II
112th CONGRESS
2d Session
S. 3713
IN THE SENATE OF THE UNITED STATES
December 28, 2012
Mr. Shelby introduced the following bill; which was read twice and referred to the Committee on Banking, Housing, and Urban Affairs
A BILL
To make technical corrections to the Dodd-Frank Wall Street Reform and Consumer Protection Act.
Short title
This Act may be cited as
the Dodd-Frank Wall Street Reform and
Consumer Protection Technical Corrections Act of
2012
.
Table of contents; Definitional corrections
Table of contents
The table of contents for the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203; 124 Stat. 1376) is amended by striking the items relating to section 407 through 416 and inserting the following:
Sec. 407. Exemption of and reporting by venture capital fund advisers.
Sec. 408. Exemption of and reporting by certain private fund advisers.
Sec. 409. Family offices.
Sec. 410. State and Federal responsibilities; asset threshold for Federal registration of investment advisers.
Sec. 411. Custody of client assets.
Sec. 412. Comptroller General study on custody rule costs.
Sec. 413. Adjusting the accredited investor standard.
Sec. 414. Rule of construction relating to the Commodity Exchange Act.
Sec. 415. GAO study and report on accredited investors.
Sec. 416. GAO study on self-regulatory organization for private funds.
Sec. 417. Commission study and report on short selling.
Sec. 418. Qualified client standard.
Sec. 419. Transition period.
.
Definitions
Section 2 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5301) is amended—
in paragraph (1)—
by striking
section 3
and inserting section 3(w)
; and
by striking
(12 U.S.C. 1813)
and inserting (12 U.S.C.
1813(w))
;
in paragraph (6),
by striking 1 et seq.
and inserting 1a
;
and
in paragraph (18)(A)—
by striking
; andbank holding company
,
by inserting
before
includes
,
.including
,
Antitrust savings clause corrections
Section 6 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5303) is amended, in the second sentence—
by inserting (15 U.S.C.
12(a))
after Clayton Act
; and
by striking
Act, to
and inserting Act (15 U.S.C. 45)
to
.
Title I corrections
Title I of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5311 et seq.) is amended—
in section
102(a)(6) (12 U.S.C. 5311(a)(6)), by inserting (12 U.S.C.
1843(k))
after of 1956
each place that term
appears;
in section 111 (12 U.S.C. 5321)—
in subsection (b)—
in
paragraph (1)(G), by striking Chairperson
and inserting
Chairman
; and
in
paragraph (2)(E), by striking such
and inserting
the
; and
in subsection
(c)(3), by striking that agency or department head
and inserting
the head of that member agency or department
;
in section 112 (12 U.S.C. 5322)—
in subsection (a)(2)—
in subparagraph (D)—
by striking
to monitor
and inserting monitor
; and
by striking
to advise
and inserting advise
;
in subparagraph (J)—
by striking
that term is
and inserting those terms are
;
and
by striking
and settlement
and inserting or settlement
;
and
in subparagraph
(L), by striking may
; and
in subsection (d)(5)—
in subparagraph
(B), by striking subsection and
and inserting subtitle
or
; and
in subparagraph
(C), by striking subsection and
and inserting subtitle
or
;
in section 154(c) (12 U.S.C. 5344(c))—
by striking
Center.—
and all that follows through
The Research
and inserting Center.—The Research
;
and
by redesignating subparagraphs (A) through (H) as paragraphs (1) through (8), respectively, and moving the margins 2 ems to the left;
in section
155(a)(2) (12 U.S.C. 5345(a)(2)), by striking (c),
and inserting
(c)
;
in section 164
(12 U.S.C. 5364), by striking Institutions
and inserting
Institution
;
in section
167(b)(1)(B)(ii) (12 U.S.C. 5367(b)(1)(B)(ii)), by striking to
ensure
and inserting ensure
; and
in section 171(b)(4)(D) (12 U.S.C. 5371(b)(4)(D)), by adding a period at the end.
Title II corrections
Title II of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5381 et seq.) is amended—
in section 210 (12 U.S.C. 5390)—
in subsection (a)—
in paragraph
(1)(D), by striking wind-up
and inserting wind
up
; and
in paragraph
(5)(C), by striking receiver seeking
and inserting
receiver) seeking
;
in subsection (b)(1)—
in
subparagraph (C), by striking to the extent of
and all that
follows through for each individual
and inserting to the
extent of $11,725 for each individual
; and
in
subparagraph (D), by striking multiplied by
and all that follows
through (as indexed
and inserting multiplied by $11,725
(as indexed
;
in subsection
(m)(1)(B), by inserting of
before the Bankruptcy
Code
; and
in subsection
(o)(1)(D)(i)(I), by striking and (h)(5)(E)
and inserting
or (h)(5)(E)
;
in section
211(d)(1)(C) (12 U.S.C. 5391(d)(1)(C)), by striking orderly liquidation
plan under section 210(n)(14)
and inserting an orderly
liquidation plan under section 210(n)(9)
; and
in section
215(a)(5) (124 Stat. 1518), by striking amd
and inserting
and
.
Title III corrections
In general
Title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5401 et seq.) is amended—
in section
327(b)(5) (12 U.S.C. 5437(b)(5)), by striking in
and inserting
into
;
in section
333(b)(2) (124 Stat. 1539), by inserting the second place that term
appears
before and inserting
; and
in section 369(5) (124 Stat. 1559)—
in subparagraph (D)(i)—
in subclause (III), by redesignating items (aa), (bb), and (cc) as subitems (AA), (BB), and (CC), respectively, and adjusting the margins accordingly;
in subclause (IV), redesignating items (aa) and (bb) as subitems (AA) and (BB), respectively, and adjusting the margins accordingly;
in subclause (V), by redesignating items (aa), (bb), and (cc) as subitems (AA), (BB), and (CC), respectively, and adjusting the margins accordingly; and
by redesignating subclauses (III), (IV), and (V) as items (bb), (cc), and (dd), respectively, and adjusting the margins accordingly;
in subparagraph (F)—
in clause (ii),
by adding and
at the end;
in clause (iii),
by striking ; and
and inserting a period; and
by striking clause (iv); and
in subparagraph
(G)(i), by inserting each place such term appears
before
and inserting
.
Effective dates
Section 333
The amendment made by subsection (a)(2) of this section shall take effect as though enacted as part of subtitle C of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1538).
Section 369
The amendments made by subsection (a)(3) of this section shall take effect as though enacted as part of subtitle E of title III of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1546).
Title IV correction
Section 414 of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1578) is
amended in the section heading by striking Commodities
and inserting
Commodity
.
Title VI corrections
In general
Title VI of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1596) is amended—
in section 610 (124 Stat. 1611)—
by striking subsection (b); and
by redesignating subsection (c) as subsection (b); and
in section 618(a) (12 U.S.C. 1850a(a))—
in paragraph
(4)(B)(i), by inserting of Governors
after Board
;
and
in paragraph (6),
by inserting (12 U.S.C. 1841)
after Act of
1956
.
Effective date
The amendments made by subsection (a)(1) of this section shall take effect as though enacted as part of section 610 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1611).
Title VII corrections
In general
Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (15 U.S.C. 8301 et seq.) is amended—
in section 719(c)(1)(B) (15 U.S.C. 8307(c)(1)(B)), by adding a period at the end;
in section
723(a)(1)(B) (124 Stat. 1675), by inserting , as added by section 107 of
the Commodity Futures Modernization Act of 2000 (Appendix E of Public Law
106–554; 114 Stat. 2763A–382),
after subsection
(i)
;
in section
734(b)(1) (124 Stat. 1718), by striking is amended
and all that
follows through (B) in
and inserting is amended
in
;
in section
741(b)(10) (124 Stat. 1732), by striking 1a(19)(A)(iv)(II)
each
place it appears and inserting 1a(18)(A)(iv)(II)
; and
in section 749 (124 Stat. 1746)—
in subsection
(a)(2), by striking adding at the end
and inserting
inserting after subsection (f)
; and
in subsection
(h)(1)(B), by inserting the second place that term appears
before the semicolon.
Effective date
The amendments made by paragraphs (3), (4), and (5) of subsection (a) of this section shall take effect as though enacted as part of part II of subtitle A of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1658).
Title VIII corrections
Title VIII of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5461 et seq.) is amended—
in section 805(a)(2)(E) (12 U.S.C. 5464(a)(2)(E)), by striking the quotation marks at the end;
in section 806 (12 U.S.C. 5465)—
in subsection
(b), in the first sentence, by striking (2)) after
and inserting
(2))) after
; and
in subsection (e)(1)(A)—
by
striking advance notice
and inserting advance
;
and
by
striking each Supervisory Agency
and inserting its
Supervisory Agency
;
in section 807 (12 U.S.C. 5466)—
in subsection (d)(1), by adding a period at the end; and
in subsection
(f)(2), by inserting a comma after under
the second place that
term appears;
in section 808(b)
(12 U.S.C. 5467(b)), by inserting a comma after under
the third
place that term appears; and
in section 813
(12 U.S.C. 5472), in the matter preceding paragraph (1), by inserting
that includes
after Representatives
.
Title IX corrections
Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1822) is amended—
in section 929Z(a) (124 Stat. 1871)—
in paragraph (2),
by striking courts interpretation
and inserting court
interpretations
; and
in paragraph (3),
by striking Act of 1995
and inserting Reform Act of 1995
(Public Law 104–67; 109 Stat. 737)
;
in section 939(h)(1) (124 Stat. 1887)—
in the matter
preceding subparagraph (A), by inserting The
before
Commission
; and
by striking
feasability
and inserting feasibility
; and
in section 953 (124 Stat. 1903), by adding at the end the following:
Exemption
The Commission may, by rule or order, exempt an issuer or class of issuers from the requirements under section 14(i) of the Securities Exchange Act of 1934 (as amended by subsection (a) of this section) or subsection (b) of this section. In determining whether to make an exemption under this subsection, the Commission shall take into account, among other considerations, whether the requirements under subsections (a) and (b) disproportionately burden small issuers.
.
Title X corrections
In general
Title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (12 U.S.C. 5481 et seq.) is amended—
in section 1002(12)(G) (12 U.S.C.
5481(12)(G)), by striking Home Owners
and inserting
Homeowners
;
in section
1013(a)(1)(C) (12 U.S.C. 5493(a)(1)(C)), by striking section
11(1)
and inserting subsection (l) of section 11
;
in section 1017(a)(5) (12 U.S.C. 5497(a)(5))—
in subparagraph
(A), in the last sentence by striking 716(c) of title 31, United States
Code
and inserting 716 of title 31, United States Code
;
and
in subparagraph
(C), by striking section 3709 of the Revised Statutes of the United
States (41 U.S.C. 5)
and inserting section 6101 of title 41,
United States Code
;
in section
1022(c)(9)(B) (12 U.S.C. 5512(c)(9)(B)), by striking 1978,
and
inserting 1978
;
in section 1025 (12 U.S.C. 5515)—
in subsection
(b)(1), by inserting covered
before persons
each
place that term appears;
in subsection
(d), by striking 12 U.S.C. 1867(c)
and inserting (12
U.S.C. 1867(c))
; and
in subsection
(e)(4)(F), by striking 212 of the Federal Credit Union Act (112 U.S.C.
1790a)
and inserting 216 of the Federal Credit Union Act (12
U.S.C. 1790d)
;
in section
1027(d)(1)(B) (12 U.S.C. 5517(d)(1)(B)), by inserting a comma after
(A)
;
in section
1029(d) (12 U.S.C. 5519(d)), by striking the period after Commission
Act
;
in section 1061 (12 U.S.C. 5581)—
in subsection (b)(7)—
by
striking Secretary of the Department of Housing and Urban
Development
each place that term appears and inserting
Department of Housing and Urban Development
; and
in
subparagraph (A), by striking (12 U.S.C. 5102 et seq.)
and
inserting (12 U.S.C. 5101 et seq.)
; and
in subsection
(c)(2)(A), by striking procedures in
and inserting
procedures
;
in section 1063 (12 U.S.C. 5583)—
in subsection
(f)(1)(B), by striking that
; and
in subsection (g)(1)(A)—
by striking
(12 U.S.C. 5102 et seq.)
and inserting (12 U.S.C. 5101 et
seq.)
; and
by striking
seq)
and inserting seq.)
;
in section
1064(i)(1)(A)(iii) (12 U.S.C. 5584(i)(1)(A)(iii)), by inserting a period before
If an
;
in section 1073(c)(2) (12 U.S.C. 5601(c)(2))—
in the paragraph
heading, by inserting and
education
after financial literacy
;
and
by striking
its duties
and inserting their duties
;
in section
1076(b)(1) (12 U.S.C. 5602(b)(1)), by inserting before the period at the end
the following: , the Bureau may, after notice and opportunity for
comment, prescribe regulations
;
in section
1077(b)(4)(F) (124 Stat. 2076), by striking associates
and
inserting associate’s
;
in section 1084(1) (124 Stat. 2081)—
by inserting
paragraph (3) of section 903 (15 U.S.C. 1693a),
before
subsections (a) and (e) of section 904
;
by striking
and in 918
and inserting , section 916(d) (15 U.S.C.
1693m(d)), section 918
; and
by inserting a
comma after 2009)
;
by striking section 1087 (124 Stat. 2086);
in section 1089 (124 Stat. 2092)—
in paragraph (3)—
in
subparagraph (A), by striking and
at the end; and
in
subparagraph (B)(vi), by striking the period at the end and inserting ;
and
; and
by redesignating paragraph (4) as subparagraph (C) and adjusting the margins accordingly; and
in section
1098(6) (124 Stat. 2104), by inserting the first place that term
appears
before and
.
Effective date
The amendments made by paragraphs (14), (15), (16), and (17) of subsection (a) of this section shall take effect as though enacted as part of subtitle H of title X of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2080).
Title XI correction
Title XI of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2113) is
amended, in section 1105(d)(1) (12 U.S.C. 5612(d)(1)), by striking
authority.—
and all that follows through
by the President
and inserting authority.—A request by the
President
.
Title XII correction
Title XII of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2129) is
amended, in section 1208(b) (12 U.S.C. 5626(b)), by inserting , as
defined in section 103(10) of the Riegle Community Development and Regulatory
Improvement Act of 1994 (12 U.S.C. 4702(10)),
after
Fund
.
Title XIV correction
Title XIV of the
Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2136) is
amended, in section 1451(c) (12 U.S.C. 1701x–1(c)), by striking
pursuant
.
Conforming corrections to other statutes
Alternative mortgage transaction parity act of 1982
The Alternative Mortgage Transaction Parity Act of 1982 (12 U.S.C. 3801 et seq.) is amended—
in section
802(a)(3) (12 U.S.C. 3801(a)(3)), by striking the Director of the Office
of Thrift Supervision
and inserting the Bureau of Consumer
Financial Protection
; and
in section 804(d)(1) (12 U.S.C. 3803(d)(1))—
by striking
identified
and inserting issued
; and
by striking the
comma after Administration
.
Bank Holding Company Acts
Bank Holding Company Act Amendments of 1970
Section 106(b)(1) of the Bank Holding Company Act Amendments of 1970 (12 U.S.C. 1972(1)) is amended, in the undesignated matter at the end—
by inserting
Office of the
before Comptroller of the
;
and
by striking “Federal Deposit Insurance Company” and inserting “Federal Deposit Insurance Corporation”.
Bank Holding Company Act of 1956
Section 13 of the Bank Holding Company Act of 1956 (12 U.S.C. 1851) is amended—
in subsection
(d)(1)(E), by striking 102 of the Small Business Investment Act of 1958
(15 U.S.C. 662)
and inserting 103(3) of the Small Business
Investment Act of 1958 (15 U.S.C. 662(3))
;
in subsection
(f)(3)(A)(ii), by striking (d)(1)(g)(v)
and inserting
(d)(1)(G)(v)
; and
in subsection
(h)(1), by striking section 8 of the International Banking Act of
1978
and inserting section 8(a) of the International Banking Act
of 1978 (12 U.S.C. 3106(a))
.
Balanced Budget and Emergency Deficit Control Act
Section 255(g)(1)(A) of the
Balanced Budget and Emergency Deficit Control Act of 1985 (2 U.S.C.
905(g)(1)(A)) is amended by striking Office of Thrift Supervision
(20–4108–0–3–373).
.
Bretton Woods Agreements Act
Section 68(a)(1) of the Bretton Woods Agreements
Act (22 U.S.C. 286tt(a)(1)) is amended by striking Fund ,
and
inserting Fund,
.
CAN–SPAM Act of 2003
Section 7(b)(1)(D) of the CAN–SPAM Act of 2003 (15 U.S.C.
7706(b)(1)(D)) is amended by striking Director of the Office of Thrift
Supervision
and inserting Comptroller of the Currency or the
Board of Directors of the Federal Deposit Insurance Corporation, as
applicable
.
Children's Online Privacy Protection Act of 1998
Section 1306(b)(2) of the
Children's Online Privacy Protection Act of 1998 (15 U.S.C. 6505(b)(2)) is
amended by striking Director of the Office of Thrift Supervision
and inserting Comptroller of the Currency and the Board of Directors of
the Federal Deposit Insurance Corporation, as applicable
.
Commodity Exchange Act
The Commodity Exchange Act (7 U.S.C. 1 et seq.) is amended—
in section 1a (7 U.S.C. 1a)—
in paragraph (12)(A)(i)(II), by adding a semicolon at the end;
in paragraph
(39)(A)(iv), by striking 225
and inserting 25
;
and
in paragraph
(47)(B)(viii)(II), by striking (15 U.S.C. 77b(a)(11))
and
inserting (15 U.S.C. 77b(a)(11)))
;
in section 2 (7 U.S.C. 2)—
in subsection
(c)(2)(D)(ii)(I), by striking subparagraphs
and inserting
subparagraph
; and
in subsection (h)—
in paragraph (5)(A)—
by striking
Swaps
and inserting Each swap
; and
by striking
no later than 180 days after the effective date of this
subsection.
and inserting
no later than—
30 days after the issuance of the interim final rule; or
such other date as the Commission determines appropriate.
;
in paragraph (7)—
in subparagraph
(C)(i)(VII), by inserting or a governmental plan
after
employee benefit plan
; and
in subparagraph
(D)(ii)(V), by striking of that Act
and inserting of that
section
; and
in paragraph
(8)(A)(ii), by inserting section
before 5h
or
;
in section 4 (7 U.S.C. 6)—
in subsection
(b)(1)(A), by striking commission
each place that term appears
and inserting Commission
; and
in subsection (c)(1)—
in subparagraph (A)—
by inserting
the Commission shall not grant exemptions,
after grant
exemptions,
; and
in clause (i)—
in subclause (I)—
by striking
5(g), 5(h),
; and
by striking
8e,
; and
in
subclause (II), by striking 206(e)
and inserting
206
; and
in
subparagraph (B), by striking (D))
and inserting
(D)
;
in section
4d(f)(2)(A) (7 U.S.C. 6d(f)(2)(A)), by striking though
and
inserting through
;
in section 4s (7 U.S.C. 6s)—
in subsection (e)(3)—
in
subparagraph (B)(i)(II), by striking (11))
and inserting
(11)))
; and
in
subparagraph (D)(ii), in the matter preceding subclause (I), by striking
non cash collateral
and inserting noncash
collateral
;
in subsection
(f)(1)(B)(i), by striking Commission
and inserting
prudential regulator
;
in subsection (h)—
in
paragraph (2)(B), by inserting a
before swap
with
; and
in paragraph (5)(A)—
in clause (i)—
by
striking section 1a(18)
and inserting section
1a(18)(A)
; and
in
subclause (VII), by striking act of
and inserting Act
of
; and
in clause (ii),
by inserting in connection with the transaction
after
acting
; and
in subsection
(k)(3)(A)(ii), by striking the code
and inserting any
code
;
in section
5(d)(19)(A) (7 U.S.C. 7(d)(19)(A)), by striking taking
and
inserting take
;
in section 5b (7 U.S.C. 7a–1), by redesignating subsection (k) as subsection (j);
in section 5c(c) (7 U.S.C. 7a–2(c))—
in paragraph
(4)(B), by striking 1a(10)
and inserting 1a(9)
;
and
in paragraph (5)—
in
subparagraph (A), by striking this subtitle
and inserting
this Act
; and
in
subparagraph (C)(i), by striking 1a(2)(i)
and inserting
1a(9)
;
in section 5h (7 U.S.C. 7b–3)—
in subsection
(a)(1) , by striking a facility
and inserting a swap
execution facility
; and
in subsection
(f)(11)(A), by striking taking
and inserting
take
;
in section
22(a)(1)(C)(ii) (7 U.S.C. 25(a)(1)(C)(ii)), by striking or
at
the end; and
in section 23 (7 U.S.C. 26)—
in subsection (c)—
in
paragraph (1)(B)(III), by striking the Act
both places it
appears and inserting this Act
; and
in
paragraph (2)(A)(i), by striking a appropriate
and inserting
an appropriate
; and
in subsection
(f)(3), by striking 7064
and inserting
706
.
Community Reinvestment Act of 1977
The Community Reinvestment Act of 1977 (12 U.S.C. 2901 et seq.) is amended—
in section 803(1)(C) (12 U.S.C. 2902(1)(C)), by striking the period at the end and inserting a semicolon; and
in section 806
(12 U.S.C. 2905), by striking companies,,
and inserting
companies,
.
Credit Repair Organizations Act
Section 403(4) of the Credit Repair
Organizations Act (15 U.S.C. 1679a(4)) is amended by striking
103(e)
and inserting 103(f)
.
Depository Institution Management Interlocks Act
Section 205(9) of the
Depository Institution Management Interlocks Act (12 U.S.C. 3204(9)) is amended
by striking Director of the Office of Thrift Supervision
and
inserting appropriate Federal banking agency
.
Economic Growth and Regulatory Paperwork Reduction Act of 1996
Section 2227(a)(1)
of the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (12
U.S.C. 252(a)(1)) is amended by striking the Director of the Office of
Thrift Supervision,
.
Electronic Fund Transfer Act
The Electronic Fund Transfer Act (15 U.S.C. 1693 et seq.) is amended—
in section 903 (15 U.S.C. 1693a)—
in paragraph (2),
by striking 103(i)
and inserting 103(j)
;
and
by redesignating the first paragraph designated as paragraph (4) (defining the term Board), as paragraph (3);
in section 904(a) (15 U.S.C. 1693b(a))—
by redesignating the second paragraph designated as paragraph (1) (relating to consultation with other agencies), the second paragraph designated as paragraph (2) (relating to the preparation of an analysis of economic impact), paragraph (3), and paragraph (4), as subparagraphs (A), (B), (C), and (D), respectively, and adjusting the margins accordingly; and
by striking
In prescribing such regulations, the Board shall:
and inserting
the following:
Regulations
In prescribing regulations under this subsection, the Bureau and the Board shall—
;
in section 909(c)
(15 U.S.C. 1693g(c)), by striking 103(e)
and inserting
103(f)
;
in section
918(a)(4) (15 U.S.C. 1693o(a)(4), by striking Act and
and
inserting Act; and
; and
in section
920(a)(4)(C) (15 U.S.C. 1693o–2(a)(4)(C)), by striking the Director of
the Office of Thrift Supervision,
.
Emergency Economic Stabilization Act of 2008
Section 101(b) of the
Emergency Economic Stabilization Act of 2008 (12 U.S.C. 5211(b)) is amended by
striking the Director of the Office of Thrift
Supervision,
.
Equal credit opportunity act
The Equal Credit Opportunity Act (15 U.S.C. 1691 et seq.) is amended—
in section 703 (15 U.S.C. 1691b)—
in each of
subsections (c) and (d), by striking paragraph
each place that
term appears and inserting subsection
; and
in subsection (g), by adding a period at the end;
in section 704 (15 U.S.C. 1691c)—
in subsection
(a), by striking Consumer Protection Financial Protection Act of 2010
with
and inserting Consumer Financial Protection Act of 2010,
compliance with
; and
in subsection
(c), in the second sentence, by striking subchapter
and
inserting title
;
in section
704B(e)(3) (15 U.S.C. 1691c–2(e)(3)), by striking (1)(E)
and
inserting (2)(E)
; and
in section 706(k) (15 U.S.C. 1691e(k)), by striking “, (2), or (3)” and inserting “or (2)”.
Expedited funds availability act
The Expedited Funds Availability Act (12 U.S.C. 4001 et seq.) is amended—
in section
605(f)(2)(A) (12 U.S.C. 4004(f)(2)(A)), by striking ,,
and
inserting a semicolon; and
in section
610(a)(2) (12 U.S.C. 4009(a)(2)), by striking Director of the Office of
Thrift Supervision
and inserting Comptroller of the Currency and
the Board of Directors of the Federal Deposit Insurance Corporation, as
appropriate,
.
Fair credit reporting act
The Fair Credit Reporting Act (15 U.S.C. 1681 et seq.) is amended—
in section 603 (15 U.S.C. 1681a)—
in subsection
(d)(2)(D), by striking (x)
and inserting
(y)
;
in subsection
(q)(5), by striking 103(i)
and inserting 103(j)
;
and
in subsection
(v), by striking Bureau
and inserting Federal Trade
Commission
;
in section 604 (15 U.S.C. 1681b)—
in subsection
(b)(2)(B)(i), by striking section 615(a)(3)
and inserting
section 615(a)(4)
; and
in subsection
(g)(5), by striking paragraph (2).—
and all that follows
through The Bureau
and inserting paragraph (2).—The
Bureau
;
in section 605(h)(2)(A) (15 U.S.C. 1681c(h)(2)(A))—
by striking
shall,,
and inserting shall,
; and
by striking
Commission,,
and inserting Commission,
;
in section 605A(h)(1)(A) (15 U.S.C.
1681c–1(h)(1)(A)), by striking 103(i)
and inserting
103(j)
;
in section 609 (15 U.S.C. 1681g)—
in subsection (c)(1)—
in
the paragraph heading, by striking commission
and inserting
bureau
; and
in
subparagraph (B)(vi), by striking 603(w)
and inserting
603(x)
; and
by striking
The Commission
each place that term appears and inserting
The Bureau
;
in section 611
(15 U.S.C. 1681i), by striking The Commission
each place that
term appears and inserting The Bureau
;
in section 612 (15 U.S.C. 1681j)—
in subsection
(a)(1), by striking (w)
and inserting (x)
;
and
by striking
The Commission
each place that term appears and inserting
The Bureau
; and
in section 621 (15 U.S.C. 1681s)—
in subsection
(a)(1), in the first sentence, by striking , subsection
(b)
;
in subsection
(e)(2), by inserting a period after provisions of this title
;
and
in subsection
(f)(2), by striking The Commission
and inserting The
Bureau
.
Federal Credit Union Act
Section 206(g)(7)(D)(iv) of the Federal Credit Union Act (12 U.S.C. 1786(g)(7)(D)(iv)) is amended by striking the semicolon at the end and inserting a period.
Federal Deposit Insurance Act
The Federal Deposit Insurance Act (12 U.S.C. 1811 et seq.) is amended—
in section
3(q)(2)(C) (12 U.S.C. 1813(q)(2)(C)), by adding and
at the
end;
in section 7 (12 U.S.C. 1817)—
in subsection (b)(2)—
in
subparagraph (A), by striking (D)
and inserting
(C)
; and
by redesignating subparagraphs (D) and (E) as subparagraphs (C) and (D), respectively; and
in subsection (e)(2)(C), by adding a period at the end;
in section 8 (12 U.S.C. 1818)—
in subsection
(b)(3), by striking Act))
and inserting Act)
;
and
in subsection (t)—
in paragraph (2)—
in subparagraph
(C), by striking depositors or
and inserting depositors;
or
; and
in subparagraph (D), by striking the semicolon at the end and inserting a period; and
by redesignating the second paragraph designated as paragraph (6), as added by section 1090(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2093) (relating to referral to the Bureau of Consumer Financial Protection), as paragraph (7);
in section
10(b)(3)(A) (12 U.S.C. 1820(b)(3)(A)), by striking any special
examination of any insured depository institution
and all that follows
and inserting the following: any special examination of any insured
depository institution or nonbank financial company supervised by the Board of
Governors or a bank holding company described in section 165(a) of the
Financial Stability Act of 2010, whenever the Board of Directors determines
that a special examination of any such depository institution is necessary to
determine the condition of such depository institution for insurance purposes,
or of such nonbank financial company supervised by the Board of Governors or
bank holding company described in section 165(a) of the Financial Stability Act
of 2010, for the purpose of implementing its authority to provide for orderly
liquidation of any such company under title II of the Dodd-Frank Wall Street
Reform and Consumer Protection Act, provided that such authority may not be
used with respect to any such company that is in a generally sound
condition.
;
in section 11 (12 U.S.C. 1821)—
in subsection
(d)(2)(I)(ii), by striking and section 21A(b)(4)
; and
in subsection
(m), in each of paragraphs (16) and (18), by striking the comma after
Comptroller of the Currency
each place it appears; and
in section 26(a)
(12 U.S.C. 1831c(a)), by striking Holding Company Act
each place
that term appears and inserting Holding Company Act of
1956
.
Federal Financial Institutions Examination Council Act of 1978
Section
1003(1) of the Federal Financial Institutions Examination Council Act of 1978
(12 U.S.C. 3302(1)) is amended by striking the Office of Thrift
Supervision,
.
Federal Fire Prevention and Control Act of 1974
Section 31(a)(5)(B) of
the Federal Fire Prevention and Control Act of 1974 (15 U.S.C. 2227(a)(5)(B))
is amended by striking the Federal Deposit Insurance Corporation
and all that follows through the period and inserting “or the Federal Deposit
Insurance Corporation under the affordable housing program under section 40 of
the Federal Deposit Insurance Act.”.
Federal Home Loan Bank Act
The Federal Home Loan Bank Act (12 U.S.C. 1421 et seq.) is amended—
in section
10(h)(1) (12 U.S.C. 1430(h)(1)), by striking Director of the Office of
Thrift Supervision
and inserting Comptroller of the Currency or
the Board of Directors of the Federal Deposit Insurance Corporation, as
applicable
; and
in section 22(a) (12 U.S.C. 1442(a))—
in the matter
preceding paragraph (1), by striking Currency
and all that
follows through Supervision
and inserting Currency, the
Chairman of the Board of Governors of the Federal Reserve System, the
Chairperson of the Federal Deposit Insurance Corporation, and the Chairman of
the National Credit Union Administration
; and
in the
undesignated matter following paragraph (2), by striking
Currency
and all that follows through Supervision
and inserting Currency, the Chairman of the Board of Governors of the
Federal Reserve System, and the Chairman of the National Credit Union
Administration
.
Federal Reserve Act
The Federal Reserve Act (12 U.S.C. 221 et seq.) is amended in section 11 (12 U.S.C. 248)—
by redesignating subsection (s), as added by section 1103(b) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2118) (relating to Federal Reserve transparency and release of information), as subsection (t); and
in subsection
(t), as so redesignated, in paragraph (8)(B), by striking this
section
and inserting this subsection
.
Financial Institutions Reform, Recovery, and Enforcement Act of 1989
The Financial Institutions Reform, Recovery, and Enforcement Act of 1989 (Public Law 101–73; 103 Stat. 183) is amended—
in section
1121(6) (12 U.S.C. 3350(6)), by striking the Office of Thrift
Supervision,
; and
in section
1206(a) (12 U.S.C. 1833b(a)), by striking and the Bureau of Consumer
Financial Protection,
and inserting the Bureau of Consumer
Financial Protection, and
.
Gramm-Leach-Bliley Act
The Gramm-Leach-Bliley Act (Public Law 106–102; 113 Stat. 1338) is amended—
in section 132(a)
(12 U.S.C. 1828b(a)), by striking the Director of the Office of Thrift
Supervision,
;
in section 206(a)
(15 U.S.C. 78c note), by striking Except as provided in subsection (e),
for
and inserting For
;
in section
502(e)(5) (15 U.S.C. 6802(e)(5)), by inserting a comma after
Protection
;
in section
504(a)(2) (15 U.S.C. 6804(a)(2)), by striking and, as appropriate, and
with
and inserting and, as appropriate, with
;
in section 509(2) (15 U.S.C. 6809(2))—
by striking subparagraph (D); and
by redesignating subparagraphs (E) and (F) as subparagraphs (D) and (E), respectively; and
in section
522(b)(1)(A)(iv) (15 U.S.C. 6822(b)(1)(A)(iv)), by striking Director of
the Office of Thrift Supervision
and inserting Comptroller of
the Currency and the Board of Directors of the Federal Deposit Insurance
Corporation, as appropriate
.
Helping families save their homes act of 2009
Section 104 of the Helping Families Save Their Homes Act of 2009 (12 U.S.C. 1715z–25) is amended—
in subsection (a)—
by striking
and the Director of the Office of Thrift Supervision, shall
jointly
and inserting shall
;
by striking
and the Office of Thrift Supervision
; and
by striking
each such
and inserting such
; and
in subsection (b)(1)—
in subparagraph (A)—
in the first sentence—
by striking
and the Director of the Office of Thrift Supervision,
;
and
by striking
or the Director
;
in
the second sentence, by striking and the Director of the Office of
Thrift Supervision
; and
in subparagraph
(B), by striking and the Director of the Office of Thrift
Supervision
.
Home mortgage disclosure act of 1975
The Home Mortgage Disclosure Act of 1975 (12 U.S.C. 2801 et seq.) is amended—
in section 304(j)(3) (12 U.S.C. 2803(j)(3)), by adding a period at the end; and
in section
305(b)(1)(A)(iii) (12 U.S.C. 2804(b)(1)(A)(iii)), by striking bank
as,
and inserting bank, as
.
Home Owners' Loan Act
The Home Owners' Loan Act (12 U.S.C. 1461 et seq.) is amended—
in section 5 (12 U.S.C. 1464)—
in subsection (d)(2)(E)(ii)—
in
the first sentence, by striking Except as provided in section 21A of the
Federal Home Loan Bank Act, the
and inserting The
;
and
by
striking , at the Director’s discretion,
;
in subsection
(i)(6), by striking the Office of Thrift Supervision or
;
in subsection
(m), by striking Director's
each place that term appears and
inserting appropriate Federal banking agency's
;
in subsection
(n)(9)(B), by striking Director’s
and inserting
Comptroller’s
; and
in subsection (s)—
in paragraph (1)—
in the matter
preceding subparagraph (A), by striking of such Act)
and all
that follows through shall require
and inserting of such
Act), the appropriate Federal banking agency shall require
; and
in subparagraph
(B), by striking other methods
and all that follows through
determines
and inserting other methods as the appropriate
Federal banking agency determines
;
in paragraph (2)—
by striking
determined
and all that follows through
may, consistent
and inserting determined by appropriate federal banking agency
case-by-case.—The appropriate Federal banking agency may,
consistent
; and
by striking
capital-to-assets
and all that follows through determines
to be necessary
and inserting capital-to-assets as the
appropriate Federal banking agency determines to be necessary
;
in section 6(c)
(12 U.S.C. 1465(c)), by striking sections
and inserting
section
;
in section 10 (12 U.S.C. 1467a)—
in subsection
(b)(6), by striking time
and all that follows through
release
and inserting time, upon the motion or
application of the Board, release
;
in subsection (c)(2)(H)—
in the matter preceding clause (i)—
by striking
1841(p))
and inserting 1841(p)))
; and
by inserting
(12 U.S.C. 1843(k))
before if—
; and
in
clause (i), by inserting of 1956 (12 U.S.C. 1843(l) and (m))
after Company Act
; and
in subsection (e)(7)(B)(iii)—
by
striking Board of the Office of Thrift Supervision
and inserting
Director of the Office of Thrift Supervision
; and
by
inserting , as defined in section 2 of the Dodd-Frank Wall Street Reform
and Consumer Protection Act (12 U.S.C. 5301)
after transfer
date
; and
in section 13 (12
U.S.C. 1468b), by striking the a
and inserting
a
.
Home Ownership and Equity Protection Act of 1994
Section 158 of the Home
Ownership and Equity Protection Act of 1994 (15 U.S.C. 1601 note) is amended by
striking Bureau
each place that term appears and inserting
Bureau of Consumer Financial Protection
.
Housing act of 1948
Section 502(c)(3) of the Housing Act of 1948 (12 U.S.C.
1701c(c)(3)) is amended by striking Federal Home Loan Bank
Agency
and inserting Federal Housing Finance
Agency
.
Housing and Urban Development Act of 1968
Section 106(h)(5) of the Housing
and Urban Development Act of 1968 (12 U.S.C. 1701x(h)(5)) is amended by
striking authorised
and inserting
authorized
.
International Banking Act of 1978
Section 15 of the International Banking Act of 1978 (12 U.S.C. 3109) is amended—
in each of subsections (a) and (b)—
by striking
, and Director of the Office of Thrift Supervision
each place
that term appears; and
by inserting
and
before Federal Deposit
each place that term
appears;
in subsection
(a), by striking Comptroller, Corporation, or Director
and
inserting Comptroller, or Corporation
; and
in subsection (c)(4)—
by inserting
and
before the Federal Deposit
; and
by striking
, and the Director of the Office of Thrift Supervision
.
International Lending Supervision Act of 1983
Section 912 of the International Lending Supervision Act of 1983 (12 U.S.C. 3911) is amended—
in the section
heading, by striking and the
Office of Thrift Supervision
;
by striking
(a) In
general.—
; and
by striking subsection (b).
Interstate land sales full disclosure act
The Interstate Land Sales Full Disclosure Act (15 U.S.C. 1701 et seq.) is amended—
in section
1402(1) (15 U.S.C. 1701(1)) by striking Bureau of
and all that
follows through the semicolon at the end and inserting Bureau of
Consumer Financial Protection;
; and
in each of section 1411(b) (15 U.S.C. 1710(b)) and subsections (b)(4) and (d) of section 1418a (15 U.S.C. 1717a), by striking “Secretary’s” each place that term appears and inserting “Director’s”.
Investment Advisers Act of 1940
Section 224 of the Investment Advisers Act
of 1940 (15 U.S.C. 80b–18c) is amended in the section heading, by striking
Commodities
and inserting
Commodity
.
Legal Certainty for Bank Products Act of 2000
Section 403(b)(1) of the
Legal Certainty for Bank Products Act of 2000 (7 U.S.C. 27a(b)(1)) is amended
by striking that section
and inserting
section
.
Omnibus Appropriations Act, 2009
Section 626(b) of the Omnibus
Appropriations Act, 2009 (12 U.S.C. 5538(b)) is amended, in each of paragraphs
(2) and (3), by inserting a comma after as appropriate
each
place that term appears.
Public law 93–495
Section 111 of Public Law 93–495 (12 U.S.C. 250) is
amended by striking the Director of the Office of Thrift
Supervision,
.
Revised Statutes of the United States
Section 5136C(i) of the Revised
Statutes of the United States (12 U.S.C. 25b(i)) is amended by striking
powers.—
and all that follows through
In accordance
and inserting powers.—In
accordance
.
Riegle Community Development and Regulatory Improvement Act of 1994
Section 117(e) of the Riegle Community Development and
Regulatory Improvement Act of 1994 (12 U.S.C. 4716(e)) is amended by striking
the Director of the Office of Thrift Supervision,
.
S.A.F.E. Mortgage Licensing Act of 2008
Section 1514 of the S.A.F.E.
Mortgage Licensing Act of 2008 (12 U.S.C. 5113) is amended in each of
subsections (b)(5) and (c)(4)(C), by striking Secretary’s
each
place that term appears and inserting Director’s
.
Securities Exchange Act of 1934
The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended—
in section
3C(g)(4)(B)(v) (15 U.S.C. 78c–3(g)(4)(B)(v)), by striking of that
Act
and inserting of that section
;
in section
3D(d)(10)(A) (15 U.S.C. 78c–4(d)(10)(A)), by striking taking
and
inserting take
;
in section
3E(b)(1) (15 U.S.C. 78c–5(b)(1)), by striking though
and
inserting through
;
in section
4(g)(8)(A) (15 U.S.C. 78d(g)(8)(A)), by striking (2)(A)(i)
and
inserting (2)(A)(ii)
;
in section 15 (15 U.S.C. 78o)—
in each of
subparagraphs (B)(ii) and (C) of subsection (b)(4), by striking dealer
municipal advisor,,
and inserting dealer, municipal
advisor,
;
by redesignating subsection (j) (relating to the authority of the Commission) as subsection (p) and moving that subsection to the end;
by redesignating subsections (k) and (l) (relating to standard of conduct and other matters, respectively), as added by section 913(g)(1) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 1828), as subsections (q) and (r), respectively and moving those subsections to the end; and
in subsection
(m), by inserting the
before same extent
;
in section 15F(h) (15 U.S.C. 78o–10(h))—
in paragraph (2)(A), by inserting “a” after “that acts as an advisor to”;
in paragraph
(2)(B), by inserting a
after offers to enter
into
; and
in paragraph (5)(A)(i)—
by
inserting (A)
after (18)
; and
in
subclause (VII), by striking act of
and inserting Act
of
;
in section 15G (15 U.S.C. 78o–11)—
in subsection
(b)(2), by inserting Director of the
before Federal
Housing
;
in subsection
(e)(4)(A), by striking subsection
and inserting
section
;
in subsection (e)(4)(C)—
by striking
129C(c)(2)
and inserting 129C(b)(2)(A)
;
and
by
inserting (15 U.S.C. 1639c(b)(2)(A))
after Lending
Act
; and
in subsection
(e)(5), by striking subsection
and inserting
section
; and
in section 17A (15 U.S.C. 78q–1), by redesignating subsection (g), as added by section 929W of the Dodd-Frank Wall Street Reform and Consumer Protection Act (relating to due diligence for the delivery of dividends, interest, and other valuable property rights) as subsection (n) and moving that subsection to the end.
Telemarketing and consumer fraud and abuse prevention act
Section 3(b) of the
Telemarketing and Consumer Fraud and Abuse Prevention Act (15 U.S.C. 6102(b))
is amended by inserting before the period at the end the following: ,
provided, however, nothing in this section shall conflict with or supersede
section 6 of the Federal Trade Commission Act (15 U.S.C. 46)
.
Title 5
Title 5, United States Code, is amended—
in section
3132(a)(1)(D), by striking the Office of Thrift Supervision,, the
Resolution Trust Corporation,
; and
in section 5314,
by striking Director of the Office of Thrift
Supervision.
.
Title 10
Section 987(h)(3) of title 10, United States Code, is amended—
by striking subparagraph (E); and
by redesignating subparagraphs (F) and (G) as subparagraphs (E) and (F), respectively.
Title 31
Amendments
Title 31, United States Code, is amended—
by striking section 309;
in section 313—
in subsection
(j)(2), by striking Agency
; and
in subsection
(r)(4), by striking the Office of Thrift Supervision,
;
and
in section
714(d)(3)(B) by striking a audit
and inserting an
audit
.
Analysis
The analysis for subchapter I of chapter 3 of title 31, United States Code, is amended by striking the item relating to section 309.
Truth in Lending Act
The Truth in Lending Act (15 U.S.C. 1601 et seq.) is amended—
in section 103 (15 U.S.C. 1602)—
by redesignating subsections (aa) and (bb) as subsections (bb) and (aa), respectively, and moving subsection (bb), as so redesignated, after subsection (aa), as so redesignated;
by redesignating the subsection (cc), as added by section 1401 of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2137), as subsection (ee), and by moving such subsection to the end; and
in paragraph
(2)(E)(v) of subsection (ee), as so redesignated, by striking
Board
and inserting Bureau
;
in section 105 (15 U.S.C. 1604), by inserting subsection (h), as added by section 1472(c) of the Dodd-Frank Wall Street Reform and Consumer Protection Act (124 Stat. 2187), before subsection (i), as added by section 1100A(7) of that Act (124 Stat. 2108);
in section
106(f)(2)(B)(i) (15 U.S.C. 1605(f)(2)(B)(i)), by striking 103(w)
and inserting 103(x)
;
in section 121(b)
(15 U.S.C. 1631(b)), by striking 103(f)
and inserting
103(g)
;
in section
122(d)(5) (15 U.S.C. 1632(d)(5)), by striking and the Bureau
before , may promulgate regulations
;
in section
125(e)(1) (15 U.S.C. 1635(e)(1)), by striking 103(w)
and
inserting 103(x)
;
in section 129 (15 U.S.C. 1639)—
in subsection
(q), by striking (l)(2)
and inserting (p)(2)
;
and
in subsection
(u)(3), by striking Board
each place that term appears and
inserting Bureau
;
in section 129C (15 U.S.C. 1639c)—
in subsection (b)(2)(B), by striking the second period at the end; and
in subsection
(c)(1)(B)(ii)(I), by striking a original
and inserting an
original
;
in section 140A
(15 U.S.C. 1651), by striking the Bureau and
;
in section
148(d) (15 U.S.C. 1665c(d)), by striking Bureau
and inserting
Board
;
in section 149 (15 U.S.C. 1665d)—
by striking
the Director of the Office of Thrift Supervision,
each place
that term appears;
by striking
National Credit Union Administration Bureau
and inserting
National Credit Union Administration Board
each place that term
appears; and
by striking
Bureau of Directors of the Federal Deposit Insurance Corporation
and inserting Board of Directors of the Federal Deposit Insurance
Corporation
each place that term appears; and
in section
181(1) (15 U.S.C. 1667(1)), by striking 103(g)
and inserting
103(h)
.
Truth in Savings Act
The Truth in Savings Act (12 U.S.C. 4301 et seq.) is
amended in each of sections 269(a)(4) (12 U.S.C. 4308(a)(4)), 270(a)(2) (12
U.S.C. 4309(a)(2)), and 274(6) (12 U.S.C. 4313(6)), by striking
Administration Bureau
each place that term appears and inserting
Administration Board
.
Rulemaking deadlines
One-Year extension
The deadline for issuance of any rule or regulation, conduct of any study, or submission of any report required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203) or amendments made by that Act that has not been met or is not met in final form by the date specified in that Act or those amendments, shall be extended for 1 year.
No effect on finalized rules
The extension provided under subsection (a) shall have no effect on any rule required by the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203) or amendments made by that Act that have been issued in final form before the date of enactment of this Act.
Effective dates
Except as otherwise specifically provided in this Act—
the amendments made by this Act to a provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act (Public Law 111–203) shall take effect as if enacted on the effective date of the provision, immediately after the provision takes effect; and
the amendments made by this Act to a provision of law amended by the Dodd-Frank Wall Street Reform and Consumer Protection Act shall take effect as if enacted on the effective date of the amendment to that provision of law made by the Dodd-Frank Wall Street Reform and Consumer Protection Act, immediately after the amendment made by the Dodd-Frank Wall Street Reform and Consumer Protection Act takes effect.