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The House Financial Services Committee passed several NAFCU-backed regulatory relief bills at the conclusion of its mark-up Thursday morning. The bills now await action by the full House.

The Community Financial Institution Exemption Act (H.R. 1264)

The bill, which would raise the CFPB exemption threshold for community institutions to $50 billion in assets and strengthen the bureau's exemption authority, passed the committee by a vote of 30-25.

During discussion Wednesday, bill author Rep. Roger Williams, R-Texas, offered an amendment that would change the exemption threshold to any insured depository institution or credit union with less than $50 billion in consolidated assets to be exempt from any rulemakings from the CFPB.

The Portfolio Lending and Mortgage Access Act (H.R. 2226)

The bill, which would provide a safe harbor from certain qualified mortgage requirements for residential mortgage loans held on a mortgage originator's portfolio, passed the committee unanimously 55-0.

Subcommittee Chairman Andy Barr, R-Ky., on Wednesday offered an amendment (replacement language) to the bill that models language included in the Senate regulatory reform package (S. 2155) put forth by Senate Banking Committee Chairman Mike Crapo, R-Idaho. The amendment redefines the term "qualified mortgage" to include any residential mortgage that meets certain criteria and allows institutions with less than $10 billion in assets to retain originated mortgages in their portfolios.

The Business of Insurance Regulatory Reform Act of 2017 (H.R. 3746)

The bill, which would help clarify the limits of the CFPB regulating insurance and ensure the bureau's jurisdiction doesn't spread and create new burdens on credit unions, passed the committee by a vote of 37-18.

The Comprehensive Regulatory Review Act (H.R. 4607)

The bill, which aims to improve and expand the Economic Growth and Regulatory Paperwork Reduction Act's review process, passed the committee by a vote of 38-17.