Sec. 6. Relief for community banks and small savings associations

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For purposes of the rules of the Bureau of Consumer Financial Protection (in this section referred to as the Bureau ) regarding qualified mortgages for purposes of section 129C(c)(2) of the Truth in Lending Act, the definition of the term rural means any area other than— a city or town that has a population of greater than 50,000 inhabitants; and any urbanized area contiguous and adjacent to a city or town described in paragraph (1). The Securities Exchange Act of 1934 (15 U.S.C. 78a et seq.) is amended— in section 12(g) ( 15 U.S.C. 78l(g) )— in paragraph (1)(B), by inserting after is a bank the following: , a savings and loan holding company (as defined in section 10 of the Home Owners' Loan Act), ; and in paragraph (4), by inserting after case of a bank the following: , a savings and loan holding company (as defined in section 10 of the Home Owners' Loan Act), ; and in section 15(d), by striking case of bank and inserting the following: case of a bank, a savings and loan holding company (as defined in section 10 of the Home Owners' Loan Act), .

The policy statement of the Board in the Small Bank Holding Company Statement found at Part 225 of the appendix to title 12, Code of Federal Regulations (or any successor thereto), shall apply to financial institutions that are otherwise subject to that policy statement with consolidated assets of more than $5,000,000,000. Notwithstanding the rule of the Board regarding Mutual Holding Company Dividend Waivers in section 239.63 of title 12, Code of Federal Regulations (or any successor thereto), grandfathered mutual holding companies and all other mutual holding companies shall be permitted to waive the receipt of dividends declared on the common stock of their bank or mid-size holding companies.

The Federal Financial Institutions Examination Council Act of 1978 ( 12 U.S.C. 3301 et seq. ) is amended by adding at the end the following: There is established in the Council an Office of Examination Ombudsman. There is established the position of the Ombudsman, who shall serve as the head of the Office of Examination Ombudsman, and who shall be hired separately by the Council and shall be independent from any member agency of the Council. The Ombudsman is authorized to hire staff to support the activities of the Office of Examination Ombudsman.

The Ombudsman shall— receive and, at the Ombudsman's discretion, investigate complaints from financial institutions, their representatives, or another entity acting on behalf of such institutions, concerning examinations, examination practices, or examination reports; hold meetings, at least once every 3 months and in locations designed to encourage participation from all sections of the United States, with financial institutions, their representatives, or another entity acting on behalf of such institutions, to discuss examination procedures, examination practices, or examination policies; review examination procedures of the Federal financial institutions regulatory agencies to ensure that the written examination policies of those agencies are being followed in practice and adhere to the standards for consistency established by the Council; conduct a continuing and regular program of examination quality assurance for all examination types conducted by the Federal financial institutions regulatory agencies; process any supervisory appeal initiated under section 1015 or section 309(e) of the Riegle Community Development and Regulatory Improvement Act of 1994; and report annually to the Committee on Financial Services of the House of Representatives, the Committee on Banking, Housing, and Urban Affairs of the Senate, and the Council, on the reviews carried out pursuant to paragraphs

(3)and (4), including compliance with the requirements set forth in section 1012 regarding timeliness of examination reports, and the Council's recommendations for improvements in examination procedures, practices, and policies. The Ombudsman shall keep confidential all meetings, discussions, and information provided by financial institutions. . Section 1003 of the Federal Financial Institutions Examination Council Act of 1978 (12 U.S.C. 3302) is amended— in paragraph (2), by striking and at the end; in paragraph (3), by adding and at the end; and by adding at the end the following: the term Ombudsman means the Ombudsman established under section 1012. . Section 503 of the Gramm-Leach-Bliley Act ( 15 U.S.C. 6803 ) is amended by adding at the end the following: A financial institution described in paragraph

(2)shall not be required to provide an annual written disclosure under this section, until such time as the financial institution fails to comply with subparagraph (A), (B), or

(C)of paragraph (1). Paragraph

(1)applies with respect to a financial institution that— provides nonpublic personal information in accordance with the provisions of subsection (b)(2) or

(e)of section 502 or regulations prescribed under section 504(b); has not changed its policies and practices with respect to disclosing nonpublic personal information from the policies and practices that were disclosed in the most recent disclosure sent to consumers in accordance with this section; and otherwise provides customers access to such most recent disclosure in electronic or other form permitted by regulations prescribed under section 504. . Section 704B(h)(1) of the Equal Credit Opportunity Act ( 15 U.S.C. 1691c–2(h)(1) ) is amended by inserting with more than $10,000,000,000 in total consolidated assets after entity . Section 171(b)(5)(C) of the Dodd-Frank Wall Street Reform and Consumer Protection Act ( 12 U.S.C. 5371(b)(5)(C) ) is amended by inserting before the period at the end or savings and loan holding company with less than $500,000,000 in total consolidated assets .

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