Board of Governors or for-16
eign-based bank holding companies, the Council shall17
give due regard to the principle of national treatment18
and competitive equity.19
(3) CONSIDERATIONS.In making recommenda-20
tions concerning prudential standards under para-21
graph (1), the Council shall22
(A) take into account differences among23
nonbank financial companies supervised by the24
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Board of Governors and bank holding companies1
described in subsection (a), based on2
(i) the factors described in subsections3
(a) and (b) of section 113;4
(ii) whether the company owns an in-5
sured depository institution;6
(iii) nonfinancial activities and affili-7
ations of the company; and8
(iv) any other factors that the Council9
determines appropriate; and10
(B) to the extent possible, ensure that small11
changes in the factors listed in subsections (a)12
and (b) of section 113 would not result in sharp,13
discontinuous changes in the prudential stand-14
ards established under paragraph (1).15
(c) CONTINGENT CAPITAL.16
(1) STUDY REQUIRED.The Council shall con-17
duct a study of the feasibility, benefits, costs, and18
structure of a contingent capital requirement for19
nonbank financial companies supervised by the Board20
of Governors and bank holding companies described21
in subsection (a), which study shall include22
(A) an evaluation of the degree to which23
such requirement would enhance the safety and24
soundness of companies subject to the require-25
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ment, promote the financial stability of the1
United States, and reduce risks to United States2
taxpayers;3
(B) an evaluation of the characteristics and4
amounts of convertible debt that should be re-5
quired;6
(C) an analysis of potential prudential7
standards that should be used to determine8
whether the contingent capital of a company9
would be converted to equity in times of finan-10
cial stress;11
(D) an evaluation of the costs to companies,12
the effects on the structure and operation of cred-13
it and other financial markets, and other eco-14
nomic effects of requiring contingent capital;15
(E) an evaluation of the effects of such re-16
quirement on the international competitiveness17
of companies subject to the requirement and the18
prospects for international coordination in estab-19
lishing such requirement; and20
(F) recommendations for implementing reg-21
ulations.22
(2) REPORT.The Council shall submit a report23
to Congress regarding the study required by para-24
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graph (1) not later than 2 years after the date of en-1
actment of this Act.2
(3) RECOMMENDATIONS.3
(A) I N GENERAL.Subsequent to submit-4
ting a report to Congress under paragraph (2),5
the Council may make recommendations to the6
Board of Governors to require any nonbank fi-7
nancial company supervised by the Board of8
Governors and any bank holding company de-9
scribed in subsection (a) to maintain a min-10
imum amount of long-term hybrid debt that is11
convertible to equity in times of financial stress.12
(B) F ACTORS TO CONSIDER.In making13
recommendations under this subsection, the14
Council shall consider15
(i) an appropriate transition period16
for implementation of a conversion under17
this subsection;18
(ii) the factors described in subsection19
(b)(3);20
(iii) capital requirements applicable to21
a nonbank financial company supervised by22
the Board of Governors or a bank holding23
company described in subsection (a), and24
subsidiaries thereof;25
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(iv) results of the study required by1
paragraph (1); and2
(v) any other factor that the Council3
deems appropriate.4
(d) RESOLUTIONP LAN AND CREDIT EXPOSURE RE-5
PORTS.6
(1) R ESOLUTION PLAN.The Council may make7
recommendations to the Board of Governors con-8
cerning the requirement that each nonbank financial9
company supervised by the Board of Governors and10
each bank holding company described in subsection11
(a) report periodically to the Council, the Board of12
Governors, and the Corporation, the plan of such13
company for rapid and orderly resolution in the event14
of material financial distress or failure.15
(2) C REDIT EXPOSURE REPORT.The Council16
may make recommendations to the Board of Gov-17
ernors concerning the advisability of requiring each18
nonbank financial company supervised by the Board19
of Governors and bank holding company described in20
subsection (a) to report periodically to the Council,21
the Board of Governors, and the Corporation on22
(A) the nature and extent to which the com-23
pany has credit exposure to other significant24
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nonbank financial companies and significant1
bank holding companies; and2
(B) the nature and extent to which other3
such significant nonbank financial companies4
and significant bank holding companies have5
credit exposure to that company.6
(e) CONCENTRATION LIMITS.In order to limit the7
risks that the failure of any individual company could pose8
to nonbank financial companies supervised by the Board9
of Governors or bank holding companies described in sub-10
section (a), the Council may make recommendations to the11
Board of Governors to prescribe standards to limit such12
risks, as set forth in section 165.13
(f) ENHANCED PUBLIC DISCLOSURES.The Council14
may make recommendations to the Board of Governors to15
require periodic public disclosures by bank holding compa-16
nies described in subsection (a) and by nonbank financial17
companies supervised by the Board of Governors, in order18
to support market evaluation of the risk profile, capital ade-19
quacy, and risk management capabilities thereof.20
SEC. 116. REPORTS.21
(a) IN GENERAL.Subject to subsection (b), the Coun-22
cil, acting through the Office of Financial Research, may23
require a bank holding company with total consolidated as-24
sets of $50,000,000,000 or greater or a nonbank financial25
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company supervised by the Board of Governors, and any1
subsidiary thereof, to submit certified reports to keep the2
Council informed as to3
(1) the financial condition of the company;4
(2) systems for monitoring and controlling fi-5
nancial, operating, and other risks;6
(3) transactions with any subsidiary that is a7
depository institution; and8
(4) the extent to which the activities and oper-9
ations of the company and any subsidiary thereof,10
could, under adverse circumstances, have the potential11
to disrupt financial markets or affect the overall fi-12
nancial stability of the United States.13
(b) USE OFEXISTINGREPORTS.14
(1) I N GENERAL
.For purposes of compliance15
with subsection (a), the Council, acting through the16
Office of Financial Research, shall, to the fullest ex-17
tent possible, use18
(A) reports that a bank holding company,19
nonbank financial company supervised by the20
Board of Governors, or any functionally regu-21
lated subsidiary of such company has been re-22
quired to provide to other Federal or State regu-23
latory agencies;24
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(B) information that is otherwise required1
to be reported publicly; and2
(C) externally audited financial statements.3
(2) AVAILABILITY.Each bank holding company4
described in subsection (a) and nonbank financial5
company supervised by the Board of Governors, and6
any subsidiary thereof, shall provide to the Council,7
at the request of the Council, copies of all reports re-8
ferred to in paragraph (1).9
(3) CONFIDENTIALITY.The Council shall main-10
tain the confidentiality of the reports obtained under11
subsection (a) and paragraph (1)(A) of this sub-12
section.13
SEC. 117. TREATMENT OF CERTAIN COMPANIES THAT14
CEASE TO BE BANK HOLDING COMPANIES.15
(a) APPLICABILITY.This section shall apply to any16
entity or a successor entity that17
(1) was a bank holding company having total18
consolidated assets equal to or greater than19
$50,000,000,000 as of January 1, 2010; and20
(2) received financial assistance under or par-21
ticipated in the Capital Purchase Program estab-22
lished under the Troubled Asset Relief Program au-23
thorized by the Emergency Economic Stabilization24
Act of 2008.25
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(b) TREATMENT.If an entity described in subsection1
(a) ceases to be a bank holding company at any time after2
January 1, 2010, then such entity shall be treated as a3
nonbank financial company supervised by the Board of4
Governors, as if the Council had made a determination5
under section 113 with respect to that entity.6
(c) APPEAL.7
(1) R EQUEST FOR HEARING.An entity may re-8
quest, in writing, an opportunity for a written or9
oral hearing before the Council to appeal its treat-10
ment as a nonbank financial company supervised by11
the Board of Governors in accordance with this sec-12
tion. Upon receipt of the request, the Council shall fix13
a time (not later than 30 days after the date of re-14
ceipt of the request) and place at which such entity15
may appear, personally or through counsel, to submit16
written materials (or, at the sole discretion of the17
Council, oral testimony and oral argument).18
(2) DECISION.19
(A) P ROPOSED DECISION.Not later than20
60 days after the date of a hearing under para-21
graph (1), the Council shall submit a report to,22
and may testify before, the Committee on Bank-23
ing, Housing, and Urban Affairs of the Senate24
and the Committee on Financial Services of the25
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House of Representatives on the proposed deci-1
sion of the Council regarding an appeal under2
paragraph (1), which report shall include a3
statement of the basis for the proposed decision4
of the Council.5
(B) NOTICE OF FINAL DECISION.The6
Council shall notify the subject entity of the final7
decision of the Council regarding an appeal8
under paragraph (1), which notice shall contain9
a statement of the basis for the final decision of10
the Council, not later than 60 days after the11
later of12
(i) the date of the submission of the re-13
port under subparagraph (A); or14
(ii) if the Committee on Banking,15
Housing, and Urban Affairs of the Senate16
or the Committee on Financial Services of17
the House of Representatives holds one or18
more hearings regarding such report, the19
date of the last such hearing.20
(C) CONSIDERATIONS.In making a deci-21
sion regarding an appeal under paragraph (1),22
the Council shall consider whether the company23
meets the standards under section 113(a) or24
113(b), as applicable, and the definition of the25
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term nonbank financial company under sec-1
tion 102. The decision of the Council shall be2
final, subject to the review under paragraph (3).3
(3) REVIEW.If the Council denies an appeal4
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