Signed by President Donald Trump

Vote Smart's Synopsis:

A vote to pass a bill that amends various banking regulations of the Dodd-Frank Reform and Consumer Protection Act.

Highlights:

• Increases the enhanced regulatory standards for certain depository institutions and bank holding companies from $50 billion to $250 billion (Title IV, Sec. 401).

• Authorizes a qualified mortgage safe harbor for banks and credit unions labeled “covered institutions” that have total consolidated assets of $10 billion or less (Title I & II, Sec. 101-201).

• Defines a “qualified mortgage” as any residential mortgage loan that is originated and retained by a covered institution (Title I, Sec. 101).

• Defines “covered institution” as an insured depository institution or insured credit union that together with its affiliates, has less than $10 billion in total assets (Title I, Sec. 101).

• Authorizes federal banking agencies to determine if a depository institution is a qualifying community bank based on the company’s risk profile (Title II, Sec. 201).

• Specifies that a depository institution’s risk profile will be based on its trading assets and liabilities, or any other factors the federal banking agency determines appropriate (Title II, Sec. 201).

• Authorizes custodial banks to omit funds deposited with a central bank when calculating their supplementary leverage ratio (Title IV, Sec. 402).

• Specifies that a “central bank” includes the following institutions (Title IV, Sec. 402):

• The Federal Reserve System;

• The European Central Bank; and

• Banks in member countries of the Organization for Economic Cooperation and Development.

• Defines “custodial bank” as any depository institution holding company that is predominantly engaged in custody, safekeeping, and asset servicing activities (Title IV, Sec. 402).

Full Bill Text

Vote Smart's Synopsis:

A vote to pass a bill that amends various banking regulations of the Dodd-Frank Reform and Consumer Protection Act.

Highlights:

• Increases the enhanced regulatory standards for certain depository institutions and bank holding companies from $50 billion to $250 billion (Title IV, Sec. 401).

• Authorizes a qualified mortgage safe harbor for banks and credit unions labeled “covered institutions” that have total consolidated assets of $10 billion or less (Title I & II, Sec. 101-201).

• Defines a “qualified mortgage” as any residential mortgage loan that is originated and retained by a covered institution (Title I, Sec. 101).

• Defines “covered institution” as an insured depository institution or insured credit union that together with its affiliates, has less than $10 billion in total assets (Title I, Sec. 101).

• Authorizes federal banking agencies to determine if a depository institution is a qualifying community bank based on the company’s risk profile (Title II, Sec. 201).

• Specifies that a depository institution’s risk profile will be based on its trading assets and liabilities, or any other factors the federal banking agency determines appropriate (Title II, Sec. 201).

• Authorizes custodial banks to omit funds deposited with a central bank when calculating their supplementary leverage ratio (Title IV, Sec. 402).

• Specifies that a “central bank” includes the following institutions (Title IV, Sec. 402):

• The Federal Reserve System;

• The European Central Bank; and

• Banks in member countries of the Organization for Economic Cooperation and Development.

• Defines “custodial bank” as any depository institution holding company that is predominantly engaged in custody, safekeeping, and asset servicing activities (Title IV, Sec. 402).

Full Bill Text

Full Bill Text