; and (B) in subparagraph (B) of section 856(c)(5) ( 26 U.S.C. 856(c)(5)(B) ), by inserting before the period at the end of the first sentence the following: , and participation in any transaction, including notes, bonds, other evidences of indebtedness, certificates, securities, and other interests, that are risk-transfer transactions (as such term is defined in section 1328(h) of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992) . 3. Pilot program for small lender risk transfer (a) In general Not later than one year after the date of the enactment of this Act, the Director of the Federal Housing Finance Agency shall require each enterprise (as such term is defined in section 1303 of the Federal Housing Enterprises Financial Safety and Soundness Act of 1992 ( 12 U.S.C. 4502 )) to establish a pilot program under which the enterprise shall annually engage, for each of the next 5 consecutive years, in at least one front-end risk-transfer transaction for which at least 75 percent of the credit risk transferred is transferred to bank or non-bank mortgage originators having under $10,000,000,000 in assets. (b) Report Not later than the conclusion of the fifth year of the pilot program, the Director shall submit a report to the Congress that assesses the extent to which the pilot program under this section has— (1) transferred credit risk from the Federal Government to mortgage originators