House committee to mark up reg relief bills
May 6, 2014 - The House Financial Services Committee is expected to mark up several NAFCU-supported measures tomorrow, including a bill to ease points and fees restrictions in place with respect to CFPB’s qualified mortgage/ability-to-repay rule, and a bill that targets duplicative regulations at NCUA and CFPB.
NAFCU has expressed support for several of the bills, including:
Also tomorrow, Federal Reserve Chair Janet Yellen will appear before the Joint Economic Committee. She will then visit the Senate Budget Committee on Thursday.
- H.R. 4466, the “Financial Regulatory Clarity Act,” introduced by Financial Institutions and Consumer Credit Subcommittee Chairman Shelley Moore Capito, R-W.Va., and Ranking Member Gregory Meeks, D-N.Y., to require regulators to review whether new proposals are duplicative or inconsistent with existing rules;
- H.R. 3211, the “Mortgage Choice Act,” introduced by Rep. Bill Huizenga, R-Mich., to clarify the definition of points and fees under the Truth in Lending Act and applied in CFPB’s qualified mortgage rule;
- H.R. 2673, the “Portfolio Lending and Mortgage Access Act,” introduced by Rep. Andy Barr, R-Ky., providing that residential mortgage loans held in portfolio by the loan originator automatically attain the qualified mortgage safe harbor; and
- H.R.4521, the “Community Institution Mortgage Relief Act,” from Rep. Blaine Luetkemeyer, R-Mo., which would exempt credit unions under $10 billion in assets from a Dodd-Frank Act requirement that mortgage lenders must hold an escrow account for five years for higher priced, first-lien mortgages. It would also reduce regulatory burden on servicers that annually service under 20,000 or fewer mortgage loans.