S.Amdt. 4013

SA 4013. Mrs. McCASKILL submitted an amendment intended to be
proposed to amendment SA 3739 proposed by Mr. Reid (for Mr. Dodd (for
himself and Mrs. Lincoln)) to the bill S. 3217, to promote the
financial stability of the United States by improving accountability
and transparency in the financial system, to end ``too big to fail,''
to protect the American taxpayer by ending bailouts, to protect
consumers from abusive financial services practices, and for other
purposes; which was ordered to lie on the table; as follows:

On page 1455, line 25, strike the period at the end and
insert the following: ``.

SEC. 1077. TREATMENT OF REVERSE MORTGAGES.

(a) In General.--The Director shall examine the practices
of covered persons in connection with any reverse mortgage
transaction (as defined in section 103(bb) of the Truth in
Lending Act (15 U.S.C. 1602)) and shall prescribe regulations
identifying any acts or practices as unlawful, unfair,
deceptive, or abusive in connection with a reverse mortgage
transaction or the offering of a reverse mortgage.
(b) Regulations.--In prescribing regulations under
subsection (a), the Director shall ensure that such
regulations shall--
(1) include requirements for--
(A) the purpose of preventing unlawful, unfair, deceptive
or abusive acts and practices in connection with a reverse
mortgage transaction; and
(B) the purpose of providing timely, appropriate, and
effective disclosures to consumers in connection with a
reverse mortgage transaction that incorporate the
requirements of section 138 of the Truth in Lending Act (15
U.S.C. 1648), and otherwise are consistent with requirements
prescribed by the Director in connection with other consumer
mortgage products or services under this title;
(2) with respect to the requirements under paragraph (1),
be consistent with requirements prescribed by the Director in
connection with other consumer mortgage products or services
under this title; and
(3) provide for an integrated disclosure standard and model
disclosures for reverse mortgage transactions, that combines
the relevant disclosures required under the Truth in Lending
Act (15 U.S.C. 1601 et seq.) and the Real Estate Settlement
Procedures Act of 1974 (12 U.S.C. 2601 et seq.), with the
disclosures required to be provided to consumers for home
equity conversion mortgages under section 255 of the National
Housing Act (12 U.S.C. 12 U.S.C. 1715z-20).
(c) Consultation.--In connection with the issuance of any
regulations under this section, the Director shall consult
with the Federal banking agencies, State bank supervisors,
the Federal Trade Commission, and the Department of Housing
and Urban Development, as appropriate, to ensure that any
proposed regulation--
(1) imposes substantially similar requirements on all
covered persons; and
(2) is consistent with prudential, consumer protection,
civil rights, market or systemic objectives administered by
such agencies or supervisors.
(d) Deadline for Rulemaking.--The Director shall commence
the rulemaking required under subsection (a) not later than
12 months after the date of enactment of this Act.
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