Senate Passes Reg Relief Bill

After weeks–make that months–of debate, negotiations, markups and amendments, the Senate yesterday passed a sweeping regulatory relief package.

By a 67-31 vote, the Senate passed S.2155, Economic Growth, Regulatory Relief and Consumer Protection Act. Introduced by Senate Banking Committee Chairman Mike Crapo, R-Idaho, includes a number of MBA-supported provisions, including SAFE Act amendments which provide mortgage loan originators with 120 days of transitional authority to originate when moving from a federal depository to a non-bank (or across state lines), Subjecting Property Assessed Clean Lending (PACE) or property retrofit loans to Truth In Lending Act consumer protections.

Prior to the final vote, the Senate approved a Crapo amendment to the bill that provides critical consumer protections to U.S. veterans who use the VA Home Loan program, clarifying the High Volatility Commercial Real Estate rule to help promote sustainable construction and development; and targeted TILA/RESPA Integrated Disclosure fixes.

MBA President and CEO David Stevens, CMB, issued a statement commending the bill’s passage. “I want to commend Chairman Crapo and the bi-partisan coalition of senators that worked for months to ensure the passage of this important piece of legislation,” he said. “This bill will further ensure consumer protections and adequate access to mortgage credit.”

MBA had expressed its support for the overall bill through a letter ( MBA Letter of Support – Senate Leadership FINAL.pdf) and several Calls to Action through its grassroots advocacy arm, the Mortgage Action Alliance.

The bill now goes to the House. Stevens called on the House to “swiftly take up this bill for consideration.”