ABA wrote to Rep. Blaine Luetkemeyer (R-Mo.) to thank him for introducing the Community Lending Enhancement and Regulatory Relief Act (H.R. 1233). The bill, a part of ABA’s Agenda for America’s Hometown Banks, “contains many helpful provisions that ABA has long advocated for in order to ease regulatory burdens,” the association said.
The CLEARR Act includes measures that would streamline banks’ privacy notice requirements, space out the exam cycle, reduce the burden of filing Call Reports, increase the small servicer exemption in the CFPB’s mortgage rules and expand the number of loans that can be designated as Qualified Mortgages, among others.
Read the letter.