S. 2155 Implementation Timeline

 

Effective Now


The following provisions in green are effective now and require no further regulatory action.

  • S.2155 Became Public Law

    05/24/2018 

  • Sec 102 Safeguarding Access to Habitat for Humanity Homes

    Mortgage appraisal services donated by a fee appraiser to an organization eligible to receive tax-deductible charitable contributions are deemed to be customary and reasonable under TILA.

  • Sec 104 HMDA

    Amends the Home Mortgage Disclosure Act to exempt from specified public disclosure requirements depository institutions and credit unions that originate fewer than 500 closed-end mortgages or open-end lines of credit.

  • Sec 105 Credit Union Residential Loans

    Amends the Federal Credit Union Act to allow a credit union to extend a member business loan with respect to a one- to four-family dwelling, regardless of whether the dwelling is the member's primary residence. Under current law, a member business loan may be extended with respect to such a dwelling only if it is the member's primary residence.

  • Sec 107 Mortgages for Manufactured Homes

    Amends TILA to specify that a retailer of manufactured housing that meets certain requirements is generally not a "mortgage originator" subject to requirements under that Act.

  • Sec 208 Expedited Funds Availability Act

    Amends the Expedited Funds Availability Act to apply the Act, which governs bank deposit holds, to American Samoa, the Commonwealth of the Northern Mariana Islands, and Guam. The Act's one-day extension for certain deposits in noncontiguous states or territories shall also apply to these territories.

  • Sec 212 Budget Transparency for NCUA

    Amends the Federal Credit Union Act to require the National Credit Union Administration to hold public hearings on the draft of its annual budget.

  • Sec 213 Online Banking Initiation

    A financial institution is authorized to record personal information from a scan, copy, or image of an individual's driver's license or personal identification card and store the information electronically when an individual initiates an online request to open an account or obtain a financial product. The financial institution may use the information for the purpose of verifying the authenticity of the driver's license or identification card, verifying the identity of the individual, or complying with legal requirements. The financial institution must delete any copy or image of an individual's driver's license or personal identification card after use.

  • Sec 217 FRB Discretionary Surplus Funds

    Amends the Federal Reserve Act to lower the maximum allowable amount of surplus funds of the Federal Reserve banks.

  • Sec 303 Immunity for Disclosure of Senior Financial Exploitation

    Extends immunity from liability to certain individuals employed at financial institutions who, in good faith and with reasonable care, disclose the suspected exploitation of a senior citizen to a regulatory or law-enforcement agency. Similarly, the employing financial institution shall not be liable with respect to disclosures made by such employees.

    The bill allows financial institutions and third-party entities to offer training related to the suspected financial exploitation of a senior citizen to specified employees. The bill provides guidance regarding the content, timing, and record-maintenance requirements of such training.

  • Sec 305 Remediating Lead and Asbestos Hazards

    Treasury may use loan guarantees and credit enhancements to remediate lead and asbestos hazards in residential properties.

  • Sec 309 Veterans – Predatory Lending

    A refinanced home loan may not be guaranteed by the Department of Veterans Affairs (VA), unless: (1) a specified minimum time period has passed between the original loan and the refinancing; and (2) the lender complies with provisions related to fee recoupment, mortgage interest rates, and net tangible benefit tests.

  • Sec 313 Foreclosure Relief and Extension for Service Members

    Amends the Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012 to make permanent the one-year grace period during which a servicemember is protected from foreclosure after leaving military service.

  • Sec 401 Stress Test Provisions for BHCs <$100B

    Amends the Financial Stability Act of 2010, with respect to nonbank financial companies supervised by the FRB and certain bank holding companies, to:

    • increase the asset threshold at which certain enhanced prudential standards shall apply, from $50 billion to $250 billion, while allowing the FRB discretion in determining whether a financial institution with assets equal or greater than $100 billion must be subject to such standards;
    • increase the asset threshold at which company-run stress tests are required, from $10 billion to $250 billion;
    • and increase the asset threshold for mandatory risk committees, from $10 billion to $50 billion.
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  • Sec 501 National Securities Exchange Regulatory Parity

    Amends the Securities Act of 1933 to exempt from state registration securities qualified for national trading by the Securities and Exchange Commission (SEC) and authorized to be listed on a national securities exchange. Currently, securities listed on exchanges specified by statute or SEC rule are exempt.

  • Sec 503 Review of Capital Formation Forum

    Amends the Small Business Investment Incentive Act of 1980 to require the Commission to promptly issue a public statement disclosing any action the Commission intends to take.
  • Sec 504 Venture Fund Amendments

    Amends the Investment Company Act of 1940 to exempt from the definition of an "investment company," for purposes of specified limitations applicable to such a company under the Act, a qualifying venture capital fund that has no more than 250 investors. Specifically, the bill applies to a venture capital fund that has less than $10 million in aggregate capital contributions and uncalled committed capital. Under current law, a venture capital fund is considered to be an investment company if it has more than 100 investors.
  • Sec 601 Student Loan Protections

    Amends TILA to prospectively revise provisions relating to cosigners of private student loans. Specifically, the bill: (1) prohibits a creditor from declaring a default or accelerating the debt of a private student loan on the sole basis of the death or bankruptcy of a cosigner to such a loan, and (2) directs loan holders to release cosigners from any obligation upon the death of the student borrower.
  • Sec 602 Rehabilitation of Private Education Loans

    Amends the Fair Credit Reporting Act to allow a person to request the removal of a previously reported default regarding a private education loan from a consumer report if: (1) the lender chooses to offer a loan-rehabilitation program that requires a number of consecutive on-time monthly payments demonstrating renewed ability and willingness to repay the loan, and (2) the consumer meets those requirements. A consumer may obtain such rehabilitation benefits only once per loan. The GAO shall report on the implementation of these provisions.
  • Sec 304 Restoration of Protecting Tenants at Foreclosure Act of 2009

    The sunset provision of the Protecting Tenants at Foreclosure Act is repealed, restoring notification requirements and other protections related to the eviction of renters in foreclosed properties.



Effective Immediately


The following provisions in yellow are effective immediately but may require amendments to the regulations.

  • Sec 202 Reciprocal Deposits

    Needs to be conformed

    Amends the Federal Deposit Insurance Act to exclude reciprocal deposits of an insured depository institution from certain limitations on prohibited broker deposits if the total reciprocal deposits of the institution do not exceed the lesser of $5 billion or 20% of its total liabilities. Reciprocal deposits are deposits that banks make with each other in equal amounts.

  • Sec 203 Volcker Rule Community Bank Exclusion

    Needs to be conformed

    Amends the Bank Holding Company Act of 1956 to exempt from the "Volcker Rule" banks with: (1) total assets valued at less than $10 billion, and (2) trading assets and liabilities comprising not more than 5% of total assets.

  • Sec 210 Examination Cycle

    Needs to be conformed

    Amends the Federal Deposit Insurance Act to allow depository institutions with consolidated assets of $3 billion (previously $1 billion) to be eligible for an 18-month examination cycle.

  • Sec 214 HVCRE

    Needs to be conformed

    Amends the Federal Deposit Insurance Act to specify that a federal banking agency may not subject a depository institution to higher capital standards with respect to a high-volatility commercial real-estate (HVCRE) exposure unless the exposure is an HVCRE acquisition, development, or construction (ADC) loan.




S.2155 Future Effective Dates


The following provisions in blue are effective in the future.

  • Sec 301 Credit Report Security Freezes

    September 2018

    Amends the Fair Credit Reporting Act to increase the length of time a consumer reporting agency must include a fraud alert in a consumer's file. It also: (1) requires a consumer reporting agency to provide a consumer with free credit freezes and to notify a consumer of their availability, (2) establishes provisions related to the placement and removal of these freezes, (3) creates requirements related to the protection of the credit records of minors.

  • Sec 310 Credit Score Competition

    November 2018

    Amends the Federal National Mortgage Association Charter Act and the Federal Home Loan Mortgage Corporation Act to allow the Federal National Mortgage Association (Fannie Mae) and the Federal Home Loan Mortgage Corporation (Freddie Mac), when determining whether to purchase a residential mortgage, to consider a borrower's credit score only if certain procedural requirements are met with respect to the validation and approval of credit-scoring models.

  • Sec 311 GAO Report on Puerto Rico Foreclosures

    November 2018

    The GAO is directed to report on foreclosures, homeownership, and mortgage defaults in Puerto Rico before and after Hurricane Maria.

  • Sec 312 Report on Lead-Based Paint Hazard

    November 2018

    HUD must report on and provide recommendations for lead-based paint hazard prevention and abatement, with an emphasis on preventing exposure in children.

  • Sec 216 Treasury Report on Cyber Threats

    May 2019

    Directs the Treasury to report on the risks of cyber threats to financial institutions and capital markets.

  • Sec 308 GAO Report on Consumer Reporting Agencies

    May 2019

    Directs the GAO to report on the accuracy and security of consumer reporting agencies and consumer reports.

  • Sec 602 GAO Study on Rehabilitation of Private Education Loans

    May 2019

    Amends the Fair Credit Reporting Act to allow a person to request the removal of a previously reported default regarding a private education loan from a consumer report if: (1) the lender chooses to offer a loan-rehabilitation program that requires a number of consecutive on-time monthly payments demonstrating renewed ability and willingness to repay the loan, and (2) the consumer meets those requirements.

  • Sec 106 Transition for Loan Originators

    November 2019

    Amends the S.A.F.E. Mortgage Licensing Act of 2008 to revise the Act's civil liability immunity provisions and to temporarily allow loan originators that meet specified requirements to continue to originate loans after moving: (1) from one state to another, or (2) from a depository institution to a non-depository institution.

  • Sec 502 SEC Study on Algorithmic Trading

    November 2019

    Directs the SEC to report on the risks and benefits of algorithmic trading in capital markets.

  • Sec 506 Ends U.S. Territories’ Statutory Exemptions

    May 2021

    Amends the Investment Company Act of 1940 to apply the Act to investment companies created under the laws of Puerto Rico, the U.S. Virgin Islands, or any other U.S. possession.




Unspecified Effective Dates


The following provisions in red have unspecified effective dates that require regulations to give effect.

  • Sec 507 Encouraging Employee Ownership

    Rules are due by July 2018

    Requires the SEC to increase, from $5 million to $10 million, the 12-month sales threshold beyond which an issuer is required to provide investors with additional disclosures related to compensatory benefit plans.

  • Sec 207 Small Bank Holding Company Policy Statement

    Rules are due by November 2018

    The Federal Reserve Board must increase, from $1 billion to $3 billion, the consolidated asset threshold for a bank holding company or savings and loan holding company that: (1) is not engaged in significant nonbanking activities; (2) does not conduct significant off-balance-sheet activities; and (3) does not have a material amount of debt or equity securities, other than trust-preferred securities, outstanding.

  • Sec 209 Troubled Small Public Housing Agencies

    Rules are due by November 2018

    Amends the United States Housing Act of 1937 to reduce inspection requirements and environmental-review requirements for certain smaller, rural public-housing agencies.

  • Sec 309 Veterans – Predatory Lending

    Rules are due by November 2018

    A refinanced home loan may not be guaranteed by the Department of Veterans Affairs unless: (1) a specified minimum time period has passed between the original loan and the refinancing; and (2) the lender complies with provisions related to fee recoupment, mortgage interest rates, and net tangible benefit tests.

  • Sec 302 Veteran’s Medical Debt

    Rules are due by May 2019

    Limits and establishes a dispute process and verification procedures with respect to, the inclusion of a veteran's medical debt in a consumer credit report.

  • Sec 306 Family Self-Sufficiency Program

    Rules are due by May 2019

    Amends the United States Housing Act of 1937 to revise the Family-Self-Sufficiency program. Specifically, the bill:

    • combines existing, separately operated FSS programs into a single program;
    • extends program eligibility to tenants of certain privately owned properties subsidized with project-based rental assistance;
    • revises program requirements related to eligibility, supportive services, and escrow deposits;
    • and otherwise modifies the FSS program.
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  • Sec 509 Offering and Proxy Rules for Closed-End Companies

    Rules are due by May 2019

    Directs the SEC to revise registration rules to allow a closed-end company to use offering and proxy rules currently available to other issuers of securities, thereby reducing filing requirements and restrictions on communications with investors in certain circumstances.

  • 603 Best Practices for Higher Education Financial Literacy

    Rules are due by May 2019

    Amends the Financial Literacy and Education Improvement Act to direct the Financial Literacy and Education Commission to establish best practices for teaching financial literacy skills at institutions of higher education.

  • Sec 101 Residential Mortgage Loans

    Amends the Truth in Lending Act (TILA) to allow a depository institution or credit union with assets below a specified threshold to forgo certain ability-to-pay requirements regarding residential mortgage loans. Specifically, those requirements are waived if a loan: (1) is originated by and retained by the institution, (2) complies with requirements regarding prepayment penalties and points and fees, and (3) does not have negative amortization or interest-only terms. Furthermore, for such requirements to be waived, the institution must consider and verify the debt, income, and financial resources of the consumer.

  • Sec 103 Mortgage Appraisals

    Amends the Financial Institutions Reform, Recovery, and Enforcement Act of 1989 to exempt from appraisal requirements certain federally related, rural real-estate transactions valued below a specified limit if no certified appraiser is available.

  • Sec 108 Escrow Relief

    Exempts from certain escrow requirements a residential mortgage loan held by a depository institution or credit union that: (1) has assets of $10 billion or less, (2) originated 1,000 or fewer mortgages in the preceding year, and (3) meets other specified requirements.

  • Sec 109 TRID Revisions

    The required mortgage disclosure waiting period is eliminated with respect to a second offer of credit if the creditor offers a consumer a lower annual percentage rate in the second offer.

  • Sec 201 Highly Capitalized Banks

    Federal banking agencies must develop a specified Community Bank Leverage Ratio for banks with assets of less than $10 billion. Such banks that exceed this ratio shall be deemed to be in compliance with all other capital and leverage requirements.

  • Sec 204 Volcker Rule Name Sharing

    Volcker Rule restrictions on entity name sharing are eased in specified circumstances.

  • Sec 205 Short Form Call Reports

    Amends the Federal Deposit Insurance Act to require federal banking agencies to issue regulations allowing certain small depository institutions to satisfy reporting requirements with a reduced Report of Condition and Income.

  • Sec 206 Federal Savings Association Treatment as National Bank

    Amends the Home Owners' Loan Act to permit certain federal savings associations to elect to operate, subject to supervision by the Office of the Comptroller of the Currency, with the same rights and duties as national banks.

  • Sec 211 International Insurance Standards

    Creates the Insurance Policy Advisory Committee on International Capital Standards and Other Insurance Issues at the FRB. The FRB and the Department of the Treasury must report on: (1) their efforts regarding global insurance regulatory or supervisory forums, and (2) any final international insurance capital standards prior to adoption of such standards.

  • Sec 215 Identity Fraud

    The Social Security Administration is directed to develop a database to facilitate the verification of consumer information upon request by a certified financial institution. Such verification shall be provided only with the consumer's consent and in connection with a credit transaction. Users of the database shall pay system costs as determined by the SSA.

  • Sec 307 PACE Loans

    The Consumer Financial Protection Bureau is directed to promulgate ability-to-repay regulations regarding property assessed clean energy financing.

  • Sec 401 Enhanced Supervision

    Amends the Financial Stability Act of 2010, with respect to nonbank financial companies supervised by the FRB and certain bank holding companies, to:

    • increase the asset threshold at which certain enhanced prudential standards shall apply, from $50 billion to $250 billion, while allowing the FRB discretion in determining whether a financial institution with assets equal or greater than $100 billion must be subject to such standards;
    • increase the asset threshold at which company-run stress tests are required, from $10 billion to $250 billion;
    • and increase the asset threshold for mandatory risk committees, from $10 billion to $50 billion.
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  • Sec 402 SLR Exclusions for Custodial Banks

    Requires the appropriate federal banking agencies to exclude, for purposes of calculating a custodial bank's supplementary leverage ratio, funds of a custodial bank that are deposited with a central bank. The amount of such funds may not exceed the total value of deposits of the custodial bank linked to fiduciary or custodial and safekeeping accounts.

  • Sec 403 Municipal Securities as HQLA

    Amends the Federal Deposit Insurance Act to require certain municipal obligations to be treated as level 2B liquid assets if they are investment grade, liquid, and readily marketable.

  • SEC Overpayment Program

    Requires the SEC to offset future fees and assessments due from a national securities exchange or association that: (1) has previously overpaid such fees and assessments, and (2) informs the SEC of the overpayment within 10 years.

  • Sec 508 Improving Access to Capital

    Expands the applicability to issuers of "Regulation A+" (which exempts certain smaller offerings from securities registration requirements).