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Thursday, July 31, 2014

House Committee Approves Regulatory Relief Bills

The House Financial Services Committee has approved three ABA-supported regulatory relief bills. The committee yesterday voted 44-9 to pass H.R. 4042— introduced by Reps. Blaine Luetkemeyer (R-Mo.) and Ed Perlmutter (D-Colo.) — which would delay the implementation of Basel III’s rules on mortgage servicing assets until a thorough study documents the effects on banks’ retention of servicing rights for mortgages they originate.

The panel also voted 31-23 to approve Luetkemeyer’s H.R. 5148, which would ease appraisal rules on mortgages of $250,000 or less to keep those loans more affordable. On Tuesday it approved by a voice vote H.R. 3240, which calls for the Government Accountability Office to study the effects on consumers of Regulation D’s monthly limits on savings account withdrawals.

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