ABA expressed its support for four bills the Financial Services Committee will consider starting tomorrow. These bills would exempt lenders with less than $10 billion in assets from the Dodd-Frank Act's escrow requirements and servicers handling fewer than 20,000 loans from the servicing rule (H.R. 4521), deem all loans held in portfolio as Qualified Mortgages (H.R. 2673), require regulators to review and reconcile conflicting regulations before finalizing rulemakings (H.R. 4466) and clarify the QM points and fees test so as not to harm wholesale originators (H.R. 3211).
The joint Regulatory Relief Task Force of ABA and the state bankers associations has focused closely on the issues addressed by H.R. 4521 and H.R. 2673 and will send a joint letter in support of these measures later today.
Read ABA’s memo on the floor votes.
Read ABA’s memo on the committee markup.