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Wednesday, May 21, 2014

House Panel to Vote on ABA, State Association Priority Bills

ABA and the state bankers associations reiterated their support for two bills the House Financial Services Committee is expected to take up tomorrow. H.R. 2673 and H.R. 4521 are significant priorities for the joint Regulatory Relief Task Force of ABA and the state bankers associations, which was formed to identify regulatory restrictions on credit availability and unite the groups’ efforts to address them.

H.R. 4521, introduced by Rep. Blaine Luetkemeyer (R-Mo.), 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. 2673, championed by Rep. Andy Barr (R-Ky.), would deem all loans held in portfolio as Qualified Mortgages (H.R. 2673). ABA EVP James Ballentine said:

Both of the measures will help consumers and financial institutions by providing greater lending options without imposing additional challenges and costs. We ask that the Committee approve these bills with a strong bipartisan vote.

Another ABA-supported bill to be considered tomorrow, H.R. 4466, would require regulators to review and reconcile conflicting regulations before finalizing rulemakings.

Read ABA’s memo.

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