Democratic members of the Senate Banking Committee released a much narrower regulatory relief bill offered as an alternative to Shelby’s more sweeping bill.
Like Shelby’s bill, the Democratic proposal would allow mortgages held in portfolio to receive the Qualified Mortgage safe harbor (but only for banks with less than $10 billion in assets), reduce the burden of unnecessary privacy notice paperwork and extend the exam cycle for more institutions. The bill excludes other ABA priorities, including provisions adjusting the thresholds for SIFI designation and stress testing requirements, providing for a short-form Call Report and establishing an examination ombudsman.
The bill would also give the CFPB authority to enforce the Servicemember Civil Relief Act and permanently extend provisions relating to tenants in a property being rented when it is foreclosed upon.
Read a summary of the bill.