To clarify the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, to improve upon the definitions provided for points and fees in connection with a mortgage transaction, and for other purposes. (H.R. 5461 (113th)) — United States

Summary

Insurance Capital Standards Clarification Act of 2014 - Amends the Dodd-Frank Wall Street Reform and Consumer Protection Act concerning establishment of minimum leverage and minimum risk-based capital requirements on a consolidated basis for a depository institution holding company or a nonbank financial company supervised by the Board of Governors of the Federal Reserve System. States that federal banking agencies shall not be required to subject any person to such minimum capital requirements, to the extent that such person either: (1) acts in its capacity as a regulated insurance entity regulated by a state insurance regulator, or (2) is a regulated foreign subsidiary engaged in the business of insurance. Exempts from any requirement to prepare holding company financial statements in accordance with Generally Accepted Accounting Principles any Board-supervised depository institution holding company or nonbank financial company that is also a person regulated by a state insurance regulator or a regulated foreign subsidiary (or a regulated foreign affiliate) that files its holding company financial statements using only Statutory Accounting Principles in accordance with state law. Restoring Proven Financing for American Employers Act - Amends the Bank Holding Company Act of 1956 with respect to certain prohibitions on proprietary trading by banking entities and certain relationships with hedge funds and private equity funds (Volcker Rule). Prohibits the Volcker Rule from being construed to require divestiture of any debt securities of collateralized loan obligations issued before January 31, 2014. Declares that a banking entity shall not be considered to have an ownership interest in a collateralized loan obligation because it acquires or retains a debt security in it if the debt security has no indicia of ownership other than the right of the banking entity to participate in the removal for cause, or in the selection of a replacement after removal for cause or resignation, of an investment manager or investment adviser of the collateralized loan obligation. Defines "collateralized loan obligation" as any issuing entity of an asset-backed security comprised primarily of commercial loans. Mortgage Choice Act of 2014 - Amends the Truth in Lending Act regarding requirements for disclosure to a consumer of points and fees information about a consumer credit transaction, secured by the consumer's principal dwelling, but which is neither a residential mortgage transaction, a reverse mortgage transaction, nor a transaction under an open end credit plan, when the total points and fees the consumer must pay at or before closing will exceed 8% of the total loan amount or $400, whichever is greater. (Such consumer credit transactions might include an equity credit line to which consumer purchases or leases may be charged.) Excludes from the computation of such points and fees any escrow for future payment of insurance. Modifies the criteria for exclusion from the computation of points and fees of certain reasonable charges elsewhere exempted from the computation of the finance charge in extensions of credit secured by an interest in real property. Excludes from points and fees any such reasonable charges even though a creditor receives compensation, but only in so far as the creditor or its affiliate retains the compensation as a result of their participation in an affiliated business arrangement. (An "affiliated business arrangement" is one in which: (1) a person who is in a position to refer business incident to or a part of a real estate settlement service involving a federally related mortgage loan, or an associate of such person, has either an affiliate relationship with or a direct or beneficial ownership interest of more than 1% in a provider of settlement services; and (2) either of such persons directly or indirectly refers such business to that provider or affirmatively influences the provider's selection.) Revises the additional requirement that such a reasonable charge be paid to a third party unaffiliated with the creditor. Requires the charge to be either: (1) a bona fide third party charge not retained by the mortgage originator, creditor, or an affiliate; or (2) a fee or premium for title examination, title insurance, or similar purposes. Modifies the conditions under which federal agencies may exempt refinancings under a streamlined refinancing from an income verification requirement that the consumer has a reasonable ability to repay the loan and all applicable taxes, insurance, and assessments. Repeals the exception for bona fide third party charges not retained by the mortgage originator, creditor, or an affiliate from the requirement that total points and fees not exceed 3% of the total new loan amount. (Thus subjects such charges to the same 3% ceiling.) Business Risk Mitigation and Price Stabilization Act of 2013 - Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties: (1) is eligible for an exception from clearing requirements because it is not a financial entity, uses swaps to hedge or mitigate commercial risk, and notifies the Commodity Futures Trading Commission (CFTC) how it meets financial obligations associated with entering into non-cleared swaps; or (2) satisfies specified criteria governing treatment of affiliates in connection with clearing requirements. Amends the Securities Exchange Act of 1934, regarding registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization a security-based swap in which one of the counterparties: (1) qualifies for a specified exception from clearing requirements, or (2) satisfies certain criteria governing the treatment of affiliates.

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Timeline

15 September 2014
Vote
At the conclusion of debate, the Yeas and Nays were demanded and ordered. Pursuant to the provisions of clause 8, rule XX, the Chair announced that further proceedings on the motion would be postponed.
Source: Floor
15 September 2014
Floor
DEBATE - The House proceeded with forty minutes of debate on H.R. 5461.
Source: Floor
15 September 2014
Floor
Considered under suspension of the rules. (consideration: CR H7508-7515)
Source: Floor
15 September 2014
Introduced
Introduced in House
Source: IntroReferral
15 September 2014
Floor
Mr. Huizenga (MI) moved to suspend the rules and pass the bill.
Source: Floor
15 September 2014
Introduced
Referred to the Committee on Financial Services, and in addition to the Committee on Agriculture, for a period to be subsequently determined by the Speaker, in each case for consideration of such provisions as fall within the jurisdiction of the committee concerned.
Source: IntroReferral
15 September 2014
Introduced
Introduced in House
Source: IntroReferral
16 September 2014
Passed
Motion to reconsider laid on the table Agreed to without objection.
Source: Floor
16 September 2014
Vote
On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 327 - 97 (Roll no. 502). (text: CR 9/16/2014 H7508-7510)
Source: Floor
16 September 2014
Vote
Passed/agreed to in House: On motion to suspend the rules and pass the bill Agreed to by the Yeas and Nays: (2/3 required): 327 - 97 (Roll no. 502).(text: CR 9/16/2014 H7508-7510)
Source: Floor
16 September 2014
Floor
Considered as unfinished business. (consideration: CR H7577)
Source: Floor
17 September 2014
Introduced
Received in the Senate and Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.
Source: IntroReferral

Votes

No vote records are attached yet.

Versions

Referred in Senate · 17 September 2014 · Download file
Engrossed in House · 16 September 2014 · Download file
Introduced in House · 15 September 2014 · Download file

Documents

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Referred in Senate (text)

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Referred in Senate (text)
Referred in Senate · EN · 17 September 2014
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Referred in Senate (PDF)
Referred in Senate · EN · 17 September 2014
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Engrossed in House (text)
Engrossed in House · EN · 16 September 2014
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Engrossed in House · EN · 16 September 2014
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Passed House without amendment
summary · EN · 16 September 2014
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Introduced in House (text)
Introduced in House · EN · 15 September 2014
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Introduced in House (PDF)
Introduced in House · EN · 15 September 2014
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Introduced in House
summary · EN · 15 September 2014
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Related records

related to → Business Risk Mitigation and Price Stabilization Act of 2013
related to → Mortgage Choice Act of 2013
related to → Restoring Proven Financing for American Employers Act
related to → Insurance Capital Standards Clarification Act of 2014
related to → Promoting Job Creation and Reducing Small Business Burdens Act
related to ← A bill to provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934.
related to ← Consumer Mortgage Choice Act
related to ← Mortgage Choice Act of 2013
related to ← A bill to clarify the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act.
related to ← Insurance Capital Standards Clarification Act of 2014

Sources

PoliticalRepo is an index and interpretation layer, not the authoritative legal source.

Official source: https://www.congress.gov/bill/113th-congress/house-bill/5461
Open data entity: https://api.congress.gov/v3/bill/113/hr/5461
us · 113-hr-5461 · source updated 7 April 2025

To clarify the application of certain leverage and risk-based requirements under the Dodd-Frank Wall Street Reform and Consumer Protection Act, to improve upon the definitions provided for points and fees in connection with a mortgage transaction, and for other purposes.