What changed between these versions
A substantive expansion of the bill's regulatory tailoring. v2 adds an amendment to Section 1026(a) of the Consumer Financial Protection Act of 2010, increasing the asset threshold for Bureau supervision for an additional category of financial institutions. A minor technical correction to a statutory reference in the Qualified Mortgage Requirements section was also made.
Overview
A handful of changes concentrated within Section 2 of the bill. · v2 expands the application of increased asset thresholds to an additional statutory provision, thereby broadening the scope of regulatory tailoring, and includes a minor technical correction.
The most significant change in v2 is the expansion of the asset threshold increase for Bureau supervision to include Section 1026(a) of the Consumer Financial Protection Act of 2010, in addition to Section 1025(a) already covered in v1. This broadens the number of financial institutions that will be subject to the higher $50 billion asset threshold for certain regulatory requirements. Furthermore, a minor technical correction was made to the statutory reference for Qualified Mortgage Requirements to ensure accuracy. The core purpose of increasing asset thresholds for various financial regulations remains consistent.
Major additions
This new subsection amends section 1026(a) of the Consumer Financial Protection Act of 2010 (12 U.S.C. 5516(a)) by striking the existing '$10,000,000,000' threshold and inserting '$50,000,000,000' each place it occurs.
This addition significantly expands the scope of financial institutions that will be subject to a higher asset threshold for certain supervision requirements by the Consumer Financial Protection Bureau. It means that institutions with assets between $10 billion and $50 billion, previously subject to these requirements under 12 U.S.C. 5516(a), will now be exempt.
Modifications
This modification corrects a minor error in the statutory citation, ensuring that the intended provision of the Truth in Lending Act regarding qualified mortgage requirements is accurately targeted for the asset threshold increase. There is no change to the policy intent or operative effect of the threshold increase itself, only to the precision of the reference.
Before
v1 amended 'Section 129C(b)(F)(i) of the Truth in Lending Act (15 U.S.C. 1639c(b)(F)(i))' to increase the asset threshold.
After
v2 amends 'Section 129C(b)(2)(F)(i) of the Truth in Lending Act (15 U.S.C. 1639c(b)(2)(F)(i))' to increase the asset threshold.
Scope
Meaningful expansion or narrowing — Changes are concentrated within Section 2, which deals with increased asset thresholds. — v2 represents a refinement and expansion within the same policy direction of tailoring regulatory requirements for financial institutions by increasing asset thresholds. — The primary addition in Section 2(a)(2) directly interacts with and modifies the application of 12 U.S.C. 5516(a), which was not previously addressed by the bill. The modification in Section 2(c) ensures correct interaction with 15 U.S.C. 1639c(b)(2)(F)(i).
Impact analysis
Financial institutions with assets between $10 billion and $50 billion that fall under the scope of 12 U.S.C. 5516(a).
Gain (reduced regulatory burden).
These institutions will now also be subject to the higher $50 billion asset threshold for certain Consumer Financial Protection Bureau supervision requirements, whereas in v1, only those under 12 U.S.C. 5515(a) were explicitly covered.