US HB1750 | 2013-2014 | 113th Congress

US Congress House Bill 1750 (Prior Session Legislation)

Status

Spectrum: Moderate Partisan Bill (Republican 148-31)
Status: Introduced on April 25 2013 - 25% progression, died in committee
Action: 2013-04-25 - Referred to the House Committee on Financial Services.
Pending: House Financial Services Committee
Text: Latest bill text (Introduced) [PDF]

Summary

Community Lending Enhancement and Regulatory Relief Act of 2013 or CLEAR Relief Act of 2013 - Directs the Board of Governors of the Federal Reserve System (Board) to publish in the Federal Register proposed revisions to the Small Bank Holding Company Policy Statement on the Assessment of Financial and Managerial Factors that: (1) apply the policy to bank holding companies having pro forma consolidated assets of less than $5 billion (adjusted annually), no engagement in nonbanking activities involving significant leverage, and no significant amount of outstanding debt; and (2) increase from 1.1 to 3.1 the debt-to-equity ratio allowable for a small bank holding company in order to retain its eligibility both to pay a corporate dividend and to implement expedited processing procedures under Regulation Y of the Board. Amends the Truth in Lending Act (TILA) to require the Board to exempt from certain escrow or impound requirements a loan secured by a first lien on a consumer's principal dwelling if the loan is held by a creditor with assets of $10 billion or less. Amends the Gramm-Leach-Bliley Act to exempt from its annual privacy policy notice requirement any financial institution which: (1) provides nonpublic personal information only in accordance with specified requirements, and (2) has not changed its policies and practices regarding disclosures of nonpublic personal information from those disclosed in the most recent disclosure sent to consumers. Amends the Securities Act of 1933 to direct the Securities and Exchange Commission (SEC) to conduct cost-benefit analyses of certain new or amended generally accepted accounting principles. Requires the SEC to determine, as a prerequisite to recognition of such new or amended principles, whether the benefits to investors significantly outweigh the costs. Amends the Sarbanes-Oxley Act of 2002 to exempt community banks having total assets on a consolidated basis of $10 billion or less from mandatory annual management assessment of internal controls. Amends TILA to: (1) add to the definition of a qualified residential mortgage loan that it is originated and retained in a portfolio for at least three years by a creditor having less than $10 billion total assets, and (2) redefine a balloon loan that is a "qualified mortgage" to specify a balloon loan extended by a creditor that originates and retains balloon loans in a portfolio for at least three years, and, together with all affiliates, has total assets of $10 billion or less. Amends the Real Estate Settlement Procedures Act of 1974 to direct the Consumer Financial Protection Bureau (CFPB) to provide either exemptions or adjustments from the mortgage loan servicing and escrow account administration requirements of the Act for servicers of 20,000 or fewer mortgage loans. Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to require federal financial institutions regulatory agencies to establish a $250,000 threshold level at or below which a certified or licensed appraiser is not required to perform appraisals in connection with federally related transactions. Declares that, if an order to request for the transfer of funds (entry) is received via an automate clearing house, a receiving depository financial institution shall not be required to verify that the entry is not a prohibited transaction if the originating depository financial institution has warranted its compliance with the sanctions programs administered by the Office of Foreign Assets Control in connection with the entry.

Title

CLEAR Relief Act of 2013

Sponsors

Rep. Blaine Luetkemeyer [R-MO]	Rep. Robert Aderholt [R-AL]	Rep. Rodney Alexander [R-LA]	Rep. Mark Amodei [R-NV]
Rep. Michele Bachmann [R-MN]	Rep. Spencer Bachus [R-AL]	Rep. Lou Barletta [R-PA]	Rep. Garland Barr [R-KY]
Rep. John Barrow [D-GA]	Rep. Kerry Bentivolio [R-MI]	Rep. Diane Black [R-TN]	Sen. Marsha Blackburn [R-TN]
Rep. Charles Boustany [R-LA]	Rep. Susan Brooks [R-IN]	Rep. Larry Bucshon [R-IN]	Rep. John Carter [R-TX]
Sen. Bill Cassidy [R-LA]	Rep. Steve Chabot [R-OH]	Rep. Howard Coble [R-NC]	Rep. Mike Coffman [R-CO]
Rep. Tom Cole [R-OK]	Rep. Doug Collins [R-GA]	Rep. Jim Costa [D-CA]	Sen. Tom Cotton [R-AR]
Rep. Joe Courtney [D-CT]	Sen. Kevin Cramer [R-ND]	Rep. Eric Crawford [R-AR]	Rep. Henry Cuellar [D-TX]
Sen. Steve Daines [R-MT]	Rep. Rodney Davis [R-IL]	Rep. Suzan DelBene [D-WA]	Rep. Charles Dent [R-PA]
Rep. Ron DeSantis [R-FL]	Rep. Scott DesJarlais [R-TN]	Rep. Michael Doyle [D-PA]	Sen. Tammy Duckworth [D-IL]
Rep. Sean Duffy [R-WI]	Rep. Jeff Duncan [R-SC]	Rep. John Duncan [R-TN]	Rep. Renee Ellmers [R-NC]
Rep. William Enyart [D-IL]	Rep. Blake Farenthold [R-TX]	Rep. Stephen Fincher [R-TN]	Rep. Michael Fitzpatrick [R-PA]
Rep. Charles Fleischmann [R-TN]	Rep. John Fleming [R-LA]	Rep. Bill Flores [R-TX]	Rep. Jeff Fortenberry [R-NE]
Rep. Virginia Foxx [R-NC]	Rep. Pete Gallego [D-TX]	Sen. Cory Gardner [R-CO]	Rep. Scott Garrett [R-NJ]
Rep. Jim Gerlach [R-PA]	Rep. Bob Gibbs [R-OH]	Rep. Christopher Gibson [R-NY]	Rep. Louie Gohmert [R-TX]
Rep. Bob Goodlatte [R-VA]	Rep. Paul Gosar [R-AZ]	Rep. Kay Granger [R-TX]	Rep. Sam Graves [R-MO]
Rep. Tom Graves [R-GA]	Rep. Tim Griffin [R-AR]	Rep. Brett Guthrie [R-KY]	Rep. Ralph Hall [R-TX]
Rep. Richard Hanna [R-NY]	Rep. Gregg Harper [R-MS]	Rep. Andy Harris [R-MD]	Rep. Vicky Hartzler [R-MO]
Rep. Denny Heck [D-WA]	Rep. Jaime Herrera Beutler [R-WA]	Rep. George Holding [R-NC]	Rep. Richard Hudson [R-NC]
Rep. Tim Huelskamp [R-KS]	Rep. Bill Huizenga [R-MI]	Rep. Randy Hultgren [R-IL]	Rep. Robert Hurt [R-VA]
Rep. Lynn Jenkins [R-KS]	Rep. Sam Johnson [R-TX]	Rep. David Jolly [R-FL]	Rep. Walter Jones [R-NC]
Rep. David Joyce [R-OH]	Rep. Mike Kelly [R-PA]	Rep. Derek Kilmer [D-WA]	Rep. Peter King [R-NY]
Rep. Steve King [R-IA]	Rep. Adam Kinzinger [R-IL]	Rep. John Kline [R-MN]	Rep. Ann Kuster [D-NH]
Rep. Doug Lamborn [R-CO]	Sen. James Lankford [R-OK]	Rep. Robert Latta [R-OH]	Rep. David Loebsack [D-IA]
Rep. Billy Long [R-MO]	Rep. Frank Lucas [R-OK]	Rep. Michelle Lujan Grisham [D-NM]	Sen. Ben Lujan [D-NM]
Sen. Cynthia Lummis [R-WY]	Rep. Daniel Maffei [D-NY]	Rep. Sean Maloney [D-NY]	Rep. Kenny Marchant [R-TX]
Rep. Tom Marino [R-PA]	Rep. Jim Matheson [D-UT]	Rep. Vance McAllister [R-LA]	Rep. Michael McCaul [R-TX]
Rep. Patrick McHenry [R-NC]	Rep. Mike McIntyre [D-NC]	Rep. David McKinley [R-WV]	Rep. Mark Meadows [R-NC]
Rep. Patrick Meehan [R-PA]	Rep. Luke Messer [R-IN]	Rep. Gary Miller [R-CA]	Rep. Tim Murphy [R-PA]
Rep. Randy Neugebauer [R-TX]	Rep. Kristi Noem [R-SD]	Rep. Richard Nolan [D-MN]	Rep. Richard Nugent [R-FL]
Rep. Alan Nunnelee [R-MS]	Rep. Pete Olson [R-TX]	Rep. William Owens [D-NY]	Rep. Steven Palazzo [R-MS]
Rep. Stevan Pearce [R-NM]	Rep. Ed Perlmutter [D-CO]	Rep. Scott Perry [R-PA]	Rep. Collin Peterson [D-MN]
Rep. Thomas Petri [R-WI]	Rep. Robert Pittenger [R-NC]	Rep. Ted Poe [R-TX]	Rep. Mike Pompeo [R-KS]
Rep. Bill Posey [R-FL]	Rep. Mike Quigley [D-IL]	Rep. Trey Radel [R-FL]	Rep. Nick Rahall [D-WV]
Rep. Tom Reed [R-NY]	Rep. James Renacci [R-OH]	Rep. Reid Ribble [R-WI]	Rep. Tom Rice [R-SC]
Rep. Scott Rigell [R-VA]	Rep. David Roe [R-TN]	Rep. Mike D. Rogers [R-AL]	Rep. Todd Rokita [R-IN]
Rep. Dennis Ross [R-FL]	Rep. Keith Rothfus [R-PA]	Rep. Bobby Rush [D-IL]	Rep. Steve Scalise [R-LA]
Rep. Aaron Schock [R-IL]	Rep. David Schweikert [R-AZ]	Rep. David Scott [D-GA]	Rep. Pete Sessions [R-TX]
Rep. Terri Sewell [D-AL]	Rep. John Shimkus [R-IL]	Rep. Michael Simpson [R-ID]	Rep. Adrian Smith [R-NE]
Rep. Jason Smith [R-MO]	Rep. Lamar Smith [R-TX]	Rep. Steve Southerland [R-FL]	Rep. Steve Stivers [R-OH]
Rep. Steve Stockman [R-TX]	Rep. Marlin Stutzman [R-IN]	Rep. Lee Terry [R-NE]	Rep. Glenn Thompson [R-PA]
Rep. Mac Thornberry [R-TX]	Rep. Patrick Tiberi [R-OH]	Rep. Scott Tipton [R-CO]	Rep. Marc Veasey [D-TX]
Rep. Ann Wagner [R-MO]	Rep. Tim Walberg [R-MI]	Rep. Greg Walden [R-OR]	Rep. Timothy Walz [D-MN]
Rep. Debbie Wasserman Schultz [D-FL]	Rep. Randy Weber [R-TX]	Rep. Lynn Westmoreland [R-GA]	Rep. Ed Whitfield [R-KY]
Rep. Roger Williams [R-TX]	Rep. Robert Wittman [R-VA]	Rep. Steve Womack [R-AR]	Rep. Kevin Yoder [R-KS]
Rep. Ted Yoho [R-FL]	Rep. Don Young [R-AK]	Sen. Todd Young [R-IN]

History

Date	Chamber	Action
2013-04-25	House	Referred to the House Committee on Financial Services.

Same As/Similar To

HB4304 (Related) 2014-06-13 - Referred to the Subcommittee on Health, Employment, Labor, and Pensions.
HB4521 (Related) 2014-05-22 - Ordered to be Reported by the Yeas and Nays: 43 - 16.
HB5786 (Related) 2014-12-03 - Referred to the House Committee on Financial Services.