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Tuesday, April 14, 2015

House Passes ABA-Backed Regulatory Relief Bills

By virtually unanimous votes, the House passed four regulatory relief bills that are part of ABA’s Agenda for America’s Hometown Banks.

The bills that sailed through would eliminate the annual privacy notice disclosure requirement for institutions that haven’t changed their policies (H.R. 601), establish a process for designating an area rural for purposes of CFPB exemptions (H.R. 1259), increase transparency in CFPB advisory council meetings (H.R. 1265) and protect the confidentiality of information banks share with state regulators (H.R. 1480).

The House is expected to vote on H.R. 685, an ABA-backed bipartisan bill that would provide needed clarifications on the Qualified Mortgage rule’s points and fees test. “We look forward to working with all members of the House to pass strong bipartisan bills that will help America's hometown banks better serve their customers and communities,” ABA wrote to the House.

Read ABA’s letter.

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