As reported in last week’s Bottom Line, the House Financial Services Committee voted on numerous community bank regulatory relief bills throughout the week.
Promising bipartisan progress was made on several fronts, including the passage of the following:
H.R. 766, the “Financial Institution Customer Protection Act of 2015,”
to protect financial institutions and their customers from Operation Choke Point;
H.R. 1210, the “Portfolio Lending and Mortgage Access Act,”
to give Qualified Mortgage treatment to loans held in portfolio by the originator;
H.R. 1553, the “Small Bank Exam Cycle Reform Act of 2015,”
to provide an 18-month exam cycle for community banks with $1 billion or less in assets;
H.R. 1737, the “Reforming CFPB Indirect Auto Financing Guidance Act,”
to reform CFPB indirect auto financing guidance;
H.R. 1941, the “Financial Institutions Examination Fairness and Reform Act,”
to create a workable exam appeals process and common-sense standards for classifying loans;
H.R. 3189, the “Fed Oversight Reform and Modernization Act of 2015,”
to improve the economy’s performance by bringing greater accountability and transparency to the Federal Reserve; and
H.R. 3192, the “Homebuyers Assistance Act,”
to provide a TILA-RESPA Integrated Disclosure safe harbor.