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House Committee Approves Four Reg-Relief Bills
Thursday, July 30, 2015 6:40 AM

All four CUNA-backed regulatory relief bills were approved by the U.S. House Financial Services Committee on Wednesday after a two-day markup and will now be sent to the full House for consideration.

“We appreciate the committee approving these important regulatory relief measures,” said Ryan Donovan, CUNA’s chief advocacy officer. “Each is critically important, and we look forward to working with Congress to continue to move these through the process and into law.” 

The bills passed are:

  • The Financial Institution Customer Protection Act of 2015 (H.R. 766). The bill prohibits a federal banking agency from suggesting, requesting, or ordering a depository institution to terminate specific accounts, or otherwise restrict or discourage it from a banking relationship with a specific consumer, unless the agency has a material reason to do so that is not based solely on reputation risk. Passed 35-19;
  • The Portfolio Lending and Mortgage Access Act (H.R. 1210). The bill treats mortgages held in portfolio at credit unions and other mortgage lenders as qualified mortgages for the purposes of the Consumer Financial Protection Bureau’s mortgage lending rules. Passed 38-18;
  • The Financial Institutions Examination Fairness and Reform Act (H.R. 1941). The bill creates an independent ombudsman and an independent examination appeals process, as well as examination standards for financial institutions. Passed 45-13; and
  • The Homebuyers Assistance Act (H.R. 3192). The bill would create a safe harbor from liability and enforcement of the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosures rule until Feb. 1, 2016. Passed 45-13.