May 23, 2014 – Having reported out the NAFCU-supported “Mortgage Choice Act,” H.R. 3211, by voice vote earlier this month, the House Financial Services Committee on Thursday passed 11 other bills, several of which advance NAFCU’s goal of regulatory relief for credit unions.H.R. 3211, introduced by Rep. Bill Huizenga, R-Mich., would adjust the Truth in Lending Act mortgage rules by exempting from the qualified mortgage cap on points and fees any affiliated title charges and escrow charges for taxes and insurance.
Other measures passed by the committee include:
NAFCU Vice President of Legislative Affairs Thaler wrote committee Chairman Jeb Hensarling, R-Texas, and Ranking Member Maxine Waters, D-Calif., ahead of the original mark-up session, saying it was “a positive step forward” toward achieving the kind of relief sought in NAFCU’s five-point plan for credit union regulatory relief.