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: