WASHINGTON (5/23/14)--Three credit union relief bills were passed by the House Financial Services Committee Thursday, part of a markup session continued from May 7.
The bills are:
- H.R. 2673, the Portfolio Lending and Mortgage Access Act, introduced by Rep. Andy Barr (R-Ky.), would treat mortgage loans held in portfolio as qualified mortgages. It passed 36-23.
- H.R. 4466, the Financial Regulatory Clarity Act of 2014, introduced by Reps. Shelley Moore Capito (R-W.Va.) and Gregory Meeks (D-N.Y.), would require financial regulators to determine whether new regulations are duplicative or inconsistent with existing federal regulations. It passed 34-25.
- H.R. 4521, the Community Institution Mortgage Relief Act, introduced by Rep. Blaine Luetkemeyer (R-Mo.), would exempt credit unions and other lenders under $10 billion from certain Real Estate Settlement Procedures Act (RESPA) escrow requirements and exempt mortgage servicers servicing fewer than 20,000 loans from certain RESPA servicing requirements. It passed 43-16.
The Credit Union National Association sent letters of support for all three bills.
"These bills are small but important steps towards addressing the crisis of creeping complexity with respect to regulatory burden," said Ryan Donovan, CUNA's senior vice president of legislative affairs, told
Thursday. "Credit unions appreciate the work of the sponsors and we look forward to seeing these bills come up for a vote on the House floor as soon as possible."