May 05, 2014

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:
  • 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.
Also tomorrow, Federal Reserve Chair Janet Yellen will appear before the Joint Economic Committee. She will then visit the Senate Budget Committee on Thursday.