WBA Urges Members to Contact Senators and Request Their Support on Regulatory Relief
Momentum is building in Congress to finally achieve commonsense regulatory reform and relief, and we need your help to turn this momentum into action!
S. 2155, the Economic Growth, Regulatory Relief and Consumer Protection Act, introduced by Senate Banking Committee Chairman Mike Crapo, Senators Jon Tester, Heidi Heitkamp, Mark Warner, Joe Donnelly and 14 additional senators, recently passed the Senate Banking Committee with a strong bipartisan vote. The bill is designed to right-size and fix counterproductive regulations that limit banks’ ability to serve their customers and communities. Specifically the bill:
- Designates all mortgages held in portfolio as Qualified Mortgages for banks with less than $10 billion in assets.
- Simplifies capital calculations for community banks with less than $10 billion in assets.
- Exempts banks with less than $10 billion in assets from Volcker Rule requirements.
- Provides relief from appraisal requirements for smaller mortgages (under $400,000).
- Raises eligibility for the 18-month exam cycle from $1 billion to banks with $3 billion in assets.
- Provides charter flexibility for federal thrifts with less than $15 billion in assets.
- Raises eligibility for Short Form Call Reports from $1 billion to banks with $5 billion in assets.
- Provides relief from HMDA disclosures for small originators (less than 500 mortgages/500 open-end lines of credit for each of the two preceding years).
- Requires that Property Assessed Clean Energy (PACE) loans must meet ability to repay standards through CFPB regulation.
We expect that the bill will come to floor in the next few weeks, and given the strong bipartisan support, it has very good chance of passing. We are asking all of our members to please contact your Senators and urge them to support S. 2155.
The ABA has created a direct link to an action alert for you to use. Just enter your information, and the system will automatically connect you with your senators. Once you have contacted your senators, I would also encourage you to please share this action alert with your colleagues in the bank. It is absolutely critical that everyone in the banking industry engage in this advocacy effort!