August 24, 2014

House panel completes mark-up of relief measures

July 31, 2014 – The House Financial Services Committee completed a two-day mark-up Wednesday, clearing four bills awaiting final action by roll-call vote.

H.R. 4042, the "Community Bank Mortgage Service Asset Capital Requirements Study Act," which would stop and study certain aspects of the Basel III capital standards, passed by a vote of 44-9. During a broader discussion of capital standards for community-based financial institutions, panel Chairman Jeb Hensarling, R-Texas, bill sponsor Rep. Blaine Luetkemeyer, R-Mo., and Rep. Ed Perlmutter, D-Colo., said they would support efforts to amend the bill as it moves toward the House floor to include parity for credit unions related to NCUA's risk-based capital proposal.

The committee began its mark-up Tuesday. On Tuesday, it approved a measure on voice vote to require review of Regulation D. H.R. 3240, the "Regulation D Study Act," would mandate a Government Accountability Office study to review the impact of Reg D's reserve requirements on depository institutions, consumers and monetary policy – which is among the improvements advocated in NAFCU's "Dirty Dozen" list of problematic regulations.

Other measures passed by the committee include:

  • H.R. 5018, the "Federal Reserve Accountability and Transparency Act of 2014," as amended, by a vote of 32-26;
  • H.R. 3913, a bill to amend the Bank Holding Company Act to require agencies to make take into account efficiency, competition and capital formation before issuing or modifying certain regulations – by a vote of 32-22; and
  • H.R. 5148, the "Access to Affordable Mortgages Act of 2014," by a vote of 31-23.

The measures will now proceed to the full House.