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House Passes Four Financial Services Bills

CongressAll eyes were on the Senate Tuesday afternoon as it took up discussion of the Economic Growth, Regulatory Relief, and Consumer Protection Act, a bipartisan bill that would scale back and modify certain regulations put in place by the 2010 Dodd–Frank Wall Street Reform and Consumer Protection Act. As debate continued on that much-discussed reform, the House of Representatives passed not one, but four new bipartisan bills affecting the financial services industry.

The Portfolio Lending and Mortgage Access Act (H.R. 2226), sponsored by Representative Andy Barr (R-Kentucky), will modify the Truth in Lending Act to “allow certain mortgage loans that are originated and retained in portfolio by an insured depository institution or an insured credit union with less than $10 billion in total consolidated assets be considered as qualified mortgages.” The bill passed by a voice vote.

The Comprehensive Regulatory Review Act (H.R. 4607) was sponsored by Rep. Barry Loudermilk (R-Georgia). It amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to include both the Consumer Financial Protection Bureau and the National Credit Union Administration, as well as requiring reviews of the affected agencies to be held every seven years, up from the current standard of every 10. The bill passed the House by a vote of 264-143.

Sponsored by Rep. Randy Hultgren (R-Illinois), the Community Bank Reporting Relief Act (H.R. 4725) amends the Federal Deposit Insurance Act so as to “direct federal banking agencies to issue regulations that allow a reduced reporting requirement for depository institutions with $5 billion in consolidated assets or less, and that meet certain other criteria when making the first and third report of condition for a year.” H.R. 4725 passed by a voice vote.

Finally, H.R 4768, the Strategy for Combating the Financing of Transnational Criminal Organizations Act, “requires the President, through the Secretary of the Treasury, to develop a national strategy to combat the financial networks of transnational criminal organizations (TCOs) not later than one year after the enactment of this Act and every two years thereafter.” The bill was sponsored by Rep. David Kustoff (R-Tennessee) and passed by a voice vote.

Credit Union National Association (CUNA) President and CEO Jim Nussle said in a statement, “Both of the bills are common-sense, pro-consumer pieces of legislation that will facilitate more efficient regulations and increased access to mortgage credit.”

About Author: David Wharton

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