June 10, 2014 CBAI is calling on Illinois community bankers to make a final push to advance several CBAI and ICBA-advocated regulatory relief measures through the U.S. House of Representatives. The three bills, inspired by ICBA’s Plan for Prosperity regulatory relief agenda, have been a top priority and advanced through committee following the recent Call on Washington and Washington Policy Summit. After more than a year of advocacy these bills are now teed up for passage by the full House. The legislation includes:
- H.R. 4521, the Community Institution Mortgage Relief Act introduced by Rep. Blaine Luetkemeyer (R-Mo.), which would exempt community bank portfolio loans from new escrow requirements and raise the small-servicer exemption threshold from 5,000 to 20,000 loans,
- H.R. 4466, the Financial Regulatory Clarity Act introduced by Rep. Shelley Moore Capito (R-W Va.), which would require federal financial regulators to consider whether proposed regulations are duplicative or inconsistent with existing regulations before issuing them, and
- H.R. 2673, the Portfolio Lending and Mortgage Access Act introduced by Rep. Andy Barr (R-Ky.), which would provide that any residential mortgage held in portfolio by the originator is a qualified mortgage, under the CFPB’s ability-to-repay rule.