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Monday, June 9, 2014

House to Vote on ABA-Backed Mortgage Reform Bill

The House will vote today on the ABA-backed H.R. 3211 — introduced by Rep. Bill Huizenga (R-Mich.) — which would clarify the Qualified Mortgage points and fees test to exclude lender-paid compensation to a bank in a wholesale transaction.

As ABA explained in a memo to House Financial Services Committee members, inclusion of this payment, as required under current law, can cause a loan to exceed the 3% cap on points and fees, while a loan with the same interest rate and out-of-pocket costs made by a retail lender would not.

Meanwhile, the House Financial Services Committee will meet at 10 a.m. tomorrow to consider several CFPB reform bills. The markup was rescheduled from two weeks prior.

The bills include measures to create a separate CFPB inspector general, apply sunshine rules to CFPB advisory board meetings, create a small business advisory board within the bureau, require the CFPB to disclose data underlying its findings, create an opt-out mechanism for consumers who do not want the bureau to collect their data and require a notice-and-comment process for CFPB guidance.

CFPB Director Richard Cordray will deliver his semiannual report to the Senate Banking Committee tomorrow at 10 a.m., and a House Financial Services subcommittee will discuss coins and currency on Wednesday at 11:30 a.m.

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