Press

House Financial Services Committee passes four CUNA-backed bills

(May 22, 2014) — The House Financial Services Committee passed three CUNA-backed bills today as part of a continued markup from May 7.  Another bill passed on May 7 by voice vote.

H.R. 2673, Portfolio Lending and Mortgage Access Act, introduced by Representative Andy Barr (R-KY), would treat mortgage loans held in portfolio as qualified mortgages. It passed committee 34-25.

H.R. 4466, Financial Regulatory Clarity Act, introduced by Representatives Shelley Moore Capito (R-WV) and Gregory Meeks (D-NY), would require financial regulators to determine whether new regulations are duplicative or inconsistent with existing Federal regulations. It passed committee 34-25.

H.R. 4521, Community Institution Mortgage Relief Act, introduced by Representative Blain Luetkemeyer (R-MO), would exempt credit unions and other lenders under $10 billion from certain RESPA escrow requirements and exempt mortgage servicers servicing fewer than 20,000 loans from certain RESPA servicing requirements. It passed committee 43-16.

H.R. 3211, Mortgage Choice Act, introduced by Representative Bill Huizenga (R-MI) passed by voice vote on May 7, 2014.  This bill would exclude from the definition of “points and fees” under the CFPB’s ability to repay rule compensation which is retained by a creditor or its affiliate as a result of its participation in an affiliated business arrangement as defined under RESPA.

“These bills are small but important steps towards addressing the crisis of creeping complexity with respect to regulatory burden,” said SVP of Legislative Affairs Ryan Donovan. “Credit unions appreciate the work of the sponsors and we look forward to seeing these bills come up for a vote on the House floor as soon as possible.”

The issues covered by these bills were raised by CUNA in our testimony before the Committee last April and June. CUNA sent letters of support for these bills and the next step will be consideration of the bills on the House floor.

---