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Monday, May 5, 2014

House to Vote on ABA-Advocated Bills This Week

The full House is expected to vote on two ABA-advocated bills. H.R. 2672 would provide a mechanism for individuals and businesses in rural areas to appeal the CFPB’s designation of a rural area. Several CFPB regulations include exemptions for lenders in designated rural areas. The House will also vote on the ABA-backed H.R. 3329, which would raise the threshold for small bank holding company regulatory relief from $500 million to $1 billion.

In related news, the House Financial Services Committee will consider four ABA-supported bills. These bills would require regulators to review and reconcile conflicting regulations before finalizing rulemakings, 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, deem all loans held in portfolio as Qualified Mortgages and clarify the QM points and fees test so as not to harm wholesale originators.

Read ABA’s memo on H.R. 2672.
Read ABA’s memo on H.R. 3329.

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