Judges could be allowed to reset the terms of mortgages and all credit unions would be exempt from the Consumer Financial Protection Agency.
Those are two of the more than 200 amendments that have been filed with the House Rules Committee that the House may consider when it takes up legislation to restructure the way financial services are regulated.
Rep. Ed Perlmutter (D-Colo. has proposed an amendment to exempt all banks and credit unions from being examined by the CFFPA. They would be subject to CFPA rules but the examination would be done by the financial institution's safety and soundness regulator. The main, "manager's amendment" to the bill exempts all financial institutions with assets of $10 billion or less, which applies to all but three credit unions.
Rep. Mark Souder (R-Ind.) has introduced an amendment that would exempt all credit unions from CFPA examination.
House Judiciary Committee Chairman John Conyers (D-Mich.) is introducing an amendment to give bankruptcy judges the power to rewrite the terms of mortgages. A similar amendment passed the House earlier this year but died in the Senate.
The House Rules Committee, which determines the rules under which legislation is debated, is meeting today to consider which amendment s will be allowed to be offered.
The House is scheduled to begin debate on the legislation tomorrow and vote on it by Friday.