The House voted Tuesday to pass two CUNA-supported regulatory relief bills, both consistent with CUNA’s Campaign for Common-Sense Regulation. One would require a regulatory review from financial regulators every five years (a process NCUA participates in voluntarily every three years) and the second would grant certain loans held in portfolio Qualified Mortgage status.
“Both of the bills are common-sense, pro-consumer pieces of legislation that will facilitate more efficient regulations and increased access to mortgage credit,” said CUNA President/CEO Jim Nussle. “
The Portfolio Lending and Mortgage Access Act (H.R. 2226) passed by voice vote. It would treat residential mortgages held in portfolio by the original creditor as qualified mortgages.
The Comprehensive Regulatory Review Act (H.R. 4607), which passed 264-143, would amend the Economic Growth and Regulatory Paperwork Reduction Act of 1996 to require the Federal Financial Institutions Examination Council and federal financial regulators, including the Consumer Financial Protection Bureau and NCUA, to review all existing regulations once every five years.
NCUA currently voluntarily reviews its regulations every three years, which CUNA supports.