ABA wrote to members of Congress commending bills that would study Basel III and adjust the Qualified Mortgage standards.
In a letter to Reps. Shelley Capito Moore (R-VA) and Gregory Meeks (D-NY), ABA EVP James Ballentine expressed ABA’s concerns about the effects of the final Basel III rules on all financial institutions and the U.S. economy. The bill, H.R. 2547, would require a thorough analysis of Basel III’s effects on community banks and mortgage lending.
Ballentine also expressed support for H.R. 1077, which would exclude lender-paid compensation to a correspondent bank in a wholesale mortgage transaction from the points and fees threshold under QM rules.
Read the Basel III letter.
Read the QM letter.