The U.S. House of Representatives passed four bills this week that amend or update regulations on financial institutions.
“I’m pleased to see these wide-ranging financial services bills pass the House of Representatives today,” Financial Services Committee Chairman Rep. Jeb Hensarling (R-TX) said. “From helping financial institutions stay in business and better serve their communities to combating transnational financial crime, these bills demonstrate strong and bipartisan legislating while continuing to move our country forward.”
One is the Comprehensive Regulatory Review Act (H.R. 4607), sponsored by Rep. Barry Loudermilk (R-GA). It amends the Economic Growth and Regulatory Paperwork Reduction Act of 1996 (EGRPRA) to include the Consumer Financial Protection Bureau (CFPB) and the National Credit Union Administration (NCUA). The Economic Growth and Regulatory Paperwork Reduction Act requires financial agencies to review regulations every 10 years. This new legislation requires these reviews to be held every seven years. It passed 264-143.
The Portfolio Lending and Mortgage Access Act (H.R. 2226), sponsored by Rep. Andy Barr (R-KY), amends the Truth in Lending Act to allow certain mortgage loans from a bank or credit union with less than $10 billion in total consolidated assets to be considered qualified mortgages. It passed by voice vote.
The Community Bank Reporting Relief Act (H.R. 4725), sponsored by Rep. Randy Hultgren (R-IL), directs federal banking agencies to issue regulations that allow a reduced reporting requirement for banks with $5 billion in consolidated assets or less. It also passed by voice vote.
Also, the Strategy for Combating the Financing of Transnational Criminal Organizations Act (H.R 4768), sponsored by Rep. David Kustoff (R-TN), requires the president, through the Secretary of the Treasury, to develop a national strategy to combat the financial networks of transnational criminal organizations (TCOs). It is designed to assess the most significant TCO threats and the individuals or groups that provide financial support or help those TCOs.