The House Financial Services Committee recently passed a number of regulatory relief bills that address alleviating regulatory burdens in the mortgage space.
One of the legislations, H.R. 2954, amends the Home Mortgage Disclosure Act of 1975 to exempt a depository institution from certain records and disclosure requirements having to do with open-end lines of credit and closed-end mortgage loans if the institution originated less than a certain amount of loans in the last two years. The bill is related to H.R. 2954, The Home Mortgage Disclosure Adjustment Act, and H.R. 3354. The vote passed 36-24.
The Bureau of Consumer Financial Protection Examination and Reporting Threshold Act of 2017, or H.R. 3072, aims to increase the current $10 billion threshold at which regulated depository institutions are subject to examination and reporting requirements by the CFPB to $50 billion and passed with a vote of 39-21.
Passing with a vote of 42-18, the Preserving Access to Manufactured Housing Act of 2017 (H.R. 3072) amends the Truth in Lending Act (TILA) to provide clarification that a manufactured housing retailer is generally not a mortgage originator.
H.R. 3971, the Community Institution Mortgage Relief Act, passed by a vote of 41-19 to also amend the Truth in Lending Act as well as the Real Estate Settlement Procedures Act of 1974 to modify requirements for community financial institutions when it comes to certain rules relating to mortgage loans.
The bills are now set to go to the House for consideration.
"We are pleased to see a number of these bills get bipartisan support and look forward to continuing to work with lawmakers as these bills now await House action," said NAFCU President and CEO Dan Berger.