July 23, 2014

Landrieu bill would expand 'QM'

July 24, 2014 – Sen. Mary Landrieu, D-La., on Tuesday introduced legislation to amend the Truth in Lending Act's provisions by defining residential mortgage loans as "qualified."

Landrieu's bill, S. 2641, would automatically qualify residential mortgage loans held in portfolio by originators for the qualified mortgage safe harbor. It is very similar to Barr's "Portfolio Lending and Mortgage Access Act," H.R. 2673, which was passed by the House Financial Services Committee in May.

However, Landrieu's bill limits the provision to creditors will with less than $10 billion in assets – a limit the House legislation did not include.

NAFCU marked the fourth anniversary of the Dodd-Frank Act, which created CFPB, this week, and continues to work to help mitigate the growth of regulatory burden, through its five-point plan for regulatory relief, its "Dirty Dozen" list of rules to amend or eliminate, and other efforts.