WASHINGTON (5/7/14)--The House Financial Services Committee is slated to start a multi-day markup session on 15 bills today, including four measures that would provide regulatory relief for credit unions.
The Credit Union National Association has stated its strong support for the bills that would help chip away at the regulatory burden that confronts credit unions on a daily basis. (See related story: CU relief bills sail through House vote.)
The bills are:
The Financial Regulatory Clarity Act (H.R. 4466), which would fight duplicative federal rules;
The Portfolio Lending and Mortgage Access Act (H.R. 2673), which would treat mortgages held in portfolio at credit unions and other mortgage lenders as qualified mortgages for purposes of the Consumer Financial Protection Bureau mortgage lending rules;
The Mortgage Choice Act (H.R. 3211), which addresses some credit union concerns regarding point and fee definitions in the CFPB's amended final "Ability to Repay" rule; and
The Community Institution Mortgage Relief Act (H.R. 4521), which would exempt credit unions under $10 billion in assets from a Dodd-Frank Act requirement that mortgage lenders must hold an escrow account for five years for higher-priced, first-lien mortgages secured by borrower's principal dwelling (News Now May 6).