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US S1002
US S1002CLEAR Relief Act of 2017 Community Lending Enhancement and Regulatory Relief Act of 2017
summary
Introduced
05/02/2017
05/02/2017
In Committee
05/02/2017
05/02/2017
Crossed Over
Passed
Dead
12/31/2018
12/31/2018
Introduced Session
115th Congress
Bill Summary
CLEAR Relief Act of 2017 Community Lending Enhancement and Regulatory Relief Act of 2017 This bill amends the Sarbanes-Oxley Act of 2002 to exempt from specified reporting and attestation requirements a community bank with assets of $1 billion or less. The bill amends the Truth in Lending Act to exempt from certain escrow requirements and residential mortgage loan standards a residential mortgage loan held by a depository institution with assets of $10 billion or less. The bill further amends that Act, as well as the Consumer Protection Act of 2010, to exempt certain creditors from specified disclosure requirements. In addition, the bill amends the Bank Holding Company Act of 1956 to exempt from the Volcker Rule a depository institution with assets of $10 billion or less. (The Volcker Rule prohibits banking agencies from engaging in proprietary trading or entering into certain relationships with hedge funds and private-equity funds.)
AI Summary
This bill, the Community Lending Enhancement and Regulatory Relief Act of 2017 or the CLEAR Relief Act of 2017, aims to provide regulatory relief to community financial institutions. It includes the following key provisions:
1. Exempting community banks with $1 billion or less in assets from certain reporting and attestation requirements under the Sarbanes-Oxley Act.
2. Exempting depository institutions with $10 billion or less in assets from certain escrow requirements and residential mortgage loan standards under the Truth in Lending Act.
3. Exempting certain creditors from specified disclosure requirements under the Truth in Lending Act and the Consumer Financial Protection Act.
4. Exempting depository institutions with $10 billion or less in assets from the Volcker Rule, which prohibits banking agencies from engaging in proprietary trading or certain relationships with hedge funds and private-equity funds.
5. Allowing creditors to offer a second, lower-rate credit offer to consumers without waiting for the period specified under the Truth in Lending Act.
6. Providing a safe harbor for good-faith compliance with the TILA-RESPA Integrated Disclosure (TRID) rule during a specified period.
Committee Categories
Housing and Urban Affairs
Sponsors (36)
Jerry Moran (R)*,
John Barrasso (R),
Michael Bennet (D),
Roy Blunt (R),
Shelley Moore Capito (R),
Tom Cotton (R),
Steve Daines (R),
Joe Donnelly (D),
Michael Enzi (R),
Joni Ernst (R),
Deb Fischer (R),
Jeff Flake (R),
Chuck Grassley (R),
Martin Heinrich (D),
Heidi Heitkamp (D),
Dean Heller (R),
John Hoeven (R),
James Inhofe (R),
Tim Kaine (D),
John Neely Kennedy (R),
Angus King (I),
Amy Klobuchar (D),
James Lankford (R),
Joe Manchin (I),
David Perdue (R),
Rob Portman (R),
Jim Risch (R),
Mike Rounds (R),
Marco Rubio (R),
Tim Scott (R),
Jeanne Shaheen (D),
Jon Tester (D),
Thom Tillis (R),
Pat Toomey (R),
Tom Udall (D),
Mark Warner (D),
Last Action
Committee on Banking, Housing, and Urban Affairs. Hearings held. Hearings printed: S.Hrg. 115-106. (on 06/15/2017)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://www.congress.gov/bill/115th-congress/senate-bill/1002/all-info |
| BillText | https://www.congress.gov/115/bills/s1002/BILLS-115s1002is.pdf |
| Bill | https://www.congress.gov/115/bills/s1002/BILLS-115s1002is.pdf.pdf |
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