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Nine Reg Relief Bills Approved by House Financial Services Committee
Friday, March 27, 2015 6:30 AM

Nine regulatory relief bills were approved by the House Financial Services Committee yesterday morning after a two-day markup of a series of bills. Cornerstone and Credit Union National Association support these bills.

"I look forward to seeing these pieces of legislation that reduce regulatory burden come the House floor for a vote," said CUNA President/CEO Jim Nussle. "When credit unions boards and managers—not government bureaucrats—are making decisions about how to provide services, it's the 102 million member-owners of the credit union who benefit."

The nine bills that passed the committee include:

  • H.R. 299, the Capital Access for Small Community Financial Institutions Act, introduced by Reps. Steve Stivers (R-OH) and Joyce Beatty (D-OH), corrects a drafting oversight in the Federal Home Loan Bank Act that has resulted in a small number of privately insured credit unions being ineligible to join a Federal Home Loan Bank. This bill passed by a vote of 56-1.
  • H.R. 601, the Eliminate Privacy Notice Confusion Act, introduced by Reps. Blaine Luetkemeyer (R-MO) and Brad Sherman (D-CA), would eliminate the requirement financial institutions currently face to send their members or customers privacy policy notifications annually, and instead would only require such notifications when the privacy policy is changed. This bill passed by a vote of 57-0.
  • H.R. 1195, the Bureau of Consumer Financial Protection Advisory Board Act, introduced by Reps. Pittenger (R-NC) and Denny Heck (D-WA), would require the Consumer Financial Protection Bureau by law to establish the Credit Union Advisory Council, as well as the Small Business Advisory Board and the Community Bank Advisory Council. These advisory councils had previously been voluntarily established by the CFPB. The separate Consumer Advisory Board is already codified in statute. This bill passed by a vote of 53-5.
  • H.R. 1265, the Bureau Advisory Commission Transparency Act, introduced by Rep. Sean Duffy (R-WI), would, in effect, open bureau advisory committee meetings to the public. This bill passed by a vote of 56-2.
  • H.R. 1259, the Helping Expand Lending Practices in Rural Community Act, introduced by Reps. Andy Barr (R-KY) and Ruben Hinojosa (D-TX), directs the CFPB to establish an application process determining whether an area should be designated as a rural area if the CFPB has not designated it as one. This bill passed by a vote of 56-2.
  • H.R. 1480, the SAFE Confidentiality and Privilege Enhancement Act, introduced by Reps. Robert Dold (R-IL) and Ed Perlmutter (D-CO), would require that confidentiality protections provided by federal and state laws apply when state and federal regulatory officials with mortgage or financial services industry oversight authority access any information provided to the Nationwide Mortgage Licensing System and Registry. This bill passed by a vote of 58-0.
  • H.R. 1408, the Mortgage Servicing Asset Capital Requirements Act, introduced by Reps. Perlmutter and Luetkemeyer, requires federal banking agencies to conduct a study of the appropriate capital requirements for mortgage servicing assets for non-systemic banking institutions. This bill passed by a vote of 49-9.
  • H.R. 1529, the Community Institution Mortgage Relief Act, introduced by Reps. Sherman and Luetkemeyer, would exempt mortgage loans made by financial institutions under $10 billion in assets and held in portfolio for three years from RESPA's escrow requirements, and would also exempt mortgage servicers that service fewer than 20,000 mortgages annually from a number of requirements of RESPA. This bill passed by a vote of 48-10.
  • H.R. 685, Mortgage Choice Act, introduced by Reps. Bill Huizenga (R-MI) and Gregory Meeks (D-NY), would make an important modification to the Truth-in-Lending Act's definition of "points and fees." This bill passed by a vote of 43-12.

The next step in the House for these bills would be a vote on the House floor.