An Act

To promote the financial stability of the United States by improving accountability and transparency in the financial system, to end `too big to fail', to protect the American taxpayer by ending bailouts, to protect consumers from abusive financial services practices, and for other purposes.

SECTION 1. SHORT TITLE; TABLE OF CONTENTS.

TITLE I--FINANCIAL STABILITY

Subtitle A--Financial Stability Oversight Council

Subtitle B--Office of Financial Research

Subtitle C--Additional Board of Governors Authority for Certain Nonbank Financial Companies and Bank Holding Companies

TITLE II--ORDERLY LIQUIDATION AUTHORITY

TITLE III--TRANSFER OF POWERS TO THE COMPTROLLER OF THE CURRENCY, THE CORPORATION, AND THE BOARD OF GOVERNORS

Subtitle A--Transfer of Powers and Duties

Subtitle B--Transitional Provisions

Subtitle C--Federal Deposit Insurance Corporation

Subtitle D--Other Matters

Subtitle E--Technical and Conforming Amendments

TITLE IV--REGULATION OF ADVISERS TO HEDGE FUNDS AND OTHERS

TITLE V--INSURANCE

Subtitle A--Office of National Insurance

Subtitle B--State-Based Insurance Reform

PART I--Nonadmitted Insurance

PART II--Reinsurance

PART III--Rule of Construction

TITLE VI--IMPROVEMENTS TO REGULATION OF BANK AND SAVINGS ASSOCIATION HOLDING COMPANIES AND DEPOSITORY INSTITUTIONS

TITLE VII--WALL STREET TRANSPARENCY AND ACCOUNTABILITY

Subtitle A--Regulation of Over-the-Counter Swaps Markets

PART I--Regulatory Authority

PART II--Regulation of Swap Markets

Subtitle B--Regulation of Security-Based Swap Markets

TITLE VIII--PAYMENT, CLEARING, AND SETTLEMENT SUPERVISION

TITLE IX--INVESTOR PROTECTIONS AND IMPROVEMENTS TO THE REGULATION OF SECURITIES

Subtitle A--Increasing Investor Protection

Subtitle B--Increasing Regulatory Enforcement and Remedies

Subtitle C--Improvements to the Regulation of Credit Rating Agencies

Subtitle D--Improvements to the Asset-Backed Securitization Process

Subtitle E--Accountability and Executive Compensation

Subtitle F--Improvements to the Management of the Securities and Exchange Commission

Subtitle G--Strengthening Corporate Governance

Subtitle H--Municipal Securities

Subtitle I--Public Company Accounting Oversight Board, Portfolio Margining, and Other Matters

Subtitle J--Securities and Exchange Commission Match Funding

TITLE X--BUREAU OF CONSUMER FINANCIAL PROTECTION

Subtitle A--Bureau of Consumer Financial Protection

Subtitle B--General Powers of the Bureau

Subtitle C--Specific Bureau Authorities

Subtitle D--Preservation of State Law

Subtitle E--Enforcement Powers

Subtitle F--Transfer of Functions and Personnel; Transitional Provisions

Subtitle G--Regulatory Improvements

Subtitle H--Conforming Amendments

TITLE XI--FEDERAL RESERVE SYSTEM PROVISIONS

TITLE XII--IMPROVING ACCESS TO MAINSTREAM FINANCIAL INSTITUTIONS

TITLE XIII--PAY IT BACK ACT

TITLE XIV--MORTGAGE REFORM AND ANTI-PREDATORY LENDING ACT

Subtitle A--Residential Mortgage Loan Origination Standards

Subtitle B--Minimum Standards For Mortgages

Subtitle C--High-Cost Mortgages

Subtitle D--Office of Housing Counseling

Subtitle E--Mortgage Servicing

Subtitle F--Appraisal Activities

Subtitle G--Mortgage Resolution and Modification

Subtitle H--Miscellaneous Provisions

TITLE XV--MISCELLANEOUS PROVISIONS

TITLE XVI--SECTION 1256 CONTRACTS

SEC. 2. DEFINITIONS.

SEC. 3. SEVERABILITY.

"SEC. 4. EFFECTIVE DATE.

SEC. 5. BUDGETARY EFFECTS.

SEC. 6. ANTITRUST SAVINGS CLAUSE.

TITLE I--FINANCIAL STABILITY

SEC. 101. SHORT TITLE.

SEC. 102. DEFINITIONS.

Subtitle A--Financial Stability Oversight Council

SEC. 111. FINANCIAL STABILITY OVERSIGHT COUNCIL ESTABLISHED.

SEC. 112. COUNCIL AUTHORITY.

SEC. 113. AUTHORITY TO REQUIRE SUPERVISION AND REGULATION OF CERTAIN NONBANK FINANCIAL COMPANIES.

SEC. 114. REGISTRATION OF NONBANK FINANCIAL COMPANIES SUPERVISED BY THE BOARD OF GOVERNORS.

SEC. 115. ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS FOR NONBANK FINANCIAL COMPANIES SUPERVISED BY THE BOARD OF GOVERNORS AND CERTAIN BANK HOLDING COMPANIES.

SEC. 116. REPORTS.

SEC. 117. TREATMENT OF CERTAIN COMPANIES THAT CEASE TO BE BANK HOLDING COMPANIES.

SEC. 118. COUNCIL FUNDING.

SEC. 119. RESOLUTION OF SUPERVISORY JURISDICTIONAL DISPUTES AMONG MEMBER AGENCIES.

SEC. 120. ADDITIONAL STANDARDS APPLICABLE TO ACTIVITIES OR PRACTICES FOR FINANCIAL STABILITY PURPOSES.

SEC. 121. MITIGATION OF RISKS TO FINANCIAL STABILITY.

SEC. 122. GAO AUDIT OF COUNCIL.

SEC. 123. STUDY OF THE EFFECTS OF SIZE AND COMPLEXITY OF FINANCIAL INSTITUTIONS ON CAPITAL MARKET EFFICIENCY AND ECONOMIC GROWTH.

Subtitle B--Office of Financial Research

SEC. 151. DEFINITIONS.

SEC. 152. OFFICE OF FINANCIAL RESEARCH ESTABLISHED.

SEC. 153. PURPOSE AND DUTIES OF THE OFFICE.

SEC. 154. ORGANIZATIONAL STRUCTURE; RESPONSIBILITIES OF PRIMARY PROGRAMMATIC UNITS.

SEC. 155. FUNDING.

SEC. 156. TRANSITION OVERSIGHT.

Subtitle C--Additional Board of Governors Authority for Certain Nonbank Financial Companies and Bank Holding Companies

SEC. 161. REPORTS BY AND EXAMINATIONS OF NONBANK FINANCIAL COMPANIES BY THE BOARD OF GOVERNORS.

SEC. 162. ENFORCEMENT.

SEC. 163. ACQUISITIONS.

SEC. 164. PROHIBITION AGAINST MANAGEMENT INTERLOCKS BETWEEN CERTAIN FINANCIAL COMPANIES.

SEC. 165. ENHANCED SUPERVISION AND PRUDENTIAL STANDARDS FOR NONBANK FINANCIAL COMPANIES SUPERVISED BY THE BOARD OF GOVERNORS AND CERTAIN BANK HOLDING COMPANIES.

SEC. 166. EARLY REMEDIATION REQUIREMENTS.

SEC. 167. AFFILIATIONS.

SEC. 168. REGULATIONS.

SEC. 169. AVOIDING DUPLICATION.

SEC. 170. SAFE HARBOR.

SEC. 171. LEVERAGE AND RISK-BASED CAPITAL REQUIREMENTS.

SEC. 172. EXAMINATION AND ENFORCEMENT ACTIONS FOR INSURANCE AND ORDERLY LIQUIDATION PURPOSES.

SEC. 173. ACCESS TO UNITED STATES FINANCIAL MARKET BY FOREIGN INSTITUTIONS.

SEC. 174. STUDIES AND REPORTS ON HOLDING COMPANY CAPITAL REQUIREMENTS.

SEC. 175. INTERNATIONAL POLICY COORDINATION.

SEC. 176. RULE OF CONSTRUCTION.

TITLE II--ORDERLY LIQUIDATION AUTHORITY

SEC. 201. DEFINITIONS.

SEC. 202. JUDICIAL REVIEW.

SEC. 203. SYSTEMIC RISK DETERMINATION.

SEC. 204. ORDERLY LIQUIDATION OF COVERED FINANCIAL COMPANIES.

SEC. 205. ORDERLY LIQUIDATION OF COVERED BROKERS AND DEALERS.

SEC. 206. MANDATORY TERMS AND CONDITIONS FOR ALL ORDERLY LIQUIDATION ACTIONS.

SEC. 207. DIRECTORS NOT LIABLE FOR ACQUIESCING IN APPOINTMENT OF RECEIVER.

SEC. 208. DISMISSAL AND EXCLUSION OF OTHER ACTIONS.

SEC. 209. RULEMAKING; NON-CONFLICTING LAW.

SEC. 210. POWERS AND DUTIES OF THE CORPORATION.

(aa) in the opinion of the Corporation or such authority--

(AA) the covered financial company is not likely to be able to pay its obligations in the normal course of business; and

(BB) there is no reasonable prospect that the covered financial company will be able to pay such obligations without Federal assistance; or

(bb) in the opinion of the Corporation or such authority--

(AA) the covered financial company has incurred or is likely to incur losses that will deplete all or substantially all of its capital; and

(BB) there is no reasonable prospect that the capital will be replenished without Federal assistance.

SEC. 211. MISCELLANEOUS PROVISIONS.

SEC. 212. PROHIBITION OF CIRCUMVENTION AND PREVENTION OF CONFLICTS OF INTEREST.

SEC. 213. BAN ON CERTAIN ACTIVITIES BY SENIOR EXECUTIVES AND DIRECTORS.

SEC. 214. PROHIBITION ON TAXPAYER FUNDING.

SEC. 215. STUDY ON SECURED CREDITOR HAIRCUTS.

SEC. 216. STUDY ON BANKRUPTCY PROCESS FOR FINANCIAL AND NONBANK FINANCIAL INSTITUTIONS.

SEC. 217. STUDY ON INTERNATIONAL COORDINATION RELATING TO BANKRUPTCY PROCESS FOR NONBANK FINANCIAL INSTITUTIONS.

TITLE III--TRANSFER OF POWERS TO THE COMPTROLLER OF THE CURRENCY, THE CORPORATION, AND THE BOARD OF GOVERNORS

SEC. 300. SHORT TITLE.

SEC. 301. PURPOSES.

SEC. 302. DEFINITION.

Subtitle A--Transfer of Powers and Duties

SEC. 311. TRANSFER DATE.

SEC. 312. POWERS AND DUTIES TRANSFERRED.

SEC. 313. ABOLISHMENT.

SEC. 314. AMENDMENTS TO THE REVISED STATUTES.

`SEC. 324. COMPTROLLER OF THE CURRENCY.

`SEC. 327B. DEPUTY COMPTROLLER FOR THE SUPERVISION AND EXAMINATION OF FEDERAL SAVINGS ASSOCIATIONS.

SEC. 315. FEDERAL INFORMATION POLICY.

SEC. 316. SAVINGS PROVISIONS.

SEC. 317. REFERENCES IN FEDERAL LAW TO FEDERAL BANKING AGENCIES.

SEC. 318. FUNDING.

SEC. 319. CONTRACTING AND LEASING AUTHORITY.

Subtitle B--Transitional Provisions

SEC. 321. INTERIM USE OF FUNDS, PERSONNEL, AND PROPERTY OF THE OFFICE OF THRIFT SUPERVISION.

SEC. 322. TRANSFER OF EMPLOYEES.

SEC. 323. PROPERTY TRANSFERRED.

SEC. 324. FUNDS TRANSFERRED.

SEC. 325. DISPOSITION OF AFFAIRS.

SEC. 326. CONTINUATION OF SERVICES.

SEC. 327. IMPLEMENTATION PLAN AND REPORTS.

Subtitle C--Federal Deposit Insurance Corporation

SEC. 331. DEPOSIT INSURANCE REFORMS.

SEC. 332. ELIMINATION OF PROCYCLICAL ASSESSMENTS.

SEC. 333. ENHANCED ACCESS TO INFORMATION FOR DEPOSIT INSURANCE PURPOSES.

SEC. 334. TRANSITION RESERVE RATIO REQUIREMENTS TO REFLECT NEW ASSESSMENT BASE.

SEC. 335. PERMANENT INCREASE IN DEPOSIT AND SHARE INSURANCE.

SEC. 336. MANAGEMENT OF THE FEDERAL DEPOSIT INSURANCE CORPORATION.

Subtitle D--Other Matters

SEC. 341. BRANCHING.

SEC. 342. OFFICE OF MINORITY AND WOMEN INCLUSION.

SEC. 343. INSURANCE OF TRANSACTION ACCOUNTS.

Subtitle E--Technical and Conforming Amendments

SEC. 351. EFFECTIVE DATE.

SEC. 352. BALANCED BUDGET AND EMERGENCY DEFICIT CONTROL ACT OF 1985.

SEC. 353. BANK ENTERPRISE ACT OF 1991.

SEC. 354. BANK HOLDING COMPANY ACT OF 1956.

(aa) in the subparagraph heading, by striking `TO DIRECTOR'; and

(bb) by striking `Board' and all that follows through the end of the subparagraph and inserting `Board shall solicit comments and recommendations from--

SEC. 355. BANK HOLDING COMPANY ACT AMENDMENTS OF 1970.

SEC. 356. BANK PROTECTION ACT OF 1968.

SEC. 357. BANK SERVICE COMPANY ACT.

SEC. 358. COMMUNITY REINVESTMENT ACT OF 1977.

SEC. 359. CRIME CONTROL ACT OF 1990.

SEC. 360. DEPOSITORY INSTITUTION MANAGEMENT INTERLOCKS ACT.

SEC. 361. EMERGENCY HOMEOWNERS' RELIEF ACT.

SEC. 362. FEDERAL CREDIT UNION ACT.

SEC. 363. FEDERAL DEPOSIT INSURANCE ACT.

(aa) in the first sentence, by striking `the Director of the Office of Thrift Supervision,';

(bb) in the second sentence--

(AA) by striking `the Director of the Office of Thrift Supervision,' and inserting `to'; and

(BB) by inserting `to' before `any Federal home'; and

(cc) by striking `Finance Board' each place that term appears and inserting `Finance Agency'; and

(aa) by striking `Board' and inserting `Agency'; and

(bb) by striking `; and' and inserting a period; and

(aa) by striking `Board' and inserting `Agency'; and

(bb) by striking `; and' and inserting a period; and

(aa) by striking `or the Resolution Trust Corporation'; and

(bb) by striking `Director of the Office of Thrift Supervision' and inserting `Comptroller of the Currency'; and

(aa) in the matter before clause (i), by striking `Director of the Office of Thrift Supervision' and inserting `Corporation or the Comptroller of the Currency, as appropriate,'; and

(bb) in the matter following clause (ii)--

(AA) in the first sentence, by striking `Director of the Office of Thrift Supervision' and inserting `Office of the Comptroller of the Currency, as appropriate,'; and

(BB) by striking the second sentence and inserting the following: `The Corporation or the Comptroller of the Currency, as appropriate, may take any other corrective measures with respect to the subsidiary, including the authority to require the subsidiary to terminate the activities or operations posing such risks, as the Corporation or the Comptroller of the Currency, respectively, may deem appropriate.'; and

(aa) by inserting `, in the case of a Federal savings association,' before `consult with'; and

(bb) by striking `Director of the Office of Thrift Supervision' and inserting `Comptroller of the Currency'; and

(aa) in the subparagraph heading, by striking `DIRECTOR' and inserting `COMPTROLLER OF THE CURRENCY';

(bb) by striking `Office of Thrift Supervision' and inserting `Comptroller of the Currency';

(cc) by inserting a comma after `soundness'; and

(dd) by inserting `as to Federal savings associations' after `compliance';

SEC. 364. FEDERAL HOME LOAN BANK ACT.

SEC. 365. FEDERAL HOUSING ENTERPRISES FINANCIAL SAFETY AND SOUNDNESS ACT OF 1992.

SEC. 366. FEDERAL RESERVE ACT.

SEC. 367. FINANCIAL INSTITUTIONS REFORM, RECOVERY, AND ENFORCEMENT ACT OF 1989.

SEC. 368. FLOOD DISASTER PROTECTION ACT OF 1973.

SEC. 369. HOME OWNERS' LOAN ACT.

`SEC. 3. ADMINISTRATIVE PROVISIONS.';

(aa) by striking `The Director' and inserting `The appropriate Federal banking agency'; and

(bb) by striking `the Director' and inserting `the appropriate Federal banking agency';

(aa) in the first sentence, by striking `Director' and inserting `appropriate Federal banking agency';

(bb) in the second sentence--

(AA) by striking `Director's own name and through the Director's own attorneys' and inserting `name of the appropriate Federal banking agency and through the attorneys of the appropriate Federal banking agency'; and

(BB) by striking `Director' each place that term appears and inserting `appropriate Federal banking agency'; and

(cc) in the third sentence, by striking `Director' each place that term appears and inserting `Comptroller';

(aa) in clauses (i) through (iv), by striking `Director' each place that term appears and inserting `appropriate Federal banking agency';

(aa) in the matter preceding subclause (I), by striking `Director' and inserting `appropriate Federal banking agency';

(bb) in subclause (II), by striking `subpenas' and inserting `subpoenas'; and

(cc) in the matter following subclause (II), by striking `subpena' and inserting `subpoena';

(aa) in the first sentence, by striking `Director' and inserting `appropriate Federal banking agency'; and

(bb) in the second sentence, by striking `Director' and inserting `Comptroller';

(aa) in the first sentence, by striking `subpena' and inserting `subpoena';

(bb) in the second sentence, by striking `subpenaed' and inserting `subpoenaed'; and

(cc) in the third sentence, by striking `Director' and inserting `appropriate Federal banking agency';

(aa) by striking `Director of the Office of Thrift Supervision' and inserting `appropriate Federal banking agency';

(bb) by striking `any insured savings association' and inserting `an insured savings association'; and

(cc) by striking `Director determines, in the Director's discretion' and inserting `appropriate Federal banking agency determines, in the discretion of the appropriate Federal banking agency';

(aa) in clause (ii)--

(AA) in the clause heading, by striking `OR RTC'; and

(BB) by striking `or the Resolution Trust Corporation, as appropriate,' each place that term appears; and

(bb) by striking `Director' each place that term appears and inserting `appropriate Federal banking agency'; and

(aa) in the subparagraph heading, by striking `OR RTC';

(bb) by striking `Corporation or the Resolution Trust'; and

(cc) by striking `Director' and inserting `Comptroller';

(aa) in clause (i), by striking `Director's prior approval' and inserting `prior approval of the appropriate Federal banking agency';

(bb) in clause (ii), by striking `Director's discretion' and inserting `discretion of the appropriate Federal banking agency'; and

(cc) by striking `Director' each place that term appears and inserting `appropriate Federal banking agency';

SEC. 370. HOUSING ACT OF 1948.

SEC. 371. HOUSING AND COMMUNITY DEVELOPMENT ACT OF 1992.

SEC. 372. HOUSING AND URBAN-RURAL RECOVERY ACT OF 1983.

SEC. 373. NATIONAL HOUSING ACT.

SEC. 374. NEIGHBORHOOD REINVESTMENT CORPORATION ACT.

SEC. 375. PUBLIC LAW 93-100.

SEC. 376. SECURITIES EXCHANGE ACT OF 1934.

SEC. 377. TITLE 18, UNITED STATES CODE.

SEC. 378. TITLE 31, UNITED STATES CODE.

TITLE IV--REGULATION OF ADVISERS TO HEDGE FUNDS AND OTHERS

SEC. 401. SHORT TITLE.

SEC. 402. DEFINITIONS.

SEC. 403. ELIMINATION OF PRIVATE ADVISER EXEMPTION; LIMITED EXEMPTION FOR FOREIGN PRIVATE ADVISERS; LIMITED INTRASTATE EXEMPTION.

SEC. 404. COLLECTION OF SYSTEMIC RISK DATA; REPORTS; EXAMINATIONS; DISCLOSURES.

SEC. 405. DISCLOSURE PROVISION AMENDMENT.

SEC. 406. CLARIFICATION OF RULEMAKING AUTHORITY.

SEC. 407. EXEMPTION OF AND REPORTING BY VENTURE CAPITAL FUND ADVISERS.

SEC. 408. EXEMPTION OF AND REPORTING BY CERTAIN PRIVATE FUND ADVISERS.

SEC. 409. FAMILY OFFICES.

SEC. 410. STATE AND FEDERAL RESPONSIBILITIES; ASSET THRESHOLD FOR FEDERAL REGISTRATION OF INVESTMENT ADVISERS.

SEC. 411. CUSTODY OF CLIENT ASSETS.

`SEC. 223. CUSTODY OF CLIENT ACCOUNTS.

SEC. 412. COMPTROLLER GENERAL STUDY ON CUSTODY RULE COSTS.

SEC. 413. ADJUSTING THE ACCREDITED INVESTOR STANDARD.

SEC. 414. RULE OF CONSTRUCTION RELATING TO THE COMMODITIES EXCHANGE ACT.

`SEC. 224. RULE OF CONSTRUCTION RELATING TO THE COMMODITIES EXCHANGE ACT.

SEC. 415. GAO STUDY AND REPORT ON ACCREDITED INVESTORS.

SEC. 416. GAO STUDY ON SELF-REGULATORY ORGANIZATION FOR PRIVATE FUNDS.

SEC. 417. COMMISSION STUDY AND REPORT ON SHORT SELLING.

SEC. 418. QUALIFIED CLIENT STANDARD.

SEC. 419. TRANSITION PERIOD.

TITLE V--INSURANCE

Subtitle A--Federal Insurance Office

SEC. 501. SHORT TITLE.

SEC. 502. FEDERAL INSURANCE OFFICE.

`SEC. 313. FEDERAL INSURANCE OFFICE.

`SEC. 314. COVERED AGREEMENTS.

Subtitle B--State-Based Insurance Reform

SEC. 511. SHORT TITLE.

SEC. 512. EFFECTIVE DATE.

PART I--NONADMITTED INSURANCE

SEC. 521. REPORTING, PAYMENT, AND ALLOCATION OF PREMIUM TAXES.

SEC. 522. REGULATION OF NONADMITTED INSURANCE BY INSURED'S HOME STATE.

SEC. 523. PARTICIPATION IN NATIONAL PRODUCER DATABASE.

SEC. 524. UNIFORM STANDARDS FOR SURPLUS LINES ELIGIBILITY.

SEC. 525. STREAMLINED APPLICATION FOR COMMERCIAL PURCHASERS.

SEC. 526. GAO STUDY OF NONADMITTED INSURANCE MARKET.

SEC. 527. DEFINITIONS.

PART II--REINSURANCE

SEC. 531. REGULATION OF CREDIT FOR REINSURANCE AND REINSURANCE AGREEMENTS.

SEC. 532. REGULATION OF REINSURER SOLVENCY.

SEC. 533. DEFINITIONS.

PART III--RULE OF CONSTRUCTION

SEC. 541. RULE OF CONSTRUCTION.

SEC. 542. SEVERABILITY.

TITLE VI--IMPROVEMENTS TO REGULATION OF BANK AND SAVINGS ASSOCIATION HOLDING COMPANIES AND DEPOSITORY INSTITUTIONS

SEC. 601. SHORT TITLE.

SEC. 602. DEFINITION.

SEC. 603. MORATORIUM AND STUDY ON TREATMENT OF CREDIT CARD BANKS, INDUSTRIAL LOAN COMPANIES, AND CERTAIN OTHER COMPANIES UNDER THE BANK HOLDING COMPANY ACT OF 1956.

SEC. 604. REPORTS AND EXAMINATIONS OF HOLDING COMPANIES; REGULATION OF FUNCTIONALLY REGULATED SUBSIDIARIES.

`(aa) the safety and soundness of the bank holding company or of any depository institution subsidiary of the bank holding company; or

`(bb) the stability of the financial system of the United States; and

`(aa) the safety and soundness of the savings and loan holding company or of any depository institution subsidiary of the savings and loan holding company; or

`(bb) the stability of the financial system of the United States; and

SEC. 605. ASSURING CONSISTENT OVERSIGHT OF PERMISSIBLE ACTIVITIES OF DEPOSITORY INSTITUTION SUBSIDIARIES OF HOLDING COMPANIES.

SEC. 606. REQUIREMENTS FOR FINANCIAL HOLDING COMPANIES TO REMAIN WELL CAPITALIZED AND WELL MANAGED.

SEC. 607. STANDARDS FOR INTERSTATE ACQUISITIONS.

SEC. 608. ENHANCING EXISTING RESTRICTIONS ON BANK TRANSACTIONS WITH AFFILIATES.

SEC. 609. ELIMINATING EXCEPTIONS FOR TRANSACTIONS WITH FINANCIAL SUBSIDIARIES.

SEC. 610. LENDING LIMITS APPLICABLE TO CREDIT EXPOSURE ON DERIVATIVE TRANSACTIONS, REPURCHASE AGREEMENTS, REVERSE REPURCHASE AGREEMENTS, AND SECURITIES LENDING AND BORROWING TRANSACTIONS.

SEC. 611. CONSISTENT TREATMENT OF DERIVATIVE TRANSACTIONS IN LENDING LIMITS.

SEC. 612. RESTRICTION ON CONVERSIONS OF TROUBLED BANKS.

SEC. 613. DE NOVO BRANCHING INTO STATES.

SEC. 614. LENDING LIMITS TO INSIDERS.

SEC. 615. LIMITATIONS ON PURCHASES OF ASSETS FROM INSIDERS.

SEC. 616. REGULATIONS REGARDING CAPITAL LEVELS.

`SEC. 38A. SOURCE OF STRENGTH.

SEC. 617. ELIMINATION OF ELECTIVE INVESTMENT BANK HOLDING COMPANY FRAMEWORK.

SEC. 618. SECURITIES HOLDING COMPANIES.

SEC. 619. PROHIBITIONS ON PROPRIETARY TRADING AND CERTAIN RELATIONSHIPS WITH HEDGE FUNDS AND PRIVATE EQUITY FUNDS.

SEC. 620. STUDY OF BANK INVESTMENT ACTIVITIES.

SEC. 621. CONFLICTS OF INTEREST.

`SEC. 27B. CONFLICTS OF INTEREST RELATING TO CERTAIN SECURITIZATIONS.

SEC. 622. CONCENTRATION LIMITS ON LARGE FINANCIAL FIRMS.

SEC. 623. INTERSTATE MERGER TRANSACTIONS.

SEC. 624. QUALIFIED THRIFT LENDERS.

`(aa) would be permissible for a national bank;

`(bb) are necessary to meet obligations of a company that controls such savings association; and

`(cc) are specifically approved by the Comptroller of the Currency and the Board after a written request submitted to the Comptroller of the Currency and the Board by the savings association not later than 30 days before the date of the proposed payment.

SEC. 625. TREATMENT OF DIVIDENDS BY CERTAIN MUTUAL HOLDING COMPANIES.

SEC. 626. INTERMEDIATE HOLDING COMPANIES.

`SEC. 10A. INTERMEDIATE HOLDING COMPANIES.

SEC. 627. INTEREST-BEARING TRANSACTION ACCOUNTS AUTHORIZED.

SEC. 628. CREDIT CARD BANK SMALL BUSINESS LENDING.

TITLE VII--WALL STREET TRANSPARENCY AND ACCOUNTABILITY

SEC. 701. SHORT TITLE.

Subtitle A--Regulation of Over-the-Counter Swaps Markets

PART I--REGULATORY AUTHORITY

SEC. 711. DEFINITIONS.

SEC. 712. REVIEW OF REGULATORY AUTHORITY.

SEC. 713. PORTFOLIO MARGINING CONFORMING CHANGES.

SEC. 714. ABUSIVE SWAPS.

SEC. 715. AUTHORITY TO PROHIBIT PARTICIPATION IN SWAP ACTIVITIES.

SEC. 716. PROHIBITION AGAINST FEDERAL GOVERNMENT BAILOUTS OF SWAPS ENTITIES.

SEC. 717. NEW PRODUCT APPROVAL CFTC--SEC PROCESS.

SEC. 718. DETERMINING STATUS OF NOVEL DERIVATIVE PRODUCTS.

SEC. 719. STUDIES.

SEC. 720. MEMORANDUM.

PART II--REGULATION OF SWAP MARKETS

SEC. 721. DEFINITIONS.

`(aa) engaged in soliciting or in accepting orders for--

`(AA) the purchase or sale of a commodity for future delivery;

`(BB) a security futures product;

`(CC) a swap;

`(DD) any agreement, contract, or transaction described in section 2(c)(2)(C)(i) or section 2(c)(2)(D)(i);

`(EE) any commodity option authorized under section 4c; or

`(FF) any leverage transaction authorized under section 19; or

`(bb) acting as a counterparty in any agreement, contract, or transaction described in section 2(c)(2)(C)(i) or section 2(c)(2)(D)(i); and

`(aa) the purchase or sale of any commodity for future delivery, security futures product, or swap;

`(bb) any agreement, contract, or transaction described in section 2(c)(2)(C)(i) or section 2(c)(2)(D)(i);

`(cc) any commodity option authorized under section 4c; or

`(dd) any leverage transaction authorized under section 19; and

SEC. 722. JURISDICTION.

SEC. 723. CLEARING.

SEC. 724. SWAPS; SEGREGATION AND BANKRUPTCY TREATMENT.

SEC. 725. DERIVATIVES CLEARING ORGANIZATIONS.

`(aa) to contain losses and liquidity pressures; and

`(bb) to continue meeting each obligation of the derivatives clearing organization.

`SEC. 403. EXCLUSION OF IDENTIFIED BANKING PRODUCT.

SEC. 726. RULEMAKING ON CONFLICT OF INTEREST.

SEC. 727. PUBLIC REPORTING OF SWAP TRANSACTION DATA.

SEC. 728. SWAP DATA REPOSITORIES.