Rep. Blaine Luetkemeyer (R-Mo.) reintroduced the ABA-supported Community Lending Enhancement and Regulatory Relief Act (H.R. 1233), a package of financial regulatory relief measures that is a major part of ABA’s Agenda for America’s Hometown Banks. The CLEARR Act would lift or modify many requirements in ways that make it easier for community banks to meet their customers’ needs.
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.