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Monday, March 23, 2015

Moran, Tester Introduce ABA-Supported Reg Relief Package

Sens. Jerry Moran (R-Kan.), Jon Tester (D-Mont.) and four other bipartisan cosponsors introduced the ABA-supported Community Lending Enhancement and Regulatory Relief Act (S. 812), a package of financial regulatory relief measures.

Incorporating provisions that have also been introduced in the House, the bill would allow banks with less than $10 billion in assets to receive Qualified Mortgage designation for loans held in portfolio, exempt banks with less than $10 billion in assets from the CFPB’s escrow rule and exempt banks with less than $1 billion in assets from Sarbanes-Oxley internal control certification requirements.

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