Legislative Update

On March 6, the House of Representatives took action on several banking related bills. As typical the bills next go to the Senate.

  • The Portfolio Lending and Mortgage Access Act (H.R. 2226) passed by voice vote. It would provide a “qualified mortgage” safe harbor for all loans held in portfolio for institutions under $10 billion in assets.
  • The Comprehensive Regulatory Review Act (H.R. 4607) passed by a vote of 264 to 163. It would ensure that Economic Growth and Regulatory Paperwork Reduction Act regulatory reviews include the Consumer Financial Protection Bureau and occur every seven years rather than every 10.
  • The Community Bank Reporting Relief Act (H.R. 4725), which also passed by voice vote, would provide for short-form call reports in the first and third quarters for banks with assets of less than $5 billion.

On the same day the Senate voted 67 to 32 to begin debate on the Economic Growth, Regulatory Relief and Consumer Protection Act (S. 2155).
There are several banking bills in play in Congress right now. There is a strong likelihood that or more of these proposal will become law.
Read more about recent proposals:  https://mycomplianceresource.com/house-passes-bills-to-eliminate-the-madden-issue/