Reg Relief Bills Marked Up
CUNA and NAFCU said they are confident the House Financial Services Committee will pass credit union regulatory relief bills considered at the full committee markup Wednesday.
The committee is expected to hold a recorded vote on the measures Thursday.
NAFCU Vice President of Legislative Affairs Brad Thaler said a privacy notice bill would likely pass unanimously, but others may face some opposition. Thaler cited H.R. 685, the Mortgage Choice Act of 2015, H.R. 1408, the Mortgage Servicing Asset Capital Requirements Act of 2015, and H.R. 1529, the Community Institution Mortgage Relief Act of 2015, as the bills that could face challenges.
“We feel fairly confident they will still pass,” Thaler said.
The Mortgage Choice Act of 2015, which did not make it out of the Senate in the last session of Congress, would adjust the definition of points and fees under the Truth in Lending Act as applied in the CFPB's qualified mortgage rule.
Under the Community Institution Mortgage Relief Act of 2015, the CFPB would have to adjust requirements related to servicing mortgage loans and administering escrow amounts or make them exempt. The change would apply to mortgage servicers that service 20,000 or fewer mortgage loans annually.
The Mortgage Servicing Asset Capital Requirements Act of 2015 would provide the NCUA with more time to assess the impact of the revised risk-based capital proposal on mortgage servicing assets. Part of the legislation requires the NCUA to conduct a mortgage servicing assets study and report back to Congress within one year.
CUNA Chief Advocacy Officer Ryan Donovan said nothing that occurred at the full House committee markup should prevent the regulatory relief bills from passing out of committee. Donovan added that the bills might make it to the House floor as early as next month.
“I would expect all of the bills to pass out of committee. We’re hearing there’s a possibility for House floor consideration at some point in April, either individually or in a group,” he said. “There’s not a lot controversy with these bills.”