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  • Not enacted
    The President has not signed this bill
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      senate Committees
      Senate Committee on Banking, Housing, and Urban Affairs
    IntroducedJuly 24th, 2013

Bill Details

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Title

CLEAR Relief Act of 2013

Official Title

A bill to enhance the ability of community financial institutions to foster economic growth and serve their communities, boost small businesses, increase individual savings, and for other purposes.

Summary

Community Lending Enhancement and Regulatory Relief Act of 2013 or CLEAR Relief Act of 2013 - Amends the Sarbanes-Oxley Act of 2002 to exempt from its rules regarding management assessment of internal controls the following institutions which, as of the end of the preceding fiscal year, had total consolidated assets of $1 billion or less (adjusted annually according to a certain formula): (1) a bank holding company, (2) a savings and loan holding company, or (3) an insured depository institution. Declares the "Small Bank Holding Company Statement" of the Board of Governors of the Federal Reserve System (Board) applicable to a financial institution that: (1) is otherwise subject to that policy statement, and (2) has consolidated assets of less than $5 billion. Amends the Truth in Lending Act (TILA) to require the Consumer Financial Protection Bureau (CFPB) to exempt from requirements governing escrow or impound accounts affecting certain consumer credit transactions any loans secured by a first lien on the principal dwelling of a consumer, if such loans are held by an insured depository institution having assets of $10 billion or less. Includes as a qualified mortgage, with respect to the presumption that a qualified residential mortgage loan meets certain minimum standards, any mortgage loan originated and retained in portfolio for at least three years by a depository institution having less than $10 billion in total assets. Requires the CFPB (which currently is merely authorized) to provide by regulation that a "qualified mortgage" includes a balloon loan extended by an insured depository institution that: (1) originates and retains balloon loans in portfolio for at least three years, and (2) together with its affiliates has less than $10 billion in total consolidated assets.

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