Removing Barriers Blog

CUNA Thanks Luetkemeyer for Introduction of CLEARR Act – H.R. 2133
Posted May 05, 2017 by CUNA Advocacy

Earlier this week, CUNA sent a letter to Representative Blaine Luetkemeyer (R-MO) thanking him for introducing H.R. 2133, the “Community Lending Enhancement and Regulatory Relief Act of 2017” also known as the “CLEARR Act.”  CUNA has publicly supported many of the CLEARR Act’s provisions including: 

  • Section 5, titled “Capital Requirements for Mortgage Servicing Assets,” which calls for an “analysis of the role community and mid-sized financial institutions play in the mortgage servicing market.” 

  • Language that would treat mortgages held in portfolio at credit unions and other mortgage lenders as qualified mortgages for purposes of the Consumer Financial Protection Bureau’s (CFPB) mortgage lending rules. 

  • Language that amends the exemption of small services of mortgage loans from Section 6 of the Real Estate Settlement Procedures Act (RESPA) and exempts credit unions and other community financial institutions that service 30,000 or fewer mortgage loans. These changes will help credit unions continue to efficiently service their members. 

  • The legislation also amends the Truth in Lending Act (TILA) to exempt higher risk mortgages from property appraisal requirements. 

The CLEARR Act is a great step forward in meaningful regulatory relief for credit unions and other community-based financial institutions.  CUNA applauds the work done by Representative Luetkemeyer and looks forward to working with him on this legislation and future common-sense regulatory reforms