Senate Committee Clears Regulatory Relief Bill

The Senate Banking Committee yesterday approved a Mortgage Bankers Association-supported bill that would offer substantial regulatory relief on a number of fronts.

S. 2155, the Economic Growth, Regulatory Relief, and Consumer Protection Act (https://www.congress.gov/bill/115th-congress/senate-bill/2155), would removes impediments that currently limit employment mobility for qualified loan officers; provides relief from Home Mortgage Disclosure Act reporting requirements for some institutions; provides fixes to the TILA/RESPA Integrated Disclosure rule; and establishes important consumer protections for Property Assessed Clean Energy loans.

The bill was sponsored by Banking Committee Chairman Mike Capo, R-Idaho, with nearly 20 co-sponsors on both sides of the aisle and had substantial bipartisan support.

MBA President and CEO David Stevens issued a statement following the vote yesterday, commending Crapo and the Committee for advancing the bill.

“The mortgage-related provisions of this bill provide important relief to the housing market by addressing key regulations including HMDA and the TILA/RESPA integrated disclosure,” Stevens said. “We are also glad that the bill amends the SAFE Act to provide increased job mobility for loan originators, and includes language addressing concerns with PACE lending. We now look forward to working with other policymakers as this legislation advances to the full Senate.”