Removing Barriers Blog

House Financial Services Committee to Consider Four Removing Barriers Bills
Posted July 27, 2015 by CUNA Advocacy

The House Financial Services Committee plans to hold a full committee markup on Tuesday, July 28 at 2pm EST.  This will be the third in a series of markups that focuses on regulatory relief for financial institutions.  Since the markup begins at 2pm it could continue into Wednesday with votes being rolled until Thursday, or we could see one long markup Tuesday night.  As we discussed in a letter to the Committee, the markup will include several bills that are important to credit unions:

  • H.R. 766, the Financial Institutions Customer Protection Act of 2015--The legislation limits the ability of Federal banking regulators to pressure a depository financial institution to terminate a specific customer account or to otherwise restrict or discourage a depository institution, such as a bank or credit union, from entering into or maintaining a financial services relationship with a specific customer unless certain criteria is met.
  • H.R. 1210, the Portfolio Lending and Mortgage Access Act--The legislation would treat mortgages held in portfolio at credit unions and other mortgage lenders as qualified mortgages for purposes of the Consumer Protection Financial Bureau’s (CFPB) mortgage lending rules.
  • H.R. 1941, the Financial Institutions Examination Fairness and Reform Act—The legislation will facilitate transparency and improve consistency in the examination process; provide a resource for financial institutions to express concern about their examination experience; and establish an independent adjudicatory process for the appeal of material supervisory determinations.
  • H.R. 3192, the Homebuyers Assistance Act—The legislation will provide a reasonable hold- harmless period for enforcement of the CFPB’s TILA-RESPA Integrated Disclosures (TRID) rule for those that make good-faith efforts to comply.

In addition to this markup, we expect another full committee markup in September focusing on additional regulatory relief bills.  CUNA will be working with the committee and watching the markup closely to make sure the best interest of America’s credit unions is represented.  

For more information regarding this committee markup, please contact Sam Whitfield and Kristin Eagan.