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The House Financial Services Committee begins a 23-bill mark-up tomorrow. Among the legislation under consideration is NAFCU-backed H.R. 1153, the Mortgage Choice Act of 2017, which would amend the Truth in Lending Act (TILA) to provide consumers with more choices in credit providers and settlement service options.

The bill has been awaiting action by the committee since it was introduced in February by Reps. Bill Huizenga, R-Mich., Ed Royce, R-Calif., David Scott, D-Ga., Steve Stivers, R-Ohio, Gregory Meeks, D-N.Y., Mike Doyle, D-Pa., and David Joyce, R-Ohio. It would adjust the TILA mortgage rules by exempting from the qualified mortgage cap on points and fees any affiliated title charges and escrow charges for taxes and insurance.

During a congressional hearing two weeks ago on housing finance reform, NAFCU witness Rick Stafford, president and CEO of Tower Federal Credit Union (Laurel, Md.), testified on the need to pass H.R. 1153 because of the competitiveness it will bring to the mortgage market, benefitting consumers.

Additionally, NAFCU with 10 other trade associations last month urged members of the House to support the legislation in order to clarify the definition of points and fees under TILA as applied through the CFPB's qualified mortgage rule.

"H.R. 1153 endeavors to restore a full and open competitive market by clarifying the definition of fees and points," the letter stated. "In doing so, the legislation will ensure consumers more choices in credit providers and settlement service options."

An identical bill, the Mortgage Choice Act of 2015 (H.R. 685), passed the House last Congress 286-140.

Some of the other bills NAFCU will be monitoring during tomorrow's mark-up include:

• Securing Access to Affordable Mortgages Act (H.R. 3221), which would provide some exemptions from appraiser requirements on mortgage loans for lower-cost dwellings.
• Protecting Consumers' Access to Credit Act of 2017 (H.R. 3299), which would amend various banking laws, including the Federal Credit Union Act, to provide that federal interest rate preemption applies "regardless of whether the loan is subsequently sold, assigned, or otherwise transferred to a third party," including a non-bank purchaser.
• TRID Improvement Act of 2017 (H.R. 3978), which would amend the CFPB's TILA/RESPA integrated disclosures rule (TRID), specifically how fees are presented on loan estimates and closing disclosure forms.
• A bill (H.R. 4296) that would place some requirements on operational risk capital requirements for financial institutions by a federal regulator, including credit unions and NCUA.

Also happening in the coming weeks:

• The Senate Finance Committee will begin mark-up on the Senate's version of the tax bill, the Tax Cuts and Jobs Act, today. (Read more here)
• The House Republican tax bill, the Tax Cuts and Jobs Act (H.R. 1), which passed out of the Ways and Means Committee last week, will likely be considered by the full House this week. (Read morehere)
• The NCUA Board meets Thursday, during which it will likely approve its proposed budget for 2018. (Read more here)
• NAFCU is offering two live webcasts this week: on Wednesday, "Skill Building Fundamentals for Business Continuity Planning" and on Thursday, "Establish and Master Your Digital Marketing Blueprint." An on-demand webcast, "The Evolution of Financial Crime: BSA and Cybersecurity" will be available Friday.
• The Senate Banking Committee will consider Federal Reserve Gov. Jerome Powell's appointment to Fed chair during a hearing on Nov. 28. (Read more on Powell's appointment here)