House Report 116-79 - PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1500) TO REQUIRE THE CONSUMER FINANCIAL PROTECTION BUREAU TO MEET ITS STATUTORY PURPOSE, AND FOR OTHER PURPOSES; PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1994) TO AMEND THE INTERNAL REVENUE CODE OF 1986 TO ENCOURAGE RETIREMENT SAVINGS, AND FOR OTHER PURPOSES; PROVIDING FOR PROCEEDINGS DURING THE PERIOD FROM MAY 24, 2019, THROUGH MAY 31, 2019; AND FOR OTHER PURPOSES

[House Report 116-79]
[From the U.S. Government Publishing Office]

116th Congress } { Report
HOUSE OF REPRESENTATIVES
1st Session } { 116-79

======================================================================

PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1500) TO REQUIRE THE
CONSUMER FINANCIAL PROTECTION BUREAU TO MEET ITS STATUTORY PURPOSE, AND
FOR OTHER PURPOSES; PROVIDING FOR CONSIDERATION OF THE BILL (H.R. 1994)
TO AMEND THE INTERNAL REVENUE CODE OF 1986 TO ENCOURAGE RETIREMENT
SAVINGS, AND FOR OTHER PURPOSES; PROVIDING FOR PROCEEDINGS DURING THE
PERIOD FROM MAY 24, 2019, THROUGH MAY 31, 2019; AND FOR OTHER PURPOSES

_______

May 20, 2019.--Referred to the House Calendar and ordered to be printed

_______

Mr. Perlmutter, from the Committee on Rules,
submitted the following

R E P O R T

[To accompany H. Res. 389]

The Committee on Rules, having had under consideration
House Resolution 389, by a record vote of 6 to 4, report the
same to the House with the recommendation that the resolution
be adopted.

SUMMARY OF PROVISIONS OF THE RESOLUTION

The resolution provides for consideration of H.R. 1500, the
Consumers First Act, under a structured rule. The resolution
provides one hour of general debate equally divided and
controlled by the chair and ranking minority member of the
Committee on Financial Services. The resolution waives all
points of order against consideration of the bill. The
resolution provides that an amendment in the nature of a
substitute consisting of the text of Rules Committee Print 116-
15 shall be considered as adopted and the bill, as amended,
shall be considered as read. The resolution waives all points
of order against provisions in the bill, as amended. The
resolution makes in order only those amendments printed in Part
A of this report. Each such amendment may be offered only in
the order printed in this report, may be offered only by a
Member designated in this report, shall be considered as read,
shall be debatable for the time specified in this report
equally divided and controlled by the proponent and an
opponent, shall not be subject to amendment, and shall not be
subject to a demand for division of the question. The
resolution waives all points of order against the amendments
printed in part A of this report. The resolution provides one
motion to recommit with or without instructions. The resolution
provides for consideration of H.R. 1994, the Setting Every
Community Up for Retirement Enhancement Act of 2019, under a
closed rule. The resolution provides one hour of general debate
equally divided and controlled by the chair and ranking
minority member of the Committee on Ways and Means. The
resolution waives all points of order against consideration of
the bill. The resolution provides that the amendment in the
nature of a substitute recommended by the Committee on Ways and
Means now printed in the bill, modified by the amendment
printed in part B of this report, shall be considered as
adopted and the bill, as amended, shall be considered as read.
The resolution waives all points of order against provisions in
the bill, as amended. The resolution provides for one motion to
recommit with or without instructions. Section 3 of the
resolution provides that on any legislative day during the
period from May 24, 2019, through May 31, 2019: the Journal of
the proceedings of the previous day shall be considered as
approved; and the Chair may at any time declare the House
adjourned to meet at a date and time to be announced by the
Chair in declaring the adjournment. The resolution provides
that the Speaker may appoint Members to perform the duties of
the Chair for the duration of the period addressed by section
3. The resolution provides that each day during the period
addressed by section 3 of this resolution shall not constitute
a legislative day for the purposes of clause 7 of rule XV
(Consensus Calendar). The resolution provides that it shall be
in order at any time on the legislative day of May 23, 2019,
for the Speaker to entertain motions that the House suspend the
rules relating to a measure making supplemental appropriations
for the fiscal year ending September 30, 2019. The resolution
waives the requirement of clause 6(a) of rule XIII for a two-
thirds vote to consider a report from the Committee on Rules on
the same day it is presented to the House with respect to any
resolution reported through the legislative day of May 23,
2019, relating to a measure making supplemental appropriations
for the fiscal year ending September 30, 2019. The resolution
provides that the Committee on Appropriations may, at any time
before 5:00 p.m. on Sunday, June 2, 2019, file privileged
reports to accompany measures making appropriations for the
fiscal year ending September 30, 2020.

EXPLANATION OF WAIVERS

Although the resolution waives all points of order against
consideration of H.R. 1500, the Committee is not aware of any
points of order. The waiver is prophylactic in nature.
Although the resolution waives all points of order against
provisions in H.R. 1500, the Committee is not aware of any
points of order. The waiver is prophylactic in nature.
Although the resolution waives all points of order against
the amendments printed in part A of this report, the Committee
is not aware of any points of order. The waiver is prophylactic
in nature.
The waiver of all points of order against consideration of
H.R. 1994 includes the following:
Clause 10 of rule XXI, which prohibits
consideration of a measure that has a net effect of
increasing the deficit or reducing the surplus over the
five- or 10-year period.
Clause 12(a)(1) of rule XXI, which prohibits
consideration of a bill unless there is a searchable
electronic comparative print that shows how the bill
proposes to change current law.
Section 302(f)(1) of the Congressional
Budget Act, which prohibits consideration of
legislation providing new budget authority in excess of
a 302(a) allocation of such authority.
Section 311 of the Congressional Budget Act,
which prohibits consideration of legislation that would
cause the level of total new budget authority for the
first fiscal year to be exceeded, or would cause
revenues to be less than the level of total revenues
for the first fiscal year or for the total of that
first fiscal year and the ensuing fiscal years for
which allocations are provided, except when a
declaration of war by the Congress is in effect.
Although the resolution waives all points of order against
provisions in H.R. 1994, as amended, the Committee is not aware
of any points of order. The waiver is prophylactic in nature.

COMMITTEE VOTES

The results of each record vote on an amendment or motion
to report, together with the names of those voting for and
against, are printed below:

Rules Committee record vote No. 84

Motion by Mr. Cole to amend the rule to provide that, on
adoption of the rule, H.R. 1500 is recommitted to the Committee
on Financial Services, with instructions to strike Section 2
(Findings; Sense of Congress). Defeated: 4-6

----------------------------------------------------------------------------------------------------------------
Majority Members Vote Minority Members Vote
----------------------------------------------------------------------------------------------------------------
Mr. Hastings.................................... Nay Mr. Cole.......................... Yea
Mrs. Torres..................................... Nay Mr. Woodall....................... Yea
Mr. Perlmutter.................................. Nay Mr. Burgess....................... Yea
Mr. Raskin..................................... ............ Mrs. Lesko........................ Yea
Ms. Scanlon..................................... ............
Mr. Morelle..................................... Nay
Ms. Shalala..................................... ............
Mr. DeSaulnier.................................. Nay
Mr. McGovern, Chairman.......................... Nay
----------------------------------------------------------------------------------------------------------------

Rules Committee record vote No. 85

Motion by Mr. Woodall to postpone consideration of H.R.
1500 until such time that the Committee has provided for
consideration of H.R. 969, the TABS Act, authored by Rep. Barr
(KY). Defeated: 4-6

Rules Committee record vote No. 86

Motion by Mr. Cole to strike the language self-executing
amendment #1 to H.R. 1994 offered by Rep. Neal (MA), which adds
a provision to repeal the ``kiddie tax'' provisions of P.L.
115-97, so as to reduce excessive taxes levied on military
survivor benefits received by children, and certain other
payments received by children. In addition, the amendment
removes provisions from the bill as reported relating to 529
plans and homeschooling and elementary and secondary school
expenses and makes technical corrections to the bill as
reported and changes fees for failure to file retirement plans
under the bill. Defeated: 4-6

Rules Committee record vote No. 87

Motion by Mr. Burgess to amend the rule to H.R. 1994 to
make in order and provide the appropriate waivers to amendment
#6, offered by Rep. Graves (LA), which repeals the Government
Pension Offset and Windfall Elimination Provisions. Defeated:
4-6

Rules Committee record vote No. 88

Motion by Mrs. Lesko to amend the rule to H.R. 1994 to make
in order and provide the appropriate waivers to amendment #4,
offered by Rep. Mitchell (MI), which amends the manager's
amendment to restore provisions in the bill relating to 529
plans by preserving subsections (b) and (d) of Section 302, as
reported from the Ways and Means Committee. Defeated: 4-6

Rules Committee record vote No. 89

Motion by Mr. Perlmutter to report the rule. Adopted: 6-4

----------------------------------------------------------------------------------------------------------------
Majority Members Vote Minority Members Vote
----------------------------------------------------------------------------------------------------------------
Mr. Hastings.................................... Yea Mr. Cole.......................... Nay
Mrs. Torres..................................... Yea Mr. Woodall....................... Nay
Mr. Perlmutter.................................. Yea Mr. Burgess....................... Nay
Mr. Raskin..................................... ............ Mrs. Lesko........................ Nay
Ms. Scanlon..................................... ............
Mr. Morelle..................................... Yea
Ms. Shalala..................................... ............
Mr. DeSaulnier.................................. Yea
Mr. McGovern, Chairman.......................... Yea
----------------------------------------------------------------------------------------------------------------

SUMMARY OF THE AMENDMENTS TO H.R. 1500 IN PART A MADE IN ORDER

1. Velazquez (NY): Reinstitutes Home Mortgage Disclosure
Act of 1975 reporting requirements and prevents further action
by the CFPB without congressional approval. (10 minutes)
2. Steil (WI): Strikes the findings in the bill and inserts
language requiring the Comptroller General to conduct a study
of the effectiveness and efficiency of the Consumer Financial
Protection Bureau (CFPB) in meeting its statutorily mandated
obligations, the prevalence of discriminatory practices in
lending, and the workplace rights of CFPB staff. (10 minutes)
3. Adams (NC): Reestablishes an interagency memorandum of
understanding between the CFPB and the Department of Education
concerning the sharing of student borrower complaints to allow
for cooperative supervision and oversight of student loan
servicers. (10 minutes)
4. Lawson (FL), Brown (MD): Adds a monthly reporting
requirement that CFPB provide Congress with the number of
investigations opened and closed relating to potential fair
lending violations, how many fair lending enforcement actions
taken or referred, analysis of consumer complaints relating to
potential fair lending violations, and stats on how many Office
of Fair Lending and Equal Opportunity staff are dedicated to
supervision and enforcement. (10 minutes)
5. Pressley (MA): Requires the Director of the Consumer
Financial Protection Bureau to issue a quarterly report on debt
collection complaints and enforcement actions. (10 minutes)
6. Burgess (TX): Strikes the section requiring all consumer
complaints to be made available to the public on a CFPB
website. (10 minutes)
7. Burgess (TX), Burchett (TN): Permanently subjects
funding for the CFPB to Congressional appropriation and
authorizes for FY2020 an amount equal to the aggregate amount
of funds transferred by the Board of Governors to the CFPB
during FY2019. (10 minutes)
8. Cohen (TN): Directs the Consumer Financial Protection
Bureau (CFPB) to require consumer reporting agencies to
disclose free credit scores, if requested. Also directs the
CFPB to develop regulations establishing a mandatory consistent
format and to determine if agencies should disclose any other
consumer information appropriate with respect to consumer
financial education. (10 minutes)
9. Bonamici (OR), Rouda (CA): Requires the Assistant
Director and Student Loan Ombudsman to issue an annual report
to Congress on risks to young consumers and student borrowers.
(10 minutes)
10. Case (HI): Adds expertise in consumer privacy to the
membership of the Consumer Advisory Board. (10 minutes)
11. Golden (ME), Escobar (TX): Adds representatives of
service members, veterans, and their families to the list of
individuals who qualify for appointment to the Consumer
Advisory Board. (10 minutes)
12. Escobar (TX), Golden (ME): Directs CFPB to seek to
appoint representatives of military- and veteran-serving
financial institutions in Advisory Committees (excludes
Consumer Advisory Board). (10 minutes)
13. Neguse (CO): Requires the Director of the Consumer
Financial Protection Bureau to issue an annual report to
Congress of consumer complaints from older Americans, including
a state-by-state breakdown of complaints by type of consumer
financial product or service and any legislative or regulatory
recommendations by the Director. (10 minutes)
14. Stevens (MI): Ensures that the Consumer Advisory Board
is comprised of individuals who represent community banks,
credit unions, small business owners, or economic growth
experts. (10 minutes)
15. DeSaulnier (CA): Requires the Bureau to collect
additional data from student loan servicers to provide a
comprehensive view of loan portfolio performance, and to
include findings from this information in the annual Ombudsman
report. (10 minutes)
16. Tlaib (MI): Adds a quarterly reporting requirement that
CFPB provide Congress with the number of investigations opened
and closed relating to payday/car-title lenders, how many
enforcement actions taken, an estimate of how much in fees
payday/car-title customers paid, how many times in the previous
12 months a payday customer rolled over their loan, and how
many car title loan borrowers lost their car in the previous 12
months. (10 minutes)
17. Green, Al (TX): Reinstates the Consumer Financial
Protection Bureau's final rule governing forced arbitration,
within 60 days of enactment. (10 minutes)

SUMMARY OF THE AMENDMENT TO H.R. 1994 IN PART B CONSIDERED AS ADOPTED

1. Neal (MA): Adds a provision to repeal the ``kiddie tax''
provisions of P.L. 115-97, so as to reduce excessive taxes
levied on military survivor benefits received by children, and
certain other payments received by children. In addition, the
amendment removes provisions from the bill as reported relating
to 529 plans and homeschooling and elementary and secondary
school expenses. Makes technical corrections to the bill as
reported and changes fees for failure to file retirement plans
under the bill.

PART A--TEXT OF AMENDMENTS TO H.R. 1500 MADE IN ORDER

1. An Amendment To Be Offered by Representative Velazquez of New York
or Her Designee, Debatable for 10 Minutes

Page 40, after line 8, insert the following:

SEC. 9. MODIFICATION OF THE EXEMPTION FROM CERTAIN DISCLOSURE
REQUIREMENTS.

(a) In General.--Section 304 of the Home Mortgage Disclosure
Act of 1975 (12 U.S.C. 2803) is amended--
(1) by striking subsection (i) and inserting the
following:
``(i) Exemption From Certain Disclosure Requirements.--The
requirements of paragraphs (4), (5), and (6) of subsection (b)
shall not apply with respect to any depository institution
described in section 303(3)(A) that has total assets, as of the
most recent full fiscal year of the institution, of $30,000,000
or less.''; and
(2) by striking subsection (o).
(b) Technical and Conforming Amendment.--Section 104 of the
Economic Growth, Regulatory Relief, and Consumer Protection Act
(Public Law 115-174; 132 Stat. 1301) is amended by striking
subsection (b).

SEC. 10. LIMITATION ON PROVIDING EXEMPTIONS FROM HMDA REPORTING
REQUIREMENTS.

Section 1027 of the Consumer Financial Protection Act (12
U.S.C. 5517) is amended by adding at the end the following:
``(t) Limitation on Providing Exemptions From HMDA Reporting
Requirements.--Notwithstanding any provision of this title or
the Home Mortgage Disclosure Act of 1975, the Bureau may not
provide any person with an exemption from complying with any
reporting requirements under the Home Mortgage Disclosure Act
of 1975 if such exemption did not exist on the date of
enactment of this subsection.''.

SEC. 11. LIMITATION ON MODIFYING HMDA DATA FIELDS.

Section 1027 of the Consumer Financial Protection Act (12
U.S.C. 5517) is amended by adding at the end the following:
``(t) Limitation on Modifying HMDA Data Fields.--
Notwithstanding any provision of this title or the Home
Mortgage Disclosure Act of 1975, the Bureau may not eliminate,
with respect to the reporting requirements under the Home
Mortgage Disclosure Act of 1975, any data fields that were
required to be reported on the date of enactment of this
subsection.''.

SEC. 12. MAINTAINING THE HMDA EXPLORER TOOL AND THE PUBLIC DATA
PLATFORM API.

The Consumer Financial protection Bureau may not retire the
HMDA Explorer tool or the Public Data Platform API.
Page 40, line 9, strike ``sec. 9'' and insert ``sec. 13''.
----------

2. An Amendment To Be Offered by Representative Steil of Wisconsin or
His Designee, Debatable for 10 Minutes

Strike section 2 and insert the following:

SEC. 2. STUDY AND REPORT ON THE OPERATIONS OF THE CONSUMER FINANCIAL
PROTECTION BUREAU AND ITS EFFECTIVENESS AT MEETING
ITS STATUTORILY MANDATED OBLIGATIONS.

(a) Study.--The Comptroller General of the United States
shall carry out a study of--
(1) the effectiveness and efficiency of the Consumer
Financial Protection Bureau in meeting the Bureau's
statutorily mandated obligations;
(2) the prevalence of discriminatory practices in
lending; and
(3) the workplace rights of Bureau staff since
establishment of the Bureau.
(b) Report.--Not later than 6 months after the date of
enactment of this Act, the Comptroller General shall issue a
report to the Consumer Financial Protection Bureau, the
Committee on Financial Services of the House of
Representatives, and the Committee on Banking, Housing, and
Urban Affairs of the Senate containing all findings and
determinations made in carrying out the study required under
subsection (a).
----------

3. An Amendment To Be Offered by Representative Adams of North Carolina
or Her Designee, Debatable for 10 Minutes

Page 24, beginning on line 9, strike ``described under
subsections (b), (c), (d), (e), (g), and (h) of section 1013''
and insert ``established under section 1013''.
Page 30, after line 19, insert the following:
(3) Reestablishment of memoranda of understanding.--
The memoranda of understanding between the Consumer
Financial Protection Bureau and the Department of
Education titled ``Memorandum of Understanding Between
the Bureau of Consumer Financial Protection and the
U.S. Department of Education Concerning the Sharing of
Information'' (October 19, 2011) and ``Memorandum of
Understanding Concerning Supervisory and Oversight
Cooperation and Related Information Sharing Between the
U.S. Department of Education and the Consumer Financial
Protection Bureau'' (January 9, 2014)--
(A) shall remain in effect and may not be
terminated by any party to such memoranda; and
(B) may only be amended or revised if the
parties to the memoranda determine that such
amendment or revision would promote better
interagency coordination to the benefit of
consumers.
----------

4. An Amendment To Be Offered by Representative Lawson of Florida or
His Designee, Debatable for 10 Minutes

Page 40, after line 8, insert the following:

SEC. 9. REPORT ON FAIR LENDING INVESTIGATIONS AND ENFORCEMENT ACTIONS.

Section 1016 of the Consumer Financial Protection Act of 2010
(12 U.S.C. 5496) is amended by adding at the end the following:
``(d) Report on Fair Lending Investigations and Enforcement
Actions.--The Director shall issue a monthly report to Congress
containing--
``(1) the number of investigations opened and closed
by the Bureau relating to potential fair lending
violations;
``(2) how many fair lending enforcement actions have
been taken or referred;
``(3) an analysis of consumer complaints relating to
potential fair lending violations; and
``(4) statistics on how many staff of the Office of
Fair Lending and Equal Opportunity are dedicated to
fair lending supervision and enforcement issues.''.

Page 40, line 9, strike ``sec. 9'' and insert ``sec. 10''.
----------

5. An Amendment To Be Offered by Representative Pressley of
Massachusetts or Her Designee, Debatable for 10 Minutes

Page 40, after line 8, insert the following:

SEC. 9. DEBT COLLECTION.

(a) Report on Debt Collection Complaints and Enforcement
Actions.--Section 1016 of the Consumer Financial Protection Act
of 2010 (12 U.S.C. 5496) is amended by adding at the end the
following:
``(d) Report on Debt Collection Complaints and Enforcement
Actions.--The Director shall issue a quarterly report to
Congress containing--
``(1) an analysis of the consumer complaints received
by the Bureau with respect to debt collection,
including a State-by-State breakdown of such
complaints; and
``(2) a list of enforcement actions taken against
debt collectors during the previous 12 months.''.
(b) Limitation on Debt Collection Rules.--Section 1022 of the
Consumer Financial Protection Act of 2010 (12 U.S.C. 5512) is
amended by adding at the end the following:
``(e) Limitation on Debt Collection Rules.--The Director may
not issue any rule with respect to debt collection that allows
a debt collector to send unlimited email and text messages to a
consumer.''.
Page 40, line 9, strike ``sec. 9'' and insert ``sec. 10''.
----------

6. An Amendment To Be Offered by Representative Burgess of Texas or His
Designee, Debatable for 10 Minutes

Page 27, line 5, strike ``; and'' and insert a period.
Page 27, strike line 6 and all that follows through page 28,
line 13.
----------

7. An Amendment To Be Offered by Representative Burgess of Texas or His
Designee, Debatable for 10 Minutes

Redesignate section 9 as section 10.
Insert after section 8 the following:

SEC. 9 BRINGING THE AGENCY INTO THE REGULAR APPROPRIATIONS PROCESS.

Section 1017 of the Consumer Financial Protection Act of 2010
(12 U.S.C. 5497) is amended--
(1) in subsection (a)--
(A) by amending the heading of such
subsection to read as follows:``Budget,
Financial Management, And Audit.--'';
(B) by striking paragraphs (1), (2), and (3);
(C) by redesignating paragraphs (4) and (5)
as paragraphs (1) and (2), respectively; and
(D) by striking subparagraphs (E) and (F) of
paragraph (1), as so redesignated;
(2) by striking subsections (b) and (c);
(3) by redesignating subsections (d) and (e) as
subsections (b) and (c), respectively; and
(4) in subsection (c), as so redesignated--
(A) by striking paragraphs (1), (2), and (3)
and inserting the following:
``(1) Authorization of appropriations.--There is
authorized to be appropriated to the Bureau for fiscal
year 2020 an amount equal to the aggregate amount of
funds transferred by the Board of Governors to the
Bureau during fiscal year 2019.''; and
(B) by redesignating paragraph (4) as
paragraph (2).
----------

8. An Amendment To Be Offered by Representative Cohen of Tennessee or
His Designee, Debatable for 10 Minutes

Redesignate section 9 as section 10.
Insert after section 8 the following:

SEC. 9. CREDIT SCORES INCLUDED IN FREE ANNUAL DISCLOSURES.

Section 609 of the Fair Credit Reporting Act (15 U.S.C.
1681g) is amended--
(1) in subsection (a)(1)--
(A) by striking ``and'' at the end and
inserting a period;
(B) by striking ``except that--'' and all
that follows through ``(A) if the'' and
inserting ``except that if the''; and
(C) by striking subparagraph (B);
(2) in subsection (a), by adding at the end the
following:
``(7) If the consumer reporting agency is a consumer
reporting agency that compiles and maintains files on
consumers on a nationwide basis as described in section
603(p), each such agency shall disclose a current
credit score generated using the scoring algorithm,
formula, model, program, or mechanism that is most
frequently used to generate credit scores sold to
creditors, subject to regulations of the Bureau, along
with any information in the consumer's file at the time
of the request concerning credit scores or any other
risk scores or other predictors relating to the
consumer, if such request is made in connection with a
free annual disclosure made pursuant to section 612(a).
``(8) Such other consumer information as the Bureau
considers appropriate with respect to consumer
financial education, including the information required
by subsection (f)(1), information describing the credit
score of the consumer with respect to a range of
possible credit scores, and the general factors
contributing to the credit scores of consumers.''; and
(3) in subsection (f)--
(A) in paragraph (1)--
(i) by striking ``, a consumer
reporting agency'' and all that follows
through ``shall include--'' and
inserting ``or a risk score, a consumer
reporting agency shall supply to the
consumer--''; and
(ii) by amending subparagraph (A) to
read as follows:
``(A) any credit score or risk score in the
file of the consumer at the consumer reporting
agency;'';
(B) in paragraph (2)--
(i) by redesignating subparagraph (B)
as subparagraph (C); and
(ii) by striking subparagraph (A) and
inserting the following:
``(A) Credit score.--The term `credit score'
means a numerical value or a categorization
derived from a statistical tool or modeling
system used by a person who makes or arranges a
loan to predict the likelihood of certain
credit behaviors, including default.
``(B) Risk score.--The term `risk score'
means a numerical value or a categorization
derived from a statistical tool or modeling
system based upon information from a consumer
report for the purpose of predicting the
likelihood of certain behaviors or outcomes,
and includes scores used for the underwriting
of insurance.'';
(C) by striking paragraph (6) and inserting
the following:
``(6) Maintenance of credit scores.--All consumer
reporting agencies shall maintain in the consumer's
file credit scores or any other risk scores or other
predictors relating to the consumer for a period of not
less than 1 year beginning on the date on which such
information is generated.'';
(D) by striking paragraph (7) and
redesignating paragraphs (8) and (9) as
paragraphs (7) and (8), respectively; and
(E) in paragraph (7) (as so redesignated), by
inserting before the period at the end the
following: ``, except that a consumer reporting
agency described in section 603(p) shall
provide a credit score without charge to the
consumer if the consumer is requesting the
score in connection with a free annual
disclosure made pursuant to section 612(a)''.
----------

9. An Amendment To Be Offered by Representative Bonamici of Oregon or
Her Designee, Debatable for 10 Minutes

On page 33, insert after line 15 the following:
(5) Report on risks to young consumers and student
borrowers.--Not less than once annually, the Assistant
Director and Student Loan Ombudsman shall issue a
report to Congress containing an analysis of complaints
submitted to the Bureau by young consumers and student
borrowers during the previous year and offering an
independent evaluation of risks to young consumers and
student borrowers posed by policies and practices in
the marketplace for consumer financial products and
services.
----------

10. An Amendment To Be Offered by Representative Case of Hawaii or His
Designee, Debatable for 10 Minutes

Page 36, line 25, strike ``and''.
Page 37, line 7, strike the period and insert ``; and''.
Page 37, after line 7, insert the following:
``(C) ensure that at least 1 member is an
expert in consumer privacy.''.
----------

11. An Amendment To Be Offered by Representative Golden of Maine or His
Designee, Debatable for 10 Minutes

Page 36, line 20, after ``communities,'' insert
``representatives of servicemembers, veterans, and their
families,''.
----------

12. An Amendment To Be Offered by Representative Escobar of Texas or
Her Designee, Debatable for 10 Minutes

Page 39, line 24, strike ``and'' and insert a comma.
Page 39, line 25, insert before the period the following: ``,
and military- and veteran-serving financial institutions''.
Page 40, line 4, strike ``and'' and insert a comma.
Page 40, line 4, after ``businesses'' insert the following:
``, and military- and veteran-serving financial institutions''.
----------

13. An Amendment To Be Offered by Representative Neguse of Colorado or
His Designee, Debatable for 10 Minutes

Page 40, after line 8, insert the following:

SEC. 9. REPORT ON SENIOR CONSUMERS.

Section 1016 of the Consumer Financial Protection Act of 2010
(12 U.S.C. 5496) is amended by adding at the end the following:
``(d) Report on Senior Consumers.--
``(1) In general.--The Director shall issue an annual
report to Congress containing--
``(A) an analysis, in coordination with the
Office of Financial Protection for Older
Americans, of consumer complaints from older
Americans, including a State-by-State breakdown
of complaints by type of consumer financial
product or service; and
``(B) any legislative or regulatory
recommendations the Director may have to
improve consumer protections for older
Americans.
``(2) Older americans defined.--In this subsection,
the term `older Americans' means individuals who have
attained the age of 62 years or more.''.
Page 40, line 9, strike ``sec. 9'' and insert ``sec. 10''.
----------

14. An Amendment To Be Offered by Representative Stevens of Michigan or
Her Designee, Debatable for 10 Minutes

Page 36, line 25, strike ``and''.
Page 37, line 7, strike the period and insert ``; and''.
Page 37, after line 7, insert the following:
``(C) seek to appoint individuals involved in
the industries affected by the Bureau,
including individuals who represent community
banks, credit unions, small business owners, or
experts in United States economic growth and
jobs.''.
----------

15. An Amendment To Be Offered by Representative DeSaulnier of
California or His Designee, Debatable for 10 Minutes

Page 33, line 15, strike the quotation marks and final period
and insert after such line the following:
``(5) Collection of student loan servicer data.--
``(A) In general.--The Assistant Director and
Student Loan Ombudsman shall require each
servicer of student loans to submit an annual
report to the Assistant Director with
information regarding the servicer's loan
portfolio, including data regarding the
following:
``(i) The size of the servicer's
portfolio.
``(ii) The repayment status of unique
accounts.
``(iii) Borrower-initiated and
servicer-initiated contacts, and the
outcome of each such contact.
``(iv) Income-driver repayment
applications and recertifications.
``(v) Any other data the Assistant
Director and Student Loan Ombudsman
determines necessary to carry out the
functions of the Office of Students and
Young Consumers.
``(B) Report.--The Assistant Director and
Student Loan Ombudsman shall include, in each
report required under section 1035(d)(1), a
description of the information collected under
this paragraph, along with any findings or
determinations the Assistant Director made with
respect to such information.
``(C) Guidance.--Not later than 90 days after
the enactment of this subsection, the Bureau
shall issue guidance to student loan servicers
to facilitate the data collection required
under this paragraph.''.
Page 40, line 8, after the second dollar figure insert
``(decreased by $10,000,000)''.
----------

16. An Amendment To Be Offered by Representative Tlaib of Michigan or
Her Designee, Debatable for 10 Minutes

Page 40, line 8, after the second dollar figure insert
``(decreased by $10,000,000)''.
Page 40, after line 8, insert the following:

SEC. 9. REPORT ON PAYDAY LOAN AND CAR-TITLE LOAN INVESTIGATIONS AND
ENFORCEMENT ACTIONS.

Section 1016 of the Consumer Financial Protection Act of 2010
(12 U.S.C. 5496) is amended by adding at the end the following:
``(d) Report on Payday Loan and Car-title Loan Investigations
and Enforcement Actions.--The Director shall issue a quarterly
report to Congress containing--
``(1) the number of investigations opened and closed
by the Bureau relating to payday loans and car-title
loans;
``(2) the number of enforcement actions that have
been taken or referred relating to payday loans and
car-title loans;
``(3) an estimate of the amount of fees customers
have paid relating to payday loans and car-title loans;
``(4) an estimate of the number of times in the
previous 12 months a typical payday loan customer has
rolled over their loan; and
``(5) an estimate of how many car-title loan
customers lost their car in the previous 12 months.''.
Page 40, line 9, strike ``sec. 9'' and insert ``sec. 10''.
----------

17. An Amendment To Be Offered by Representative Green of Texas or His
Designee, Debatable for 10 Minutes

Page 31, after line 5, insert the following:
(g) Restoration of Rule Prohibiting Forced Arbitration in
Consumer Contracts.--
(1) Repeal of joint resolution.--Public Law 115-74 is
hereby repealed.
(2) Restoration of rule.--Not later than the end of
the 3-day period beginning on the date of enactment of
this Act, the Consumer Financial Protection Bureau
shall reissue the final rule of the Bureau specified in
Public Law 115-74 (relating to ``Arbitration
Agreements'') in the same form as such rule existed on
the day before the date of enactment of Public Law 115-
74, except the Bureau shall specify that the rule takes
effect after the end of the 60-day period beginning on
the date such rule is reissued.
Page 40, line 8, after the second dollar figure insert
``(decreased by $10,000,000)''.
----------

PART B--TEXT OF AMENDMENT TO H.R. 1994 CONSIDERED AS ADOPTED

In section 107, insert after subsection (a) the following:
(b) Coordination With Qualified Charitable Distributions.--
Add at the end of section 408(d)(8)(A) of such Code the
following: ``The amount of distributions not includible in
gross income by reason of the preceding sentence for a taxable
year (determined without regard to this sentence) shall be
reduced (but not below zero) by an amount equal to the excess
of--
``(i) the aggregate amount of
deductions allowed to the taxpayer
under section 219 for all taxable years
ending on or after the date the
taxpayer attains age 70\1/2\, over
``(ii) the aggregate amount of
reductions under this sentence for all
taxable years preceding the current
taxable year.''.
In section 107, strike subsection (c) and insert the
following:
(c) Effective Date.--
(1) In general.--Except as provided in paragraph (2),
the amendments made by this section shall apply to
contributions made for taxable years beginning after
December 31, 2019.
(2) Subsection (b).--The amendment made by subsection
(b) shall apply to distributions made for taxable years
beginning after December 31, 2019.
In section 401(k)(15)(B)(iii) of the Internal Revenue Code of
1986, as proposed to be added by section 112, add at the end
the following: ``, and section 411(a)(6) shall be applied by
substituting `at least 500 hours of service' for `more than 500
hours of service' in subparagraph (A) thereof''.
In section 401(k)(15)(B)(iv) of the Internal Revenue Code of
1986, as proposed to be added by section 112, insert ``(other
than clause (iii))'' after ``This subparagraph''.
In section 114(c), strike paragraph (2).
In section 303(m)(6) of the Employee Retirement Income
Security Act of 1974, as proposed to be added by section 115,
strike ``a community newspaper plan which elects the
application of'' and insert ``a plan for which an election is
made to apply''.
In section 202(b), insert before the period at the end the
following: ``and shall require such information as will enable
a participant in a plan to identify any aggregated return or
report filed with respect to the plan''.
In section 302, strike subsections (b) and (d).
Amend section 401(a)(9)(H)(iv) of the Internal Revenue Code
of 1986, as proposed to be added by section 401, to read as
follows:
``(iv) Application to certain
eligible retirement plans.--For
purposes of applying the provisions of
this subparagraph in determining
amounts required to be distributed
pursuant to this paragraph, all
eligible retirement plans (as defined
in section 402(c)(8)(B), other than a
defined benefit plan described in
clause (iv) or (v) thereof or a
qualified trust which is a part of a
defined benefit plan) shall be treated
as a defined contribution plan.''.
In section 403(a)(1), strike ``$105'' and insert ``$250''.
In section 403(a)(2), strike ``$50,000'' and insert
``$150,000''.
In section 403(b)(1), strike ``$2'' and insert ``$10''.
In section 403(b)(2), strike ``$10,000'' and insert
``$50,000''.
In section 403(b)(3), strike ``$5,000'' and insert
``$10,000''.
Add at the end the following:

TITLE V--TAX RELIEF FOR CERTAIN CHILDREN

SEC. 501. MODIFICATION OF RULES RELATING TO THE TAXATION OF UNEARNED
INCOME OF CERTAIN CHILDREN.

(a) In General.--Section 1(j) of the Internal Revenue Code of
1986 is amended by striking paragraph (4).
(b) Coordination With Alternative Minimum Tax.--Section
55(d)(4)(A) of the Internal Revenue Code of 1986 is amended by
striking ``and'' at the end of clause (i)(II), by striking the
period at the end of clause (ii)(III) and inserting ``, and'',
and by adding at the end the following new clause:
``(iii) subsection (j) of section 59
shall not apply.''.
(c) Effective Date.--
(1) In general.--Except as otherwise provided in this
subsection, the amendment made by subsection (a) shall
apply to taxable years beginning after December 31,
2018.
(2) Coordination with alternative minimum tax.--The
amendment made by subsection (b) shall apply to taxable
years beginning after December 31, 2017.
(3) Elective retroactive application.--In the case of
a taxpayer who elects the application of this paragraph
(at such time and in such manner as the Secretary of
the Treasury (or the Secretary's designee) may
provide), the amendment made by subsection (a) shall
apply to taxable years beginning after December 31,
2017.