The House Financial Services Committee passed two bills that had been championed by ABA and the state bankers associations through their joint Regulatory Relief Task Force. The task force was formed earlier this year to identify regulatory impediments to lending and recommend practical legislative solutions that could be enacted in 2014.
The panel passed H.R. 4521 — which 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 — by a 43-16 vote. The committee approved H.R. 2673, which would deem all loans held in portfolio as Qualified Mortgages, by a 36-23 vote.
ABA and the state associations will soon urge all bankers to engage in a grassroots effort to build bipartisan support for these bills in the full House. Such broad-based support will be needed to see the bills through a divided Congress to the president's desk.
Another ABA-supported bill — H.R. 4466, which would require regulators to review and reconcile conflicting regulations before finalizing rulemakings — also passed by a 34-25 vote.