House poised to vote on FHA, small-biz bills

Tue, 15 Feb 2011 14:52:07 GMT

June 7, 2010 - Bills dealing with Federal Housing Administration reforms and initiatives to support business lending activities of banks and credit unions are on the list of measures that could be voted on this week by the full House.

The FHA Reform Act of 2010, H.R. 5072, would allow the FHA to adjust its premium structure for new borrowers, give it more authority to terminate lenders' approval in response to evidence of fraud or noncompliance and requires the FHA to improve internal reporting systems so it can manage risk better and be more transparent in its own reporting.

This bill could get a vote as early as Wednesday.

The Small Business Lending Fund Act of 2010, H.R. 5297, could also get action this week. The bill creates a $30 billion fund to promote small-business lending by banks and thrifts with less than $10 billion in assets. In other provisions, it allocates funds to states to invest in federally insured financial institutions (including credit unions) or nondepository community development financial institutions for business-lending purposes.

Both bills were reported out of the House Financial Services Committee in May.

NAFCU continues to seek action on a member business loan cap lift, and the House Financial Services Committee is expected to hold a mark-up on such legislation in the near future, according to remarks by panel Chairman Barney Frank, D-Mass, during a hearing on H.R. 5297.

Treasury Secretary Tim Geithner sent Frank a letter last month outlining a compromise on MBL that his department could support.

House poised to vote on FHA, small-biz bills - RSS Feed

House poised to vote on FHA, small-biz bills