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Monday, March 23, 2015

House Panel to Vote on ABA-Backed Reg Relief Bills

The House Financial Services Committee will meet to vote on regulatory relief bills.

Among the ABA-backed bills the panel will vote on are measures to reduce the burden of needless privacy policy notices (H.R. 601), to help customers in rural areas receive the benefits of CFPB mortgage rule exemptions (H.R. 1259) and to assist small banks that originate mortgages through the wholesale channel (H.R. 685).

Other bills the committee will consider would require the banking agencies to conduct a study of Basel III's impact on mortgage servicing assets and would expand relief from escrow and servicing rules for small financial institutions.

FDIC Chairman Martin Gruenberg will testify before the committee tomorrow on his agency’s role in Operation Choke Point. The House Agriculture Committee will hear from end users of derivatives about the role of the CFTC.

Meanwhile, the Senate Banking Committee will continue its focus on regulation of regional banks with testimony from academics and industry representatives. Deron Smithy, EVP at Regions Financial Corp., Birmingham, Ala., will testify.

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