United States Covered Bond Act of 2011

H.R. 940 / S. 1835 United States Covered Bond Act of 2011 H.R. 1062 The Burdensome Data Collection Relief Act H.R. 1573 To facilitate implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption H.R. 2308 SEC Regulatory Accountability Act H.R. 2779 To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street H.R. 3475 Keep IDs Safe Act Reform and Consumer Protection Act Implementation of Title I, Subtitle AFinancial Stability Oversight Council of the Dodd-Frank Act Issues relating to Government Sponsored Enterprises & Housing Finance Reform Implementation of Title I, Subtitle CAdditional Board of Governors Authority for Certain Nonbank Financial Companies and Bank Holding Companies of the Dodd-Frank Act Implementation of Title VI, Section 619 of the Dodd-Frank Act - Prohibitions on proprietary trading and certain relationships with hedge funds and private equity funds Issues relating Title V, Subtitle A of the Dodd-Frank Act - Federal Insurance Office

Client expense: $1,900,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Office of Management & Budget (OMB), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 1838-Repeal of provision of the Dodd-Frank Wall Street Reform and Consumer Protection Act; H.R. 3283-Swap Jurisdiction Certainty Act; J.R. 2779-Exemption of inner-affiliate swaps from Dodd-Frank regulatory requirements; S. 2224-Bill that addresses implementation of certain prohibitions under the Bank Holding Company Act of 1956; H.R. 3156-Consumer Debit Card Protection Act; H.R. 940 and S. 1835-United State Covered Bond Act; H.R. 4014 and S. 2099-Amendments to Federal Deposit Insurance Act;H.R. 1121 and S. 737-Responsible Consumer Financial Protection Regulations Act; H.R. 2568 and S.1506-To prevent the Secretary of the Treasury from expanding United States bank reporting requirements with respect to interest on deposits paid to nonresident aliens; H.R. 1418 and S. 509-Small Business lending Enhancement Act; S. 2231 Amendment to Federal Credit Union Act; H.R. 4367-Amend the Electronic Fund Transfer Act to limit the fee disclosure requirement; S. 3204-Bill to address fee disclosure requirements under the Electronic Fund Transfer Act; Basel III Capital Standards proposal from Federal Reserve Board; Volker Rule proposal from Federal Reserve Board.

Client expense: $150,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Reserve System, HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of, White House Office

H.R. 940 (United States Covered Bond Act of 2011); H.R. 1573 (To facilitate implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption); Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation (Regulatory rulemaking regarding swap dealer capital requirements and margin segregation); Regulation of over-the-counter (OTC) derivatives (standardization of derivatives - all aspects including exchange trading, clearing, and reporting requirements); Dodd-Frank proposed and final rules related to derivatives; Commodity pool operators amendments.

Client expense: $1,400,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, Ginnie Mae, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Natl Economic Council (NEC), Natl Security Council (NSC), Office of Thrift Supervision (OTS), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR)

Issues related to the implementation of Dodd Frank HR 940 - The United States Covered Bonds Act of 2011 Bank Tax, "Robin Hood" Tax, Financial Transaction Tax HR 1610 - The Business Risk Mitigation and Price Stabilization Act HR 1573 - To facilitate implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption. HR 2682 - Business Risk Mitigation and Price Stabilization Act HR 1840 - A Bill to improve the CFTC's Cost Benefit Analysis HR 2779 - To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform Act HR 2533 - The Chapter 11 Bankruptcy Venue Reform Act of 2011 S 2055 - To Amend the Federal Deposit Insurance Act with respect to the protection of certain information HR 3871 - The Proprietary Information Protection Act of 2012 S 947 Bill to end user exemptions from certain provisions of Commodity Exchange Act and Securities Exchange Act S 3480 A bill to provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934

Client expense: $4,940,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Defense, Dept of (DOD), Energy, Dept of, Environmental Protection Agency (EPA), Executive Office of the President (EOP), Federal Aviation Administration (FAA), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Food & Drug Administration (FDA), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Office of Management & Budget (OMB), Patent & Trademark Office (PTO), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Transportation Security Administration (TSA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Trade Representative (USTR), Veterans Affairs, Dept of (VA)

HR 940, S 1016, HR 1610, HR 1355, HR 1640, HR 1667, HR 6317, HR 1315, HR 1539, HR 2612, HR 2682, HR 2779, HR 3044, HR 527, HR 557, S 1615, S 3497, S 575, S 602, S 712, S 746, HR 1062, HR 1121, HR 1222, HR 1223, HR 1224, HR 1225, HR 1226, HR 1227, HR 31, HR 839

Client expense: $650,000 · Firm income: Not reported

Government targets: Federal Emergency Management Agency (FEMA), HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

1. HR 940 Covered Bond Act of 2011, all provisions 2. Implementation of HR 4173 Dodd-Frank Wall Street Reform Act (securitization, swap provisions, position limits, extra-territorial application, Volcker, capital requirements) 3. HR 3283 Swap Jurisdiction Certainty Act, all provisions

Client expense: $180,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

HR 940 Covered Bond Act of 2011, all provisions Implementation of HR 4173 Dodd-Frank Wall Street Reform Act (securitization, swap provisions, position limits, extra-territorial application, Volcker, capital requirements)

Client expense: $100,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Increase in Credit Union Lending Cap S2231 - Small Business Lending Enhancement Act of 2012 HR1418 - Small Business Lending Enhancement Act of 2011 Extension of Temporary SBA Programs HR366 - To provide for an additional temporary extension of programs under the Small Business Act and the Small Business Investment Act of 1958, and for other purposes HR2936 - Small Business Administration Express Loan Extension Act of 2011 Foreclosure Issues S170 - Helping Responsible Homeowners Act of 2011 S222 - Limiting Investor and Homeowner Loss in Foreclosure Act of 2010 HR430 - HAMP Repeal and Deficit Reduction Act of 2011 HR1131 - Preventing Homeowners from Foreclosure Act of 2011 HR1151 - Emergency Mortgage Relief and Neighborhood Stabilization Programs Cost Recoupment Act of 2011 HR839 - HAMP Termination Act of 2011 HR5940 - Preserving American Homeownership Act of 2012 S2080 - Keeping Families in their Home Act of 2012 GSE Modifications S693 - GSE Bailout Elimination and Taxpayer Protection Act S1834 - Residential Mortgage Market Privatization and Standardization Act S1963 - Mortgage Finance Act HR31 - Fannie Mae and Freddie Mac Accountability and Transparency for Taxpayers Act of 2011 HR463 - Fannie Mae and Freddie Mac Transparency Act of 2011 HR1182 - GSE Bailout Elimination and Taxpayer Protection Act HR1221 - Equity in Government Compensation Act of 2011 HR1222 - GSE Subsidy Elimination Act of 2011 HR1223 - GSE Credit Risk Equitable Treatment Act of 2011 HR1224 - GSE Portfolio Risk Reduction Act of 2011 HR1225 - GSE Debt Issuance Approval Act of 2011 HR1226 - GSE Mission Improvement Act of 2011 HR1227 - GSE Risk and Activities Limitation Act of 2011 HR1859 - Housing Finance Reform Act of 2011 HR 2413 - Secondary Market Facility for Residential Mortgages Act of 2011 HR2425 - Transparency and Security in Mortgage Registration Act of 2011 HR2428 - GSE Legal Fee Reduction Act of 2011 HR2436 - Fannie and Freddie Mac Taxpayer Payback Act of 2011 HR2439 - Removing GSEs Charters During Receivership Act HR2440 - Market Transparency and Taxpayer Protection Act HR2441- Housing Trust Fund Elimination Act HR2462 - Cap the GSE Bailout Act HR3644 - Private Mortgage Market Investment Act HR3733 - Affordable Mortgages for Homeowners Act of 2011 S3085 - Responsible Homeowners Refinancing Act S3520 - Rebuilding Equity Act of 2012 S3047 - Expanding Refinancing Opportunities Act of 2012 HR6429 - STEM Jobs Act of 2012 Changes to the Truth In Lending Act HR3849 - Preserving Access to Manufactured Housing Act Changes in Financial Market Regulations HR87 - A bill to repeal the Dodd-Frank Wall Street Reform and Consumer Protection Act HR1121 - Responsible Consumer Financial Protection Regulations Act of 2011 HR1723 - Common Sense Economic Recovery Act of 2011 HR2126 - Risk Retention Modernization Act of 2011 S967 - Regulation of Mortgage Servicing Act of 2011. S3589 - Mortgage Modification Outreach Act Changes to the Federal Reserve System S202 - Federal Reserve Transparency Act of 2011 HR459 - Federal Reserve Transparency Act of 2011 HR1094 - Federal Reserve Board Abolition Act Changes to GSE and FHA Loan Limits HR1754 - Preserving Equal Access to Mortgage Finance Programs Act S1508 - Homeownership Affordability Act of 2011 HR2508 - A bill to extend through fiscal year 2013 the increase in the maximum original principal obligation of a mortgage that may be purchased by the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation, and for other purposes. HR4323 - Consumer Mortgage Choice Act S3522 - The Responsible Homeowner Refinancing Act of 2012 Regulatory Oversight of Covered Bonds S1835 - United States Covered Bond Act of 2011 Improvement of Short Sale Process HR1498 - Prompt Decision for Qualification of Short Sale Act of 2011 S2120 - Prompt Notification of Short Sales Act HR6153 - Fast Help for Homeowners Act Changes to the Home Affordable Modification Program HR839 - to amend the Emergency Economic Stabilization Act of 2008 to terminate the authority of the secretary of the Treasury to provide new assistance under the Home Affordable Modification Program, while preserving assistance to homeowners who were already extended an offer to participate in the program, either on a trial or permanent basis; HRes170 - A resolution providing for consideration of the bill (HR 839) to amend the Emergency Economic Stabilization Act of 2008 to terminate the authority of the secretary of the Treasury to provide new assistance under the Home Affordable Modification Program, while preserving assistance to homeowners who were already extended an offer to participate in the program, either on a trial or permanent basis; and providing for consideration of the bill (HR 861) to rescind the third round of funding for the Neighborhood Stabilization Program and to terminate the program Oversight of Insured Depository Institutions HR2056 - A bill to instruct the Inspector General of the Federal Deposit Insurance Corporation to study the impact of insured depository institution failures, and for other purposes. Examinations of Depository Institutions HR3461 - Financial Institutions Examination Fairness and Reform Act Availability of Capital for Finance HR940 - United States Covered Bond Act of 2011 HJRes22 - Preserving Capitalism in America Amendment Discussions with the Securities and Exchange Commission (SEC) on lease accounting. Conversations with the Treasury Department on the Dodd-Frank Act, the Home Affordable Modification Program (HAMP), credit, and anti-money laundering guidelines. Discussions with the Federal Reserve on Dodd-Frank. Discussions with the FDIC on Basel III. Conversations with the Consumer Financial Protection Bureau (CFPB) on Dodd-Frank, Qualified Mortgage (QM) rules, RESPA/Truth in Lending Act (TILA), Loan Officer Compensation Rules, banking, and mortgage servicing. Conversations with the Federal Housing Finance Agency (FHFA) on Government Sponsored Enterprises (GSEs), short sales, housing programs lending, and bulk sales of foreclosed properties. Discussions with the Department of Housing and Urban Development (HUD) on the Federal Housing Administration and Qualified Residential Mortgages (QRMs). Discussions with the White House Economic Council regarding credit, Menendez-Boxer refinancing bill, refinancing programs, and "the fiscal cliff."

Client expense: $15,440,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Army, Dept of (Corps of Engineers), Commerce, Dept of (DOC), Energy, Dept of, Environmental Protection Agency (EPA), Federal Accounting Standards Advisory Board (FASAB), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Emergency Management Agency (FEMA), Federal Housing Finance Agency (FHFA), Federal Reserve System, Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Interior, Dept of (DOI), Natl Economic Council (NEC), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, Veterans Affairs, Dept of (VA), White House Office

H.R. 940 - United States Covered Bond Act of 2011; entire bill H.R. 2577 - SAFE Data Act; provisions applicable to financial institutions H.R. 2827 - To amend the Securities Exchange Act of 1934 to clarify provisions relating to the regulation of municipal advisors, and for other purposes; provisions relating to broker dealers H.R. 3523 - Cyber Intelligence Sharing and Protection Act of 2011; entire bill H.R. 4624 - Investment Adviser Oversight Act of 2012; entire bill H.R. 6204 - Investment Adviser Examination Improvement Act of 2012; entire bill H.R. 6397 - Defending American Taxpayers From Abusive Government Takings Act of 2012; entire bill H.R. 6423 - Insurance Consumer Protection and Solvency Act of 2012; entire bill S. 1151 Personal Data Privacy and Security Act of 2011; provisions applicable to financial institutions S. 1207 Data Security and Breach Notification Act of 2011; provisions applicable to financial institutions S. 1434 Data Security Act of 2011; provisions applicable to financial institutions S. 1606 Regulatory Accountability Act of 2011; entire bill S. 1615 Financial Regulatory Responsibility Act of 2011; entire bill S. 3620 - A bill to amend the Securities Exchange Act of 1934 to clarify provisions relating to the regulation of municipal advisors; entire bill Impact of the Volcker Rule on market liquidity and international competitiveness of U.S.-owned asset managers Implementation of Sections 913/914 of Dodd-Frank Wall Street Reform and Consumer Protection Act and its inter-relationship with the DoL ERISA fiduciary definition proposal Impact of DFA and mortgage settlement initiatives on investors/creditors interests Congressional inquiry on corporate cybersecurity practices.

Client expense: $380,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Government-sponsored enterprise reform and its effect on federal home loan banks. H.R. 940, United States Covered Bond Act of 2011, provisions that affect federal home loan banks.

Client expense: Not reported · Firm income: $60,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Public Law 111-517, Dodd-Frank Wall Street Reform and Consumer Protection Act, Financial Services Regulatory Reform issues. S.3217, Restoring American Financial Stability Act of 2010, Financial Regulatory Reform. Regulation and financial products generally. H.R.940, United States Covered Bond Act of 2011, Financial Regulatory Reform. H.R.1223, GSE Credit Risk Equitable Treatment Act of 2011, Financial Regulatory Reform. H.R.1182, GSE Bailout Elimination and Taxpayer Protection Act, Financial Regulatory Reform. H.R.1224, GSE Portfolio Risk Reduction Act of 2011, Financial Regulatory Reform. H.R.2413, Secondary Market Facility for Residential Mortgages Act of 2011, Financial Regulatory Reform. S.1835, United States Covered Bond Act, Financial Regulatory Reform.

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Dodd-Frank Wall Street Reform and Consumer Protection Act Title 1, Financial Stability Title 2, Orderly Liquidation Authority Title 6, Improvements to Regs of Banks and Savings Association Holding Companies in Depository Institutions Dodd-Frank Act continued Title 7, Regulation of OTC Swaps Market Title 9, Investor Protections and Improvements to Regulation of Securities Title 10, Bureau of Consumer Financial Protection H.R. 940 "U.S. Covered Bond Act of 2011" H.R. 1539 "Asset-Backed Stabilization Act of 2011" H.R. 1573 "To facilitate implementation of Dodd-Frank Wall Street Reform Act" H.R. 1121 "The Responsible Consumer Financial Protection Regulation Act of 2011" H.R. 122 "The GSE subsidy Elimination Act" H.R. 1309 "The Flood Insurance Reform Act of 2011" H.R. 3644 "Private Mortgage Market Investment Act" S. 1834 "Residential Mortgage Market Privatization and Standardization Act of 2011" H.R. 3606 Jumpstart Our Business Startups Act of 2012 H.R. 1223 GSE Credit Risk Equitable Treatment Act of 2011 H.R. 2112 Consolidated and Further Continuing Appropriations Act, 2012 S. 2223 A bill to address the implementation of certain prohibitions under the Bank Holding Company Act of 1956, and for other purposes. S. 1102 Fairness for Struggling Students Act of 2011 S. 1963 Mortgage Finance Act of 2011 S. 1835 United States Covered Bond Act of 2011 Basel III implementation Making Home Affordable Programs HAMP and HARP FHFA Real Estate Owned Disposition Initiative FHFA plan on single securitization platform Eminent Domain Seizure of Mortgage Loans Property Assessed Clean Energy Programs

Client expense: $130,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Dodd-Frank Wall Street Reform and Consumer Protection Act Title 1, Financial Stability Title 2, Orderly Liquidation Authority Title 6, Improvements to Regs of Banks and Savings Association Holding Companies in Depository Institutions Dodd-Frank Act continued Title 7, Regulation of OTC Swaps Market Title 9, Investor Protections and Improvements to Regulation of Securities Title 10, Bureau of Consumer Financial Protection H.R. 940 "U.S. Covered Bond Act of 2011" H.R. 1539 "Asset-Backed Stabilization Act of 2011" H.R. 1573 "To facilitate implementation of Dodd-Frank Wall Street Reform Act" H.R. 1121 "The Responsible Consumer Financial Protection Regulation Act of 2011" H.R. 122 "The GSE subsidy Elimination Act" H.R. 1309 "The Flood Insurance Reform Act of 2011" H.R. 3644 "Private Mortgage Market Investment Act" S. 1834 "Residential Mortgage Market Privatization and Standardization Act of 2011" H.R. 3606 Jumpstart Our Business Startups Act of 2012 H.R. 1223 GSE Credit Risk Equitable Treatment Act of 2011 H.R. 2112 Consolidated and Further Continuing Appropriations Act, 2012 S. 2223 A bill to address the implementation of certain prohibitions under the Bank Holding Company Act of 1956, and for other purposes. S. 1102 Fairness for Struggling Students Act of 2011 S. 1963 Mortgage Finance Act of 2011 S. 1835 United States Covered Bond Act of 2011 Basel III implementation Making Home Affordable Programs HAMP and HARP FHFA Real Estate Owned Disposition Initiative FHFA plan on single securitization platform Eminent Domain Seizure of Mortgage Loans Property Assessed Clean Energy Programs CFTC Commodity Pool definitional issues

Client expense: $130,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

Legislation and oversight hearings potentially affecting structure, operations and supervision of Federal Home Loan Banks, and implementation of the Dodd-Frank Act. Legislation includes H.R. 1121 Responsible Consumer Financial Protection Regulation; H.R. 1223, GSE Credit Risk Equitable Treatment Act; H.R. 940, U.S. Covered Bond Act; H.R. 1224, GSE Portfolio Risk Reduction Act; S. 1834 Residential Mortgage Market Privatization and Standardization Act; and S. 1963, Mortgage Finance Act.

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Legislation and oversight hearings potentially affecting structure, operations and supervision of Federal Home Loan Banks, and implementation of the Dodd-Frank Act. Legislation includes H.R. 1121 Responsible Consumer Financial Protection Regulation; H.R. 1223, GSE Credit Risk Equitable Treatment Act; H.R. 940, U.S. Covered Bond Act; H.R. 1224, GSE Portfolio Risk Reduction Act; S. 1834 Residential Mortgage Market Privatization and Standardization Act; and S. 1963, Mortgage Finance Act.

Client expense: Not reported · Firm income: $20,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

HR 8- American Taxpayer Relief Act of 2012, general issues regarding fiscal cliff; HR 940, S 1835- United States Covered Bond Act of 2011, regarding issues related to covered bonds; HR 4336- To extend the exclusion from gross income of discharges of qualified principal residence indebtedness, general issues regarding mortgage debt forgiveness; S996, HR2655- New Markets Tax Credit Extension Act of 2012, general issues regarding new markets tax credit; HR 749- To amend the Internal Revenue Code of 1986 to permanently extend the subpart E, regarding AFE extension; S2091- A bill to amend the Internal Revenue Code of 1986 to reform the international tax system, general issues relation to international tax reform; General issues regarding FATCA implementation; General issues relating to corporate tax reform.

Client expense: $960,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE, Treasury, Dept of

HR 4310- National Defense Authorization Act for Fiscal Year 2013, regarding consumer lending and credit related issues; S 3394- A bill to address fee disclosure requirements under the Electronic Fund Transfer Act, general issues regarding CFPB and attorney-client privilege; HR 940, S1835- United States Covered Bond Act of 2011, general issues related to covered bonds; HR 4348-Surface Transportation Extension Act, regarding interchange and debit card interchange; HR 1573- To facilitate implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, general issues related to derivatives; HR 1838 - Provision to repeal provision of Dodd-Frank Wall Street Reform Act, general issues related to derivatives; HR 2586 - Swap Execution Facility Clarification Act, general issues related to derivatives; HR 2779 - To exempt inter-affiliate swaps from certain regulatory requirements, general issues related to derivatives; HR 2682- Business Risk Mitigation and Price Stabilization Act of 2011, general issues related to derivatives; HR 3283 - Swap Jurisdiction Certainty Act, general issues related to derivatives.

Client expense: $960,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE, Treasury, Dept of

Public Law 111-203, HR 4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act implementation and regulatory reform. H.R.1610: To provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934. H.R. 1223 - To amend the Securities Exchange Act of 1934 to ensure mortgages held or securitized by Fannie Mae and Freddie Mac and asset-backed securities issued by such enterprises are treated similarly as other mortgages and asset-backed securities for purposes of the credit risk retention requirements under such Act. HR 2682: Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties is: (1) not a financial entity, and (2) is eligible for exception from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the Commodity Futures Trading Commission (CFTC). Amends the Securities Exchange Act of 1934, with respect to registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization any security-based swap in which one of the counterparties is: (1) not a financial entity, and (2) is eligible for exception from clearing requirements. H.R. 3283: clarifies Dodd-Frank Act provisions to ensure the equal treatment of U.S. firms conducting transactions outside of the U.S. and foreign firms conducting similar activities. H.R. 4235: repeals the Dodd-Frank Act indemnification requirements for regulators to obtain data from SDRs H.R.4624: Investment Adviser Oversight Act of 2012 - Amends the Investment Advisers Act of 1940 to require investment advisers to register with a registered national investment adviser association, unless exempted according to specified criteria. S. 947 To provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934 S1615: Financial Regulatory Responsibility Act-Requires financial regulators to conduct consistent economic analysis on every new rule they propose, provide clear justification for the rules, and determine the economic impacts of proposed rulemakings, including their effects on growth and net job creation. HR940, S.1835: United States Covered Bond Act of 2011 - Directs the Secretary of the Treasury to establish a regulatory oversight program for specified recourse debt obligations of an eligible issuer (covered bonds) that provides for such bonds to be maintained in a manner consistent with safe and sound asset-liability management and other financial practices.

Client expense: $394,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 31-The Fannie Mae and Freddie Mac Accountability and Transparency for Taxpayers Act. The legislation enhances the authority of FHFA's Inspector General and expands reporting requirements to Congress. H.R. 463-Fannie Mae and Freddie Mac Transparency Act. Amends Fannie Mae and Freddie Mac's charters to provide that, during any period in which either entities are under conservatorship or receivership, it shall be considered an agency subject to the public information disclosure requirements of the Freedom of Information Act. H.R. 940-United States Covered Bond Act. Would establish the regulatory framework for the creation of a covered bond market for real estate securities. H.R. 1221-the Equity In Government Compensation Act. The legislation suspends the compensation packages for executives of Fannie Mae and Freddie Mac and places all other employees on the General Schedule pay scale. H.R. 1222-the GSE Subsidy Elimination Act. The legislation requires that FHFA gradually increase guarantee fees at Fannie Mae and Freddie Mac over the next two years. Under the legislation, the FHFA will consider the market conditions in raising the GSEs guarantee fees to ensure that its actions do not disrupt a housing recovery. H.R. 1223-the GSE Credit Risk Equitable Treatment Act. The legislation helps clarify the risk retention rules required under Section 941 of the Dodd-Frank Act to make clear that Fannie Mae and Freddie Mac will be held to the same standards as any other secondary mortgage market participants. H.R. 1224-the Portfolio Risk Reduction Act. The legislation accelerates and formalizes the reduction in the size of the GSEs portfolios. The legislation would cap the GSEs portfolios to no more than $700 billion in the first year, declining to $600 billion for year two, $475 billion for year three, $350 billion for year four, and finally to $250 billion in year five. H.R. 1225-the GSE Debt Issuance Approval Act. The legislation requires the Treasury Department to approve any new debt issuance by the GSEs. H.R. 1226-the GSE Mission Improvement Act. The legislation the GSEs affordable housing goals. H.R. 1227-the GSE Risk and Activities Limitation Act. The legislation prohibits the GSEs from offering, undertaking, transacting, conducting or engaging in any new business activities while in conservatorship or receivership. H.R. 1627-Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012-The legislation would, among other things, increase the VA Home Loan Program's loan limits. H.R. 1754-Preserving Equal Access to Mortgage Finance Programs Act. The legislation would make permanent the current temporary high cost loan limits for Fannie Mae, Freddie Mac, and the FHA. H.R. 1859-Housing Finance Reform Act. The legislation would reform the secondary mortgage market and the government sponsored enterprises Fannie Mae and Freddie Mac H.R. 2413- Secondary Market Facility for Residential Mortgages Act. The legislation would reform the secondary mortgage market and the government sponsored enterprises Fannie Mae and Freddie Mac. H.R. 3630/H.R. 3765-Both bills contain provisions that would raise revenue by forcing the Government Sponsored Enterprises Fannie Mae and Freddie Mac, and the Federal Housing Administration to increase their fees. H.R. 6153-Fast Help For Homeowners Act - Requires a subordinate lien holder that is so notified to respond in writing to the servicer within 45 days after receiving the notification. Considers the request approved by the holder if the holder does not respond within the 45 days. H.R. 6428-Responsible Homeowner Refinancing Act of 2012-The Legislation would expand the Home Affordable Refinance Program by easing certain requirements. S. 170/H.R. 363-Helping Responsible Homeowners Act. The Legislation would require Fannie Mae and Freddie Mac to allow homeowners with current GSE loans to refinance regardless of their current loan-to-value. S. 509-Small Business Lending Enhancement Act of 2011. The legislation Amends the Federal Credit Union Act to allow credit unions greater flexibility in their ability to make business loans. S. 693/H.R. 1182-GSE Bailout Elimination and Taxpayer Protection Act. The legislation would wind down Fannie Mae and Freddie Mac through a number of steps. S. 3047-Expanding Refinancing Opportunities Act-Would allow non agency and government backed mortgages to refinance in FHA loans. C.A.R. has lobbied on the future of the government sponsored enterprises (Fannie Mae and Freddie Mac) and their future regulatory structure. C.A.R. has lobbied for the reinstatement of the higher Fannie Mae and Freddie Mac loan limits of 175 percent of the national conforming loan limits for high cost areas. C.A.R. has lobbied on the issue of mortgage servicing and concerns regarding inefficiencies and lack of standardization. C.A.R. has lobbied on the Administration's Reforming America's Housing Finance Market proposal to Congress and its potential impact on the availability of capital to the nation's mortgage market. C.A.R. has lobbied on the Federal Housing Finance Agencies proposed rule on Private Transfer Fee covenants RIN 2590-AA41 C.A.R. has lobbied on the issue of changes to the Home Affordable Refinance Program to make the program more successful by easing qualification requirements. C.A.R. has lobbied on the Federal Housing Finance Agencys proposed Strategic Plan for Enterprise Conservatorships, released on February 21, 2012. C.A.R. has lobbied for legislation and/or regulations to expedite the decision process of subordinate liens in the short sale process. C.A.R. has lobbied the Federal Housing Finance Agency, Fannie Mae and Freddie Mac on the Servicer Allignment Initiative and its creation of a standardized short sale process.

Client expense: $21,145 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE, Treasury, Dept of

Implementation of Section 1032 of PL 111-203, Dodd-Frank Wall Street Reform and Consumer Protection Act, provisions related to combining mortgage disclosure provisions under Real Estate Settlement Procedures Act (RESPA) and Truth in Lending Act (TILA). Implementation of Section 941 of PL 111-203, Dodd-Frank Wall Street Reform and Consumer Protection Act, provisions related to Qualified Residential Mortgages (QRM). Contacted Consumer Financial Protection Bureau. Implementation of Sections 1411, 1412 and 1413 of PL 111-203, Dodd-Frank Wall Street Reform and Consumer Protection Act, provisions related to ability to repay standard and qualified mortgage safe harbor. H.R. 4323, Consumer Mortgage Choice Act, a bill to amend the Truth in Lending Act with respect to the definitions provided for points and fees in connection with a mortgage transaction. HR 940, United States Covered Bond Act, to establish standards for covered bond programs and a covered bond regulatory oversight program; entire bill. HR 1182, GSE Bailout Elimination and Taxpayer Protection Act, to establish a term certain for the conservatorships of Fannie Mae and Freddie Mac, to provide conditions for continued operation of such enterprises, and to provide for the wind down of such operations and the dissolution of such enterprises; entire bill. HR 1222, GSE Subsidy Elimination Act, a bill to increase the guarantee fees charged by Fannie Mae and Freddie Mac with respect to mortgage-backed securities guaranteed by such enterprises; entire bill. HR 1223, GSE Credit Risk Equitable Treatment Act, a bill to amend the Securities Exchange Act of 1934 to ensure mortgages held or securitized by Fannie Mae and Freddie Mac and asset-backed securities issued by such enterprises are treated similarly as other mortgages and asset-backed securities for purposes of the credit risk retention requirements under such Act; entire bill. HR 1859, Housing Finance Reform Act, to ensure the availability of reasonably priced conventional mortgages to borrowers in all economic cycles by encouraging private sector capital support the secondary mortgage market, limiting the role of the Federal government and the exposure to taxpayers; entire bill. HR 2413, Secondary Market Facility for Residential Mortgages Act, to establish a sustainable Federal Secondary Market Facility for Residential Mortgages that is financed by private capital, to terminate the conservatorships of Fannie Mae and Freddie Mac and repeal the charter Acts of such enterprises, and for other purposes; entire bill. S.1963, Mortgage Finance Act of 2011, a bill to establish a Mortgage Finance Agency, which shall be an independent agency of the Federal Government; entire bill. S. 1834, Residential Mortgage Market Privatization and Standardization Act of 2011, a bill to restore and repair the United States mortgage markets by making them transparent, bringing in private capital, winding down the Government-sponsored enterprises, and for other purposes; entire bill. General education regarding Consumer Financial Protection Bureau's supervision of mortgage servicing. General education regarding the Federal Reserve's white paper entitled, "The U.S. Housing Market: Current Conditions and Policy Considerations." S. 3085, the Responsible Homeowner Refinancing Act, a bill to provide for the expansion of affordable refinancing of mortgages held by the Federal National Mortgage Association and the Federal Home Loan Mortgage Corporation; entire bill. General education regarding the Consumer Financial Protection Bureau's Bulletin 2012-03, regarding service provider relationships with financial institutions under the Bureau's supervision. Proposed Rule RIN 3170-AA19 (Integrated Mortgage Disclosures Under the Real Estate Settlement Procedures Act (Regulation X) and the Truth In Lending Act (Regulation Z)). Proposed Rule RIN 3170-AA12 (High-Cost Mortgage and Homeownership Counseling Amenedments to the Truth in Lending Act (Regulation Z) and Homeownership Counseling Amendments to the Real Estate Settlement Procedures Act (Regulation X). Proposed Rule RIN 3170-AA14 (2012 Truth in Lending Act (Regulation Z) Mortgage Servicing. Proposed Rule RIN 3170-AA14 (2012 Real Estate Settlement Procedures Act (Regulation X) Mortgage Service Proposal.

Client expense: $160,000 · Firm income: Not reported

Government targets: Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Office of Management & Budget (OMB), Office of Thrift Supervision (OTS), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of

S. 1615 - Financial Regulatory Responsibility Act S. 1650 - Dodd-Frank Improvement Act of 2011 S. 1834 - Residential Mortgage Market Privatization and Standardization Act of 2011 S. 1835 - United States Covered Bond Act S. 3468 - Independent Agency Regulatory Analysis Act of 2012 S. 3497 - Terminating the Expansion of Too-Big-To-Fail Act of 2012 S. 3620 - Regulation of Municipal Advisors S. 3637 - Temporarily Extend the Transaction Account Guarantee Program S. 3709 - GAO Study of Too Big to Fail H.R. 940 - United States Covered Bond Act of 2011 H.R. 1182 - GSE Bailout Elimination and Taxpayer Protection Act H.R. 1539 - Asset-Backed Market Stabilization Act of 2011 H.R. 1573 - Delay Implementation of Title VII of Dodd-Frank H.R. 1838 - Repeal DFA provision prohibiting assistance to swap dealers or participants H.R. 1840 - Consideration by the CFTC of the costs and benefits of its regulations H.R. 2308 - SEC Regulatory Accountability Act H.R. 2483 - Whistleblower Improvement Act of 2011 H.R. 2577 - Secure and Fortify Electronic Data Act H.R. 2586 - Swap Execution Facility Clarification Act H.R. 2682 - Business Risk Mitigation and Price Stabilization Act of 2011 H.R. 2779 - To exempt inter-affiliate swaps from Dodd-Frank Act H.R. 2827 - Regulation of Municipal Advisors H.R. 3606 - JOBS Act H.R. 3644 - Private Mortgage Market Investment Act H.R. 3862 - Sunshine for Regulatory Decrees and Settlements Act of 2012 H.R. 4078 - Red Tape Reduction and Small Business Job Creation Act H.R. 4624 - Investment Adviser Oversight Act H.R. 5929 - Next Steps for Credit Availability Act H.R. 6127 - Liquidity Enhancement for Small Public Companies Act H.R. 6204 - Investment Adviser Examination Improvement Act of 2012 H.R. 6317 - Terminating the Expansion of Too-Big-to-Fail Act of 2012 Draft - SEC Modernization Act CFTC Rule 4.5 Money Market Mutual Funds SIFIs Volcker Rule Use of Commodities by Mutual Funds Exchange-Traded Funds Market Structure Mandatory Audit Firm Rotation Tri-Party Repo Market Mortgage Eminent Domain FX Forwards and FX Swaps Non-deliverable Forwards

Client expense: $1,001,729 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

H.R. 1873 - Arbitration Fairness Act S. 987 - Arbitration Fairness Act S. 1186 - Arbitration Fairness Act Asbestos Related Legislation Bankruptcy Transparency Issues S. 223 - FAA Air Transportation Modernization and Safety Improvement Act H.R. 658 - FAA Reauthorization Act Low Income Tax Recapture Bonds Climate Change/Global Warming Natural Catastrophe legislation Coast Wind Zone Proposal Credit Scoring and the Use of Credit as Underwriting Tool H.R. 769 - Fair Access to Credit Scores Act of 2011 H.R. 1062 - The Burdensome Data Collection Relief Act Insurance issues relating to the authority of the Financial Stability Oversight Council Insurance issues relating to the Office of Financial Research Issues relating to Financial Services Systemic Risk Proposals Insurance issues relating to Federal Resolution Authority Issues relating to the Federal Insurance Office Insurance issues relating to liquidation authority for systemically important financial institutions and the plans for US and global regulators for higher capital requirements for financial institutions. SEC issues related to the implementation of the Dodd-Frank Act H.R. 1039 - Flood Insurance Reform Act of 2011 H.R. 435 - National Flood Insurance Program Termination Act of 2010 H.R. 1026 - Flood Insurance Reform Priorities Act of 2011 (Waters) S. 1940 - Flood Insurance Reform and Modernization Act of 2011 Medical Liability Reform Medicare Secondary Payer and Workers' Compensation Settlement Agreements S. 533 - Lawsuit Abuse Reduction Act H.R. 966 - Lawsuit Abuse Reduction Act McCarran-Ferguson Reform and Modernization H.R. 5 - Health Act, H.R. 1150 - Competitive Health Insurance Reform Act of 2011 S. 528 - Safe Teen and Novice Driver Uniform Protection Act Oil Spill Liability Issues H.R. 2483 - The Whistleblower Improvement Act S. 669 - Longshore and Harbor Workers' Compensation Act Amendments of 2011 H.R. 1249 - America Invents Act S. 23 - America Invents Act H.R. 1965 - To amend the securities laws to establish certain thresholds for shareholder registration, and for other purposes. S. 556 - A bill to amend the securities laws to establish certain thresholds for shareholder registration, and for other purposes. H.R. 940 - United States Covered Bond Act of 2011 State bankruptcy issues S. 251 - A bill to prohibit the provision of Federal funds to State and local governments for the payment of obligations, to prohibit the Federal Reserve System from financially assisting state and local governments, and for other purposes. Bank Tax Issues H.R. 623 - National Commission on State Workers' Compensation Laws Act of 2011 H.R. 1063 - SMART Act

Client expense: $690,000 · Firm income: Not reported

Government targets: Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

GSE Reform Housing Bills Covered Bond Market-H.R. 940 and S.1835--U.S. Covered Bond Act Dodd Frank -- Wall Street Reform and Consumer Protection Act FASB Issues Dodd/Frank Regulations (Volker Rule, Credit Risk Retention) Basel III OTC Derivatives

Client expense: $444,000 · Firm income: Not reported

Government targets: Army, Dept of (Corps of Engineers), Commodity Futures Trading Commission (CFTC), Energy, Dept of, Environmental Protection Agency (EPA), Federal Accounting Standards Advisory Board (FASAB), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Interior, Dept of (DOI), Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Treasury, Dept of, White House Office

Legislation: Regulatory environment affecting banks, including community banks; Debit Card Interchange Fee legislation (S.575, H.R.1081, H.R.3156); GSE legislation (H.R.1182, H.R.31, H.R.1221, H.R.1222,H.R.1223, H.R.1224, H.R.1225, H.R.1226, H.R.1227, H.R.2436, H.R.2441, H.R.2440, H.R.2462, H.R.463, H.R.2439); Mortgage Foreclosure Relief legislation (H.R.830, H.R.836, H.R.839, H.R.861) ; (Continued on next page) Legislation (cont'd.): Credit Union business lending (S.509, H.R.1418, S.2231); Internet Gambling Regulation (H.R.1174); Consumer Financial Protection Bureau Governance (H.R.1121, H.R.1315). Small Business Lending (S.493), Bankruptcy Legislation (S.222), National Flood Insurance Reform (H.R.1309, H.R.5740), Business Activity Tax Simplification Act (H.R. 1439), Executive Compensation (H.R. 1062), Covered Bonds (H.R.940), Patent Reform (H.R.1249), CFPB Appropriations Legislation. Information Security/Privacy (H.R.2577, H.R.3035, S.1151, S.1408, S.1434, S.1535), Deficit Reduction, American Jobs Act, Regulatory Freeze for Jobs Act (H.R.4078), Appropriation Legislation, Patent Office Reform (H.R.1249). Fannie Mae/Freddie Mac/FHA Fees (H.R. 3765); Flood Insurance Reform & Extension (H.R.2608, HJ Res. 94, HJ Res. 95, H.R.2055, H.R.3671, S.1958); Bank & Corporate Governance (H.R. 1965, S.556, S.1941,H.R.2940, H.R.2930); SEC Registration Threshold (H.R.2167, HR.1070); Sarbanes-Oxley Auditor Requirements (H.R.3213); Restoration of Fannie Mae/Freddie Mac/FHA Higher Loan Limits (Amendment to Ag Appropriations bill); Bank Examination Fairness (H.R.3461,S.2160); Bank Failure Study Legislation (H.R.2056); Federal Tax on Larger Financial Institutions; Credit Union Capital (H.R.3993); Amendment on non-resident alien interest reporting; The JOBS Act - H.R.3606; Municipal Advisor Exemption - H.R.2827; CFPB Confidential Information Protection - H.R.4014; ATM Signage (H.R.4367, S.3204); Transportation; Treasury; Student Loan Appropriations (H.R.4348); Heightened Regulatory Capital Requirements, including the Collins amendment (H.R.3128); protection of privileged information provided to CFPB (S.3204); Mutual mortgage insurance fund (H.R.4264); definition of municipal advisor (H.R.2827); loan guarantees & eminent domain (H.R.6397); TAG extension bill (S.3637); Annual Privacy Notice requirement limits (H.R.5817); CFPB privileged information (H.R. 4014); ATM placard requirements (H.R. 4367). Regulation: Fed. Reg. B (Equal Credit Opportunity) Rules, Fed and FDIC Orderly Resolution Regulations for Systemically Significant Companies, Fin CEN Bank Secrecy Act reporting requirements, General Obligation Bonds, Thrift institution regulation and reporting transfer to OCC and Fed, FASB Auditor Independence Rules, OCC Guidance on Deposit-Related Consumer Credit Products, Fed, FDIC and OCC Retail Foreign Exchange Rules, Regulation Q, Fed and FTC Credit Score Disclosure Rules, OCC Foreclosure Guidance. FDIC Assessment, Base & Rate Regulation; Registration of Mortgage Loan Originators; Federal Reserve Regulation II - debit card interchange fee regulation; SEC registration of municipal advisor regulation; FDIC Interest on Lawyer Account deposit insurance coverage regulation; FASB Mark to Market Accounting; shareholder executive compensation rules; FASB lease accounting rules; FASB impairment of financial asset rules; mortgage disclosure regulation; regulatory burden relief; federal garnishment rules; Federal Home Loan Bank system membership; Credit Card Act implementation; Regulation Z (Truth-in-Lending) amendments; Payment Settlement Entity Reporting; Interest on Non-Resident Alien Account Reporting; Credit Risk Retention Regulation. FDIC and OCC Overdraft and Bank Product Guidance, Repeal of Reg. Q, FHFA Rules on purchase of housing cooperative loans, IRS Guidance on Trust Commissions, Fed Savings and Loan Holding Company Regulation, Fed Remittance Transfer Proposal, National bank preemption, Risk-based capital requirements, CFPB Regulations. Home Mortgage Disclosure Act Reporting of Assignments in lieu of Mortgage Discharge (Reg C); Restrictions on Bank Proprietary Trading (Volcker Rule); Acquisitions of non-systemically significant financial institutions; Flood Insurance Guidance; Treasury Home Affordable Refinance Program; Examiner Treatment of New York State and Local Government Securities; CFPB Credit Card Disclosures; CFPB Deposit Account Disclosures; CFPB Mortgage Disclosures; Enhanced Regulation of large bank holding companies and non-bank firms. Patent and Trademark Reform Regulatory Implementation; Regulations Implementing the Dodd-Frank Act; Stress Test Regulations; Allowance for Loan and Lease Losses (ALLL); Servicing and Foreclosure Guidance and Regulations; Home Loan Bank Member Supervision; CFPB Streamlined Regulations Project; CFPB Regulations on Privileged Information; Qualified Mortgage Safe Harbor; Extension of the TAG Program; Regulations implementing higher capital standards including the market risk capital final rule and 3 proposed rules under Basel III; CFPB proposed regulations on "high cost" mortgage definition; CFPB final and proposed rules on swaps; Federal Reserve rule on fraud prevention adjustments for debit card issuers; CFPB mortgage servicing rules and appraisal requirement rules; CFPB mortgage loan option rule; CFPB proposal on telephone surveys for short-form credit card agreements; OCC rule on the short-term investment fund (STIF); Financial Crimes Enforcement Network advisory on Suspicious Activity Reports; federal regulators guidance on natural disasters; FSOC proposals on Money Market Mutual Funds; CFPB procedures for examiners regarding student lending.

Client expense: $40,000 · Firm income: Not reported

Government targets: Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Natl Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Patent & Trademark Office (PTO), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of

Legislation: Regulatory environment affecting banks, including community banks; Debit Card Interchange Fee legislation (S.575, H.R.1081, H.R.3156); GSE legislation (H.R.1182, H.R.31, H.R.1221, H.R.1222,H.R.1223, H.R.1224, H.R.1225, H.R.1226, H.R.1227, H.R.2436, H.R.2441, H.R.2440, H.R.2462, H.R.463, H.R.2439); Mortgage Foreclosure Relief legislation (H.R.830, H.R.836, H.R.839, H.R.861) ; (Continued on next page) Legislation (cont'd.): Credit Union business lending (S.509, H.R.1418, S.2231); Internet Gambling Regulation (H.R.1174); Consumer Financial Protection Bureau Governance (H.R.1121, H.R.1315). Small Business Lending (S.493), Bankruptcy Legislation (S.222), National Flood Insurance Reform (H.R.1309, H.R.5740), Business Activity Tax Simplification Act (H.R. 1439), Executive Compensation (H.R. 1062), Covered Bonds (H.R.940), Patent Reform (H.R.1249), CFPB Appropriations Legislation. Information Security/Privacy (H.R.2577, H.R.3035, S.1151, S.1408, S.1434, S.1535), Deficit Reduction, American Jobs Act, Regulatory Freeze for Jobs Act (H.R.4078), Appropriation Legislation, Patent Office Reform (H.R.1249). Fannie Mae/Freddie Mac/FHA Fees (H.R. 3765); Flood Insurance Reform & Extension (H.R.2608, HJ Res. 94, HJ Res. 95, H.R.2055, H.R.3671, S.1958); Bank & Corporate Governance (H.R. 1965, S.556, S.1941,H.R.2940, H.R.2930); SEC Registration Threshold (H.R.2167, HR.1070); Sarbanes-Oxley Auditor Requirements (H.R.3213); Restoration of Fannie Mae/Freddie Mac/FHA Higher Loan Limits (Amendment to Ag Appropriations bill); Bank Examination Fairness (H.R.3461,S.2160); Bank Failure Study Legislation (H.R.2056); Federal Tax on Larger Financial Institutions; Credit Union Capital (H.R.3993); Amendment on non-resident alien interest reporting; The JOBS Act - H.R.3606; Municipal Advisor Exemption - H.R.2827; CFPB Confidential Information Protection - H.R.4014; ATM Signage (H.R.4367, S.3204); Transportation; Treasury; Student Loan Appropriations (H.R.4348); Heightened Regulatory Capital Requirements, including the Collins amendment (H.R.3128); protection of privileged information provided to CFPB (S.3204); Mutual mortgage insurance fund (H.R.4264); definition of municipal advisor (H.R.2827); loan guarantees & eminent domain (H.R.6397). Regulation: Fed. Reg. B (Equal Credit Opportunity) Rules, Fed and FDIC Orderly Resolution Regulations for Systemically Significant Companies, Fin CEN Bank Secrecy Act reporting requirements, General Obligation Bonds, Thrift institution regulation and reporting transfer to OCC and Fed, FASB Auditor Independence Rules, OCC Guidance on Deposit-Related Consumer Credit Products, Fed, FDIC and OCC Retail Foreign Exchange Rules, Regulation Q, Fed and FTC Credit Score Disclosure Rules, OCC Foreclosure Guidance. FDIC Assessment, Base & Rate Regulation; Registration of Mortgage Loan Originators; Federal Reserve Regulation II - debit card interchange fee regulation; SEC registration of municipal advisor regulation; FDIC Interest on Lawyer Account deposit insurance coverage regulation; FASB Mark to Market Accounting; shareholder executive compensation rules; FASB lease accounting rules; FASB impairment of financial asset rules; mortgage disclosure regulation; regulatory burden relief; federal garnishment rules; Federal Home Loan Bank system membership; Credit Card Act implementation; Regulation Z (Truth-in-Lending) amendments; Payment Settlement Entity Reporting; Interest on Non-Resident Alien Account Reporting; Credit Risk Retention Regulation. FDIC and OCC Overdraft and Bank Product Guidance, Repeal of Reg. Q, FHFA Rules on purchase of housing cooperative loans, IRS Guidance on Trust Commissions, Fed Savings and Loan Holding Company Regulation, Fed Remittance Transfer Proposal, National bank preemption, Risk-based capital requirements, CFPB Regulations. Home Mortgage Disclosure Act Reporting of Assignments in lieu of Mortgage Discharge (Reg C); Restrictions on Bank Proprietary Trading (Volcker Rule); Acquisitions of non-systemically significant financial institutions; Flood Insurance Guidance; Treasury Home Affordable Refinance Program; Examiner Treatment of New York State and Local Government Securities; CFPB Credit Card Disclosures; CFPB Deposit Account Disclosures; CFPB Mortgage Disclosures; Enhanced Regulation of large bank holding companies and non-bank firms. Patent and Trademark Reform Regulatory Implementation; Regulations Implementing the Dodd-Frank Act; Stress Test Regulations; Allowance for Loan and Lease Losses (ALLL); Servicing and Foreclosure Guidance and Regulations; Home Loan Bank Member Supervision; CFPB Streamlined Regulations Project; CFPB Regulations on Privileged Information; Qualified Mortgage Safe Harbor; Extension of the TAG Program; Regulations implementing higher capital standards including the market risk capital final rule and 3 proposed rules under Basel III; CFPB proposed regulations on "high cost" mortgage definition; CFPB final and proposed rules on swaps; Federal Reserve rule on fraud prevention adjustments for debit card issuers; CFPB mortgage servicing rules and appraisal requirement rules; CFPB mortgage loan option rule; CFPB proposal on telephone surveys for short-form credit card agreements.

Client expense: $40,000 · Firm income: Not reported

Government targets: Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Internal Revenue Service (IRS), Natl Credit Union Administration (NCUA), Office of the Comptroller of the Currency (OCC), Patent & Trademark Office (PTO), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of

H.R. 31-The Fannie Mae and Freddie Mac Accountability and Transparency for Taxpayers Act. The legislation enhances the authority of FHFA's Inspector General and expands reporting requirements to Congress. H.R. 463-Fannie Mae and Freddie Mac Transparency Act. Amends Fannie Mae and Freddie Mac's charters to provide that, during any period in which either entities are under conservatorship or receivership, it shall be considered an agency subject to the public information disclosure requirements of the Freedom of Information Act. H.R. 940-United States Covered Bond Act. Would establish the regulatory framework for the creation of a covered bond market for real estate securities. H.R. 1221-the Equity In Government Compensation Act. The legislation suspends the compensation packages for executives of Fannie Mae and Freddie Mac and places all other employees on the General Schedule pay scale. H.R. 1222-the GSE Subsidy Elimination Act. The legislation requires that FHFA gradually increase guarantee fees at Fannie Mae and Freddie Mac over the next two years. Under the legislation, the FHFA will consider the market conditions in raising the GSEs guarantee fees to ensure that its actions do not disrupt a housing recovery. H.R. 1223-the GSE Credit Risk Equitable Treatment Act. The legislation helps clarify the risk retention rules required under Section 941 of the Dodd-Frank Act to make clear that Fannie Mae and Freddie Mac will be held to the same standards as any other secondary mortgage market participants. H.R. 1224-the Portfolio Risk Reduction Act. The legislation accelerates and formalizes the reduction in the size of the GSEs portfolios. The legislation would cap the GSEs portfolios to no more than $700 billion in the first year, declining to $600 billion for year two, $475 billion for year three, $350 billion for year four, and finally to $250 billion in year five. H.R. 1225-the GSE Debt Issuance Approval Act. The legislation requires the Treasury Department to approve any new debt issuance by the GSEs. H.R. 1226-the GSE Mission Improvement Act. The legislation the GSEs affordable housing goals. H.R. 1227-the GSE Risk and Activities Limitation Act. The legislation prohibits the GSEs from offering, undertaking, transacting, conducting or engaging in any new business activities while in conservatorship or receivership. H.R. 1627-Honoring America's Veterans and Caring for Camp Lejeune Families Act of 2012-The legislation would, among other things, increase the VA Home Loan Program's loan limits. H.R. 1754-Preserving Equal Access to Mortgage Finance Programs Act. The legislation would make permanent the current temporary high cost loan limits for Fannie Mae, Freddie Mac, and the FHA. H.R. 1859-Housing Finance Reform Act. The legislation would reform the secondary mortgage market and the government sponsored enterprises Fannie Mae and Freddie Mac H.R. 2413- Secondary Market Facility for Residential Mortgages Act. The legislation would reform the secondary mortgage market and the government sponsored enterprises Fannie Mae and Freddie Mac. H.R. 3630/H.R. 3765-Both bills contain provisions that would raise revenue by forcing the Government Sponsored Enterprises Fannie Mae and Freddie Mac, and the Federal Housing Administration to increase their fees. H.R. 6153-Fast Help For Homeowners Act - Requires a subordinate lien holder that is so notified to respond in writing to the servicer within 45 days after receiving the notification. Considers the request approved by the holder if the holder does not respond within the 45 days. H.R. 6428-Responsible Homeowner Refinancing Act of 2012-The Legislation would expand the Home Affordable Refinance Program by easing certain requirements. S. 170/H.R. 363-Helping Responsible Homeowners Act. The Legislation would require Fannie Mae and Freddie Mac to allow homeowners with current GSE loans to refinance regardless of their current loan-to-value. S. 509-Small Business Lending Enhancement Act of 2011. The legislation Amends the Federal Credit Union Act to allow credit unions greater flexibility in their ability to make business loans. S. 693/H.R. 1182-GSE Bailout Elimination and Taxpayer Protection Act. The legislation would wind down Fannie Mae and Freddie Mac through a number of steps. S. 3047-Expanding Refinancing Opportunities Act-Would allow non agency and government backed mortgages to refinance in FHA loans. C.A.R. has lobbied on the future of the government sponsored enterprises (Fannie Mae and Freddie Mac) and their future regulatory structure. C.A.R. has lobbied for the extension of the current FHA, Fannie Mae and Freddie Mac loan limits that are set to expired at the end of September. C.A.R. has lobbied on the issue of mortgage servicing and concerns regarding inefficiencies and lack of standardization. C.A.R. has lobbied on the Administration's Reforming America's Housing Finance Market proposal to Congress and its potential impact on the availability of capital to the nation's mortgage market. C.A.R. has lobbied on the Federal Housing Finance Agencies proposed rule on Private Transfer Fee covenants RIN 2590-AA41 C.A.R. has lobbied on the issue of changes to the Home Affordable Refinance Program to make the program more successful by easing qualification requirements. C.A.R. has lobbied on the Federal Housing Finance Agencys proposed Strategic Plan for Enterprise Conservatorships, released on February 21, 2012. C.A.R. has lobbied for legislation and/or regulations to expedite the decision process of subordinate liens in the short sale process. C.A.R. has lobbied the Federal Housing Finance Agency, Fannie Mae and Freddie Mac on the Servicer Allignment Initiative and its creation of a standardized short sale process.

Client expense: $21,145 · Firm income: Not reported

Government targets: Federal Housing Finance Agency (FHFA), Federal Trade Commission (FTC), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE, Treasury, Dept of

IREM conducted a Capitol Hill Visit on April 18, 2012. One of the issues our members talked with U.S. Representatives and Senators about was covered bonds. We asked for support of H.R. 940 and S. 1835.

Client expense: $10,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE

IREM conducted a Capitol Hill Visit on April 18, 2012. One of the issues our members talked with U.S. Representatives and Senators about was covered bonds. We asked for support of H.R. 940 and S. 1835.

Client expense: $10,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE

Legislation and oversight hearings potentially affecting structure operations and supervision of Federal Home Loan Banks and imple- mentation of the Dodd-Frank Act. Legislation includes HR 1121 Responsible Consumer Financial Protection Regulation; HR 1223, GSE Credit Risk Equitable Treatment Act; HR 940, US Covered Bond Act; S 1835, U.S. Covered Bond Act; HR 1224, GSE Portfolio Risk Reduction Act; S 1834 Residential Mortgage Market Privatization and Standardization Act; and S 1963, Mortgage Finance Act.

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

Legislation and oversight hearings potentially affecting structure operations and supervision of Federal Home Loan Banks and imple- mentation of the Dodd-Frank Act. Legislation includes HR 1121 Responsible Consumer Financial Protection Regulation; HR 1223, GSE Credit Risk Equitable Treatment Act; HR 940, US Covered Bond Act; S 1835, U.S. Covered Bond Act; HR 1224, GSE Portfolio Risk Reduction Act; S 1834 Residential Mortgage Market Privatization and Standardization Act; and S 1963, Mortgage Finance Act.

Client expense: Not reported · Firm income: $30,000

Government targets: HOUSE OF REPRESENTATIVES, SENATE

S 489, HR 940, S 170, S 1835, HR 3644 - discussed home mortgage loan modifications, foreclosures, servicing, and refinancing; S 1963, S 3085, S 3047, S 2909 - discussed the implications of GSE reform and other proposed changes to the housing finance market; HR 1309, S 1940, HR 4348 - discussed flood insurance.

Client expense: $1,440,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Defense, Dept of (DOD), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR)

Issues related to the implementation of Dodd Frank HR 940 - The United States Covered Bonds Act of 2011 Bank Tax and the "Robin Hood" Tax HR 1610 - The Business Risk Mitigation and Price Stabilization Act HR 1573 - To facilitate implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption. HR 2682 - Business Risk Mitigation and Price Stabilization Act HR 1840 - A Bill to improve the CFTC's Cost Benefit Analysis HR 2779 - To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform Act HR 2533 - The Chapter 11 Bankruptcy Venue Reform Act of 2011 S 2055 - To Amend the Federal Deposit Insurance Act with respect to the protection of certain information HR 3871 - The Proprietary Information Protection Act of 2012 S 947 - A Bill to end user exemptions from certain provisions of Commodity Exchange Act and Securities Exchange Act S 1610 - Dodd-Frank Implementation Act of 2011 S 3410 - A Bill to provide end user exemptions from certain provisions of Commodity Exchange Act and Securities Exchange Act

Client expense: $3,890,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Defense, Dept of (DOD), Energy, Dept of, Environmental Protection Agency (EPA), Executive Office of the President (EOP), Export-Import Bank of the United States (EXIM Bank), Federal Aviation Administration (FAA), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Food & Drug Administration (FDA), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Office of Management & Budget (OMB), Patent & Trademark Office (PTO), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Transportation Security Administration (TSA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Trade Representative (USTR), Veterans Affairs, Dept of (VA)

HR 6317, HR 1062, HR 1121, HR 1182, HR 1222, HR 1223, HR 1224, HR 1225, HR 1226, HR 1227, HR 1315, HR 1355, HR 1539, HR 1610, HR 1667, HR 2612, HR 2682, HR 2779, HR 3044, HR 31, HR 527, HR 557, HR 839, HR 940, S 1016, S 1615, S 3497, S 575, S 602, S 712

Client expense: $720,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE, Treasury, Dept of

Dodd-Frank Act Implementation HR 1062 - The Burdensome Data Collection Review Act HR 2072 - Securing American Jobs Through Exports Act of 2011 HR 940 - The United States Covered Bonds Act of 2011 HR 1081 - Consumer Payment System Protection Act Bank Tax HR 1610 - The Business Risk Mitigation and Price Stabilization Act HR 1573 - To facilitate implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption. HR 2682 - Business Risk Mitigation and Price Stabilization Act HR 1840 - A Bill to improve the CFTC's Cost Benefit Analysis HR 2779 - To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform Act HR 2533 - The Chapter 11 Bankruptcy Venue Reform Act of 2011 S 2055 - To Amend the Federal Deposit Insurance Act with respect to the protection of certain information HR 3606 - JumpStart our Business Startups Act HR 3871 - The Proprietary Information Protection Act of 2012

Client expense: $5,280,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Defense, Dept of (DOD), Energy, Dept of, Environmental Protection Agency (EPA), Executive Office of the President (EOP), Export-Import Bank of the United States (EXIM Bank), Federal Aviation Administration (FAA), Federal Deposit Insurance Corporation (FDIC), Federal Reserve System, Food & Drug Administration (FDA), HOUSE OF REPRESENTATIVES, Health & Human Services, Dept of (HHS), Homeland Security, Dept of (DHS), Office of Management & Budget (OMB), Patent & Trademark Office (PTO), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Transportation Security Administration (TSA), Transportation, Dept of (DOT), Treasury, Dept of, U.S. Trade Representative (USTR), Veterans Affairs, Dept of (VA)

H.R. 940 (United States Covered Bond Act of 2011); H.R. 1573 (To facilitate implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption); Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation (Regulatory rulemaking regarding swap dealer capital requirements and margin segregation); Regulation of over-the-counter (OTC) derivatives (standardization of derivatives - all aspects including exchange trading, clearing, and reporting requirements); Dodd-Frank proposed and final rules related to derivatives; Commodity pool operators amendments.

Client expense: $1,530,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, Ginnie Mae, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Natl Economic Council (NEC), Office of Thrift Supervision (OTS), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR)

HR 940 United States Covered Bonds Act of 2011 HR 1315 The Consumer Financial Protection Safety and Soundness Improvement Act HR 1356 Capital Access for Main Street Act of 2011 HR 1418 Small Business Lending Enhancement Act of 2011 HR 1697 Communities First Act HR 1840 Improve Consideration by CFTC of Costs and Benefits of Regulations and Orders HR 1965 The SEC Shareholder Registration Act HR 2167 The Private Company Flexibility and Growth Act HR 2308 SEC Regulatory Accountability Act HR 2827 Municipal Adviser SEC Reform HR 3461 Financial Instititions Examination Fairness and Reform Act HR 3606 Jumpstart Our Business Startups (Jobs) Act HR 4014 Confidentiality of Information Provided to the CFPB HR 4078 Red Tape Reduction and Small Business Job Creation Act HR 4293 Restore Main Street's Credit Act of 2012 HR 4348 Flood Insurance/ Student Loans HR 4367 Amend the Electronic Fund Transfer Act (to limit ATM fee disclosure requirements) HR 5691 Overdraft Act of 2012 HR 6139 Consumer Credit Access, Innovation and Modernization Act S 509 Small Business Lending Enhancement Act Credit Union MBL Expansion S 1548 National Flood Insurance Program Extension Act S 1600 Communities First Act S 2160 Bank Exam Reform S 2231 Small Business Lending Enhancement Act Credit Union MBL Expansion S 2237 Small Business Jobs and Tax Relief Act S 2278 Certain Escrow Exemptions for Community Bankers S 3204 ATM Fee Disclosure Requirements S 3394 ATM Fee Disclosure Act and CFPB Privilege S 3492, S 3620 To provide for exemptions from municipal advisor requirements Bank Examinations Capital Requirements/Regulations/Basel III Rules Consumer Data Security Consumer Financial Protection Bureau Consumer Protection for Financial Products and Services Credit Card/ Debit Card Interchange Fees Debit Interchange Fees Credit Union Business Lending Powers Credit Union Tax Exemption Fair Lending Enforcement FDIC Transaction Account Guarantee Program Extention FHA Loan Programs Financial Regulatory Reform Homeownership and Equity Protection Act Housing Finance Reform Housing Government Sponsored Enterprises Implementation of Basel III in the U.S. Implementation of Dodd-Frank Wall Street Reform and Consumer Protection Act Mortgage Lending Disclosures (RESPA/TILA) Mortgage Lending Reform Mortgage Loan Origination Standards Mortgage Servicing Compensation National Flood Insurance Program Reauthorization Overdraft Payment Services Patents - American Invents Act Qualified Mortgages/ Ability to Repay Qualified Residential Mortgages/Risk Retention Registration of Municipal Advisors Regulation Z Establishment of ESCROW - Higher Priced Loans Regulatory and Tax Relief for Community Banks Remittance Transfer Rules Sarbnes-Oxley Internal Control Attestation SEC Shareholder Registration Threshold for Community Banks Small Business Lending Fund Implementation Social Security Direct Deposit Systemic Risk, Too-Big-To-Fail Regulation and Resolution Authority

Client expense: $890,000 · Firm income: Not reported

Government targets: Agriculture, Dept of (USDA), Commodity Futures Trading Commission (CFTC), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, White House Office

H.R. 940 & S. 1835 - United States Covered Bond Act of 2011 H.R. 1062 - The Burdensome Data Collection Relief Act H.R. 1573 - To facilitate implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption No Bill - Issues relating to GSE & Housing Finance Reform H.R. 2308 - SEC Regulatory Accountability Act H.R. 2779 - To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act. H.R. 3475 - Keep IDs Safe Act No Bill - Implementation of Title I, Subtitle CAdditional Board of Governors Authority for Certain Nonbank Financial Companies and Bank Holding Companies of the Dodd-Frank Act No Bill - Implementation of Title I, Subtitle AFinancial Stability Oversight Council of the Dodd-Frank Act No Bill - Implementation of Section 619 of the Dodd-Frank Act - Prohibitions on proprietary trading and certain relationships with hedge funds and private equity funds

Client expense: $2,340,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Internal Revenue Service (IRS), Labor, Dept of (DOL), Office of Management & Budget (OMB), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR)

H.R. 940 (United States Covered Bond Act of 2011); H.R. 1573 (To facilitate implementation of Title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, promote regulatory coordination, and avoid market disruption); Dodd-Frank Wall Street Reform and Consumer Protection Act Implementation (Regulatory rulemaking regarding swap dealer capital requirements and margin segregation); Regulation of over-the-counter (OTC) derivatives (standardization of derivatives - all aspects including exchange trading, clearing, and reporting requirements); Dodd-Frank proposed and final rules related to derivatives.

Client expense: $1,380,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Executive Office of the President (EOP), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Natl Credit Union Administration (NCUA), Natl Economic Council (NEC), Office of Thrift Supervision (OTS), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR)

Public Law 111-203, HR 4173 - Dodd-Frank Wall Street Reform and Consumer Protection Act implementation and regulatory reform. H.R.1610: To provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934. H.R. 1223 - To amend the Securities Exchange Act of 1934 to ensure mortgages held or securitized by Fannie Mae and Freddie Mac and asset-backed securities issued by such enterprises are treated similarly as other mortgages and asset-backed securities for purposes of the credit risk retention requirements under such Act. HR 2682: Amends the Commodity Exchange Act (CEA) to exempt, from the rules of prudential regulators for swap dealers and major swap participants with respect to initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization, those swaps in which one of the counterparties is: (1) not a financial entity, and (2) is eligible for exception from clearing requirements for certain significant price discovery agreements, contracts, or transactions in a commodity exempt from regulation by the Commodity Futures Trading Commission (CFTC). Amends the Securities Exchange Act of 1934, with respect to registration and regulation of security-based swap dealers and major security-based swap participants, to exempt from initial and variation margin requirements for swaps not cleared by a registered derivatives clearing organization any security-based swap in which one of the counterparties is: (1) not a financial entity, and (2) is eligible for exception from clearing requirements. H.R. 3283: clarifies Dodd-Frank Act provisions to ensure the equal treatment of U.S. firms conducting transactions outside of the U.S. and foreign firms conducting similar activities. H.R. 4235: repeals the Dodd-Frank Act indemnification requirements for regulators to obtain data from SDRs H.R.4624: Investment Adviser Oversight Act of 2012 - Amends the Investment Advisers Act of 1940 to require investment advisers to register with a registered national investment adviser association, unless exempted according to specified criteria. S. 947 To provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934 S1615: Financial Regulatory Responsibility Act-Requires financial regulators to conduct consistent economic analysis on every new rule they propose, provide clear justification for the rules, and determine the economic impacts of proposed rulemakings, including their effects on growth and net job creation. HR940, S.1835: United States Covered Bond Act of 2011 - Directs the Secretary of the Treasury to establish a regulatory oversight program for specified recourse debt obligations of an eligible issuer (covered bonds) that provides for such bonds to be maintained in a manner consistent with safe and sound asset-liability management and other financial practices.

Client expense: $460,000 · Firm income: Not reported

Government targets: Commerce, Dept of (DOC), Commodity Futures Trading Commission (CFTC), Federal Reserve System, HOUSE OF REPRESENTATIVES, Labor, Dept of (DOL), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of, U.S. Trade Representative (USTR)

GSE Reform Housing Bills Covered Bond Market-H.R. 940 and S.1835--U.S. Covered Bond Act Dodd Frank -- Wall Street Reform and Consumer Protection Act FASB Issues Dodd/Frank Regulations (Volker Rule, Credit Risk Retention) Basel III OTC Derivatives

Client expense: $1,145,020 · Firm income: Not reported

Government targets: Army, Dept of (Corps of Engineers), Commodity Futures Trading Commission (CFTC), Energy, Dept of, Environmental Protection Agency (EPA), Federal Accounting Standards Advisory Board (FASAB), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Interior, Dept of (DOI), Internal Revenue Service (IRS), Justice, Dept of (DOJ), Labor, Dept of (DOL), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), State, Dept of (DOS), Treasury, Dept of, White House Office

HR 940 Covered Bond Act of 2011, all provisions Implementation of HR 4173 Dodd-Frank Wall Street Reform Act (securitization, swap provisions, position limits, extra-territorial application, Volcker, capital requirements)

Client expense: $90,000 · Firm income: Not reported

Government targets: Commodity Futures Trading Commission (CFTC), Federal Housing Finance Agency (FHFA), HOUSE OF REPRESENTATIVES, Housing & Urban Development, Dept of (HUD), SENATE, Securities & Exchange Commission (SEC), Treasury, Dept of

H.R. 940, United States Covered Bond Act of 2011 (all provisions) H.R. 2779 - To exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act (all provisions) H.R. 2682 - Business Risk Mitigation and Price Stabilization Act of 2011 (all provisions) S. 3480 - A bill to provide end user exemptions from certain provisions of the Commodity Exchange Act and the Securities Exchange Act of 1934 (all provisions). Premium Capture Cash Reserve Account provision of the proposed rule on credit risk retention under the Dodd-Frank Act (76 Fed. Reg. 24090 (April 29, 2011)). Letter sent to Federal Reserve, SEC, FDIC, Treasury, HUD, and FHFA. GSE Reform: NMHC/NAA GSE proposal and other proposals discussed to ensure liquidity in multifamily mortgage markets in post Fannie Mae/Freddie Mac environment. P.L. 111-203, DoddFrank Wall Street Reform and Consumer Protection Act HUD Fair Market Rents Public Proposals for the Future of the Housing Finance System Section 538 Multifamily Loan Guarantee program which is administered by the United States Department of Agricultures Lease Accounting Rules: Monitored Financial Accounting Standards Board (FASB) action on proposed lease accounting rules that FASB has agreed to reexpose for comment, File Reference: No. 1850-100, Exposure Draft: Leases and Exposure Draft. Leases Financial Regulatory Reform: End-Users of Swaps and Other Derivatives H.R. 3644 - Private Mortgage Market Investment Act. (all provisions) S.1834 - Residential Mortgage Market Privatization and Standardization Act of 2011 (all provisions) S.1963 - Mortgage Finance Act of 2011 (all provisions) Comments on Dodd-Frank financial reform law (P.L. 111-203) H.R. 2586 - Swap Execution Facility Clarification Act (all provisions) H.R. 2779 - Legislation to exempt inter-affiliate swaps from certain regulatory requirements put in place by the Dodd-Frank Wall Street Reform and Consumer Protection Act. (all provisions) H.R. 2682 - Business Risk Mitigation and Price Stabilization Act of 2011 (all provisions) H.R. 4014 - Legislation to amend the Federal Deposit Insurance Act with respect to information provided to the Bureau of Consumer Financial Protection. (all provisions) S. 2099- A bill to amend the Federal Deposit Insurance Act with respect to information provided to the Bureau of Consumer Financial Protection. (all provisions)

Client expense: $220,000 · Firm income: Not reported

Government targets: Army, Dept of (Corps of Engineers), Bureau of Citizenship & Immigration Services (BCIS), Energy, Dept of, Environmental Protection Agency (EPA), Equal Employment Opportunity Commission (EEOC), Federal Communications Commission (FCC), Federal Deposit Insurance Corporation (FDIC), Federal Housing Finance Agency (FHFA), Federal Reserve System, HOUSE OF REPRESENTATIVES, Homeland Security, Dept of (DHS), Housing & Urban Development, Dept of (HUD), Justice, Dept of (DOJ), Labor, Dept of (DOL), Natl Economic Council (NEC), Natl Labor Relations Board (NLRB), Office of Management & Budget (OMB), Office of the Comptroller of the Currency (OCC), SENATE, Securities & Exchange Commission (SEC), Small Business Administration (SBA), Treasury, Dept of, White House Office

HR 749- To amend the Internal Revenue Code of 1986 to permanently extend the subpart F active financing exception; HR 940, S 1835- United States Covered Bond Act of 2011, regarding issues related to covered bonds; General issues relating to corporate tax reform; General issues relating to IRC Section 871(m); General issues regarding new markets tax credit; HR 4336- To amend the Internal Revenue Code of 1986 to extend the exclusion from gross income of discharges of qualified principal residence indebtedness; General issues regarding retirement tax incentives.

Client expense: $520,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

HR 2072- Export-Import Bank Reauthorization Act of 2012, general issues related to export and import bank reauthorization concerns; HR 4348-Surface Transportation Extension Act, regarding interchange and debit card interchange; HR 1573- To facilitate implementation of title VII of the Dodd-Frank Wall Street Reform and Consumer Protection Act, general issues related to derivatives; HR 1838 - Provision to repeal provision of Dodd-Frank Wall Street Reform Act, general issues related to derivatives; HR 2586 - Swap Execution Facility Clarification Act, general issues related to derivatives; HR 2779 - To exempt inter-affiliate swaps from certain regulatory requirements, general issues related to derivatives; HR 2682- Business Risk Mitigation and Price Stabilization Act of 2011, general issues related to derivatives; HR 3283 - Swap Jurisdiction Certainty Act, general issues related to derivatives; S 2223- A bill to address the implementation of certain prohibitions under the Bank Holding Company Act of 1956, and for other purposes, general issues regarding Volcker rule; HR 4014, S 2099 - To amend the Federal Deposit Insurance Act with respect to information provided to the Bureau of Financial Consumer Protection, general issues regarding CFPB and attorney-client privilege; S 3394- A bill to address fee disclosure requirements under the Electronic Fund Transfer Act, general issues regarding CFPB and attorney-client privilege; HR 940, S1835- United States Covered Bond Act of 2011, general issues related to covered bonds; General issues regarding Dodd-Frank Act implementation; General issues regarding risk retention; General issues regarding deficit/debt issues.

Client expense: $520,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE, Treasury, Dept of

H.R. 940 - United States Covered Bond Act of 2011; entire bill H.R. 2577 - SAFE Data Act; provisions applicable to financial institutions H.R. 2827 - To amend the Securities Exchange Act of 1934 to clarify provisions relating to the regulation of municipal advisors, and for other purposes; provisions relating to broker dealers H.R. 3523 - Cyber Intelligence Sharing and Protection Act of 2011; entire bill H.R. 4624 - Investment Adviser Oversight Act of 2012; entire bill H.R. 6204 - Investment Adviser Examination Improvement Act of 2012; entire bill H.R. 6397 - Defending American Taxpayers From Abusive Government Takings Act of 2012; entire bill H.R. 6423 - Insurance Consumer Protection and Solvency Act of 2012; entire bill S. 1151 Personal Data Privacy and Security Act of 2011; provisions applicable to financial institutions S. 1207 Data Security and Breach Notification Act of 2011; provisions applicable to financial institutions S. 1434 Data Security Act of 2011; provisions applicable to financial institutions S. 1606 Regulatory Accountability Act of 2011; entire bill S. 1615 Financial Regulatory Responsibility Act of 2011; entire bill S. 2223 - A bill to address the implementation of certain prohibitions under the Bank Holding Company Act of 1956, and for other purposes; entire bill S. 3620 - A bill to amend the Securities Exchange Act of 1934 to clarify provisions relating to the regulation of municipal advisors; entire bill Impact of the Volcker Rule on market liquidity and international competitiveness of U.S.-owned asset managers Implementation of Sections 913/914 of Dodd-Frank Wall Street Reform and Consumer Protection Act and its inter-relationship with the DoL ERISA fiduciary definition proposal Impact of DFA and mortgage settlement initiatives on investors/creditors interests

Client expense: $360,000 · Firm income: Not reported

Government targets: HOUSE OF REPRESENTATIVES, SENATE