Take Action: Your Help Needed on Three Regulatory Relief Bills Before Congress
The California Bankers Association is urging bankers to write to their members of Congress and urge them to support three regulatory relief bills that recently passed the House Financial Services Committee: H.R. 2673, H.R. 4521 and H.R. 4466.
H.R. 2673, the Portfolio Lending and Mortgage Access
Act introduced by Rep. Andy Barr (R-KY) would deem any
loan made by a lender and held in that lender’s portfolio as
compliant with the qualified mortgage rule under the Dodd-Frank
Act (DFA).
The committee also approved H.R. 4521, the Community
Institution Mortgage Relief Act introduced by
Representative Blaine Luetkemeyer (R-MO). This bill amends the
Truth in Lending Act (TILA) to exempt a bank mortgage held in
portfolio from new escrow requirements for banks with assets
under $10 billion that annually service 20,000 or fewer
loans.
Additionally, the committee approved H.R. 4466, the
Financial Regulatory Clarity Act introduced by Financial
Institutions Chairman Shelley Moore Capito (R-WV) and Ranking
Member Gregory Meeks (D-NY), that would require a review and
reconciliation of existing regulations that may be in conflict
with or duplicative of new rules being promulgated by the banking
agencies.
These measures are extremely important to the banking industry
and we urge you to write to your Representatives and request that
they support H.R. 2673, H.R. 4521, and H.R. 4466.
We have prepared sample support letters for you, and ask that you please click on the following links to immediately contact your Representative: