Four CUNA-backed House bills set for Tuesday markup
WASHINGTON (7/27/15)--Four CUNA-supported regulatory relief bills are part of a scheduled markup by the U.S. House Financial Services Committee Tuesday. The markup, which will address a total of 14 bills, is scheduled to start at 2 p.m. (ET) and will continue into subsequent days if needed.
The CUNA-backed bills are: the Financial Institution Consumer Protection Act of 2015 (H.R. 766), the Portfolio Lending and Mortgage Access Act (H.R. 1210) and the Financial Institutions Examination Fairness and Reform Act (H.R. 1941) and H.R. 3192.
Specifically, the bills would:
H.R. 766, seeks to end the Department of Justice’s Operation Choke Point. Operation Choke Point investigates whether financial institutions and payment-processing companies have enabled fraudulent activity;
H.R. 1210, would treat mortgages held in portfolio at credit unions and other mortgage lenders as qualified mortgages for the purposes of the Consumer Financial Protection Bureau’s mortgage lending rules;
H.R. 1941, would create an independent ombudsman and an independent examination appeals process; and
- H.R. 3192, which would provide a temporary safe harbor from enforcement of the Truth in Lending Act-Real Estate Settlement Procedures Act integrated disclosure rule.
CUNA has written in support of the first three bills a number of times since they were introduced, most recently in June when they were discussed in a subcommittee hearing. H.R. 3192 was introduced July 23 by Rep. French Hill (R-Ark.).
The full House Financial Services Committee will also host a hearing Tuesday morning on the Dodd-Frank Act. It is titled “The Dodd-Frank Act Five Years Later: Are We More Prosperous?” and it will begin at 10 a.m. (ET).