The House Financial Services Committee approved two ABA-supported measures introduced by Representative Andy Barr (R-KY). As mentioned in a post yesterday, the first bill, H.R. 4167, the Restoring Proven Financing for American Employers Act, will address the unintended consequences for CLOs caused under the final Volcker rule.
The second bill, H.R. 2672, the Helping Expand Lending Practices in Rural Communities Act, directs the CFPB to establish an application process under which a person who lives or does business in a state may apply to have an area designated as a rural area if it has not already been designated as such by the Bureau.
Read ABA’s letter.