American Jobs and Community Revitalization Act of 2015
Latest action · Apr 8, 2015 Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
Progress
Where this bill reached, and when. A stage with no date was not reached; one that failed a vote and later carried shows the date it carried.
- IntroducedMar 17, 2015
- Passed HouseNot reached
- Passed SenateNot reached
- To the PresidentNot reached
- Became lawNot reached
Summary
American Jobs and Community Revitalization Act of 2015
Directs the Consumer Financial Protection Bureau (CFPB) to establish an application process under which a person who lives or does business in a state may apply to have an area in the state identified as a rural area if it has not yet been so designated by the CFPB for purposes of federal consumer financial law.
Prescribes criteria for the CFPB to consider when evaluating the application.
Requires the CFPB to: (1) grant or deny the application within 90 days after the public comment period ends; and (2) publish the grant or denial in the Federal Register, including an explanation of the factors upon which the CFPB relied in making its determination.
Amends the Truth in Lending Act to create a safe harbor from lawsuit for creditors that are depository institutions for any failure to comply with certain requirements with respect to a residential mortgage loan, and the banking regulators are required to treat such a loan as a qualified mortgage, if the creditor has, since the loan's origination, held it on its balance sheet and all prepayment penalties with respect to the loan comply with specified limitations.
A safe harbor from lawsuit is also created for mortgage originators for steering a consumer to a residential mortgage loan if: (1) the creditor is a depository institution and has informed the mortgage originator that it intends to hold the loan on its balance sheet for the life of the loan, and (2) the mortgage originator informs the consumer that the creditor intends to do so.
Requires the Federal Deposit Insurance Corporation, the Office of Comptroller of the Currency, the Board of Governors of the Federal Reserve System, CFPB, the National Credit Union Administration, the Securities and Exchange Commission, and the Commodity Futures Trading Commission, before issuing a regulation or order, to assess other federal regulations and orders to determine whether the agency's proposal is in conflict with, is inconsistent with, or is duplicative of such other regulations or orders and whether such other federal regulations or orders are outdated.
Amends the Federal Deposit Insurance Act to double the maximum asset size of certain small insured depository institutions that qualify for an onsite examination by the appropriate federal banking agency every 18 months instead of every 12 months.
Directs the Secretary of the Treasury to issue final rules to exempt depository institutions from reporting requirements with respect to a monetary instrument transaction involving a qualified customer.
Requires the Director of the Financial Crimes Enforcement Network (FinCEN) to report annually to Congress on how the FinCEN data access service and the information it collects are used to detect and prevent money laundering, terrorist financing, and other financial crimes.
Directs the Secretary to establish operating procedures with respect to the government-wide data access service and the FinCEN financial crimes communications center which provide for appropriate metrics to monitor, track, assess, and report on access to information in the FinCEN data access service.
Amends the Dodd-Frank Wall Street and Consumer Protection Act to direct the appropriate federal banking agencies to issue final regulations authorizing S corporation banks to make dividend distributions under their capital conservation buffer for payment of taxes arising from bank activities.
Cosponsors 26
Members who signed on, in the order they did. Signatures ran from Mar 17, 2015 to Oct 20, 2015; 1 is an original cosponsor, there from the day it was introduced.
| Seat | Cosponsor | Signed on | |
|---|---|---|---|
| R-CO | Scott R. Tipton | Original | Mar 17, 2015 |
| R-MO | Ann Wagner | Mar 19, 2015 | |
| R-AR | J. French Hill | Mar 19, 2015 | |
| R-WI | Sean P. Duffy | Mar 19, 2015 | |
| R-MT | Ryan K. Zinke | Mar 24, 2015 | |
| R-OH | Steve Stivers | Mar 24, 2015 | |
| R-NH | Frank C. Guinta | Mar 25, 2015 | |
| R-TX | Lamar Smith | Mar 25, 2015 | |
| R-GA | Lynn A. Westmoreland | Mar 25, 2015 | |
| R-TN | Stephen Lee Fincher | Mar 25, 2015 | |
| R-SC | Joe Wilson | Apr 14, 2015 | |
| R-IL | Randy Hultgren | Apr 14, 2015 | |
| R-FL | Vern Buchanan | Apr 16, 2015 | |
| R-PA | Keith J. Rothfus | Apr 21, 2015 | |
| R-FL | Carlos Curbelo | May 1, 2015 | |
| R-FL | Daniel Webster | May 1, 2015 | |
| R-FL | Dennis A. Ross | May 1, 2015 | |
| R-TN | John J. Duncan, Jr. | May 13, 2015 | |
| R-ND | Kevin Cramer | May 13, 2015 | |
| R-TN | Charles J. "Chuck" Fleischmann | May 20, 2015 | |
| R-FL | David W. Jolly | May 20, 2015 | |
| R-FL | Richard B. Nugent | May 20, 2015 | |
| R-KS | Lynn Jenkins | Jun 1, 2015 | |
| R-AZ | Paul A. Gosar | Jun 1, 2015 | |
| R-TN | Scott DesJarlais | Sep 11, 2015 | |
| R-AL | Mo Brooks | Oct 20, 2015 |
Committees 2
Where it was sent and what each committee and subcommittee did with it, in order.
| Chamber | Committee | What it did |
|---|---|---|
| House | Financial Services Committee | Referred Mar 17, 2015 |
| House | Agriculture Committee | Referred Mar 17, 2015 |
| Commodity Markets, Digital Assets, and Rural Development Subcommittee | Referred Apr 8, 2015 |
Actions 3
Everything that happened, newest first.
- Apr 8, 2015Referred to the Subcommittee on Commodity Exchanges, Energy, and Credit.
- Mar 17, 2015Introduced in House
- Mar 17, 2015Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Research
What has been written about this bill: committee reports, cost estimates, the sponsor’s authority statement, printed hearings and the Congressional Research Service’s work.
Constitutional authority
The sponsor’s statement, as printed in the Congressional Record, vol. 161, no. 45, March 17, 2015, page H1722.
Printed hearings 2
Hearings whose printed record names this bill, newest first: hearings on it, and wider hearings where it came up.
| Number | Hearing | Committee | Held |
|---|---|---|---|
| 114-64 | BEARING THE BURDEN: OVER-REGULATION'S IMPACT ON SMALL BANKS AND RURAL COMMUNITIES64 pages | Small Business Committee | Jun 9, 2016 |
| Serial No. 114-8 | PRESERVING CONSUMER CHOICE. AND FINANCIAL INDEPENDENCE238 pages | Financial Services Committee | Mar 18, 2015 |
Related bills 5
Companion bills and other measures the record links to this one.
| Bill | Title | Relationship | Latest action |
|---|---|---|---|
| S 871 | HELP Rural Communities Act of 2015 | Related bill | Mar 26, 2015 |
| HR 1113 | Portfolio Lending and Mortgage Access Act | Related bill | Feb 26, 2015 |
| HR 1210 | Portfolio Lending and Mortgage Access Act | Related bill | Nov 19, 2015 |
| HR 1259 | Helping Expand Lending Practices in Rural Communities Act | Related bill | Apr 14, 2015 |
| S 2995 | Portfolio Lending and Mortgage Access Act | Related bill | May 26, 2016 |
Titles 2
Every title it has carried, official and short, at each stage.
- Official Title as Introduced
- To improve the mortgage finance system and the regulation of financial institutions, and for other purposes.
- Short Titles as Introduced
- American Jobs and Community Revitalization Act of 2015
Subjects
Assigned by the Library of Congress. Policy area: Finance and Financial Sector.
- Administrative law and regulatory procedures
- Administrative remedies
- Bank accounts, deposits, capital
- Banking and financial institutions regulation
- Civil actions and liability
- Commodities markets
- Commodity Futures Trading Commission
- Congressional oversight
- Consumer credit
- Consumer Financial Protection Bureau
- Credit and credit markets
- Criminal justice information and records
- Currency
- Department of the Treasury
- Federal Deposit Insurance Corporation (FDIC)
- Federal Reserve System
- Finance and Financial Sector
- Financial services and investments
- Fraud offenses and financial crimes
- Housing finance and home ownership
- Interest, dividends, interest rates
- National Credit Union Administration
- Rural conditions and development
- Securities and Exchange Commission (SEC)
- Small business
- Tax administration and collection, taxpayers
- Terrorism
Text 1
Each version as it was printed, newest first.
- Mar 17, 2015Introduced in House
Everything here is as published by Congress: the summary is the Congressional Research Service's, the action wording is the clerks', and the subjects are the Library of Congress's. How far it got is read from the actions themselves, taking the most recent one of each kind, so a bill that failed a vote and later passed is shown as having passed. Records come from this bill on Congress.gov and govinfo.gov; cost estimates are the Congressional Budget Office's, and the hearings are the printed hearings GovInfo publishes, which can appear months after the hearing.
