June 04, 2014

QM, student loan bills near House action

June 5, 2014 – The House is expected to take up action as early as next week on a NAFCU-backed bill that would exclude certain costs from the points-and-fees limit on qualified mortgage loans.

H.R. 3211, the "Mortgage Choice Act," was introduced by Rep. Bill Huizenga, R-Mich., was reported out by the House Financial Services Committee in May. NAFCU Board Member Daniel Weickenand, CEO of Orion FCU in Memphis, testified in favor of the bill this January.

The House is in recess but resumes work June 9.

In the Senate, a bill introduced by Sen. Elizabeth Warren, D-Mass., to facilitate lower-rate refinancings of older student loans, could get action as early as next week, Warren told reporters. Warren introduced the measure last month as S. 2292 but has a new version out following a Congressional Budget Office analysis of the former.