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United States · Bill · S

S. 1349 (113th)

CLEAR Relief Act of 2013

openUnited States· United States Congress· EN

Introduced

24 July 2013

Last action

16 September 2014 · Committee

Status

Committee on Banking, Housing, and Urban Affairs. Hearings held.

Sponsors

Jerry Moran, Sen. Tester, Jon [D-MT], Sen. Kirk, Mark Steven [R-IL], Sen. Landrieu, Mary L. [D-LA], Sen. Hagan, Kay R. [D-NC], John Barrasso, Sen. Enzi, Michael B. [R-WY], John Boozman, Sen. Heitkamp, Heidi [D-ND], Sen. Pryor, Mark L. [D-AR], Sen. Blunt, Roy [R-MO], Lisa Murkowski, Rep. Roberts, Pat [R-KS-1], Sen. Isakson, Johnny [R-GA], John Thune, Amy Klobuchar, Sen. Coburn, Tom [R-OK], Sen. Johanns, Mike [R-NE], Deb Fischer, Sen. Chambliss, Saxby [R-GA], James Risch, Sen. Portman, Rob [R-OH], Sen. Manchin, Joe, III [I-WV], Jeanne Shaheen, Bernie Sanders, Sen. Ayotte, Kelly [R-NH], John Hoeven, Sen. Heller, Dean [R-NV], Sen. Walsh, John E. [D-MT], Sen. Toomey, Patrick [R-PA], Sen. Burr, Richard [R-NC], Rep. Inhofe, James M. [R-OK-1], Martin Heinrich, Sen. Donnelly, Joe [D-IN], Chuck Grassley, Sen. Begich, Mark [D-AK], John Cornyn, Sen. Udall, Tom [D-NM], Tim Scott, Roger Wicker

Subjects

Taxation

Source updated

12 August 2025

Taxation

Official sourceDownload fileView documentsShare

Summary

Community Lending Enhancement and Regulatory Relief Act of 2013 or CLEAR Relief Act of 2013 - Amends the Sarbanes-Oxley Act of 2002 to exempt from its rules regarding management assessment of internal controls the following institutions which, as of the end of the preceding fiscal year, had total consolidated assets of $1 billion or less (adjusted annually according to a certain formula): (1) a bank holding company, (2) a savings and loan holding company, or (3) an insured depository institution. Declares the "Small Bank Holding Company Statement" of the Board of Governors of the Federal Reserve System (Board) applicable to a financial institution that: (1) is otherwise subject to that policy statement, and (2) has consolidated assets of less than $5 billion. Amends the Truth in Lending Act (TILA) to require the Consumer Financial Protection Bureau (CFPB) to exempt from requirements governing escrow or impound accounts affecting certain consumer credit transactions any loans secured by a first lien on the principal dwelling of a consumer, if such loans are held by an insured depository institution having assets of $10 billion or less. Includes as a qualified mortgage, with respect to the presumption that a qualified residential mortgage loan meets certain minimum standards, any mortgage loan originated and retained in portfolio for at least three years by a depository institution having less than $10 billion in total assets. Requires the CFPB (which currently is merely authorized) to provide by regulation that a "qualified mortgage" includes a balloon loan extended by an insured depository institution that: (1) originates and retains balloon loans in portfolio for at least three years, and (2) together with its affiliates has less than $10 billion in total consolidated assets.

This text is taken from the official record. PoliticalRepo does not editorialize.

Timeline

  1. 24 July 2013

    Introduced

    Read twice and referred to the Committee on Banking, Housing, and Urban Affairs.

    Source: IntroReferral

  2. 24 July 2013

    Introduced

    Introduced in Senate

    Source: IntroReferral

  3. 16 September 2014

    Committee

    Committee on Banking, Housing, and Urban Affairs. Hearings held.

    Source: Committee

Votes

No vote records are attached yet.

Versions

Documents

3 official files

Sponsors

Related records

No cross-record relationships stored yet.

Sources

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