Summary of Amendments Submitted to the Rules Committee for H.R. 10 - Financial CHOICE Act of 2017

Summaries Derived from Information Provided by Sponsors

Listed in Alphabetical Order

June 6, 2017 4:53 PM

Click on sponsor for amendment text

Buck (CO)

#11

REVISED Requires the GSA to study CLEA’s real estate needs due to changes in the Agency’s structure. It then authorizes the GSA to sell the current CLEA building if CLEA’s real estate needs have changed and there is no government department or agency that can utilize the building.

Chaffetz (UT)

#9

WITHDRAWN Strikes and replaces section 831, which provides for congressional access to certain records upon request, with a rule of construction providing that nothing in the Sarbanes-Oxley Act of 2002 shall be construed to authorize the Public Company Accounting Oversight Board to withhold information from Congress.

Ellison (MN), Lynch (MA)

#2

WITHDRAWN Strikes subtitle A of title V, which amends the definition of “mortgage originator” in the Truth in Lending Act to specify that, subject to certain exceptions, a retailer of manufactured housing or its employee is not a “mortgage originator" and amends the definition of “High-Cost Mortgage” in the Truth in Lending Act to provide that a credit transaction secured by a consumer’s dwelling is a “high-cost mortgage” if the dwelling is personal property, the annual percentage rate exceeds the average prime offer rate by more than 10 percentage points, and the transaction is for less than $75,000.

Ellison (MN)

#3

WITHDRAWN Requires that any entrepreneur receiving a loan from a franchise corporation must receive the same performance information provided by the franchise corporation to the lender making the loan to the franchisee.

Ellison (MN)

#4

WITHDRAWN Strikes language which would repeal section 953(b) of Title IX of the Dodd-Frank Wall Street Reform and Consumer Protection Act, which requires public companies to disclose the ratio of compensation of its chief executive officer (CEO) to the median compensation of its employees.

Ellison (MN), Maloney, Carolyn (NY), Capuano (MA)

#5

WITHDRAWN Strikes subtitle C of title IV, which exempts Emerging Growth Companies and other smaller companies from the Securities and Exchange Commission's (SEC) eXtensible Business Reporting Language (XBRL) requirements for filing financial statements with the SEC.

Ellison (MN)

#6

WITHDRAWN Strikes subtitle B of title V, which amends the definition of “points and fees” in the Truth in Lending Act to exclude fees paid for affiliated business arrangements.

Faso (NY)

#13

Allows Mutual Holding Companies (MHCs) to waive the receipt of dividends.

Gaetz (FL), Rohrabacher (CA)

#16

LATE Specifies that cannabis-related businesses may utilize federal financial institutions when they are compliant with the law or regulation of their state or political subdivision of their state.

Hensarling (TX)

#17

LATE MANAGER’S Revises provisions subjecting certain FDIC and NCUA functions to congressional appropriations, relating to appointments of positions created by the Act, and providing congressional access to non-public FSOC information.

Hollingsworth (IN)

#12

REVISED Allows closed-end funds that are listed on a national securities exchange, and that meet certain requirements to be considered “well-known seasoned issuers” or “WKSIs”.

Kaptur (OH), Jones (NC)

#14

SUBSTITUTE Strikes all of H.R. 10, The Financial CHOICE Act of 2017 and inserts after the enacting clause H.R. 790, The Return to Prudent Banking Act of 2017.

Lynch (MA), Ellison (MN), Moore, Gwen (WI), Scott, Bobby (VA), Green, Al (TX)

#1

WITHDRAWN Strikes section 841 (Repeal of the Department of Labor’s fiduciary duty rule)

McSally (AZ)

#15

Requires the Department of Treasury to submit a report to Congress regarding its efforts to work with Federal bank regulators, financial institutions, and money service businesses to ensure that legitimate financial transactions along the southern border move freely.

Rosen (NV)

#7

WITHDRAWN Strikes subtitle K of title V which lifts the commercial lending cap on savings and loan associations (S&Ls).

Rosen (NV)

#8

WITHDRAWN Strikes section 363 which subjects the National Credit Union Administration to the annual Congressional appropriations process.

Smucker (PA)

#10

Expresses the sense of Congress that consumer reporting agencies and their subsidiaries should implement stronger multi-factor authentication procedures when providing access to personal information files to more adequately protect consumer information from identity theft.