The House voted 294-129 in favor of a bill Tuesday that would provide mortgage-related regulatory relief. The Community Institution Mortgage Relief Act of 2017 (H.R. 3971) was introduced in October by Rep. Claudia Tenney (R-N.Y.).
“H.R. 3971 is a common-sense piece of regulatory reform legislation that makes changes to the Truth in Lending Act and the Real Estate Settlement Procedures Act,” said CUNA Chief Advocacy Officer Ryan Donovan.
Specifically, it would exempt:
The bill is consistent with the goals of CUNA's bipartisan, pro-consumer Campaign for Common-Sense Regulation, which CUNA launched earlier this year.
The bill’s co-sponsors include Reps. Brad Sherman (D-Calif.), Roger Williams (R-Texas), David Loebsack (D-Iowa) and Pete Sessions (R-Texas).