Sec. 904. Designation of rural area
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/bill/114/s/1910/pcs/section-904A research copy — for the controlling text, always check the official state or federal source. Not legal advice.
Not later than 90 days after the date of enactment of this title, the Bureau of Consumer Financial Protection shall establish an application process under which a person who lives or does business in a State may, with respect to an area identified by the person in the State that has not been designated by the Bureau of Consumer Financial Protection as a rural area for purposes of a Federal consumer financial law (as defined in section 1002 of the Consumer Financial Protection Act of 2010 ( 12 U.S.C. 5481 )), apply for such area to be so designated.
In evaluating an application submitted under subsection (a), the Bureau of Consumer Financial Protection shall take into consideration the following factors: Criteria used by the Director of the Bureau of the Census for classifying geographical areas as rural or urban. Criteria used by the Director of the Office of Management and Budget to designate counties as metropolitan, micropolitan, or neither. Criteria used by the Secretary of Agriculture to determine property eligibility for rural development programs.
The Department of Agriculture rural-urban commuting area codes. A written opinion provided by the State bank supervisor (as defined in section 3 of the Federal Deposit Insurance Act ( 12 U.S.C. 1813 ). Population density. If, at any time before the date on which an application is submitted under subsection (a), the area subject to review has been designated as nonrural by any Federal agency described in subsection
(b)using any of the criteria described in that subsection, the Bureau of Consumer Financial Protection shall not be required to consider such designation in its evaluation. Not later than 60 days after the date on which an application submitted under subsection
(a)is received, the Bureau of Consumer Financial Protection shall— publish the application on the website of the Bureau of Consumer Financial Protection; and make the application available for public comment for not fewer than 90 days. Nothing in this section shall be construed to require the Bureau of Consumer Financial Protection, during the public comment period described in paragraph
(1)with respect to an application submitted under subsection (a), to accept an additional application with respect to the area that is the subject of the initial application. Not later than 90 days after the end of the public comment period described in subsection (d)(1), the Bureau of Consumer Financial Protection shall— grant or deny such application, in whole or in part; and publish such grant or denial in the Federal Register, along with an explanation of the factors on which the Bureau of Consumer Financial Protection relied in making such decision. A decision by the Bureau under subsection
(e)to deny an application for an area to be designated as a rural area shall not preclude the Bureau of Consumer Financial Protection from accepting a subsequent application submitted under subsection
(a)for the area to be so designated if the subsequent application is submitted after the date on which the 90-day period beginning on the date on which the Bureau of Consumer Financial Protection denies the application under subsection
(e)expires. The Truth in Lending Act ( 15 U.S.C. 1601 et seq. ) is amended— in section 129C(b)(2)(E)(iv)(I) ( 15 U.S.C. 1639c(b)(2)(E)(iv)(I) ), by striking predominantly ; and in section 129D(c)(1) ( 15 U.S.C. 1639d(c)(1) ), by striking predominantly .
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